Piedmont Advances NAL Operations; Royal Gold Subsidiary Sells 49,500 GEOs; Hecla Mining Reports Q1 Production And More: Tuesday's Top Mining Stories

Top Stories for April 9, 2024:

1. Piedmont Lithium PLL, a major supplier to the U.S. EV supply chain, and its joint venture partner Sayona Mining are advancing North American Lithium’s operations to achieve steady state production by 2024. 

After starting production in March 2023, they’ve seen improved process recoveries and production records, with a key focus on ramping up production and reducing costs amidst a challenging lithium market. 

Two significant capital projects due to be finished by May 2024 are expected to further enhance production and efficiency. 

Piedmont, which owns 25% of the venture, emphasizes North American Lithium’s strategic importance and its positive trajectory despite market challenges.

2. Royal Gold RGLD reported that its subsidiary RGLD Gold AG sold around 49,500 gold equivalent ounces (GEO) from its streaming agreements in Q1 2024.

The GEOs consist of 38,100 ounces of gold, 635,000 ounces of silver and 1,100 tons of copper. 

The average realized prices for these metals were $2,054 per ounce, $23.22 per ounce and $8,453 per ton ($3.83 per pound), respectively.

The cost of sales was roughly $436 per GEO. Royal Gold will release its full Q1 results after market close on May 8, 2024.

Also Read: Fortuna Silver Mines Highlights Strong Q1 Gold, Silver Production Amid Precious Metal Surge

3. Hecla Mining HL reported a significant increase in Q1 2024 production, with silver output rising 43% to 4.2 million ounces and gold production steady at 36,592 ounces. 

The increases were attributed to Greens Creek’s consistent performance, Lucky Friday reaching full production of 1.1 million ounces of silver and a 29% throughput increase at Keno Hill. 

Lead and zinc production also saw notable rises due to the ramp-up at Lucky Friday, increasing 129% and 28%, respectively. 

The company is aiming for 17 million ounces of silver in 2024 and 20 million by 2026, capitalizing on the growing demand for silver in energy transitions, particularly in solar energy.

4. Coeur Mining CDE announced the start of commercial production at its expanded Rochester mine in Nevada as of March 31, 2024. 

The mine’s new crushing circuit and truck load-out facility have reached average throughput of nearly 70,000 tons per day, with full capacity of 88,000 tons per day expected by mid-2024.

A total of 9.3 million tons of ore have been placed on the new leach pad and a ramp-up in production is forecasted for the latter half of 2024, positioning Rochester to significantly enhance Coeur’s cash flow as one of the largest heap leach operations globally and the largest domestic silver source in the U.S.

Now Read: Mining Executives Weigh In On Gold Prices, Financing, Projects: ‘We’re Definitely Glad’

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