AngloGold Navigates Production Challenges; Golden Minerals Sells Key Assets; Metallus Launches Share Buyback And More: Friday's Top Mining Stories

Top Stories for May 10, 2024:

1. AngloGold Ashanti AU reported a 2% increase in annual gold production for the first quarter of 2024, maintaining its full-year production guidance despite challenges from severe weather in Western Australia. 

CEO Alberto Calderon highlighted consistent operational improvements and strong safety outcomes, with no fatalities recorded for the 11th consecutive quarter. 

The company is continuing its efforts to enhance safety, cost performance and mine life extension. 

Production gains were seen at multiple sites, although offset by reductions at others due to environmental impacts and operational halts. 

Obuasi’s production met expectations and is set to increase in the latter half of the year. 

Despite temporary setbacks from flooding at Tropicana, the company anticipates recovering lost production later in the year.

2. Golden Minerals AUMN agreed to sell key assets from its Velardeña Properties in Mexico, including mines, plants and equipment, to a private Mexican firm for $5.5 million plus VAT. 

Payments are scheduled as follows: $1 million upfront (non-refundable), $2 million on May 20 and $2.5 million on July 1, 2024. 

Additionally, Golden’s subsidiary Minera William settled a legal dispute with Unifin Financiera, paying $250,000 to resolve the lawsuit.

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3. Metallus MTUS reported Q1 net sales of $321.6 million, net income of $24 million and adjusted EBITDA of $43.4 million. 

The company also had an operating cash flow of $33.4 million and ended with $278.1 million in cash. 

They invested $17.4 million in capital expenditures and spent $4.4 million on share repurchases, with the Board authorizing a new $100 million share repurchase program.

4. Haynes Intl HAYN reported fiscal Q2 net revenues of $152.5 million, maintaining similar levels to last year, despite a previous outage at their Kokomo plant. 

Gross margin was impacted by raw material costs, resulting in a net income of $8.6 million, down from last year’s $12.3 million. 

The company saw solid revenue growth in aerospace and industrial gas turbine markets, offset by declines in chemical processing. 

The backlog decreased slightly to $438.6 million, reflecting similar market trends. 

Capital investments for the first half of the fiscal year totaled $10.9 million, with up to $28 million planned for the full year. 

Finally, a quarterly dividend of 22 cents per share was declared.

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