BHP In $25B Settlement; 5E Advanced Materials Begins Boric Acid Production; GoldMining Reduces Crucero Royalty And More: Monday's Top Mining Stories

BHP’s Settlement

• Vale VALE, BHP Group BHP and their joint venture Samarco have offered Brazilian authorities a $24.88 billion settlement proposal for the 2015 Mariana dam disaster.
• The settlement includes $24.88 billion in total payments; $7.29 billion was already disbursed. The plan includes $14.08 billion for governments and $3.52 billion for future obligations, aiming for a final agreement by mid-2024. 
• This follows an initial 2016 agreement that established a foundation for reparations.

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5E Achieves Milestone, CEO Says

• 5E Advanced Materials FEAM announced the first production of boric acid at its 5E Boron Americas Complex and amended its senior secured convertible notes to extend a waiver on the cash covenant. 
• CEO Susan Brennan says the achievement established a U.S.-based boron supply chain. The company will now begin customer qualification for its boric acid product and anticipates scaling up deliveries upon successful validation. 
• The financial waiver on the notes is extended until Dec. 31, 2024. Afterward, the company must maintain a cash balance of at least $7.5 million.

GoldMining’s Burdensome Royalty

• GoldMining GLDG reduced a burdensome royalty on its Crucero gold project in Peru from a maximum 5% to 3%, with the option to reduce it further to 1% for an additional $200,000 within ten years. 
• The original royalty was established with gold prices above $800 per ounce. 
• This strategic move initially cost $70,000 and aims to enhance the project's value and support the company's broader strategy in the Americas.

U.S. Gold Shareholders Approve 5 Directors

• U.S. Gold USAU announced the outcomes of its annual shareholder meeting where shareholders approved the election of five directors.
• The shareholders also ratified Marcum, LLP as the independent accountant for the fiscal year ending Tuesday, April 30. 
• Chairman Luke Norman expressed gratitude to shareholders and highlighted the company’s focus on advancing its CK Gold Project in Wyoming and exploration projects in Nevada and Idaho.

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