Foremost Lithium Completes Winter Drilling Program; NDAA Proposes Refining Study; Buenaventura Suspends Plant Operations And More: Thursday's Top Mining Stories

Top Stories for May 23, 2024:

Foremost Lithium FMST: The Vancouver-based company completed its 2024 winter drilling program on its Zoro property, achieving over 5,800 meters across 21 diamond drill holes. 

• Results show lithium mineralization continuity along Dyke 1, extending the mineralized body by 150 meters to over 400 meters, with potential for further expansion. Dyke 1 remains open in all directions. 
• Initial assays confirmed lithium presence, with more results pending. This expansion could lead to new resource calculations and further exploration.

TMC, The Metals Company TMC: The company praised a decision from the U.S. House of Representatives about the fiscal year 2025 National Defense Authorization Act.

• The legislation proposes allocating $2 million to study the feasibility of refining polymetallic nodule-derived intermediates into high-purity nickel, copper and cobalt domestically. 
• TMC’s U.S. subsidiary applied for a $9 million grant for feasibility work on a domestic refinery for these intermediates. 
• With commercial-scale nodule collection starting in Q1 2026 and a partnership with Pacific Metals, refining these intermediates in the U.S. could boost domestic production of clean energy, infrastructure and defense technologies. 
• The legislation, backed by the House Armed Services Committee, aims to strengthen supply chains and American manufacturing as per Executive Order 14017.

Also Read: 3 Stocks To Watch As Copper Surges To Record Highs: ‘Something Is Cooking In China’

Buenaventura Mining Co BVN: The Lima, Peru-based company temporarily suspended operations at El Brocal’s processing plant due to unauthorized entry by a small group from the Huaraucaca Community. 

• Underground mining is continuing, with ore stockpiled for later processing. 
• The company is in discussions with the community to resolve the issue and is prioritizing the safety of its employees and facilities.

BHP BHP: The Melbourne, Australia-based company secured a one-week extension for its proposed takeover of Anglo American AAUKF.

• The extension came hours before the May 22 deadline that would have required a formal bid or withdrawal for six months. 
• BHP’s proposals require Anglo American to demerge its South African assets, Anglo American Platinum and Kumba Iron Ore.

Now Read: Zijin Mining Sets Ambitious 50% Growth Target For Copper Production By 2028

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