Benzinga - by Michael Cohen, Benzinga Editor.
Top Stories for Jan. 22, 2024:
1. Coeur Mining, Inc. (NYSE: CDE) issued an update on its high-grade Silvertip polymetallic exploration project in northern British Columbia.
In 2023, Coeur Mining completed roughly 90,000 feet of drilling over 92 holes, with a focus on the Southern Silver Zone, where 62 holes were drilled. Since acquiring the project in 2017, the company has drilled approximately 1.1 million feet over 1,244 holes.
Recent results, particularly from the Southern Silver Zone, indicate exceptionally high-grade mineral intercepts, including the highest-grade intercept ever found in this zone.
The drilling results have also expanded the known dimensions of the Southern Silver Zone, which represents a significant portion of Silvertip's resources, suggesting that Silvertip continues to be one of the world's highest-grade, undeveloped carbonate replacement deposits.
2. Former Treasury Secretary Larry Summers spoke out to defend Nippon Steel Corp.’s (OTCMKTS: NISTF) $14.1 billion acquisition of United States Steel Corp. (NYSE: X).
Opponents of the acquisition have pointed to potential national security concerns around selling critical components of the U.S. supply chain, but Summers dismissed that argument on the basis of Japan being a “staunch ally.”
Summers added that the deal would inject more capital into the U.S. steel industry, which could potentially lower prices and create more jobs, as industries that use steel employ 100 times more Americans than the steel industry itself.
3. 5E Advanced Materials, Inc. (NASDAQ: FEAM) closed its first round of equity financing that included $10 million in new equity split equally between Ascend Global Investment Fund SPC and 5ECAP, LLC.
The new capital is expected to fund the resources necessary to advance its mining operations and progress toward first production.
Chief Financial Officer Paul Weibel said,“We are pleased to complete the closing as these funds provide the runway to progress operations at our facility. We commenced mining at the start of the new year and now have additional capital in hand to deploy towards the execution of our strategy, value proposition and first production.”
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