Benzinga - by Austin DeNoce, Benzinga Staff Writer.
Top Stories for March 26, 2024:
1. TMC The Metals Company (NASDAQ:TMC) reported Q4 and FY 2023 financial results.
The company saw Q4 operational cash usage of $15.2 million and a quarterly net loss of $33.5 million (11 cents per share).
For 2023, TMC reported an annual loss of $73.8 million (26 cents per share), improving from 2022’s $171 million loss.
As of Dec. 31 2023, the company had $6.8 million in cash, with total liquidity of about $61 million, including upcoming proceeds and credit facilities.
CEO Gerard Barron highlighted TMC's progress in marine research, with encouraging findings on the impact of nodule collection on the seafloor ecosystem, and noted positive developments in U.S. policies and international interest in deep-sea mining.
2. Ampco-Pittsburgh Corporation (NYSE:AP) also reported Q4 and FY 2023 results.
The company saw a 16% increase in Q4 sales and an 8% increase in annual sales, with the Air and Liquid Processing segment jumping 35% in Q4 and 31% annually.
Ampco saw record sales in the Air and Liquid segment, increased forged roll shipments and higher pricing, despite a decrease in certain product shipments.
Despite a $34.6 million operational loss in 2023 due to a $40.9 million asbestos-related charge, non-GAAP adjusted income from operations improved by $4.5 million from 2022.
The company also completed its U.S. forged business equipment modernization program in early 2024.
Also Read: 3 Top Stock Picks In Metals, Mining Sector To Consider Right Now
3. Vale's (NYSE:VALE) U.S. subsidiary is set to negotiate funding with the Department of Energy for an innovative iron ore briquette facility in the U.S., leveraging a unique cold-agglomeration process.
This initiative is aimed at reducing emissions in hard-to-abate sectors and marks a significant step in commercializing technology developed over 20 years at Vale's Brazilian tech center.
The project, aligning with Vale's decarbonization goals for the steel industry, could receive up to $282.9 million in funding.
Vale plans to expand its production of agglomerates globally, targeting 100 metric tons per year by 2030+, contributing to its commitment to reduce emissions in line with the Paris Agreement.
4. Atlas Lithium (NASDAQ:ATLX), a company aiming to capitalize on lithium reserves in Brazil's Lithium Valley, which is estimated to hold 85% of the country's reserves, announced a new chief operating officer.
The company appointed industry veteran Brian Talbot as COO and Board member, starting April 1, 2024.
Talbot brings over 30 years of experience in mining, including DMS plant development and operations at other lithium companies.
Now Read: Biden’s $475M For Mining Aims To Power Communities ‘Hit Hardest By Our Evolving Energy Landscape’
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