#ExploringMining #Podcast Episode 88 –
#Mining #Stocks News from (NYSE: $RIO) (NYSE: $AGI) (NYSE: $CCJ) (NYSE: $CDE)
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Rio Tinto Group (NYSE:RIO) has approved an additional investment of almost
$200 million to progress the next stage of the development, including a
feasibility study, of the lithium-borate Jadar project in Serbia. The company’s
Energy & Minerals Chief Executive Bold Baatar explained:
"Rio
Tinto’s lithium project pipeline is an important part of our vision to pursue
opportunities which are part of the transition to a low-carbon future. We look
forward to working closely with the Government of Serbia over the next eighteen
months as we develop and validate our understanding of the project to the point
when we can seek a final investment decision by the Board of Rio Tinto."
Alamos Gold Inc. (NYSE:AGI) has reported its second quarter 2020 financial
results. Highlights include the production of 78,400 ounces of gold, and the
selling of 74,605 ounces of gold at an average realized price of $1,692 per
ounce for revenues of $126.2 million. John A. McCluskey, the company’s
President and CEO, said:
The
second quarter of 2020 will be remembered as one of the most challenging times
in our history given the COVID-19 pandemic. We started the quarter with two of
our operations being temporarily suspended, but we adapted well and by June
both Island Gold and Mulatos had safely returned to normal operating levels.
At
the same time we made good progress on several catalysts that form key parts of
what is a transformational year for Alamos. These include the completion of the
lower mine expansion at Young-Davidson earlier this month, the announcement of
a Phase III expansion of Island Gold, and a construction decision on the La
Yaqui Grande project. These have greatly
enhanced the long-term outlook for each of our operating mines. We look forward
to creating additional value for our stakeholders in the second half of 2020
with higher production and lower costs expected to drive strong free cash flow
growth
Cameco Corporation (NYSE:CCJ) has reported its consolidated financial and
operating results for the second quarter ended June 30, 2020. According to the
press release, the company endured a net loss of $53 million with an adjusted
net loss of $65 million, which was “impacted by increasing uranium prices,
increased purchase activity and additional care and maintenance costs of $37
million,” resulting from its decision to “suspend production at the Cigar Lake
mine, Blind River refinery and Port Hope UF6 conversion plant in
response to the COVID-19 pandemic.” Tim Gitzel, Cameco’s president and CEO,
said:
“We
expect our business to be resilient. Our customers continue to need uranium
fuel to power the carbon-free nuclear electricity that will be part of the
critical infrastructure needed to ensure hospitals, care facilities and other
essential services are available during this pandemic.”
Coeur Mining, Inc. (NYSE:CDE) has reported its second quarter 2020 financial
results. Some highlights include revenue of $154.2 million, cash flow from
operating activities of $9.9 million and GAAP net loss from continuing
operations of $1.2 million, or $0.01 per share. Looking forward, the company’s
President and CEO, Mitchell J. Krebs, said:
"With
multiple key catalysts in the coming quarters, we plan to proactively update
investors on our capital allocation decisions and their expected impact on the
Company’s growth, costs and cash flow. We plan to publish an exploration update
in August given the size and importance of our investment in exploration in
2020. We also intend to deliver the results of Rochester’s updated technical
report in the fourth quarter that will detail the updated economics of this
important expansion project."
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