5E Advanced Materials: Advancing Towards Production
5E Advanced Materials is making strides towards initial production at its 5E Boron Americas Complex. Since commencing mining operations, the company has achieved success in extracting boric acid and lithium, meeting historical expectations. With final electrical engineering work nearing completion, the plant is set to be commercially operational by CY Q2 2024.
CEO Susan Brennan expressed enthusiasm for the upcoming production, highlighting the diligent efforts to transition the facility to operational status and ramp up commercial activities.
Alcoa’s Strategic Acquisition
Alcoa Corporation has announced plans to acquire Alumina Limited in an all-stock deal. By acquiring Alumina, Alcoa aims to fortify its position in the bauxite and alumina markets. The deal, which values Alumina at approximately $2.2 billion, is expected to create long-term value for shareholders of both companies.
The move has garnered support, with Alumina’s largest shareholder, Allan Gray Australia, potentially selling a significant portion of Alumina’s shares to Alcoa.
Vale’s Strategic Divestment
Vale Base Metals has announced a strategic divestment, with Vale Canada Limited and Sumitomo Metal Mining selling a combined 14% stake in PT Vale Indonesia. This divestment is in compliance with an obligation to transfer ownership to Indonesian entities by December 2025, following a contractual amendment in 2014.
After the transaction, PT Vale Indonesia’s largest shareholder will be PT Mineral Industri Indonesia, holding a 34% stake, with Vale Canada and Sumitomo Metal Mining retaining ownership stakes as well.
Alpha Metallurgical’s Financial Performance
Alpha Metallurgical has disclosed its fourth-quarter and full-year 2023 financial results, reporting a net income of $176 million in Q4. The company also achieved significant adjusted EBITDA figures, continuing its share buyback program. Board members Michael J. Quillen and Albert E. Ferrara, Jr. will not seek re-election in line with company guidelines.