Top stories from March 11, 2024:
1. US Antimony Company AMY announced the immediate cessation of all operations in Latin America, including the sale or closure of its U.S. subsidiary Antimony de Mexico.
This action will affect the company’s Madero smelter and Puerto Blanco mining facility due to their long-standing negative cash flow and lack of future profitability.
The move aims to improve cash flow for the remaining operations in Thompson Falls, Montana.
The company plans to sell or lease the affected assets and has started looking for buyers or tenants. The financial impact of these actions is currently unclear.
United States Antimony will retain its mineral claims in Los Juarez, which have significant exploration potential but no active activity.
President and Co-CEO Gary C. Evans stated: “Based on a thorough analysis of the historical financial data of our operations in Mexico… it has become painfully obvious that these operations have always been unprofitable state… Antimony continues to be a “critical mineral” on the US government’s defense and energy needs lists. Our existing business in Thompson Falls is profitable and continues to operate efficiently.”
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2. United States Steel Company X invested in Freespace Robotics, a Pittsburgh-based company specializing in innovative robotic storage and retrieval systems for global warehouses.
The company’s autonomous storage system uses robots for efficient movement and storage of goods.
The funds from US Steel will be used for pilot programs, establishing a manufacturing base in the region, hiring local talent and expanding its team.
Director of Strategy and Business Development at US Steel, Jim Cookhe will also join the Freespace Robotics Board of Directors.
Senior Vice President and Chief Technology Officer Cristiano Gianni said: “Investing in free space robotics is another way we are driving innovation while supporting the regional economy and its workforce… we are doubling down on efforts in the region because we believe in its potential to be a force of innovation in the United States and beyond.”
Details of the investment were not disclosed.
3. Benchmark analyst Nathan Martin said Ramaco Resources METC with a Buy and raised his price target from $20 to $27.
4. Seaport Global analyst Martin Englert initiated coverage Worthington Steel WS with Neutral rating.
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