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Alpha Metallurgical Q1 Results; Metals Acquisition Simplifies Capital Structure; Latin Metals Updates Organullo Project And More: Monday's Top Mining Stories
1. Alpha Metallurgical (NYSE:AMR) reported first quarter net income of $127 million, or $9.59 per diluted share, adjusted EBITDA of $189.6 million and sales of $864 million.
Despite softer coal market conditions, CEO Andy Eidson noted solid performance, although market deterioration has continued since the quarter ended.
Segment coal sales costs dropped to $115.65 per ton in Q1 2024, down from $119 per ton in Q4 2023, while operating cash flow decreased to $196.1 million and capital expenditures increased to $63.6 million.
Alpha’s share repurchase program authorized up to $1.5 billion and by April 30, 2024, the company repurchased 6.6 million shares for $1.1 billion, leaving 13,007,215 shares outstanding.
2. Metals Acquisition (NYSE:MTAL) announced it will redeem all its outstanding public and private placement warrants for ordinary shares on June 5, 2024, for 10 cents per warrant.
This aligns ...