United States Antimony Corporation Announces Contract Completion on International Shipments of Antimony, Restart of Madero, Coahuila Mexico Smelter
Rhea-AI Summary
United States Antimony (NYSE:UAMY) has secured a new international contract for antimony shipments from Australia and plans to restart its Madero, Mexico smelter. The facility, which was shut down in March 2024 due to lack of economic antimony material, will undergo capital improvements estimated at less than $1 Million, including refractory relining of rotary furnaces and maintenance work.
The Madero smelter has an engineered capacity of 200 tons per month. Initial shipments are expected to arrive at Mexico's Manzanillo port in March 2025 after a 75-day ocean voyage. The company anticipates potential increases in antimony ore quantities up to 300 tons per month as they optimize processing operations for the new material.
Positive
- Secured new international antimony supply contract from Australia
- Planned restart of Madero smelter with 200 tons monthly capacity
- Potential increase in supply volume up to 300 tons per month
- Capital improvements under $1 Million to enhance processing capabilities
Negative
- Madero smelter has been non-operational since March 2024
- 75-day shipping delay before first material arrival in March 2025
- Additional capital expenditure required for facility improvements
News Market Reaction
On the day this news was published, UAMY gained 13.07%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
"The Critical Minerals and ZEO Company"
DALLAS, TX / ACCESSWIRE / December 20, 2024 / United States Antimony Corporation ("USAC", or the "Company"), (NYSE:UAMY) announced today that it has completed contractual negotiations and executed a definitive agreement for new international shipments of antimony from the country of Australia. In conjunction with this antimony ore being shipped via containers, the Company also announced the plans to restart its existing antimony smelter located in Madero, Mexico. This facility was shut down in March 2024 due to a lack of economic antimony material sourced from mines previously controlled by the Company's Mexican subsidiary that were also located in Mexico.
The Company is in the process of making certain capital improvements to the Madero Antimony Smelter in amounts currently estimated to be less than
Commenting on this new agreement and the plans to restart the Madero smelter, Mr. Gary C. Evans, Chairman & CEO stated, "Our team has been tirelessly sourcing these new inbound antimony supplies for over 120 days now. It has not been an easy task testing samples, negotiating contracts, and finalizing logistics with entities located outside the USA. We believe the quantities of antimony ore from this particular party will increase substantially (possibly up to 300 tons per month) as we get more comfortable with their chemical and metallurgical makeup and how well we can process this new material in our facilities. In many ways, antimony processing is more art than just science. Fortunately, we have qualified and highly experienced management on board that has been doing this for many years. This is the first of a number of international contracts the Company is negotiating regarding inbound antimony raw ore. We are very excited to announce that we are now beginning to accomplish the goal of fulfillment of U.S. Antimony's downstream processing facilities to meet the demands existing within our own country."
About USAC:
United States Antimony Corporation and its subsidiaries in the U.S. and Mexico ("USAC", the "Company", "Our", "Us", or "We") sell processed antimony, zeolite, and precious metals products in the U.S. and Canada. The Company processes antimony ore primarily into antimony oxide, antimony metal, and antimony trisulfide. Our antimony oxide is used to form a flame-retardant system for plastics, rubber, fiberglass, textile goods, paints, coatings and paper, as a color fastener in paint, and as a phosphorescent agent in fluorescent light bulbs. Our antimony metal is used in bearings, storage batteries, and ordnance. Our antimony trisulfide is used as a primer in ammunition. In its operations in Idaho, the Company mines and processes zeolite, a group of industrial minerals used in soil amendment and fertilizer, water filtration, sewage treatment, nuclear waste and other environmental cleanup, odor control, gas separation, animal nutrition, and other miscellaneous applications. We recover certain amounts of precious metals, primarily gold and silver, at our plant in Montana from antimony concentrates.
Forward-Looking Statements:
Readers should note that, in addition to the historical information contained herein, this press release may contain forward-looking statements within the meaning of, and intended to be covered by, the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based upon current expectations and beliefs concerning future developments and their potential effects on the Company including matters related to the Company's operations, pending contracts and future revenues, financial performance, and profitability, ability to execute on its increased production and installation schedules for planned capital expenditures, and the size of forecasted deposits. Although the Company believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties. In addition, other factors that could cause actual results to differ materially are discussed in the Company's most recent filings, including Form 10-K and Form 10-Q with the Securities and Exchange Commission.
Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "pro forma" and other similar words and expressions. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made. Because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those anticipated in the forward-looking statements and future results could differ materially from historical performance.
Contact:
United States Antimony Corp.
PO Box 643
47 Cox Gulch Rd.
Thompson Falls, Montana 59873-0643
Jonathan Miller, Vice President - IR
E-Mail: Jmiller@usantimony.com
Phone: 406-606-4117
SOURCE: United States Antimony Corp.
View the original press release on accesswire.com
FAQ
When will UAMY's Madero smelter restart operations?
What is the processing capacity of UAMY's Madero smelter?
How much is UAMY investing in the Madero smelter improvements?
What is the expected antimony supply volume from UAMY's new Australian contract?
Why was UAMY's Madero smelter shut down in March 2024?
