Aldebaran Resources stock hits new high on significant resource boost
The company has begun working towards the first PEA on the Altar project, to be completed in the second quarter of 2025.
Brazil’s Usiminas said on Friday it had recognized an impairment loss of 1.7 billion reais ($321.29 million) related to the value of its steelmaking assets, heavily affecting fourth-quarter results.
The steelmaker reported a total negative effect of 1.4 billion reais from impairment moves in the quarter, with the scrapping of a previous 293 million-real impairment related to mining assets partially offseting the fresh losses.
Usiminas in the fourth quarter posted a net loss of 839 million reais, it said in a securities filing, reversing the 2.49 billion-real net profit reported a year ago as steel and iron ore sales fell by nearly 10% each.
Net revenue and operating margins also slipped.
The company in a separate statement provided fresh forecasts for this year, saying it expects capital expenditure to reach 3.2 billion reais in the period, up 46.5% from 2022.
Steel sales are seen between 950,000 and 1.05 million tonnes in the first quarter, versus 963,000 tonnes in the previous three-month period, while iron ore sales are set to reach 8.5 million to 9.0 million tonnes in the full year.
In 2022, Usiminas sold 8.64 million tonnes of iron ore.
($1 = 5.2911 reais)
(By Gabriel Araujo; Editing by Steven Grattan)
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