Ag Growth International's (AFN.TO) board of directors has formed a strategic review committee to review alternatives to "maximize shareholder value", it said after markets closed on Thursday.
The strategic review committee includes Gary Anderson, George Armoyan and Mick MacBean, said the company. They serve as independent directors of the company, it added.
Alamos Gold (AGI.TO, AGI) was down 2.9% in after-hours New York trading after the company on Thursday said it is lowering quarter production guidance on lower production from its Young-Davidson mine in northern Ontario following two seismic events at the mine and a power outage following storm damaged regional electricity infrastructure.The company said the seismic events caused no injuries, but damaged mine infrastructure and limited access to high-grade stopes. It expects tonnage to drop to 5,000 tonnes per day for the remainder of the year.A storm late in May damaged the power line that connects the town of Kirkland Lake to the mine, causing three days of downtime.The company said it now expects the mine to produce 130,000 to 135,000 ounces of gold in the second quarter, in-line with first-quarter output but below guidance."We are disappointed with the operational challenges at Young-Davidson, and are working diligently to review and optimize the mining sequence to support higher mining rates going forward. The first half has been challenging, but we expect stronger production into the second half of this year," chief executive John McCluskey said.The company's shares were last seen down US$1.06 to US$35.28 after hours. They closed down C$1.33 to US$51.40 on the Toronto Stock Exchange.
Graphite One (GPH.V) on Thursday said it advanced a plan to build an advanced graphite materials facility in Oho, hiring a global engineering and production line integration provider to design and integrate the plant's manufacturing equipment.The company said the facility aims to produce active anode materials, the largest component in lithium-ion batteries. Financing for the project has not yet been arranged."We are moving beyond planning and into the detailed engineering and implementation phase required to build a battery materials manufacturing operation. Bringing on a highly experienced production integration team reduces execution risk, accelerates our development timeline, and positions us to efficiently scale production as demand for domestic graphite continues to grow," chief executive Anthony Huston said.The company's shares closed down $0.04, or 3.7%, to $1.05 on the Toronto Stock Exchange.
Saputo (SAP.TO) on Thursday said it completed the sale of an 80% interest in its Dairy Division (Argentina) to Gloria Foods.Saputo received $543 million in net proceeds, and continues to retain a 20% ownership interest in the business, it added in a statement.The Argentina platform will continue to manufacture select products for Saputo.Saputo shares were last seen up $0.56 to $41.13 on the Toronto Stock Exchange.Price: $41.15, Change: $+0.58, Percent Change: +1.43%