Titan Mining Corporation (TSX: TI) (“Titan” or the 'Company') announced record profits today in a press release. Don Taylor, Titan's President and CEO, commented, “In 2022, we continued to reduce our debt and paid a quarterly special dividend. The #4 mine continues to perform above expectations and with the help of our management team and employees, we are confident that we will achieve our goals for 2023.”
The news comes as the company looks to expand its operations in the coming years. In addition to the #4 mine, Titan has announced plans to explore the possibility of opening a new mine in the near future. China Dongsheng (CDSG) has submitted an application to change the name of the company to Titan Lithium, Inc., which would focus on lithium mining operations.
Vale, the world’s largest producer of iron ore, has also announced plans to spin off its base metals unit, comprising copper and nickel assets. The company is currently in negotiations with potential investors to complete the transaction.
Titan has also been working hard to reduce their costs and increase their profitability. Laurence Rosen was recently named by law360 as a Titan of Plaintiffs' Bar for his work in helping the company reduce costs and efficiently manage resources.
Glencore, one of the world’s largest commodities trading companies, also announced on Wednesday that it achieved a sensational profit last year. This news is further evidence that the mining industry is profitable, and Titan is no exception. The company has fixed a $1.55/lb zinc price for 30% of forecasted remaining 2023 production, which will contribute to their overall profitability.
In addition, Titan’s Hawkins stated that the costs are currently in equilibrium, which will not only help them stay profitable, but also provide them with a competitive edge over other mining companies. Figures 1 and 2 illustrate the company’s plans and drill hole gold grade intersections, respectively.
Overall, Titan Mining Corporation’s announcement of record profits is a great sign for the future of the mining industry. With plans to open a new mine and reduce costs, it is clear that the company is confident about their future prospects.
