3rd July 2015

[South Africa] Govt, private sector working constructively to tackle acid mine drainage in Wits basin – by Ilan Solomons (MiningWeekly.com – July 3, 2015)

http://www.miningweekly.com/page/americas-home

JOHANNESBURG (miningweekly.com) – Although acid mine drainage (AMD) in the Witwatersrand basin is the result of a legacy of environmental mismanagement of water resources by mines and lax enforcement of regulations by government, these role-players are working to constructively address this problem, says Department of Water and Sanitation (DWS) senior manager Marius Keet.

Keet was a speaker during the first day of black-owned training and conferencing company Intelligence Transfer Centre’s two-day EnviroMining conference, held in Johannesburg, in March.

The Witwatersrand basin, a largely underground geological formation that surfaces in the Witwatersrand region of Johannesburg, comprises the Western, Central and Eastern basins.

A current key focus for government is to prevent further decanting of AMD from the basins by pumping underground water to protect the environmental critical level (ECL). The ECL is the level above which the water in the mine voids at critical locations, which is where environmental features that need to be protected are at the lowest elevations. Read the rest of this entry »

posted in Africa Mining, Gold and Silver, International Media Resource Articles, Mining Environmental and Water Shortage Issues | 0 Comments

3rd July 2015

First Nation, engineering firm breaking new ground on joint venture – by Ian Ross (Northern Ontario Business – June 30, 2015)

Established in 1980, Northern Ontario Business provides Canadians and international investors with relevant, current and insightful editorial content and business news information about Ontario’s vibrant and resource-rich North. Ian Ross is the editor of Northern Ontario Business ianross@nob.on.ca.

In his 25 years in the engineering profession, Eric Zakrewski calls his Thunder Bay company’s business venture with Fort William First Nation a “gold star example” in Northern Ontario of a successful partnership between the private sector and an Aboriginal community.

Now entering its fifth fiscal year, Oshki-Aki Limited Partnership is creating employment and mentorship opportunities for Fort William members to learn and build skills toward permanent careers in the consulting and engineering field.

“This has been one of the things I’m probably most proud about in terms of our achievement as a private sector engineering firm,” said Zakrewski, the president-CEO of True Grit Consulting. “We set out to become partners with these folks, they trusted us, and the business and relationship has flourished.”

Incorporated in Dec. 2011, Oshki-Aki LP is a partnership between Fort William First Nation and True Grit Consulting that created a new environmental engineering company. Read the rest of this entry »

posted in Aboriginal and Inuit Mining, Northern Ontario/Canada Regional Media | 0 Comments

3rd July 2015

The Marikana massacre report has brought no justice and no relief – by Jack Shenker (The Guardian – July 3, 2015)

http://www.theguardian.com/international

Almost three years have passed since 34 men were shot dead on a hillside in South Africa, after asking for a living wage.

All of them had spent their working lives far below the Earth’s surface, blasting rocks in order to extract some of the metals that sit inside whatever computer or mobile phone you’re looking at right now. It’s hot, dangerous and dirty work, which leaves the body cramped and sore. Each of the miners had a name, a family and a story to tell, a past and a future.

Their relatives have waited more than 1,000 days to find out who was responsible for cutting those stories short and why. Last week, the findings of a judicial inquiry into the killings were finally made public. Most of the families missed the start of a speech by the South African president, Jacob Zuma, because the government hadn’t bothered to give them proper notice that a statement was imminent. The rest came through only in fragments, via a single erratic laptop feed in a language that many could not understand.

The inquiry’s report, as one commentator aptly observed, proved to be an exercise in throat-clearing. By the time Zuma’s summation was over, only one thing was clear: the wait for truth and accountability continues. Read the rest of this entry »

posted in Africa Mining, Chromium/Platinum Group Metals, International Media Resource Articles, Mining Tragedies | 0 Comments

3rd July 2015

BP reaches $18.7 billion settlement over deadly 2010 spill – by Tery Wade and Kristen Hays (Reuters U.S. – July 2, 2015)

http://www.reuters.com/

HOUSTON – BP Plc will pay up to $18.7 billion in penalties to the U.S. government and five states to resolve nearly all claims from its deadly Gulf of Mexico oil spill five years ago in the largest corporate settlement in U.S. history.

The agreement adds to the $43.8 billion that BP had previously set aside for criminal and civil penalties and cleanup costs. The company said its total pre-tax charge for the spill now stands at $53.8 billion. (link.reuters.com/duz94w)

BP shares jumped more than 5 percent in New York trading as investors said the British company, often mentioned as a potential acquisition target, could now turn the page on one of the darkest chapters in its century-long history.

Under the agreement with the U.S. Department of Justice and the states, BP will pay at least $12.8 billion for Clean Water Act fines and natural resource damages, plus $4.9 billion to states. The payouts will be staggered over as many as 18 years. The preliminary settlement, subject to all sorts of variables, avoids a substantial amount of further litigation. Read the rest of this entry »

posted in International Media Resource Articles, Oil and Gas Sector-Politics and Image | 0 Comments

3rd July 2015

Iron Ore’s Recovery Turns to Rust – by Abheek Bhattacharya (Wall Street Journal – July 3, 2015)

http://www.wsj.com/

Mining firms looking to cash in on higher iron-ore prices are the same ones causing the steelmaking commodity’s downfall

The iron-ore market is discovering why the archenemy of high commodity prices is, well, high commodity prices.

The benchmark price of iron ore has fallen 15% in the past three weeks after hitting its highest level since January, which in turn has sent shares of Australia’s pure iron-ore producer Fortescue Metals tumbling 27%. Signals of high shipments from Australia and poor steel appetite from China suddenly reminded traders of the gulf that exists between supply and demand in this steelmaking ingredient.

Between April and mid-June, traders had pushed up prices nearly 40% because they thought that gulf was closing. One reason: many iron-ore mines were shutting down. Midsize Australian producer Atlas Iron closed its operations while China closed high-cost mines.

But as prices ticked up, Atlas slowly restarted mines, the latest one this week. That amounts to an extra 10 million tons or 1% of supply. China has brought back over 20 million tons, notes Citigroup’s Ivan Szpakowski. There is also the prospect of new supply from Australian mines later this year. Read the rest of this entry »

posted in International Media Resource Articles, Iron Ore | 0 Comments

3rd July 2015

NEWS RELEASE: McEwen Mining Addresses New York Stock Exchange Listing Requirements

TORONTO, ONTARIO–(Marketwired – July 2, 2015) – McEwen Mining Inc. (NYSE:MUX) (TSX:MUX) announced today that it has fallen below the New York Stock Exchange (“NYSE”) continued listing requirement related to the price of its common stock. The NYSE requires that the average closing price of a listed company’s common stock be above US$1.00 per share, calculated over a period of 30 consecutive trading days. The Company was advised by the NYSE on July 1, 2015 that the average price of our common stock for the previous 30 trading days was below US$1.00 per share

Under the NYSE’s rules, McEwen Mining has a period of six months from July 1, 2015, the date of the Company’s acknowledgement, to bring its share price and 30 day average closing share price back above US$1.00. During this period, McEwen Mining’s common stock will continue to trade on the NYSE, subject to all other continued listing requirements. The Company’s listing on the Toronto Stock Exchange (“TSX”) is unaffected by any actions of the NYSE.

“We do not believe that McEwen Mining’s current share price is reflective of the true value of the Company’s assets. Our share price has been under pressure as a result of the decline in gold and silver prices and a general reduction in financing options that have affected many companies in the mining space. The Company values its NYSE listing and will evaluate measures to bring our share price into compliance with listing requirements.” said Rob McEwen, Chairman and Chief Owner. Read the rest of this entry »

posted in Canada Mining, Gold and Silver, Latin America Mining | 0 Comments

3rd July 2015

Barrick Gold makes big changes to become a smaller company – by Joe Castaldo (Canadian Business Magazine – July 3, 2015)

http://www.canadianbusiness.com/

Long-suffering shareholders see potential as the company focuses on shedding debt and getting back to gold

It’s quiet at the headquarters of Barrick Gold in Toronto. On a Wednesday afternoon in May, all that can be heard is the soft hum of the ventilation system. A few years ago, around 500 people filled the office, overseeing mining operations that spanned the globe. Today, there are just 140 employees responsible for a much smaller geographical footprint. And that footprint might shrink over the coming year.

For long-suffering Barrick shareholders, this is welcome news. “We’re taking Barrick back to the way it was 15 years ago,” says Kelvin Dushnisky, the company’s co-president. Back then, Barrick was not a bloated organization that had lost investor confidence, nor was it facing a mountainous $13-billion debt in a depressed gold market. Since 2012, Barrick’s share price has fallen by roughly 70%.

While gold prices are a long way from where they were at the height of the 2000s commodities boom—a reality that’s hurt many miners—Barrick’s wounds are mostly self-inflicted. In 2011, founder and chairman Peter Munk pushed the company to spend billions on an underperforming copper mine in Zambia. Barrick also botched the development of what was to be a monster gold mine on the border of Chile and Argentina called Pascua-Lama. These two headaches have cost Barrick about $15.9 billion over the past few years, according to an analyst at Macquarie Group. Read the rest of this entry »

posted in Barrick Gold Corporation, Canada Mining, Canadian Media Resource Articles, Gold and Silver, Latin America Mining, Nevada Mining, United States Mining | 0 Comments

3rd July 2015

REFILE-Iron ore price fall a sign China’s economic might waning – by James Regan and Ruby Lian (Reuters U.S. – July 3, 2015)

http://www.reuters.com/

SYDNEY/SHANGHAI, July 3 (Reuters) – Iron ore prices dropped to the lowest in more than two months on Friday, sending shivers through the mining industry and heightening worries that Chinese economic activity is slowing just as ore piles up at its ports.

China uses more than a billion tonnes of iron ore a year to make steel – 14 times the consumption of the United States – but Beijing’s efforts to shift the economy to consumer-led growth means steel consumption is peaking faster than expected.

“It’s clear China can no longer consume all the iron ore that’s out there, so something’s got to give,” said James Wilson, a sector analyst for Morgans Financial in Perth.

Shares in Australia’s biggest mining houses, including Rio Tinto , BHP Billiton and Fortescue Metals Group led the Australian bourse lower after the price of the raw material fell by 5 percent. Read the rest of this entry »

posted in Asia Mining, Australia Mining, International Media Resource Articles, Iron Ore | 0 Comments

3rd July 2015

B.C. privacy report finds no significant Mount Polley risks prior to disaster – by Dirk Meissner (CANADIAN PRESS/Vancouver Sun – July 2, 2015)

http://www.vancouversun.com/index.html

VICTORIA – The British Columbia government needs to “open the gates” on information that is in the public interest, says a new report into last summer’s Mount Polley mine disaster.

The report by Information and Privacy Commissioner Elizabeth Denham said that while the government didn’t violate its legal obligations to report on conditions at the central B.C. mine before the August 2014 tailings-pond breach, it now needs to release more information because of her interpretation of the Freedom of Information and Protection of Privacy Act.

She said her office previously interpreted Section 25(1)(b) of the act to permit only the release of information considered to be urgent, but it will now interpret the section to permit the release of information that a reasonable observer would consider in the public’s interest.

“In the past the duties or obligations to disclose information that’s clearly in the public interest was interpreted very narrowly by my predecessors. I think wrongly,” Denham said in a Thursday interview. Read the rest of this entry »

posted in British Columbia Mining, Canadian Media Resource Articles, Mining Environmental Accidents | 0 Comments

3rd July 2015

Mongolia premier pledges to end Tavan Tolgoi coal mine impasse – by James Kynge and James Wilson (Financial Times – July 2, 2015)

http://www.ft.com/intl/markets/emerging-markets

London – Mongolia will “in the very near future” end an impasse over investment in a $5bn coal mine and push forward “Steppe Road” infrastructure plans with Russia and China, the prime minister has said as he seeks to shore up investor support for his country’s flagging economy.

Saikhanbileg Chimed also indicated that Mongolia planned to launch another sovereign bond as the country seeks to get “back to business” following two years of slowing growth in gross domestic product, plummeting foreign direct investment and rating agency downgrades of its junk-rated “Chinggis” bonds.

Official approval for investors to start work on the Tavan Tolgoi (TT) coking coal mine in the Gobi desert should follow soon after a review of the investor agreement in parliament this month, Mr Saikhanbileg told the Financial Times in an interview. Investors in the project include China’s Shenhua Energy and Japan’s Sumitomo Corp.
“TT will be unlocked in the very near future,” he said. Read the rest of this entry »

posted in Asia Mining, Coal, International Media Resource Articles | 0 Comments

3rd July 2015

Plan Nord: Québec’s First Nations on the Fence – by Nellie Peyton (World Policy Blog – July 2, 2015)

http://www.worldpolicy.org/

When Québec Premier Philippe Couillard presented his ambitious development plan for the province’s northern territory to a room full of potential New York investors last week, he was emphatic in declaring his concern and regard for the aboriginal communities in the region.

“The First Nations want development, but not just any kind of development,” Couillard said at a press conference following the event. He explained that the kind they want will contribute to the social development of their communities, provide decent jobs for their youth, and respect their traditional way of life. He also said that his government has been communicating with the First Nations “from the very beginning” of the project, to make sure that they are on board with the major changes that will soon be coming to their homelands.

“Plan Nord” is Québec’s new $50 billion development plan, focused on natural resources extraction in an area about twice the size of Texas. The region is home to over 120,000 people, of whom one third are aboriginals. Couillard’s concern for indigenous interests is well-intentioned as Québec begins to roll out its 20-year plan. But he is downplaying many of the conflicts that the project poses for aboriginal communities, and his stated aim of including them from the beginning has already hit rocky ground.

“We’ve always had difficulty engaging with the province,” said Ghislain Picard, Chief of the Assembly of First Nations in Québec and Labrador. Read the rest of this entry »

posted in Aboriginal and Inuit Mining, Northern Ontario/Canada Regional Media, Quebec Mining | 0 Comments

3rd July 2015

Supply of quality copper concentrate shrinks, sows seeds of price support – by Melanie Burton and Yuka Obayashi (Reuters U.S. – July 3, 2015)

http://www.reuters.com/

MELBOURNE/TOKYO, July 3 (Reuters) – Supply of high quality copper concentrate shrank more than expected in the first half of this year due to output delays in top miner Chile, squeezing the pipeline for metal producers and likely supporting prices later in 2015, traders said.

Production from two of four mines in Chile that churn out clean, standard concentrate was stalled in the first half as the country was hit by floods, while the world’s top mine, Escondida, has not tendered surplus concentrate for months, the traders and mining sources said.

Smelters blend clean concentrates with supply from mines that suffer from impurities such as arsenic, which have become more common as miners dig deeper into the earth’s crust.

“The concentrate element is tightening up which will eventually flow through to a tighter refined market,” said analyst Colin Hamilton at Macquarie in London

Benchmark LME copper has shed 8 percent this year as China demand slows, plumbing six-year lows in January. It traded at $5,800 a tonne on Friday. Read the rest of this entry »

posted in Copper, International Media Resource Articles, Latin America Mining | 0 Comments

3rd July 2015

Potash Corp. wants face time with K+S to save takeover deal – by David Stringer, Andrew Noël and Sheenagh Matthews (Bloomberg News/BNN – July 3, 2015)

http://www.bnn.ca/

http://www.bloomberg.com/

Potash Corp. of Saskatchewan Inc. said it wants to meet with management of K+S AG as soon as possible to address concerns that led the German fertilizer producer to reject its 7.8 billion-euro ($8.7 billion U.S.) takeover offer.

“We are seeking to meet with K+S management at the earliest possible opportunity so that we can jointly discuss our commitments and further specify the details that would form the basis of a successful combination,” Potash Corp. Chief Executive Officer Jochen Tilk said in a statement on Friday.

Potash Corp. (POT.TO) seeks to reassure K+S that it wouldn’t be unraveled after the deal, saying the offer isn’t predicated on closing mines, curtailing production, selling the German company’s salt business or cutting jobs. It repeated the merits of its offer of 41 euros a share, after K+S CEO Norbert Steiner indicated in a earlier statement that a proposal of at least 50 euros a share would be more appropriate. Read the rest of this entry »

posted in Canadian Media Resource Articles, Europe Mining, Potash/Phosphate, Saskatchewan Mining | 0 Comments

3rd July 2015

The exploration Elephant in the room – by Kip Keen (Mineweb.com – July 3, 2015)

http://www.mineweb.com/

Analysis: We consider a recent report on the issue of exploration by the Boston Consulting Group.

The Boston Consulting Group – one of the so-called Big Three consulting firms – takes on mineral exploration in a recent report. It calls it “Tackling the Crisis in Mineral Exploration” and, as you might guess, it deals with the elephant in the room, which is the lack of elephants in the room. That is: big, important discoveries.

In recent years, despite a massive increase in exploration spending, discoveries have dried up – ground well covered by researchers and analysts. Indeed, the Boston Consulting Group relies heavily on one of the better sources tracking the sector – Mines Consulting run by Richard Schodde – to set the scene.

Schodde shows that over the past decade the rate of deposit discovery has barely budged (even estimating for un-reported discoveries) despite a tenfold increase in exploration spending. What the Boston Consulting Group adds to the issue is a journalistic style endeavour in interviewing six of the industries better-known explorers.

These include Graham Brown, Douglas Kirwin, Jim Lalor, Sig Muessig, Andy Wallace and Dan Wood. This makes for an interesting, and at times, insightful read on industry issues, no doubt there. Read the rest of this entry »

posted in International Media Resource Articles, Junior Exploration Sector | 0 Comments

3rd July 2015

Wallbridge Mining reports promising find near Capreol – by Staff (Sudbury Star – July 3, 2015)

The Sudbury Star is the City of Greater Sudbury’s daily newspaper.

Wallbridge Mining Company says it has uncovered what it is calling massive sulfide nickel-copper and platinum group metals mineralization on one of its Sudbury properties.

“The Parkin properties have high quality near-surface exploration targets and also have significant potential at depth evident from the presence of a surface resource and a past producing mine, as well as significant mineralization intersections at depth in the Milnet 1500 Zone,” Marz Kord, president and CEO of Wallbridge, said in a release.

“We are working to attract new partner financing to advance the Parkin properties and in the meantime we add value by further exploration on the properties.” The Parkin properties are located north of Capreol.

Wallbridg said the properties (Parkin, Milnet, CBA Parkin, and Parkin East) cover a 9.4-km strike length of the Parkin Offset dyke, which hosts nickel, copper, and platinum group metals mineralization, including: Read the rest of this entry »

posted in Junior Exploration Sector, Nickel, Northern Ontario/Canada Regional Media, Ontario Mining, Sudbury Basin | 0 Comments

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