28th August 2015

Sudbury group to build the ‘mine of the future’ – by Staff (Sudbury Star – August 28, 2015)

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

NORCAT has announced new strategic partnerships with four local companies to help expedite the agency’s vision of building the “mine of the future” in Northern Ontario.

Equipment World, Fuller Industrial, Spectrum Group and K4 Integration will provide the NORCAT Underground Centre with state-of-the-art technology to not only advance the facility, but also to demonstrate leading innovation available to the global mining industry.

“The NORCAT Underground Centre is a unique facility,” Don Duval, the CEO of NORCAT, said in a release. “We’re the only non-profit organization in the world that has an operating mine that provides both start-up tech ventures and multi-national companies the resources, expertise and equipment to enable them to design, test and ultimately showcase new and innovative products in an operating mine environment.”

Fuller Industrial, which delivers and maintains process piping systems and corrosion, and abrasion resistance, will provide the Underground Centre with best-in-class engineered piping for high compression air and water. Read the rest of this entry »

posted in Mining Education and Innovation, Northern Ontario/Canada Regional Media, Sudbury Basin | 0 Comments

28th August 2015

Top miners wrestle with $202b of debt as profits shrink – by Jesse Riseborough and Thomas Biesheuvel (Australian Financial Review – August 28, 2015)


As tumbling commodity prices erode earnings for the world’s biggest miners, investors are focusing on how the industry will cope with its near record levels of debt. It’s looking increasingly ugly.

While overall borrowings from the 10-largest mining companies fell slightly last year, it’s still close to an all-time high of $US145 billion ($202 billion). At the same time, profits are expected to drop to a six-year low, according to Bloomberg estimates, hampering their ability the pay down the debt pile.

Against a backdrop of a deteriorating outlook for economic growth in China, the industry’s biggest customer, investors have retreated from the world’s largest producers.

“The debt pigeons are coming home to roost at many heavily indebted mining companies,” analysts at Investec wrote in a note Wednesday. “The heady days of the super-cycle were fuelled by cheap debt, which was eagerly taken on by mining companies in order to buy (overpriced) assets or to build new mines.” Read the rest of this entry »

posted in Commodity Super-Cycle and Decline, International Media Resource Articles | 0 Comments

28th August 2015

Boards and investors have let the mining sector dig itself into a hole – by Ian McVeigh (The Telegraph – August 27, 2015)


Ian McVeigh is head of governance at Jupiter Asset Management

Senior management continued to behave as if the boom times would last forever by engaging in expensive takeover deals that seemed to make no financial sense

“Where has all the money gone, long time passing…” What a sorry state of affairs for long-term investors in the mining sector, the ones who put their money into household names like Rio Tinto or Anglo American during the great commodity boom from 2003 to 2015. Over this period, the FTSE All Share Mining Index actually managed to underperform the broader market by a massive 39pc in spite of a powerful tailwind for much of the period.

Two factors have been behind this dismal outcome for investors: first, the hubris that marked many of the mergers made at the peak of the boom; second, the excessive nature of much of the capital investment that went to increase output as financial discipline went out of the window.

It also raises questions about the quality of the corporate governance operating at these mining firms. Read the rest of this entry »

posted in Commodity Super-Cycle and Decline, International Media Resource Articles | 0 Comments

28th August 2015

Quebec uranium report muddies science with sociology – by Konrad Yakabuski (Globe and Mail – August 28, 2015)

The Globe and Mail is Canada’s national newspaper with the second largest broadsheet circulation in the country. It has enormous influence on Canada’s political and business elite.

MONTREAL — Brad Wall won’t be happy about this.

The Saskatchewan Premier has recently been complaining about have-not provinces sticking spokes in the wheels of wealth-creating energy projects, all while they clamour for more generous equalization payments paid for out of taxes from wealthier provinces such as his. Now, Quebec has given him one more reason to gripe.

Quebec’s environmental assessment agency has recommended a ban on uranium mining in a 626-page report that one critic lambasted as a “veritable collage of science and mysticism” regarding the mineral, used mainly as fuel for nuclear reactors.

Liberal Premier Philippe Couillard’s government is still “studying” the report. But after saying no to the shale gas industry and its potential jobs and royalties, Quebec appears headed for another de facto moratorium on resource development, despite collecting $9.5-billion in equalization payments this year. Read the rest of this entry »

posted in Canadian Media Resource Articles, Quebec Mining, Uranium | 0 Comments

28th August 2015

Appalachian coal country wants Republican nod for federal aid – by Valerie Volcovici (Reuters U.S. – August 28, 2015)


WASHINGTON – A small but growing number of Appalachian coal communities are urging Republicans in Congress to support a proposed $1 billion federal aid program from the Obama administration to save local economies ravaged by the decline of the coal industry.

Nearly a dozen Appalachian coal mining communities have passed resolutions over the past few weeks supporting President Barack Obama’s Power + program, which was outlined in his 2016 budget. It will be considered in the fall when Congress returns from recess.

From towns such as Norton, Virginia, to Letcher County, Kentucky, local officials have called on their Washington representatives to back the proposal that would provide public funds for new economic activities around reclaimed coal mines in the Appalachian Mountains.

“This isn’t a partisan issue here,” said Eric Dixon, policy coordinator for the Appalachian Citizens’ Law Center in Whitesburg, Kentucky, which has helped push the resolutions across the region. “We have Republicans and Democrats in the mountains who support this plan.” Read the rest of this entry »

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

28th August 2015

What does Carl Icahn want with Freeport-McMoran? – by Kip Keen (Mineweb.com – August 28, 2015)


The activist investor has taken a big slug of the company’s shares.

HALIFAX – It must have been an interesting exercise for a billionaire that has made a name as an activist shareholder to tackle the mining industry now. To make a list of mining targets in a decimated market with resources meaningful enough to raise the spectre of a serious shake-up at one of the world’s largest mining companies.

It’s fair to simply step back and chuckle for a moment. For a whole lot of miners are so creamed, so loss-making for so many, that an activist raider surveying the field of options must be like the bear that stumbles into a honey factory after a hurricane.

Where to start? Who can I lean on? Which shareholders will treat me sweetest? Would Barrick have been on that list? Teck? Anglo American?

Yee Gads. You wonder if some mining heads might have muttered under their breath Thursday afternoon, Thanks be to Freeport. Icahn leaves us alone. Read the rest of this entry »

posted in Canadian Media Resource Articles, Copper, Gold and Silver, United States Mining | 0 Comments

28th August 2015

How Brazil’s China-Driven Commodities Boom Went Bust – by John Lyons and Paul Kiernan (Wall Street Journal – August 27, 2015)


Developing nation’s big bet on China turns sour as China’s appetite for exports dims; ‘looking at a lost decade’

SÃO PAULO—Not long ago, Brazil stood as the leading example of how a developing nation could rise toward global prominence on the force of a China-driven commodity boom.

As its economy surged, Brazil stormed the world stage—hosting a World Cup, demanding more say at the United Nations and blocking a U.S. free-trade plan for the Americas.

Now Brazil is looking like a symbol of something else: resource-rich nations’ habit of ending their booms with spectacular busts.

Brazil’s stock market is down 22% in the past year. Its currency has lost a third of its value against the dollar. And on Friday, Brazil is expected to report that in the second quarter, its economy shrank at a pace of about 1.7%. Economists are voicing fears of prolonged stagnation. Read the rest of this entry »

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

28th August 2015

Oil surges in best day since 2009 – by Jeff Lewis (Globe and Mail – August 28, 2015)

The Globe and Mail is Canada’s national newspaper with the second largest broadsheet circulation in the country. It has enormous influence on Canada’s political and business elite.

CALGARY – Oil prices surged more than 10 per cent as world stock markets recovered from a sharp sell-off, lifting Canadian energy shares despite lingering concerns over wobbly Chinese demand and a worldwide supply glut.

In a sharp reversal, West Texas intermediate oil on Thursday jumped 10.3 per cent after U.S. oil inventories posted a surprise drop of 5.5 million barrels and data showed stronger U.S. economic growth. WTI closed at $42.56 (U.S.) a barrel. Brent, the global benchmark, rose $4.42 to settle at $47.56 a barrel.

The rally capped a string of losses that saw U.S. oil prices touch a 2009 low of $37 a barrel this week as fears over China’s economic health sent global markets into a tailspin.

The S&P/TSX capped energy index, composed of oil producers and service company providers, climbed 6.6 per cent as investors bought into a market that analysts said was oversold. Read the rest of this entry »

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

28th August 2015

[Timmins gold mining] 56 laid off as Primero’s open pit mined out – by Len Gillis (Timmins Daily Press – August 28, 2015)

The Daily Press is the city of Timmins broadsheet newspaper.

BLACK RIVER-MATHESON – The gold mining industry in Northeastern Ontario took another hit this week.

Primero Mining Corporation announced Thursday that 56 workers have been laid off as a result of the closure of the open pit operation at the Black Fox mine, located about 10 kilometres east of Matheson. It was formerly the Brigus Gold property.

Primero’s Black Fox underground mine continues to operate, despite the layoffs in the pit, said mine general manager Dan Gagnon at a news conference in Timmins Thursday morning.

Gagnon, a veteran in mine management, was appointed as the new boss at Primero just three months ago. Gagnon made it clear the underground operation at Black Fox is continuing and provides jobs for roughly 310 employees.

It was this time last week that IAMGOLD revealed that 33 employees were to be laid off from the Côtė Lake gold project, located southwest of Gogama. Read the rest of this entry »

posted in Abitibi Greenstone Belt, Gold and Silver, Northern Ontario/Canada Regional Media, Ontario Mining | 0 Comments

28th August 2015

OPG partners with First Nation for $300M project – by Alan S. Hale (Timmins Daily Press – August 28, 2015)

The Daily Press is the city of Timmins broadsheet newspaper.

SMOOTH ROCK FALLS – Nearly 30 years of work by the members of the Taykwa Tagamou First Nation culminated in a ceremony held along the bank on the New Post Creek north of Smooth Rock Falls on Thursday morning.

The location is the future site of the Peter Sutherland Sr. Generating Station, which is a joint project between Ontario Power Generation (OPG) and a band-owned company, Coral Rapids Power. Although construction began on the $300 million hydroelectric dam months ago, the official announcement of the project was an emotional one for the First Nation members; some of whom have worked for decades to make it a reality.

“It took a big team to put this together. We had to push hard for it, and sometimes it nearly went off the rails. But we had a dream, and it is now a reality,” said band councillor and former chief Peter Archibald, who has worked on the project since 1979. “When this started, I had long hair that was black. Look at me now — falling out and white!”

Once completed, the new dam will produce 28 megawatts of power; enough to power 1,000 to 2,000 homes. The construction of the dam is expected to create 220 construction jobs. Read the rest of this entry »

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

27th August 2015

Goldcorp, Teck Combine El Morro and Relincho Projects in Chile – by Carolyn King (Wall Street Journal – August 27, 2015)


Goldcorp will acquire New Gold’s 30% interest in the El Morro copper-gold project in Chile

Goldcorp Inc. on Thursday said it would acquire New Gold Inc.’s 30% interest in the El Morro copper-gold project in Chile and then combine El Morro with Teck Resources Ltd.’s nearby Relincho asset into a single $3.5 billion project.

Goldcorp and Teck, both Canada-based mining companies, said the combination would reduce the project’s development costs and its environmental footprint and thereby improve returns for shareholders. The $3.5 billion estimated cost of bringing the project into production would be less than half the cost of developing the projects separately, they said.

The move comes as mining companies around the world cope with tumbling metal prices and fears of a slowdown in China, the world’s biggest consumer of commodities. The commodity-price swoon has put pressure on many to slash costs and focus on the most promising projects. Read the rest of this entry »

posted in Canada Mining, Copper, Gold and Silver, Goldcorp Inc., International Media Resource Articles, Latin America Mining | 0 Comments

27th August 2015

[South Africa] Mining: Thousands of jobs, 10 solutions – by Greg Nicolson (Daily Maverick/South Africa – August 27, 2015)


As the country’s economy continues to shrink, a report on Wednesday said mining stakeholders have come up with 10 initiatives to save jobs and ensure the industry remains viable. The agreement is likely to be signed on Monday and could include some novel solutions.

A stakeholder agreement could potentially avert some job cuts in the mining sector as the government, unions and mining companies are expected to commit to interventions next week to help the sector, Reuters reported on Wednesday.

The potential agreement comes after Mineral Resources Minister Ngoako Ramatlhodi began discussions with industry leaders earlier this month under the auspices of the Mining Industry Growth Development and Employment Task Team to confront plans across the industry to cut jobs and ensure the industry remains sustainable.

“Parties have agreed on the broad framework on interventions to be pursued, and stakeholders have been given an opportunity, over the next few days, to obtain an official mandate from their respective constituencies,” a statement from Ramatlhodi’s spokesperson Mahlodi Muofhe said on Tuesday. The agreement is expected to be signed on Monday. Read the rest of this entry »

posted in Africa Mining, International Media Resource Articles | 0 Comments

27th August 2015

British Columbia officials try to smooth over mine dispute during Juneau trip – by Pat Forgey (Alaska Dispatch News – August 26, 2015)


JUNEAU — Top British Columbia mining regulators this week have been trying to improve relations with Alaska that have been strained by several controversial mines and are even talking about cleanup of a British Columbia mine that’s been polluting Taku Inlet for decades.

Provincial Minister of Energy and Mines William Bennett said Wednesday in Juneau that could mean an agreement to give Alaska more of a say in what happens over the border, and that Alaska should have a larger role.

The state’s bigger role might include permitting new mines and monitoring operating mines. “I think it’s fair to say that Alaska doesn’t have a lot of access to that information,” Bennett said.

But while the minister was offering to sign a memorandum of agreement or understanding with Alaska, Alaskans in Juneau were demanding more.

John Morris, a member of the Juneau-based Douglas Indian Association’s tribal council, described a memorandum of understanding as “nothing more than a formal handshake” and said it would be better to use the Boundary Waters Treaty to see that Alaska’s interests were protected. Read the rest of this entry »

posted in Alaska Mining, British Columbia Mining, International Media Resource Articles, Mining Environmental Accidents and Pollution | 0 Comments

27th August 2015

NEWS RELEASE: Wataynikaneyap Power Signs Partnership Agreement with FortisOntario and RES Canada


(August 27, 2015 – Thunder Bay) Wataynikaneyap Power achieved a new milestone today by signing a Partnership Agreement with FortisOntario Inc., and Renewable Energy Systems Canada Inc. (“Fortis-RES Partnership”) to expand grid connection to sixteen (16) remote First Nation communities in Northwestern Ontario.

“Our people’s vision is to own, control and benefit from major infrastructure development in our homelands. Through this partnership, we are changing the landscape of how First Nations can do business into the future,” says Margaret Kenequanash, Chair of Wataynikaneyap Power. “Together we have reached a major milestone towards getting our communities off diesel generation, and improving the socio-economic situation for everyone’s benefit.”

Wataynikaneyap Power, owned by 20 First Nation communities, holds a majority interest in the project, which is mandated and supported by community leadership.

The Hon. Bob Chiarelli, Minister of Energy, will attend today’s press conference along with several other key provincial dignitaries. “We acknowledge the ongoing commitment from the Province of Ontario to connect remote First Nations to the provincial grid, and thank Minister Chiarelli and his colleagues for their continued strong support,” says Kenequanash. Read the rest of this entry »

posted in Aboriginal and Inuit Mining, Mining Power Issues | 0 Comments

27th August 2015


Click here for detailed information about True North Gems’ Greenland Ruby Project:  http://www.truenorthgems.com/section.asp?pageid=19256

VANCOUVER, BRITISH COLUMBIA–(Marketwired – Aug. 26, 2015) – True North Gems Inc. (TSX VENTURE:TGX) (“True North”, “TNG” or the “Company”) is pleased to announce that it has signed a share purchase and option agreement (the “Share Purchase Agreement”) with Greenland Venture A/S (“Greenland Venture”) under which Greenland Venture will purchase 5,722,940 issued A-shares (the “Purchased Shares”) of the Company’s operating subsidiary in Greenland, True North Gems (Greenland) A/S (“TNGG”), from True North for a purchase price of US$4,000,000 (approximately CDN $5,300,000).

The Purchased Shares represent 7% of the issued and outstanding shares of TNGG. Following completion of the sale of the Purchased Shares, True North will own 85.39% of the issued and outstanding shares of TNGG, which interest remains subject to a 20% earn-in right by True North’s joint venture partner, LNS Greenland A/S and LNS Denmark ApS (collectively, “LNSG”), as previously disclosed.

“This transaction will provide True North the resources for transition into the production phase of the Aappaluttoq Ruby Project, and once again endorses the importance of having a Greenlandic partner in Greenland Venture,” said Nicholas Houghton, President and CEO of True North. Read the rest of this entry »

posted in Diamonds and Gemstones | 0 Comments

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