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Day: June 17, 2011

Chance to make decisions [Ontario Think North event] – by Harold Carmichael (Sudbury Star – June 17, 2011)

The Sudbury Star, the City of Greater Sudbury’s daily newspaper. hcarmichael@thesudburystar.com

The Ontario Government is pushing ahead with one of the key planks in the Northern Ontario Growth Plan, says the minister of Northern Development, Mines and Forestry.

“Northerners have said that when decisions are being made, they want it to be an independent not-for-profit policy institute,” Michael Gravelle told reporters Thursday, during a visit to Greater Sudbury to give a speech at the Think North 2 Summit.

“It’s a good chance by northerners to make some decisions on what works. The institute will be able to look for evidence- based advice on what can work the best in Northern Ontario.”

Gravelle said the Northern Ontario Heritage Fund Corporation will provide $5 million to get the new policy institute running. One of the first steps in the process, he said, will be to get a board of governors and a board of directors in place.

The minister also said he has met with Laurentian University president Dominic Giroux and Lakehead president Brian Stevenson and asked for their advice on the policy institute since both have a strong background and experience in preparing policy.

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City of Timmins – The city with a heart of gold – (Canadian Business Journal – April, 2011)

Canadian Business Journal

The City of Timmins, Ont., is at an interesting junction. The city is celebrating 100 years since the Porcupine Gold Rush, the event that is responsible for putting Timmins on the map and one that introduced this part of Northern Ontario to thousands of prospectors and miners in search of prosperity. 2009 marked 100 years since the first prospectors staked a claim in the Porcupine Camp. In 2010, the city celebrated 100 years of mining recognizing the riches of three gold mines that are of historical significance: Dome, Hollinger and McIntyre Mines.

This year marks 100 years since “the great Porcupine fire of 1911” that burned through the mining camp claiming many lives and livelihoods in the process. While this unfortunate turn of events may have caused a setback, ultimately it did little to stem the tide of Timmins’ growth. At the same time it celebrates its rich history, Timmins is moving forward with the development of a vision/strategic action plan that will provide the city with a blueprint that will govern and establish strategic direction for economic development over the next 10 years.

The Porcupine Gold Rush of 1909 is said to be the largest gold rush ever. By 2001, the Porcupine Camp had mined over 67 million ounces of gold, compared to the 12 million ounces produced during the well-known Klondike Gold Rush.

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Noranda Incorporated History (1922 – 2004) – by International Directory of Company Histories

For a large selection of corporate histories click: International Directory of Company Histories

Company History:

Noranda Inc. is one of the largest mining and metals companies in the world with operations in 18 countries. Production of copper and nickel accounts for the majority of Noranda’s revenues–the company also mines aluminum, zinc, and precious metals. Noranda restructured in the late 1990s by selling off its forest products and oil and gas businesses in order to focus on its core metals and mining assets.

Origins and Development: 1920s-50s

The history of Noranda begins with the story of a prospector named Edmund Horne, and a hunch. During the early 1920s, at a time when northern Canada was unchartered–the area was mostly wilderness, and prospectors preferred to stay on the familiar grounds of Ontario–Horne was drawn to the Rouyn district in northeastern Quebec. He visited Rouyn repeatedly, because he believed it “didn’t seem sensible that all the good geology should quit at the Ontario border!” Horne could reach Rouyn only by way of a chain of lakes and rivers.

His enthusiasm was contagious, and soon a group of 12 men had raised C$225 to finance further explorations. The effort paid off when word of Horne’s first strike made it to S.C. Thomson and H.W. Chadbourne, two United States mining engineers with a syndicate of investors interested in exploring Canadian mines. In February 1922, the syndicate bought an option on Horne’s mining claims in Ontario and Quebec and exercised it. Noranda Mines Ltd. was incorporated in 1922 to acquire the U.S. syndicate’s mining claims.

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Falconbridge Limited (1928-2000) – by International Directory of Company Histories

For a large selection of corporate histories click: International Directory of Company Histories

Company History:

Falconbridge Limited is a leading base metals mining company operating out of Toronto, Canada. Its primary commodity is nickel, which is instrumental in the manufacture of stainless steel, followed by copper, cobalt, and platinum group metals. Falconbridge owns nickel mines in Canada and the Dominican Republic, and ever since 1930 has maintained a refinery in Norway. The company is majority owned by Noranda, a Canadian natural resources company that controls more than 50 percent of its stock. Falconbridge shares trade on the Toronto Stock Exchange.

Founding of Falconbridge: 1928

Falconbridge took its name from the township of Falconbridge, Ontario, an area possessing large deposits of nickel. In 1928, businessman Thayer Lindsley paid $2.5 million for mining claims in the area and created Falconbridge Nickel Mines Limited. The new company took immediate steps to work the claims, and despite the stock market crash of 1929 it was able to sink a shaft and begin to develop the mine, as well as build a smelter. Falconbridge still had to refine the ore, however, and the International Nickel Company of Canada (INCO) retained the North American rights to refining technologies.

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Inco Limited History (1902- 2001) – by International Directory of Company Histories

For a large selection of corporate histories click: International Directory of Company Histories

Company History:

Inco Limited is one of the world’s top producers of nickel. It operates Canada’s largest mining and processing operation in Sudbury, Ontario, and runs other mines in Canada, the United Kingdom, and Indonesia. It has interests in refineries in Japan, Taiwan, and South Korea, and sales and operations in over 40 countries worldwide. Overall Inco provides about 25 percent of the nickel used globally. The company also produces cobalt, copper, precious metals, and specialty nickel products.

Early Years

Nickel was first isolated as an element in the middle of the 18th century, but not until the following century did it come into demand as a coin metal. Up to around 1890, coining remained the metal’s only use, and most of the world’s nickel was mined by Le Nickel, a Rothschild company, on the island of New Caledonia. At that time, however, it was determined that steel made from an iron-nickel alloy could be rolled into exceptionally hard plates, called armor plate, for warships, tanks, and other military vehicles, and the resulting surge in demand spurred a worldwide search for nickel deposits.

The world’s largest nickel deposit ever discovered was in Ontario’s Sudbury Basin; before long, one of the area’s big copper mining companies, Canadian Copper, began shipping quantities of nickel to a U.S. refinery in Bayonne, New Jersey, the Orford Copper Company.

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Companhia Vale Do Rio Doce (CVRD/VALE) History (1942-1989) – by International Directory of Company Histories

For a large selection of corporate histories click: International Directory of Company Histories

Company History:

Companhia Vale do Rio Doce (CVRD) is one of the world’s most important producers of iron ore, iron pellets, and other minerals. Owned primarily by the Brazilian government, it has taken a leading role in developing the mineral resources of the Amazonia region. Much of the company’s success is based on its ability to draw on foreign expertise and capital while at the same time retaining effective control in Brazilian hands.

Companhia Vale do Rio Doce was formed in 1942, receiving the assets of the Itabira Iron Ore Company, including the “iron mountain” of Caué Peak in the Itabira region of Minais Gerais state. The Brazilian government held 80% of the shares in the company, reduced to the present level of 53%. Initially hampered by poor management and inadequate transport facilities, it was only in the early 1950s that the company started on its path to becoming one of the world’s most important exporters of iron ore.

With its success closely linked to improvements in transport which it helped to finance, CVRD also expanded into the production of other minerals, the provision of shipping services, and iron pelleting. It also helped finance and organize a wide range of other industrial and service enterprises. When the huge iron ore reserves of the Amazon region were discovered in the 1960s, it was natural that CVRD be given responsibility for spearheading their exploitation.

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NEWS RELEASE: Project Manager, Mining Services Announced for the Thunder Bay CEDC

June 17, 2011 – The Thunder Bay Community Economic Development Commission (CEDC) is pleased to announce the appointment of John Mason as Project Manager, Mining Services. The appointment follows an extensive search.

Mr. Mason has 36 years of service with the Ministry of Northern Development, Mines and Forestry and has published numerous geological reports. He is well-known for his in-depth knowledge and skills in the Ontario and Canadian exploration and mining sector and for his exceptional ability to market Ontario’s vast mineral potential. He is a Registered Professional Geoscientist with an Honours Bachelor of Science in Geology degree from Lakehead University. Mr. Mason officially assumed his duties at the Thunder Bay CEDC on Monday, June 13, 2011.

“John’s mining expertise dramatically contributes to the bench strength of the CEDC, the strategic importance of the mining resource sector and to the goals of the CEDC’s Strategic Plan to realize the full economic investment potential and job creation for the region and for the Province of Ontario,” said Steve Demmings, CEO of the CEDC.

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Greater Sudbury Development Corporation – Canadian Business Journal (April, 2011)

Canadian Business Journal

The Greater Sudbury region is an important part of Northern Ontario. This picturesque area is abundant in resources–and revenue. The Greater Sudbury Development Corporation is an organization in place to help those important local businesses grow and prosper, as well as attract, assist, and retain other potential investors. Sudbury is known as a mining town, and is tipped to benefit even further from the up-and-coming global mining boom. As the mining sector flourishes, Sudbury is steadily diversifying its economy and building on its previous success. This issue, The Canadian Business Journal explores the successful developments that have occurred over the last few years in this Northern Ontario paradise.

Greater Sudbury is the largest city in Northern Ontario, and the region is a hub for industry, commerce, health services, transportation, retail, government services and education. With a valuable market of about 450,000 people within a 250 kilometre radius, Greater Sudbury boasts the highest retail sales per capita of census metropolitan areas in Ontario. It is also the most culturally diverse city in Northern Ontario, with bilingualism sitting impressively around 40 per cent.

Mining: the backbone of Sudbury

Mining, of course, is the major industry in Sudbury and numerous major mining companies have successful sites in Sudbury and have been incremental in the economic growth of the city. There are 18,000 people employed by the companies involved in the sector, across many areas including mine development and operations, engineering, construction, manufacturing, and environmental rehabilitation.

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Agnico-Eagle Mines Limited Company History (1953 – 2005) – International Directory of Company Histories

For a large selection of corporate histories click: International Directory of Company Histories

Company History:

Agnico-Eagle Mines Limited is a Toronto-based Canadian gold producer, with its shares trading on the Toronto Stock Exchange and the New York Stock Exchange. The company no longer mines its founding properties, the silver-producing Agnico mine and Eagle Gold mine, instead limiting its mining activities to the LaRonde Mine in northwestern Quebec, which possesses proven and probable gold reserves of 5.3 million ounces and produces silver, copper, and zinc as a byproduct of the gold mining process.

Agnico-Eagle’s other properties, not currently in production, contain gold reserves of another 2.6 million ounces. The company also is conducting exploration on 56 properties located in eastern Canada and the western United States. It is pursuing opportunities in northern Mexico as well and owns a stake in the Surrikuusikko gold field in Finland. For many years Agnico-Eagle has been one of the lowest cost producers in North America, a company that has steadfastly refused to engage in hedging (selling future gold production at a set price as a precautionary measure), instead selling all of its production at the spot price of gold.

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NickelOdious – by Jon Nadler (Kitco Metals – June 13, 2011)

Jon Nadler is a Senior Metals Analyst – Kitco Metals

A further decline in crude oil prices conspired to drag most of the commodities’ complex to lower value ground as the new trading week commenced. Thus, precious metals lost chart altitude levels as well, despite the minor, 0.15 loss recorded in the US dollar index this morning.

Part of the early selling pressure was related to investors’ raising cash to cover margin calls incurred in the wake of the sixth consecutive losing session in the equity markets on Friday. However, at the end of the day (or, shall we say, the beginning thereof) reports that China’s economy is slowing (and perhaps more than just a tad) coupled with posturing by Saudi Arabia that it might ratchet supplies of black gold higher in coming weeks were the prime catalysts for the price dips we witnessed this morning.

As regards China, the prospects of a possible “hard landing” by that country’s economy were brought into discussion once again. NYU’s Dr. Nouriel Roubini said that he does not see the combination of China’s reliance on fixed investment (now running at about half of its GDP), its lurking “massive non-performing loan problem” plus its huge amount of overcapacity as resulting in any kind of a rosy outcome. For Dr. Roubini, the period after the year 2013 presents a “meaningful probability” for a Chinese economic “runway disaster” unless the aforementioned issues are tackled and resolved.

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