Archive | British Columbia Mining

Environmental assessment sinks proposed Ajax mine near Kamloops (CBC News B.C. – December 14, 2017)

http://www.cbc.ca/news/canada/british-columbia/

The provincial government has opted not to issue an environmental assessment certificate for a proposed open-pit copper and gold mine near Kamloops, prompting applause from the city and local First Nations.

The 1,700-hectare Ajax mine proposed by KGHM would have been located about 10 kilometres southwest of Kamloops on the traditional territories of the Stk’emlupsemc te Secwépemc Nation (SSN), Ashcroft Indian Band, Lower Nicola Indian Band and Whispering Pines/Clinton Indian Band.

According to a statement from the provincial environment and mines ministries, an environmental assessment found too many negative impacts for the proposal in areas such as air quality and local ecosystems. Continue Reading →

Antofagasta has a new project in Canada – by Valentina Ruiz Leotaud (Mining.com – December 13, 2017)

http://www.mining.com/

A subsidiary of Chile-focused copper miner Antofagasta Plc. (LON:ANTO) signed an agreement with Canada’s Evrim Resources Corp. (TSX.V:EVM) to acquire a 70% interest in the latter’s Axe property, located in south-central British Columbia.

In a press release, the companies explained that Antofagasta can acquire a 70% interest in Axe by incurring $50 million in exploration expenditures, making cash payments of $800,000, and completing a National Instrument 43-101 compliant Preliminary Economic Analysis, over a ten year period.

Axe is a 50-square-kilometre land package within the Intermontane Belt in the southern portion of the Quesnellia Terrane. This gold-copper porphyry belt, which extends from the Canada/US border to north of Kamloops, hosts Newgold’s New Afton Mine, Teck’s Highland Valley Mine and Copper Mountain’s namesake mine. Continue Reading →

Court upholds decision to block Taseko mine near Williams Lake – by Ana Rose Walkey (Globe and Mail – December 6, 2017)

https://www.theglobeandmail.com/

A Federal Court judge has ruled against a contentious mine proposal in central British Columbia, upholding Ottawa’s decision to reject the project over concerns it would adversely affect the environment.

A pair of decisions, released this week, mark the latest blow for Taseko Mines Ltd.’s New Prosperity mine, which is opposed by local First Nations, has been rejected twice by the federal government and has been the subject of years of litigation. The company says it’s reviewing the court decision.

The New Prosperity project is a proposed open-pit copper and gold mine located 125 kilometres southwest of Williams Lake, B.C., near the Xeni Gwet’in First Nation community, part of the Tsilhqot’in Nation. Continue Reading →

What makes Vancouver a good place for mining companies? – by Olivia McCall (Born2Invest.com – November 23, 2017)

Vancouver, Toronto, Perth, Sydney, and London are the top five mining-friendly places in the world

Vancouver has been hailed as a mining capital of the world. What makes this place attractive to companies around the world?

According to Mining.com, Vancouver is the undisputed mining capital in the world because of the total miners and juniors that can be found in the city. Only the ones which are considered legit because they are publicly-traded and active until November this year. The list did not mention suppliers, consultancies or private companies.

Also in the list are Toronto (300), Perth (263), Sydney (96), London (92), Calgary (56), Melbourne (37), Montreal (30) and Johannesburg (14). Some cities in the U.S. such as New York, Denver, and Salt Lake City missed the list because the number of miners and juniors in their areas are below 9. Continue Reading →

A conversation with Mining Association of BC president and CEO Bryan Cox (B.C. Business – November 8, 2017)

https://www.bcbusiness.ca/

You might think the mining sector and the beer business have little in common. Bryan Cox knows different: both are technical, highly regulated and people-driven industries, says the president and CEO of the Mining Association of BC (MABC), who led public affairs for Western Canada at Molson Coors Canada before joining the provincial advocacy group in 2014.

Alberta native Cox, who holds a political science degree from the University of Calgary, is no stranger to bureaucracy or the resource sector. His father ran a food services business that catered to oil and gas companies, and from 2002 to 2006 he worked for the B.C. government as a public affairs officer and ministerial assistant.

He then returned to his home province for a stint as government relations manager with Edmonton-based Epcor Utilities Inc. Pro­­­­moted from VP of corporate affairs at the 116-year-old MABC this past May, Cox aims to boost the B.C. mining industry’s profile and ability to compete. Continue Reading →

The $750 Million Magnesium Deal That Came Up $750 Million Short – by Danielle Bochove, Natalie Obiko Pearson and Kristine Owram (Bloomberg News – November 8, 2017)

https://www.bloomberg.com/

It was one of 2017’s mega mining deals. And then it wasn’t. West High Yield (W.H.Y.) Resources Ltd. — the tiny Canadian explorer that surged nearly 1,000 percent last month after announcing a pact to sell its main assets for $750 million — said the deal has collapsed. The buyer couldn’t come up with a deposit for less than 1 percent of the transaction value, or $500,000.

“The purchaser failed to pay the deposit” by the Nov. 6 deadline, Calgary-based West High Yield, which trades under the ticker WHY, said in a statement late Tuesday. “The board of directors of the company decided to terminate the agreement.”

The collapse ends a transaction that sparked a review by regulators following West High Yield’s extraordinary surge on Oct. 5 after it announced the deal. The stock jumped to C$2, from just 36 cents the previous day, giving the company with no revenue a market value of C$114 million ($89 million). Continue Reading →

Penny Stock That Surged 1,000% Says Canada Mining Deal May Fail – by Natalie Obiko Pearson and Danielle Bochove (Bloomberg News – November 3, 2017)

https://www.bloomberg.com/

West High Yield (W.H.Y.) Resources Ltd., the tiny Canadian miner that last month announced it was selling its main assets for $750 million, said the deal may fall through because the buyer doesn’t yet have financing.

West High Yield surged almost 1,000 percent last month, after the company — which has no revenue — announced it had sold a magnesium deposit in British Columbia for 46 times its market value. The shares have been halted since Oct. 6 and the Alberta Securities Commission launched an inquiry, citing “the magnitude of this transaction.”

“There is substantial risk that the purchaser may not be able to obtain financing necessary to complete the proposed transaction,” the Calgary-based company said Friday in a statement. “The purchaser does not have the financial resources” to complete the deal without third-party funding. Continue Reading →

Why did this slide wipe $1.3B from Teck’s market value? – by Frik Els (Mining.com – October 27, 2017)

http://www.mining.com/

Vancouver-based Teck Resources, Canada’s largest diversified miner which is close to completing a major oil sands project, reported on Thursday a nearly four-fold increase in quarterly profits.

The metallurgical coal business of Teck, also a major copper and zinc producer, accounted for 72% of its gross profits during the first nine months of the year.

Operationally Teck’s coal business has been humming. The company said its coking coal unit moved a record of 79 million bank cubic meters (BCM’s) during the quarter. Continue Reading →

Juniors oppose Barrick’s plans to turn an old mine into a ski resort – by Valentina Ruiz Leotaud (Mining.com – October 24, 2017)

http://www.mining.com/

Junior miners say they oppose Barrick Gold’s (TSX, NYSE:ABX) idea to transform its old Mascot Giant nickel mine located near Hope, British Columbia, into a ski resort.

In an email sent out to the media, J.A. Chapman Mining Services Engineer, John Chapman, stated that his and other companies “are still actively conducting mineral exploration in and around the old Giant Mascot mine and are therefore against Barrick’s recreation proposal.”

Chapman attached a letter he sent back in 2012 to Gordon Hogg, the MLA for the B.C. riding of Surrey-White Rock, asking the provincial government to stop Barrick’s plans. He believes that the giant’s attempts to enter the hospitality business is just a way of turning a non-performing asset into a positive cash-flow operation. Continue Reading →

Barrick Gold hopes to strike it rich with Fraser Canyon ski resort – by Susan Lazaruk (The Province – October 22, 2017)

http://theprovince.com/

Barrick Gold Corp. is floating the idea of turning an old nickel mine near Hope into a year-round recreational resort

Is there gold in the hills above Hope? Barrick Gold Corp. is floating the idea of turning an old nickel mine in the area into a year-round recreational playground called the Giant Nickel All Season Resort. It would include a ski hill and gondola and restaurants that grow their own vegetables.

The 10-run ski hill in terms of vertical drop would fall between Whistler Blackcomb and Sun Peaks, said Dennis Adamson, electoral director of Electoral Area B of the Fraser Valley Regional District, and the project’s No. 1 booster.

“I’ve been pushing this for years,” said Adamson, who’s the elected official of the area, which includes communities like Yale, Spuzzum, Dogwood Valley, Othello and Ruby Creek, total population 721. Continue Reading →

B.C. miner Donald McLeod fulfilled every prospector’s dream – by Catherine McLeod-Seltzer (Globe and Mail – October 19, 2017)

https://beta.theglobeandmail.com/

Catherine McLeod-Seltzer is Don’s daughter.

Miner. Mentor. Husband. Father. Born Oct. 21, 1928, in Stewart, B.C.; died May 27, 2017, in Vancouver; of complications from a fall; aged 88.

Don McLeod’s story is the stuff of British Columbia mining legend: A tramp miner who, through gritty determination, unflagging optimism and a good helping of luck, fulfilled every prospector’s dream when he struck it big and brought three rich gold mines to production.

Don grew up in Stewart, B.C., a frontier mining community in the province’s farthest northwest corner. When Don’s mother, Catherine, arrived there from Scotland in 1926, she thought it was the end of the world. But for a young boy, it was paradise to grow up in a close-knit town in the middle of the wilderness; where else could you have a grizzly bear for a pet or play with blasting caps (even if he almost blew himself up)? Continue Reading →

Klondike Silver – The Silvery Slocan May Rise Again (Geology For Investors – October 13, 2017)

https://www.geologyforinvestors.com/

There is a thing about old mining camps. A certain resonance in the atmosphere. It comes from the hundreds or thousands that once toiled, in dark, dirty and dangerous conditions searching for fortune and fame.

Perhaps it’s the psychic energy of a million broken dreams or the electric shock when just 10 feet more breaks into a whole new vein or the whack of a hammer reveals a boulder of pure silver. Sandon, in the heart of what was known as the “Silvery Slocan” is one such place. Boulders of solid galena (lead sulfide) fell from the mountains, spawning the wildest city in BC, Canada and the beating heart of British Columbia’s last great mining rush.

So confident in their future that they boxed up the creek and put their main street on it, 100 years later it’s piles of rotting timber beside a very free running Carpenter creek. It’s easy to imagine that the mines are as dead as those long ago ghosts. Continue Reading →

Threatened B.C. mining heritage site gets a new lease on life – by Greg Klein (Resource Clips – October 10, 2017)

http://resourceclips.com/

A structure vital to Vancouver Island mining history might not be doomed for destruction after all. The Morden mine headframe and tipple date to 1913 but remain the last significant signs of the Nanaimo region’s coal industry, where British Columbia’s first successful mining began in 1852.

Located on a provincial park in an NDP-voting region, the site had been neglected by B.C.’s previous Liberal government. But on October 6 the new NDP government announced a $25,000 conservation grant.

While encouraging to the volunteer Friends of Morden Mine Society, the money falls far short of the $2.7 million that a previous engineering study estimated necessary for the structure’s preservation. That amount included $500,000 for emergency repairs. Continue Reading →

Imperial Metals Investors Are Counting on Another Billionaire Rescue – by Allison McNeely (Bloomberg News – October 2, 2017)

https://www.bloomberg.com/

Has billionaire Murray Edwards stepped in to prop up a troubled Canadian copper miner once more? That’s what investors and analysts are wondering after Imperial Metals Corp. won a second reprieve on its loans until Oct. 13 while bankers review a new financial rescue plan.

Edwards, the company’s largest shareholder who has been involved since 1994, has previously helped bail out Imperial Metals by injecting capital, making a loan and guaranteeing a credit line.

Imperial’s shares and bonds have slumped amid uncertainty as to whether Edwards, and money manager Bruce Berkowitz’s Fairholme Capital Management, the largest bondholder, would step in with additional financing. The Vancouver-based company fed those concerns last month when it disclosed lenders had to grant a waiver to avert default, and warned there’s doubt Imperial can survive without more financing or a debt extension. Continue Reading →

Norman B. Keevil book reveals tactics of 1970s B.C. flirtation with resource nationalism – by Greg Klein (Resource Clips – September 29, 2017)

http://resourceclips.com/

The year was 1973. No sooner had Teck Resources transplanted its HQ to Vancouver than British Columbia premier W.A.C. Bennett’s 20-year reign fell to defeat at NDP hands. Resource nationalism proved to be one of new premier Dave Barrett’s earliest enthusiasms. But the guy who bragged about his commitment to doing “what was needed and right” showed a peculiar modus operandi.

That’s just one of the stories related by Norman B. Keevil in a history of Teck to be released next week, Never Rest on your Ores: Building a Mining Company, One Stone at a Time. Keevil relates that on summoning him and Bob Hallbauer into the premier’s Victoria office, Barrett’s first words were, “I want your coal.”

Interest had been growing in northeastern B.C.’s deposits, among them Teck’s Sukunka. “Well, at least he did call it our coal,” Keevil notes. “That would become questionable as the situation evolved.” The duo declined but Barrett wouldn’t give up. He kept calling them back to Victoria on an almost weekly basis. Continue Reading →