Archive | Canada Mining

Why Canada Needs Both Windmills And Pipelines – by Katrina Marsh (Huffington Post – April 28, 2016)

“The choice between pipelines and wind turbines is a false one. We need both to reach our goal.” Prime Minister Trudeau’s comment — spoken just before last March’s First Ministers’ meeting on climate change — has echoed through ministers’ speeches and media interviews ever since. Mr. Trudeau and his cabinet are walking a fine line between the need to control greenhouse gas emissions on the one hand and the need for energy pipelines on the other.

Some people see a contradiction in this balancing act. The authors of the Leap Manifesto argue that growth in renewable energy technologies mean that there is “no longer an excuse for building new infrastructure projects that lock us into increased extraction decades into the future.”

Yet the truth is that Canadians will continue to rely on fossil fuels even as we develop alternatives. This is not an ideological position to be argued over, but a fact that must be recognized. Continue Reading →

Goldcorp Reports First Profit in Three Quarters Amid Cost Cuts – by Danielle Bochove (Bloomberg News – April 28, 2016)

Goldcorp Inc. reported its first profit in three quarters, beating analysts’ estimates, as costs fell more than expected.

First-quarter net income was $80 million, compared with a net loss of $87 million a year earlier, Vancouver-based Goldcorp said Wednesday in a statement. Excluding one-time items, earnings were 10 cents a share, beating the 4-cent average of 18 estimates compiled by Bloomberg.

Like its peers, the world’s third-largest gold producer by market value has been working to strengthen its balance sheet. The company had average all-in sustaining costs of $836 an ounce of gold in the first quarter, compared with $894 for all of 2015 and the $861.50 average of four estimates compiled by Bloomberg. Continue Reading →

Mining firm defends caribou monitoring plan against Nunavut critics – by Jane George (Nunatsiaq News – April 27, 2016)

“We don’t want to commit to something we can’t do”

CAMBRIDGE BAY — Participants at a Nunavut Impact Review Board hearing in Cambridge Bay hammered Sabina Gold and Silver Corp. for most of April 26 over how its proposed four-mine complex and 157-kilometre winter road can co-exist with two caribou herds that migrate through that area of western Nunavut.

The final regulatory hearing for the Back River gold mine, which got underway April 25, devoted nearly the entire day of April 26 to the company’s monitoring and mitigation plans for its Goose property, located 400 km south of Cambridge Bay and 520 km north of Yellowknife.

After presenting information about its many programs and actions designed to reduce impacts on caribou on April 25, Sabina fielded questions April 26 about its “adaptive management” plan for wildlife, which would see a staged response to mitigate damage to caribou from animals in the Beverly or Bathurst herds, which might be spotted close to the mine site by observers, cameras or via satellite collars. Continue Reading →

‘Barrick is back,’ chairman declares, as restructuring moves pay off with strong results – by Peter Koven (National Post – April 27, 2016)

TORONTO — Tuesday’s annual meeting had to feel like a pleasant change of pace for Barrick Gold Corp.’s directors and senior management: For the first time in years, there was no crisis to avert.

At last year’s meeting, shareholders were outraged over chairman John Thornton’s compensation. The year before that, there was frustration and confusion over the company’s failed attempt to merge with Newmont Mining Corp. And in 2013, there was yet another controversy over Thornton’s pay.

On Tuesday, Barrick executives could just focus on the company’s performance, which has been stellar over the past year. “Barrick is back,” Thornton told the audience in Toronto. Continue Reading →

Western Nunavut gold project’s greatest impact could be on caribou – by Jane George (Nunatsiaq News – April 26, 2016)

Final hearing for Sabina Gold and Silver Corp.’s Back River proposal underway in Cambridge Bay

CAMBRIDGE BAY — The health of caribou: that’s what a positive recommendation from the Nunavut Impact Review Board on the Sabina Gold and Silver Corp.‘s Back River gold mine project in western Nunavut could depend on.

Sabina’s scaled-down gold mining project, known as Hannigayok in Inuinnaqtun, is under environmental scrutiny at the final environmental hearing taking place before the NIRB in Cambridge Bay April 25 to April 30.

There would be no overlap with caribou during “sensitive” periods, Matthew Pickard, Sabina’s vice president for the environment and sustainability, said April 25. Continue Reading →

TMAC’s Nunavut gold mine moves closer to start-up in 2017 – by Jane George (Nuatsiaq News – April 25, 2016)

Doris North project breezes through regulatory hearings for expanded mine project

CAMBRIDGE BAY — In early 2017, Nunavut may welcome its second operating gold mine. But TMAC Resources Inc. still needs to learn if Nunavut regulators will allow it to operate an expanded Doris North gold project at Hope Bay over six years instead of two.

The company expects to receive a decision from the Nunavut Impact Review Board and the Nunavut Water Board on the project certificate amendment by the end of May. “We don’t presume they will approve the amendment,” said Alex Buchan, TMAC’s director of community relations, after Nunavut Impact Review Board hearings held April 12 to April 14 in Cambridge Bay.

But, judging from the comments made during the hearings, there was little serious criticism of TMAC’s plans, with the Kitikmeot Inuit Association supporting the larger and longer-term gold mine project, located roughly 90 kilometres south of the western Nunavut town of Cambridge Bay on Inuit-owned land. Continue Reading →

Top Mining Minds: Ian Telfer, Goldcorp Inc. – by Mike Luft (Mining – April 21, 2016)

Those of us who work in the mining sector are probably well-aware of some of the big names in the industry. Names like Eike Batista, Robert Friedland, Lukas Lundin, and Frank Giustra. All mining executives who have not only enjoyed great success in the industry, but who have also seemed to be in the right place at the right time — and then made the most of it.

Chairman of Goldcorp Inc. (NYSE: GG), Ian Telfer, would be another name to add to the list. Ian Telfer has spent more than thirty years in the mining business, building and leading a number of first-rate mining companies, all while experiencing gold’s ebb and flow from bull market to bear to bull again. Perhaps most importantly, Ian, along with his business partner, Frank Giustra, were prescient enough in 2001 to take advantage of the end of a deep gold bear market and the beginning of a gold bull run that lasted the next seven years.

Taking full advantage of this bull market, Ian would go on to form and lead a number of significant mining companies, like Wheaton River Minerals Inc. and Silver Wheaton Corp., and would also lead Goldcorp, first as its President and CEO, then as its Chairman, a role Ian continues to serve to this day. Continue Reading →

Barrick Gold Turns to New Finance Chief – by Tatyana Shumsky (Wall Street Journal – April 25, 2016)

Catherine Raw will be the company’s fourth CFO in five years

Investors will get their first chance to size up a new finance chief at the world’s largest gold producer this week, when Barrick Gold Corp. reports first-quarter earnings.

The Canadian miner is betting that Catherine Raw, who previously co-managed funds focused on the industry for BlackRock Inc., can streamline the company and place more emphasis on shareholder returns. She starts her new job following Tuesday’s results and conference call.

Barrick Gold—and the broader gold mining industry—has lacked such a strategy, according to analysts and investors. The company and its peers have historically prized output over profitability, which contributed to ballooning costs, excessive gold production and disappointing returns. Continue Reading →

Freeport mulls selling minority stake in copper mine portfolio – by Rachelle Younglai (Globe and Mail – April 25, 2016)

Freeport McMoRan Inc. is considering selling a minority stake in its portfolio of copper mines, one of the options on the table as the company scrambles to slash its $20-billion (U.S.) debt load, sources familiar with the matter said.

Freeport had initially planned to take part of its energy business public to raise cash. But with oil prices in the dumps and scant investor interest, the company put those plans on the back burner, the sources said.

Now, Arizona-based Freeport is mulling selling a stake of up to 20 per cent in its suite of mining assets in the Americas and maybe Africa, the sources said. It is unknown how much Freeport is expecting to get or whether the company can find investors willing to buy a stake. One name that has been floated has been China’s Citic, a government-owned investment firm, sources said. Continue Reading →

Nevsun Resources to buy Reservoir Minerals for $365 million (Reuters Canada – April 25, 2016)

(Reuters) – Canadian miner Nevsun Resources Ltd NSU.TO said it has agreed to buy Reservoir Minerals Inc RMC.V for about $365 million in cash and stock. Nevsun, which owns the Bisha copper-zinc mine in Eritrea, will pay two shares of Nevsun and $0.001 in cash for each Reservoir share, the company said on Sunday.

The deal values Reservoir shares at C$9.401 each, representing a 35 percent premium to its last close, based on Nevsun stock’s Friday closing price. Nevsun will also provide $135 million in financing to Reservoir, by buying about 12.2 million of Reservoir shares for $90.3 million and providing an unsecured cash loan of $44.7 million to Reservoir.

Vancouver-based Reservoir is a mining exploration and development company. Its flagship venture is the Timok copper and gold project in Serbia, which it owns in a joint venture with U.S.-based miner Freeport McMoRan Inc FCX.N. Continue Reading →

Dominic Cardy calls for ‘clarity’ on Aboriginal veto – by Alan White (CBC News New Brunswick – April 22, 2016)

New Democratic Party Leader Dominic Cardy is urging the federal Liberal government to make a decision quickly about the proposed Sisson mine project in New Brunswick.

A new study by the Canadian Environmental Assessment Agency found not enough has been done to offset the “significant” impact the 12.5 sq.-km mine would have on four Maliseet communities that have traditionally used the area northwest of Fredericton for hunting, fishing and gathering resources.

The chiefs of five First Nations and the chief of the Wolastoq Grand Council have all called for the Sisson mine proposal to be rejected by the federal government. An environmental assessment process is taking place and a decision is expected this summer. Continue Reading →

Impact review board okays Nunavut mine pit expansion (Nunatsiaq News – April 21, 2016)

Meadowbank’s Vault Pit expansion expected to produce 400,000 tonnes of ore

The Nunavut Impact Review Board has given a green light to the expansion of an open mine pit at Agnico Eagle Mine Ltd.’s Meadowbank gold mine near Baker Lake.

Agnico Eagle first proposed in July 2014 to expand its current Vault Pit operation southwest into nearby Phaser Lake to form Phaser Pit and BB Phaser Pit. Vault Pit, located about eight kilometres northeast of Meadowbank’s main mine site, is one of three pits currently being mined on the Kivalliq site.

“After a thorough review of the potential eco-systemic and socio-economic impacts of the proposed project, the [NIRB] has concluded that the Vault Pit Expansion Project may proceed,” NIRB chair Elizabeth Copland said in an April 18 decision. Continue Reading →

5 Maliseet chiefs want Sisson mine rejected – by Alan White (CBC News New Brunswick – April 21, 2016)

St. Mary’s, Tobique, Kingsclear, Oromocto, Madawaska chiefs respond to environmental assessment

The chiefs of five Maliseet First Nations in New Brunswick are calling for the proposed Sisson mine project to be rejected because of its impact on Maliseet people.

The chiefs of Kingsclear, Madawaska, Oromocto, St. Mary’s and Tobique First Nations issued a statement on Thursday in reaction to a federal study that said the proposed mine would have a “significant” impact on several communities.

The proposed mine would impact 1,253 hectares of land about 60 kilometres northwest of Fredericton that have been traditionally used for hunting, fishing and resource-gathering by the Tobique, Kingsclear, Woodstock and St. Mary’s communities. Continue Reading →

Men of the Deeps director wins Helen Creighton Lifetime Achievement Award – by By Hal Higgins (CBC News Nova Scotia – April 19, 2016)

Jack O’Donnell took group on as a one-time project, still with them 50 years later

As a recipient of the Dr. Helen Creighton Lifetime Achievement Award at the 2016 ECMA gala concert in Sydney last weekend, Jack O’Donnell is reflecting on a connection with the legendary folklorist that began in 1966.

“It was 50 years ago this month,” he said, recalling how Creighton encouraged him when he was a professor in the music department at St. Francis Xavier University to collect coal mining songs from Cape Breton. Moreover, she wanted him to become the director of a singing group composed of miners and former miners.

The singing group was the brainchild of Nina Cohen of Glace Bay. She had proposed the formation of such a chorus, which would showcase Cape Breton’s mining history at Expo ’67 in Montreal during Canada’s centennial year. Continue Reading →

Let’s stop pretending ‘social licence’ is an actual thing – by Ross McKitrick (Financial Post – April 21, 2016)

Margaret Thatcher famously said “There is no such thing as society.” Today she might have added the corollary that “There is no such thing as social licence.” There is such a thing as compliance with regulations established by a duly constituted authority.

And there is such a thing as acceptance in a competitive market by customers who are willing to pay for the product. And yet, well-intentioned people have come to think more is needed, namely approval from the self-appointed activists at the Social Licence Bureau. And thus has begun one of the costliest fool’s errands of modern times.

Alberta’s NDP government found itself goaded into an international snipe hunt for a social licence to operate its oil industry and get the product to market. Bear in mind that the industry complies with all available social, economic and environmental regulations, and that its product is desired by consumers across Canada and around the world. Yet Premier Notley became convinced that Alberta’s oil still lacked legitimacy because it was missing a so-called social licence. Continue Reading →