Archive | Canada Mining

UPDATE 2-Gold miner Goldcorp details growth plan, shares rise – by Nicole Mordant (Reuters U.K. – January 17, 2017)

Jan 17 Canadian gold miner Goldcorp Inc detailed an ambitious growth plan on Tuesday that includes increasing production as well as yet-to-be-mined reserves by 20 percent over the next five years from existing operations and deposits, lifting its shares.

At an investor day event, the Vancouver-based miner focused on the exploration potential at its mine sites and projects in the Americas, a turnaround from recent years when most miners’ attention was on reducing costs, not growth.

“Growth is not as dirty a word as it was a couple of years ago,” Goldcorp Chief Executive David Garofalo said, warning that the gold industry risked becoming irrelevant if it did not reverse a trend of falling output and reserves. Continue Reading →

#DisruptMining competition dangles another karat in front of staid gold mining industry – by Rick Spence (Financial Post – January 16, 2017)

Back in the day, big businesses and small businesses rarely interacted. What could a small business have or know that could possibly interest multi-national know-it-alls?

Money, distribution and influence were the assets that mattered then. But today the key currency is innovation. Smaller existing companies know they must either become masters of technology and shifting markets, or they’ll become a statistic. So now we see more of them grasping for innovation expertise by partnering with startups, sponsoring incubators, and even holding hackathons. They need innovation partners with one foot in the future.

Case in point: #DisruptMining, an innovation competition designed to bring solutions to the hard-pressed mining industry. The desire for change comes from Vancouver-based Goldcorp, the world’s fourth-largest gold producer. But the catalyst is Integra Gold, a junior explorer in Vancouver. Continue Reading →

A tale of two western coal mining towns – by Bill Graveland (Waterloo Record – January 12, 2017)

The Canadian Press – HANNA, Alta. — The hand-painted sign on a bumpy road on the east side of Hanna speaks volumes. “Hanna supports coal, cows, gas and oil,” it says bluntly. The sign includes a circle with a line through it over the words “carbon tax.”

The town of 2,700, 230 kilometres northeast of Calgary, like many rural Alberta communities, has largely lived off agriculture. But a large vein of thermal coal east of town led to the construction of the coal-fired Sheerness generating plant in the early 1980s and has provided welcome jobs and business in the region ever since.

People worry that economic boost is threatened by a new carbon levy and the provincial government’s plan to shut down coal-fired power plant by 2030 and move exclusively to natural gas, wind, solar and hydro energy instead. Continue Reading →

Federal funding for new Tlicho all-season road a boost for Fortune’s Nico project – by Henry Lazenby ( – January 13, 2017)

VANCOUVER ( – Federal funding for up to 25% of the construction costs for a new 97 km all-season road connecting Highway 3 to the community of Whati, in the Northwest Territories, augers well for project developer Fortune Minerals’ endeavours to secure financing for its nearby Nico cobalt/gold/bismuth/copper project.

“With cobalt and gold prices firming, and greater certainty of an all-season road, Fortune is well-positioned to secure the financing needed to begin construction of the Nico mine,” Fortune VP of finance and CFO David Massola commented Thursday.

The Tlicho all-season road (TASR) will be funded in part through the federal administered P3 Canada Fund. Procurement of the TASR – through a government of the Northwest Territories public–private partnership – will start with the release of the ‘request for qualifications’ in February, and will be followed by a ‘request for proposal’ and bids from private industry to provide combined finance and construction. Continue Reading →

Goldcorp to Focus on Partnering With Peers to Develop New Mines – by Scott Deveau and Danielle Bochove (Bloomberg News – January 13, 2017)

Goldcorp Inc.’s future growth strategy will likely focus on partnering with other senior miners as Canada’s second-largest producer of the metal looks to share the burden of developing multibillion-dollar projects, the chief executive officer said.

The Vancouver-based company has been looking for deposits in the portfolios of other miners or privately held properties that it can develop as joint ventures, David Garofalo said Thursday in comments following an interview on Bloomberg TV Canada. The focus, he said, has been primarily large-scale projects in the Americas.

“These are things that would move the needle even on a 50-50 basis,” Garofalo said, adding projects need to be big to replace the senior miners’ dwindling reserves. “We have to reverse that because by definition we’re dying otherwise as an industry.” Continue Reading →

NEWS RELEASE: Integra Gold and Goldcorp Team with IBM, Microsoft, Accenture and Cisco for #DisruptMining

Disrupt Mining 2017 from Integra Gold Corp on Vimeo.

Integra Gold Corp. (TSX-V: ICG, OTCQX: ICGQF) (“Integra” or the “Company”) and Goldcorp Inc. (TSX: G,NYSE: GG) are pleased to announce they have teamed with four of the world’s largest technology companies to explore potential applications of disruptive technologies in the mining sector.

#DisruptMining is a marquee event during the annual Prospectors and Developers Association of Canada (“PDAC”) conference that will showcase disruptive and exponential technologies with the potential to revolutionize the future of mining, from exploration and discovery to production and automation to financing, marketing and corporate social responsibility. Goldcorp has committed $1 million for a proof of concept at one of Goldcorp’s mines or investment in the winning technologies. Continue Reading →

Goldcorp sells Mexico mine in $438 million deal, focus on core assets – by Susan Taylor (Reuters U.S. – January 12, 2017)

TORONTO – Goldcorp Inc (G.TO) agreed to sell its Los Filos mine in Mexico to Leagold Mining Corp LMCh.V in a deal valued at $438 million on Thursday, as the world’s No. 3 gold miner by market value focuses more squarely on core assets.

Goldcorp, which put Los Filos on the block last year under a push to prioritize its biggest and best mines, said the transaction will help it grow net asset value per share and is expected to close in the first quarter of 2017.

Under the transaction, Vancouver-based Goldcorp will get $279 million in cash, $71 million in Leagold shares and tax receivables worth about $88 million. Shares of Goldcorp, which separately announced the $18 million cash sale of its Cerro Blanco project in Guatemala to Bluestone Resources (BSR.V) on Wednesday, nudged about 1 percent higher on Toronto and New York exchanges at mid-session Thursday. Continue Reading →

NEWS RELEASE: Sabina Gold & Silver Reports Minister of Indigenous and Northern Affairs Canada Deems Nunavut Impact Review Board Report Deficient, Refers Back to NIRB for Further Review

VANCOUVER, BRITISH COLUMBIA–(Marketwired – Jan. 13, 2017) – Sabina Gold & Silver Corp. (TSX:SBB), (“Sabina” or the “Company”) is pleased to announce that the Minister of Indigenous and Northern Affairs Canada (“INAC”), with the agreement of other responsible ministers, has decided that the Back River Project (“Back River” or the “Project”) should be returned to the Nunavut Impact Review Board (“NIRB”) for further consideration under Section 12.5.7 (e) of the Nunavut Agreement.

On June 15, 2016, the NIRB recommended to the Minister of INAC that the Back River Project not proceed to the next phase of permitting at this time. Since that time, the Minister of INAC and the other responsible ministers have been considering the NIRB Report.

In her letter of January 12, 2017 to the NIRB, the Minister of INAC stated “After careful consideration…we are referring the Report back to the Board for further review or public hearings as the Report is deficient with respect to some ecosystemic issues. Continue Reading →

Arizona shares tumble on speculation – by Salma Tarikh (Northern Miner – January 1, 2017)

Global mining news

Arizona Mining (TSX: AZ) shares slightly recovered on promising assays from the Taylor zinc-lead sulphide deposit at its Hermosa property, following a sharp decline after a mining publication raised concerns about the marketability of Taylor’s zinc concentrates, before sliding again.

Located 10 km from the town of Patagonia and 80 km southeast of Tucson, Ariz., the high-grade zinc deposit contains 28.3 million indicated tonnes grading 10.9% zinc equivalent and 75 million inferred tonnes at 11.1% zinc equivalent, using a 4% zinc equivalent cut-off grade. Exploration success at Taylor this year coupled with higher zinc prices have skyrocketed the company’s shares.

On Dec. 7, the stock touched a 52-week high of $3.49, up 947% from its 2015 close of 32.5¢. A day earlier the company had closed a $36-million bought deal with underwriters led by Scotia Capital, National Bank Financial, RBC Capital Markets, TD Securities and Raymond James. It sold 11.8 million shares at $3.05 apiece. Continue Reading →

Bye, bye BIPR: Nunavut port-road scheme still frozen – by Jim Bell (Nunatsiaq News – January 9, 2017)

Two Kitikmeot road projects remain stuck in the ditch

The two mining companies that own the Bathurst Inlet Port Road project will keep their once highly-touted proposal in the deep freeze for at least one more year, if not longer, the proponents told regulators Jan. 4.

First conceived in the late 1990s under different proponents, the BIPR has long been touted as a way to supply mines in the interior of the western Kitikimeot and ship base metal ore to market.

But the current BIPR proponents, Sabina Gold and Silver Corp. and Glencore Corp., say they have no plans this year to submit a draft environmental impact statement to the Nunavut Impact Review Board. Continue Reading →

Nunavut diamond mine clean-up to proceed this year as planned Nunatsiaq News – January 3, 2017)

INAC says no thanks to bid from junior miner to take over abandoned Jericho mine

The clean up of the old Jericho diamond mine will go ahead without a formal review this year despite a last ditch effort by a B.C.-based company to take over the assets and possibly restart the mine.

The Nunavut Impact Review Board issued a screening report Dec. 22 saying the federal government’s planned remediation and “stabilization” of the abandoned mine, about 260 km southeast of Kugluktuk, can move forward as planned this spring and summer so long as it follows 63 specific terms and conditions.

Those conditions address everything from the creation of the winter road to water use, waste disposal, fuel storage, wildlife disturbances and aircraft restrictions. Continue Reading →

Seventeen of top 100 CEO salaries in 2015 were in the mining industry – by Trish Saywell (Northern Miner – January 4, 2017)

A study on executive compensation by the Canadian Centre for Policy Alternatives says the 100 highest paid CEOS working at companies listed on the Toronto Stock Exchange in 2015 earned the average annual Canadian wage before noon on Jan. 3, the first working day of that year.

“Total compensation for Canada’s 100 highest paid CEOs in 2015 hit a historic high, registering at $9.5 million—193 times the average industrial wage in Canada,” Hugh Mackenzie, the study’s author writes, noting that the average earnings rate for Canadians in that year was $49,510.

In addition, the average earnings of Canada’s corporate top 100 jumped by 178% between 1998 and 2015, the economist pointed out, or from $3.39 million per year in 1998 to $9.47 million in 2015. “Public outrage over the CEO pay gap hasn’t curbed corporate boards’ enthusiasm for lining the bank accounts of their executives,” Mackenzie writes. Continue Reading →

Learn from asbestos – and do more to protect Canadians – by Will Amos and David R. Boyd (Ottawa Citizen -January 4, 2017)

The story of asbestos is a cautionary, disturbing and timely tale. The recent announcement that Canada will enact a comprehensive ban by 2018 is a decision that will save lives and prevent painful diseases caused by exposure to this deadly substance.

Banning asbestos is an important step towards fulfilling the fundamental right of all Canadians to live in a healthy environment. It also demonstrates that we finally have a federal government willing to make decisions based on scientific evidence.

To be clear: the decision comes decades late. Thousands of Canadians have already died from mesothelioma, asbestosis and lung cancer. Thousands more will suffer the same fate in the coming years. Asbestos is far and away the leading occupational killer, costing Canada billions of dollars annually. Continue Reading →

Challenge 2017: ‘One company, one mine’ could kick off radical return to gold mining’s golden age – by Sunny Freeman (Financial Post – January 5, 2017)

Ian Ball, the 35-year-old chief executive of Abitibi Royalties Inc. with a reputation for being a disruptor in an aging industry, has a radical — if not novel — thesis on how to reinvigorate excitement for gold mining: a return to the days of “one company, one mine.”

In other words, Ball, who first bought gold stocks with his allowance at the age of five and became president of McEwen Mining Inc. when he was 31, yearns for the golden days of mining.

“You look back to the great fortunes that have been made in Canada, it’s always been one mine per company: It was Goldstrike: Barrick; Red Lake: Goldcorp; LaRonde: Agnico Eagle,” he said. “When they started diversifying was when the returns started to go down.” Continue Reading →

Two decades after closure of Yukon’s Faro mine, a cleanup plan takes shape – by Justin Giovannetti (Globe and Mail – January 4, 2017)

FARO, YUKON — The Yukon’s abandoned Faro mine is a 25-square-kilometre moonscape, where deep pits filled with millions of tonnes of toxic waste are contained by substandard dams, and mountains of rubble tower in the background.

What was once the world’s largest open-pit zinc mine is one of Canada’s costliest environmental liabilities, according to the federal government, a toxic blight that has yet to be cleaned up after nearly two decades.

“We hardly talk about it, but Faro is a sleeping giant. The amount of money we’re spending is astronomical,” said Lewis Rifkind, who has kept an eye on the Faro project for years as part of the Yukon Conservation Society. Government spending has served only to attempt to keep the blight at bay, but now, after 14 years, Ottawa is close to finalizing its proposed plan to clean up the site. Continue Reading →