30th January 2015

Reports of fisticuffs and blood after alleged spat at TD mining conference turns ugly – by Barry Critchley (National Post – January 29, 2015)

The National Post is Canada’s second largest national paper.

The old story has it that a visitor to Canada arrived eager to take in our national sport. Asked about it afterward, he remarked: “I went to a fight the other night, and a hockey game broke out.”

A visitor to TD Securities’ annual mining conference this week in Toronto, may have been mistaken had they thought they were at a fight – and not a mining conference.

The conference, held on Tuesday and Wednesday at Toronto’s Shangri-La Hotel, has been a regular TD event for the past few years. At the two-day session, presentations were made by about 60 issuing clients.

According to a post on the website IKN Daily Digest, which deals with “Latin America stocks, economics, politics and stuff like that,” it seems events got a little bit out of hand on Tuesday evening.

On IKN’s gossipy post Wednesday night, and under the heading “unconfirmed though decently sourced,” it alleged: “Clive Johnson, CEO of B2Gold (BTO.to) (BTG) and Daniel Earle, sell side analyst at TD Sec, got into a fistfight last night and according to reports picked up at IKN Nerve Centre, The Clive came off second best and today has a black eye and a pair of broken glasses for his troubles. Red wine was a third party in the fracas.” Read the rest of this entry »

posted in Canada Mining, Canadian Media Resource Articles | 0 Comments

30th January 2015

Mining looks to First Nations for future manpower – by Len Gillis (Timmins Daily Press – January 29, 2015)

The Daily Press is the city of Timmins broadsheet newspaper.

TIMMINS – Back in the day, spring was the time of year when many Northern prospectors would take some time off and get out of the bush before the snow melted and the creeks and rivers were opened up. Soon enough, they would be heading back in, with fresh supplies, a new tent, a canoe and a packsack full of hope for a new season.

And all across Northern Ontario, the brief spring break found hundreds of prospectors and mining executives heading to Toronto to take part in the annual convention of the Prospectors and Developers Association of Canada (PDAC) which was formed 83 years ago.

The convention continues to be Canada’s largest mining and mining exploration event that brings together people from every level of the industry to discuss common concerns. One of those concerns is how to deal with growing shortage of trained workers, especially in more remote areas of the country — usually where the mines are developed.

Convention organizers say the Toronto event will be attracting hundreds of First Nations representatives who will be networking with mining companies, not only to explore business partnerships, but also to discuss job opportunities. More than 500 Aboriginal representatives took part in last year’s event and the association expects the same level of interest this year. Read the rest of this entry »

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

28th January 2015

Rio’s McIntosh at Roundup 2015: Mining not a ‘sunset industry’ (Northern Miner – January 27, 2015)

The Northern Miner, first published in 1915, during the Cobalt Silver Rush, is considered Canada’s leading authority on the mining industry.

VANCOUVER — There’s likely not an explorer with a bigger technical team or budget than Rio Tinto’s (NYSE: RIO; LON: RIO) Stephen McIntosh, who serves as the mega miner’s global head of exploration and has been with the company for over 28 years.

McIntosh took to the podium at the Association for Mineral Exploration BC’s (AMEBC) annual Roundup conference to address the company’s view on discovery success and the current downturn in the commodity cycle.

Even a company with the financial swagger of Rio — which maintains a market capitalization of roughly US$99.5 billion at the time of writing — hasn’t been immune to the cutbacks in exploration spending.

The company went from investing around US$2 billion in project development and greenfield programs in 2012 to around US$750 million in 2014. McIntosh was quick to underline, however, just how important maintaining a robust project pipeline is to the large-cap miner, and pointed out that “exploration is in this company’s DNA.”

Rio Tinto’s exploration arm employs a team of roughly 450 people, who handle the company’s greenfield and brownfield programs and also deal with business intelligence, big data analysis, and commodity strategies. Read the rest of this entry »

posted in British Columbia Mining, Canada Mining, Canadian Media Resource Articles, Rio Tinto | 0 Comments

28th January 2015

NEWS RELEASE: War for talent in mining just heating up, says EY

Click here for report: http://www.ey.com/Publication/vwLUAssets/EY-productivity-in-labour-mining-and-metals/$FILE/EY-productivity-in-labour-mining-and-metals.pdf

With a focus on productivity, companies must not neglect talent management

VANCOUVER, Jan. 28, 2015 /CNW/ - The end of the mining boom does not mean victory in the war for talent, according to a new EY report. Instead, EY says it’s merely a ceasefire – and companies must maintain a focus on talent to minimize risks presented by more enduring trends.

“The war for talent just got a lot more complex,” says Bruce Sprague, EY’s Canadian Mining & Metals Leader. “During the boom years, many mining companies hired talent at any cost. Now, as cost cutting exercises mean there are fewer jobs to fill, the best people are able cherry pick the top roles in a global marketplace, and in other sectors as well. Now more than ever, mining companies must not lose their focus on talent management.”

EY’s report, It is only a ceasefire – the war for talent will continue, notes things like an aging workforce, globalization and disruptive technology are all affecting the future supply of talent. Amid these trends, without a strong focus on talent management, companies are faced with two significant risks:

  • Loss of wise, senior and experienced people from the sector
  • Significant talent shortage in the next upturn

Read the rest of this entry »

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28th January 2015

Mining financier Sheldon Inwentash departs Pinetree Capital in big shakeup – by Peter Koven (National Pot – January 28, 2015)

The National Post is Canada’s second largest national paper.

TORONTO – It is the end of an era at Pinetree Capital Ltd.

The investment and merchant bank, which was a world leader in financing junior resource firms, announced this week that controversial chairman and chief executive Sheldon Inwentash is resigning after more than 22 years at the helm of the company. His departure is tied to a proposed deal with creditors that gives them security over the firm’s assets, but keeps Toronto-based Pinetree afloat after it defaulted on a debt covenant. The stock, which peaked at more than $15 in 2007, is now worth 7.5¢.

It is a disappointing outcome for Mr. Inwentash. He was on top of the world during the commodity bull market, making an enormous personal fortune as his firm helped hundreds of start-up mining companies get off the ground. His name also adorns the University of Toronto’s faculty of social work, to which he and his wife donated $15-million.

When micro-cap junior miners went looking for capital on Bay Street, Mr. Inwentash was, along with Ned Goodman and Eric Sprott, one of the first people they would think to call. Pinetree held investments in more than 400 public and private resource companies at its peak, with a big focus on precious metals. The firm’s investments had a fair value of almost $800-million by the end of 2010.

Mr. Inwentash came under scrutiny for his high compensation during those heady days. Read the rest of this entry »

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27th January 2015

Franco’s Harquail at Roundup 2015: ‘My belief in exploration has been shaken’ (Northern Miner – January 26, 2015)

The Northern Miner, first published in 1915, during the Cobalt Silver Rush, is considered Canada’s leading authority on the mining industry.

VANCOUVER — It’s hard to find a better value-builder over the past decade than Franco-Nevada (TSX: FNV; NYSE: FNV), which essentially pioneered the royalty-stream finance model and has seen its share price rocket 362% over the past seven years to trade at one of the premier multiples in the gold space.

Since an initial public offering (IPO) in December 2007 — which valued the company at around $15 per share — Franco-Nevada has outperformed both gold and other gold equities, and closed near a 52-week high of $69.71 at the time of writing.

President and CEO David Harquail’s keynote speech at the Association for Mineral Exploration BC’s (AMEBC) annual Round-Up conference reflected on his career and the current state of mine finance, gold prices and exploration prospects.

Harquail began with a retrospective on his thirty odd years in the business, including an anecdote about growing up when his father worked with renowned mine-finder Thayer Lindsley at the Ventures group. Harquail would cut his teeth in a similar project evaluation role with the prolific Pierre Lassonde and Seymour Schulich, and make his way through a number of iterations of Franco before finding himself at the helm of the company.

“What strikes me is that going back to that time in the 1980s, I don’t think a lot has changed in the business. The distribution of mining outcomes is about the same as it has always been,” Harquail commented. Read the rest of this entry »

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27th January 2015

NEWS RELEASE: Excellon Announces Management Changes

TORONTO, ON–(Marketwired – January 27, 2015) – Excellon Resources Inc. (TSX: EXN) (OTC: EXLLF) (“Excellon” or the “Company”), Mexico’s highest grade silver producer, is pleased to announce key additions to its management and technical advisory team. In an ongoing effort to continually improve operations and realize further efficiencies at the Platosa mine, the Company has engaged a team of water management consultants, including Multiurethanes Ltd., Hydro-Ressources Inc., and Technosub Inc.

Multiurethanes Ltd. is a technical services company specializing in support services for grouting operations in heavy civil construction, utility and mining industries. The company is led by Peter White, a Mining Engineer and renowned grouting specialist with over 30 years of experience in international mining projects in Canada, United States, Mexico, South America, Europe and Asia.

He is an expert in controlling major water inflows and troubleshooting difficult grouting projects. Mr. White has supervised and designed grouting programs for several well-known companies including, Vale, Goldcorp, KGHM, De Beers, Nyrstar, Pan American Silver and Agnico Eagle Mines.

Hydro-Ressources Inc. is led by Michael Verreault, a hydro-geologist and expert in optimizing water management and mine dewatering. He has worked on several projects using groundwater recharge, numerical simulation, tracer test and hydro-geological studies in groundwater and surface water. Mr. Verreault has worked on several notable projects for Goldcorp, Osisko and Iamgold and on Cameco’s Cigar Lake deposit. Read the rest of this entry »

posted in Canada Mining, Latin America Mining, Mining Environmental and Water Shortage Issues | 0 Comments

27th January 2015

Clark promises more funding for B.C. mine approvals – by Mark Hume (Globe and Mail – January 26, 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.

VANCOUVER — In an effort to speed up the approval process for mines in British Columbia, Premier Christy Clark has nearly doubled the budget for the department responsible for permitting new mine projects.

Annual base funding for the mines and mineral resources division will jump to $20.1-million from $11.1-million and the government is establishing a major mines permitting office to ensure “improved turnaround times for notice of work permits,” Ms. Clark said on Monday.

“Up to 10 new mines are expected to proceed in the next few years, and this new funding will make sure we are ready to support these projects,” she said in a statement. The changes come as her government struggles to deliver on a liquefied natural gas boom that has not developed as predicted.

Ms. Clark is clearly hoping to promote mining in B.C., which last year suffered a blow to its image when a massive tailings pond collapsed at Mount Polley, spilling 25 million cubic metres of pollutants into Quesnel Lake.

She said she remains encouraged that mining exploration is continuing in the province despite a drop in commodity prices over the past several months. Read the rest of this entry »

posted in British Columbia Mining, Canada Mining | 0 Comments

27th January 2015

Canada gets soft on bribery – by Becky Rynor (MACLEAN’S Magazine – January 27, 2015)

http://www.macleans.ca/

Why rules aimed at cracking down on corruption by mining firms miss the mark

When International Trade Minister Ed Fast announced the Tories’ enhanced corporate social responsibility (CSR) strategy last year, he sternly warned that Canadian mining companies involved in corrupt practices in other countries would be punished.

Most notably they would lose the diplomatic support of the Canadian government. If Doing Business the Canadian Way: A Strategy to Advance CSR in Canada’s Extractive Sector Abroad is Fast talking tough about corruption, it has some industry experts underwhelmed.

John Boscariol, a legal specialist in anti-corruption laws and policies, suspects the measures are an attempt by Canada to catch up to other countries that have long been cracking down on these illegal practices. “This is something [the Conservative government] can no longer pretend it is not seeing,” he says of corrupt practices by Canadian companies in other countries.

“If you look to the U.S., they have a much stronger record of enforcing the Foreign Corrupt Practices Act where penalties sometimes in the hundreds of millions of dollars have been handed out for violations,” he says. “Canada is catching up to that under pressure from the U.S., the Organisation for Economic Co-operation and Development (OECD), Transparency International (TI) and others.” Read the rest of this entry »

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27th January 2015

Company shuts Ross River area mine, lays off workers – by Chuck Tobin (Whitehorse Daily Star – January 26, 2015)

http://www.whitehorsestar.com/

The Yukon Zinc Corp. has shut down its Wolverine Mine southeast of Ross River, resulting in layoff notices for most of its workforce.

The Yukon Zinc Corp. has shut down its Wolverine Mine southeast of Ross River, resulting in layoff notices for most of its workforce. Company spokesman Alex Wu told the Star today operations were terminated last Thursday because of instability in the mineral markets, particularly the price of silver.

Wu could not confirm the exact number of employees affected but expected Yukon Zinc would have an official statement in the next couple of days. The Chinese-owned company is calling it a temporary, three-month shutdown at this point, he said.

“We will see what the situation is in the next couple of months and make a decision to see if there is an opportunity to start up or keep it closed for a bit longer,” Wu said. “We were trying to keep it going longer, but it is down to the point where it is pretty difficult to keep things going.”

Wu said the company has been in contact with its suppliers and is working on new plans to raise the financing to address outstanding debt.

A crew has been kept on to look after care and maintenance of the mine site and mill during the shutdown, he said. Watson Lake Mayor Richard Durocher said this morning he’s already seeing the trickle-down effect in the Yukon’s third-largest community of approximately 1,500. Read the rest of this entry »

posted in Canada Mining, Northern Ontario/Canada Regional Media, Zinc and Lead | 0 Comments

27th January 2015

Sherritt CEO Says Cuba Holds Promise for the Patient – by Liezel Hill (Bloomberg News – January 27, 2015)

http://www.bloomberg.com/

The head of Sherritt International Corp. (S), the biggest foreign investor in Cuba, said industries from mining to infrastructure are ripe for development as the island nation moves tentatively to open up trade with the U.S.

The Toronto-based company, which has been mining nickel in Cuba for two decades and generates about 75 percent of its revenue there, has talked to the government about possible new investments in Cuba over the longer term, Chief Executive Officer David Pathe said.

“There’s huge opportunities for infrastructure in Cuba,” Pathe said in an interview in Bloomberg’s Toronto office. “There’s still a big power-generating deficit in Cuba, and there are other resource opportunities.”

U.S. and Cuban diplomats concluded what both sides called encouraging talks last week on restoring ties after the two countries unexpectedly said last month they would begin steps to normalize relations after a half century of U.S. trade and travel restrictions.

There are other ore bodies and “quite vast” nickel reserves on the eastern end of the island where Sherritt has been operating, and the Cuban government has indicated it’s interested in foreign investment in mining, Pathe said.

“We’ve talked to them about things that we might be able to do there over the longer term,” he said. “There could be more interest from international companies.” Read the rest of this entry »

posted in Canada Mining, Canadian Media Resource Articles, Latin America Mining, Nickel Laterites | 0 Comments

26th January 2015

Acquisitions are vital for survival, Goldcorp chairman says – by Rachelle Younglai (Globe and Mail – January 26, 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.

Goldcorp Inc.’s quest for new mines is a matter of survival, according to the company’s chairman. “The only way mining companies can grow is through acquisitions and the only way they can survive is through acquisitions. Sometimes, I’m not sure people outside the mining business appreciate that,” Ian Telfer said in a recent interview.

“You have to keep buying stuff or you shrink … When you get to the size that we are, you have to buy things that are considerable sized and the opportunities are limited,” he said.

Last week, the Vancouver-based company made a half-a-billion dollar all-stock offer for Probe Mines Ltd. for its gold property in Ontario. The site is near Goldcorp’s mine in Timmins, Ont., which will allow the company to use its existing operations to develop the mine.

Finding cheaper ways to dig up metal has become every miner’s mission amid persistently weak commodity prices. Goldcorp enjoys the status of being the biggest gold miner by market capitalization, while producing less than the world’s two biggest producers, Barrick Gold Corp. and Newmont Mining Corp. It has a healthy balance sheet and is one of the few gold miners that can use its shares for acquisitions. Read the rest of this entry »

posted in Canada Mining, Canadian Media Resource Articles, Gold and Silver, Goldcorp Inc., Ontario Mining | 0 Comments

23rd January 2015

Not here, not now: Nunavut residents, others, still wary of uranium project – by Thomas Rohner (Nunatsiaq News – January 22, 2015)

http://www.nunatsiaqonline.ca/

“Will the caribou be safe? Will it be safe to eat?” Too many unaddressed community concerns persist for many Kivalliq residents, and others, to support Areva Resources Canada’s proposed uranium mine near Baker Lake.

That came across loud and clear from a number of organizations who submitted comments and recommendations on Areva’s final environmental impact assessment of the proposed Kivalliq project to the Nunavut Impact Review Board.

How Nunavut’s first uranium mine might affect nearby caribou herds, the absence of a project timeline, and the likelihood that this project would lead to other uranium mining and exploration in the area top the list of unaswered questions.

“In a nutshell, our concern is that there are uncertainties that have not been addressed in the final statement, that we have raised,” said Ross Thompson, executive director of the Beverly and Qamanirjuaq Caribou Management Board, in an interview Jan. 22.

The NIRB received comments and recommendations on Kiggavik from the caribou management board, along with 15 other local, territorial and federal agencies, as well as from a Baker Lake land claim beneficiary. Read the rest of this entry »

posted in Canada Mining, Caribou and Mining, Northern Ontario/Canada Regional Media | 0 Comments

23rd January 2015

Gold shines bright as hottest investment this year – by Lisa Wright (Toronto Star – January 23, 2015)

The Toronto Star has the largest circulation in Canada. The paper has an enormous impact on federal and Ontario politics as well as shaping public opinion.

Metals gold and copper proving to be very reliable barometers of economic stability

Forget oil. If you want to know how the world economy is faring, just look at two metals: gold and copper. They are usually discovered and mined in the same places, but the yellow and rusty red metals are going in opposite directions price-wise despite an overall slump in commodities — especially this year.

The price of copper — critical in manufacturing and construction — has fallen 10 per cent in 2015 as global growth stalls, while ‘safe haven’ gold has enjoyed a double-digit bounce this month as market and geopolitical volatility continues.

“Just when everyone gave up on gold, turns out the obituaries were premature,” says gold bug John Ing, president of Maison Placements Canada.

In fact gold has amazingly emerged as the top performer of 2015, not just among metals but also compared to stock markets and currencies, he notes. That is largely due to bullion’s traditional role as a fear magnet which investors tend to latch onto when everything else is rocky – and it is lately, from the tanking oil price to topsy-turvy stock markets. Read the rest of this entry »

posted in Canada Mining, Canadian Media Resource Articles, Goldcorp Inc. | 0 Comments

23rd January 2015

Aboriginal revenue sharing is an idea whose time has come – by Gary Mason (Globe and Mail – January 23, 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.

Current unpredictability in world oil markets aside, Canada’s economic prosperity lies in the development of its natural resources. What’s equally evident is that aboriginal communities are going to demand, and receive, a greater share of that wealth.

It wasn’t long ago that the notion of apportioning a percentage of resource revenue to First Nations was considered lunacy. But a series of court decisions over the past couple of decades has imposed a change of thinking on the country’s political class. Consequently, governments have slowly begun coming around to the idea there might be more to be gained by making aboriginal groups legitimate economic partners in resource development than by continuing to shut them out of the action.

But the approaches taken by provincial entities and territorial governments have been ad hoc, creating a patchwork of revenue-sharing arrangements. Some governments, such as British Columbia, have aggressively pursued these agreements, while Saskatchewan and Alberta remain holdouts.

In a well-reasoned paper being released Friday by the Macdonald-Laurier Institute, author Ken Coates argues that it’s time for the country to more fully embrace resource revenue pacts as a means of improving the lives of First Nations people and creating a more stable resource development environment. Read the rest of this entry »

posted in Aboriginal and Inuit Mining, Canada Mining, Canadian Media Resource Articles | 0 Comments

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