Archive | Canada Mining

Community leaders from Mexico protest in Canada against Almaden’s operations – by Valentina Ruiz Leotaud (Mining.com – December 13, 2017)

http://www.mining.com/

A protest action took place in Vancouver the same day Almaden Minerals announced the completion of a social impact assessment for its Ixtaca project, located in Mexico’s Ixtacamaxtitlán municipality in the eastern-central Puebla state.

The evaluation of Almaden’s gold-silver project was carried out by GMI Consulting and, according to a press release issued by the miner, it concluded that Almaden had consulted widely with the focus area communities, that the Ixtaca project was well understood, and that the SIA itself was successful in providing people with an opportunity to express their views on the impacts of the mine.

As this media statement was published, four community leaders from the Ixtacamaxtitlán Municipality led a rally near the company’s headquarters in Vancouver. Ignacia Serrano, Alejandro Marreros, Francisca Zamora, and Ignacio Carmona, accompanied by the Latin American not-for-profit organization PODER, protested against what they call “irregular operations” by Almaden Minerals in Mexico. Continue Reading →

Canada to create overseas mining watchdog early in 2018 – by Nicole Mordant (Reuters U.S. – December 12, 2017)

https://www.reuters.com/

(Reuters) – Ottawa plans early next year to create an independent office to oversee Canadian mining, oil and gas companies’ activities abroad, a government spokesman said on Tuesday, a move that environmental and human rights groups have long demanded.

The office would have both an “advisory and robust investigative mandate,” a spokesman for Canadian Trade Minister Francois-Philippe Champagne said in an email.

The move would fulfill a 2015 campaign promise by Canadian Prime Minister Justin Trudeau’s Liberal Party to appoint an extractive industries’ watchdog. Continue Reading →

Guatemalan women take on Canada’s mining giants over ‘horrific human rights abuses’ – by Ashifa Kassam (The Guardian – December 13, 2017)

https://www.theguardian.com/

On the 20th floor of an office tower in the heart of Toronto’s financial district, Irma Yolanda Choc Cac’s bright pink embroidered blouse and handwoven skirt contrasted with the suits of the lawyers around her as she detailed the hardest day of her life.

It was the first time Choc Cac had ever left Guatemala. But the story that she and 10 other Maya Q’eqchi’ women had come to tell is at the heart of a precedent-setting legal challenge pitting indigenous people against a transnational corporation – and which has cast a chill over Canada’s vast mining industry.

The case centres on allegations dating back to 2007, when the women say hundreds of police, military and and private security personnel linked to a Canadian mining company descended on the secluded village of Lote Ocho in eastern Guatemala. Continue Reading →

Vale’s reality check for nickel’s electric vehicle dreams – by Andy Home (Reuters U.S. – December 12, 2017)

https://www.reuters.com/

Nickel is one of the materials expected to win from the coming electric vehicle (EV) revolution. Electric vehicles will be powered by lithium-ion batteries, which need cobalt and nickel. Indeed, as cobalt’s potentially fragile supply chain comes under ever-increasing scrutiny, battery-makers are likely to try to use less of the stuff in favor of more nickel.

So it might seem strange that the world’s largest nickel producer is actively curtailing capacity at mines and refineries. Yet that is precisely what Brazil’s Vale is doing, removing around 100,000 tonnes of supply over the next two years.

While “everyone knows there are great opportunities” for nickel in the EV sector, “prices are not there”, according to Vale Chief Executive Fabio Schvartsman, speaking at an investor event last week. Continue Reading →

Troubled Papua New Guinea deep-sea mine faces environmental challenge – by Helen Davidson and Ben Doherty (The Guardian – December 11, 2017)

https://www.theguardian.com/

A controversial experimental deep-sea mine is being challenged in court by environmental groups who have accused the Papua New Guinea government of withholding key documents about its approval.

Nautilus Minerals Inc, a Canada-based company primarily owned by Russian and Omani mining firms, wants to extract gold and copper deposits from 1.6km below the surface of the Bismarck Sea, using a seabed mining technique never before used in commercial operations.

Nautilus told the Guardian it has conducted dozens of community meetings – reaching more than 30,000 people from nearby islands – and has had its key documents, including a detailed environmental impact statement, publicly available for years. Continue Reading →

Lundin’s hurdle: Reassure investors after rock slide – by Niall McGee (Globe and Mail – December 11, 2017)

https://www.theglobeandmail.com/

The chief executive officer of Lundin Mining Corp. says the base-metals miner has “some work to do to get confidence back” after the recent sharp selloff in its stock. But Paul Conibear is also shrugging off any suggestions that the company was slow to disclose a damaging rock slide at its flagship mine.

Shares in the Toronto-based company have fallen roughly a fifth since Nov. 29, the date it disclosed a rock slide is hampering operations at its Candelaria copper complex in Chile. Production at the mine, which accounts for more than half of its revenue, will be 20 per cent lower next year than previously indicated, due to the slide. The company waited about a month after the slide happened to disclose the news to investors.

“It should have come out much sooner,” said Haywood Securities Inc. analyst Pierre Vaillancourt in an interview on Dec. 1. “It’s a material event and you can’t just hold on to that information.” Continue Reading →

This One Weird Thing Making Canada a Global Financial Hub for the Mining Industry (ValueWalk.com – December 7, 2017)

http://www.valuewalk.com/

The second-largest country in the world by landmass, Canada, has a vast wilderness and is blessed with an abundance of natural and mineral resources. Even so, it seems like a stretch to say that it possesses three-quarters of the world’s minerals. Why then are 75 percent of mining companies based in Canada?

The answer is metal streaming, a unique financial arrangement that makes Canada a prime spot for mining companies to make public offerings, even if they do not intend to operate mines in Canada. In attracting mining businesses, Canada draws off reserves, prices, financing, exploration, and capital investment, a combination which other countries, including the U.S., are not able to match.

Just looking at the numbers, Canada’s involvement in the mining industry is staggering. The Toronto Stock Exchange and Toronto Venture Exchange accounted for $12.5 billion, or 40% of global mining equity capital in 2011. Canadian law makes both listing mining companies and complying with federal regulations less burdensome than in other financial centers, including London and New York. Continue Reading →

Vale cuts nickel output but is positive on long-term demand – by Christian Plumb (Reuters U.S. – December 6, 2017)

https://www.reuters.com/

NEW YORK (Reuters) – Brazilian miner Vale SA dialed back its nickel output forecasts for the next five years on Wednesday, although the world’s top producer of the metal praised its longer term prospects on likely soaring demand for electric cars.

Vale cut its nickel output estimate by 15 percent to 263,000 tonnes next year and said it was still seeking an investor for its New Caledonia nickel mine.

However, Vale wants to “preserve its nickel optionality” ahead of an expected boom in electric vehicles in the next decade, said Jennifer Maki, executive director of Vale’s base metals unit, at an annual investor presentation in New York. Continue Reading →

Newmont Poised to Oust Barrick as World’s Top Gold Producer – by Danielle Bochove (Bloomberg News – December 6, 2017)

https://www.bloomberg.com/

Newmont Mining Corp.’s Gary Goldberg has the title of world’s biggest gold producer within his grasp. The chief executive officer raised his 2018 production forecast to a range of 4.9 million to 5.4 million ounces.

That exceeds Barrick Gold Corp.’s 2018 guidance of 4.8 million to 5.3 million given in February, which doesn’t include the impact of the sale of 50 percent of a mine in Argentina.

While Newmont is already ahead of Barrick by market value, the midpoints of the two companies’ 2017 guidance indicate Barrick will keep Newmont at bay this year in terms of output. That’s not the case in the following years. Continue Reading →

NEWS RELEASE: YMP Launches Career Connect, a Free of Charge Platform to unite Mining’s Talent and Job Seekers

www.youngminingprofessionals.com

Toronto, Canada – December 5, 2017 – Young Mining Professionals (“YMP”) is pleased to announce the launch of Career Connect, our new platform designed to unite subscribed followers with mining and metals organizations who are looking for the best and brightest talent.

Career Connect is free of charge to all users, and its only mandate is to unite the thousands of young mining professionals who are passionate about the mining and metals industry with those looking for the best talent.

Career Connect is a bi-monthly subscribed email which will be sent out to subscribers across Canada and the United Kingdom.

For Job Seekers, subscribe here: www.youngminingprofessionals.com/careerconnect to receive YMP’s bi-monthly Career Connect email with the latest mining and metals job opportunities. Continue Reading →

Osisko Metals consolidates Bathurst Mining Camp – by Trish Sayell (Northern Miner – November 30, 2017)

In the last year, newly minted Osisko Metals (TSXV: OM; US-OTC: BWMXF) has picked up over 50,000 hectares in New Brunswick’s Bathurst mining camp, the third largest volcanogenic massive sulphide (VMS) camp in the world.

“We’ve been scouring the base metal space looking for new opportunity,” Jeff Hussey, the junior’s president and CEO, told analysts and investors during a presentation at Red Cloud’s recent annual fall conference. “We’re trying to get a cluster of deposits within a 25-30 km trucking distance that would feed a central concentrator.”

The company’s focus is on zinc, a base metal whose price has doubled to about US$1.43 per lb. over the last twelve months, and one which Hussey knows well after spending 20 years at Noranda, including a stint working at the Brunswick No. 12 mine in the Bathurst camp. Continue Reading →

Lundin Mining stock drops as Chile production outlook is cut – by Niall McGee (Globe and Mail – December 1, 2017)

https://www.theglobeandmail.com/

Shares in Lundin Mining Corp. fell the most in more than six years after the company cut its near-term production forecast at its flagship copper mine in Chile.

In a news release late on Wednesday, the Toronto-based miner said production at its Candelaria operation will be about 20 per cent lower in 2018 than previously indicated. Lundin is encountering production problems because of a recent rock slide, which has led to pit wall instability at the mine site. The base metals company said it is taking a “more conservative approach” to mining the deposit over the near term.

Candelaria is by far Lundin’s highest-producing asset. In the quarter ending Sept. 30, it accounted for about 62 per cent of Lundin’s revenue. In 2014, Lundin paid about $2-billion (U.S.) to acquire an 80-per-cent share in Candelaria from U.S. base-metals giant Freeport-McMoRan Inc. Continue Reading →

Australia’s new gold rush lures prospectors Down Under – by James Regan (Reuters U.S. – November 29, 2017)

https://www.reuters.com/

SYDNEY (Reuters) – Canada-based Kirkland Lake Gold will list its shares on the Australia bourse on Thursday after investing millions of dollars and joining dozens of other prospectors in a modern-day gold rush.

Kirkland Lake expects to produce a quarter-million ounces of gold in 2017 from a mine it bought a year ago in eastern Australia and is also dipping a toe into a tantalizing new gold region on the other side of the continent. More than 25 publicly-listed companies and legions of small prospectors are exploring for gold on the western fringe of Australia in an area known as the Pilbara, better regarded for iron ore.

The target is gold occurring in clusters of pebbles and which investors such as Kirkland are betting will compare in size with South Africa’s massive Witwatersrand Basin, where more than a third of the world’s gold has been mined. Continue Reading →

U.S. environmentalists file lawsuit to overturn approval of Canadian copper mine – by Valentina Ruiz Leotaud (Mining.com – November 27, 2017)

http://www.mining.com/

Save the Scenic Santa Ritas, the Center for Biological Diversity, the Arizona Mining Reform Coalition and the Sierra Club’s Grand Canyon Chapter have filed a lawsuit in federal court in the hope that it rescinds the U.S. Forest Service’s approval of Hudbay Minerals’ (TSX, NYSE:HBM) Rosemont Project in southern Arizona.

The $1.5-billion Rosemont Project is an open-pit copper mine in the Santa Rita Mountains, about 50 km southeast of Tucson. It is expected to be the third-largest copper mine in the United States, accounting for approximately 10% of the country’s total copper production, and it received a Final Record of Decision from the Forest Service back in June, 2017.

But before Hudbay reaches such big production goals, it has to deal with environmentalists’ concerns and legal actions. In the case of the recent lawsuit, the four organizations involved allege that the mine would violate nearly a dozen state and federal laws, threaten water resources and destroy Coronado National Forest land. Continue Reading →

‘New era’: Canadian mining industry closely watching three civil cases alleging human rights abuses – by Douglas Quan (National Post – November 28, 2017)

http://nationalpost.com/

A trio of civil cases winding through the courts signal a breakthrough in efforts to hold Canadian-based mining companies accountable on home turf when they’re accused of violations abroad, human rights and legal observers say.

Historically, Canadian judges have been inclined to send such cases back to the jurisdictions where the alleged abuses occurred. But the three pending cases — two in British Columbia and one in Ontario — show that the legal landscape is shifting.

“Courts are now willing to hear these cases,” says Penelope Simons, a law professor at the University of Ottawa. “They’re not trying to punt them back to other places. That’s an important thing.” Continue Reading →