Archive | Canada Mining

Make trade with China a priority – by Don Lindsay (Financial Post – August 26, 2016)

http://business.financialpost.com/

Don Lindsay is President & CEO, Teck.

The upcoming G20 summit in China and week-long visit by Prime Minister Justin Trudeau are shining a light on Canada and China’s economic ties at a pivotal time for both our countries. Recent negative economic headlines aside, China remains a key trading partner and Canada’s prosperity now – and in the years ahead – continues to be closely tied with theirs.

But in order to move the Canada-China relationship forward in a way that supports Canada’s long-term prosperity, it is critical that we imbue our trade discussions with a sense of purpose and momentum. Our new government needs to strengthen economic and diplomatic ties with China.

China remains Canada’s most important trading partner next to the United States, yet we continue to struggle with how to best cultivate and grow this partnership. China is both the top overseas destination for our exports and the largest overseas source of imports to Canada. Continue Reading →

Exclusive: Goldcorp struggles with leak at Mexican mine – by Allison Martell, Frank Jack Daniel and Noe Torres (Reuters U.S. – August 24, 2016)

http://www.reuters.com/

TORONTO/MEXICO CITY – Mexican regulators said they are examining whether mining company Goldcorp Inc (G.TO) broke any regulations in its handling of a long-running leak of contaminated water at Mexico’s biggest gold mine.

The move follows questions from Reuters about the leak, which until now has not been disclosed to the public. Levels of the mineral selenium rose in one groundwater monitoring well near Goldcorp’s Penasquito mine as early as October 2013, Goldcorp data reviewed by Reuters shows.

The Canadian company reported a rise in selenium levels in groundwater to the Mexican government in October 2014, after which the contamination near its mine waste facility intensified, according to internal company documents seen by Reuters, and interviews with government officials. Two weeks ago, the company told Mexican regulators that contaminated water had also been found in other areas of its property. Continue Reading →

Rusoro says awarded $1.2 billion over Venezuelan seizure of gold assets – by Jim Finkle (Reuters Canada – August 24, 2016)

http://ca.reuters.com/

TORONTO (Reuters) – Canada’s Rusoro Mining Ltd RML.V said on Tuesday it has been awarded more than $1.2 billion by a World Bank tribunal that ruled Venezuela had unlawfully seized the company’s gold assets four years ago.

Shares in the Vancouver-based mining firm, which is backed by Russia’s Agapov family, more than doubled on Tuesday, trading for as much as 32 cents – their highest level since Venezuela’s asset seizure.

Rusoro, whose shares had a market value of C$83 million ($64 million) prior to Tuesday’s rally, was one of about 20 Canadian miners and other international firms that filed complaints with the World Bank’s International Center for Settlement of Investment Disputes, or ICSID, over Venezuela’s action. Continue Reading →

NEWS RELEASE: Action Needed to Regain Canada’s Leadership in Mineral Exploration and Mining

Mineral and Mining Industry Highlights Top Priorities at Energy and Mines Ministers’ Conference

WINNIPEG, MB–(Marketwired – August 22, 2016) – Canada’s mineral exploration and mining industry is asking Energy and Mines Ministers, currently in Winnipeg for their 73rd annual conference, to work on tackling several challenges that have resulted in Canada dropping to second place behind Australia as the most desirable mining destination in the world.

A brief submitted by the Canadian Mineral Industry Federation (CMIF) details seven policy priorities that will help the industry overcome current challenges.

  • Financing for early-stage exploration: CMIF asks that all jurisdictions in Canada maintain and enhance fiscal incentives. In particular, the Ministers are asked to support the renewal of the Mineral Exploration Tax Credit (METC) and to sustain the flow-through shares system. These measures have helped Canada attract billions of dollars in investment and led to the creation of thousands of jobs in remote areas of the country. Continue Reading →

Ottawa should make mining companies more accountable (Toronto Star Editorial – August 21, 2016)

https://www.thestar.com/

The Trudeau government should re-introduce — and strengthen — a bill to make Canadian mining companies act more responsibly.

Canada likes to think of itself as a principled middle power, projecting a moral voice in the world. But in the rugged fields of international mining, oil and gas, it is a muscular giant whose power is not always wielded in an ethical way.

That’s why Father Melo, a Honduran Jesuit priest who is under death threats for defending environmental rights, travelled to Toronto last week to plead for help from Prime Minister Justin Trudeau. He wants the prime minister to make Canadian mining companies accountable for respecting human rights and environmental standards, including a halt to displacement of local indigenous communities. Continue Reading →

Exclusive: Kinross to retreat from Chile, puts unit on the block – by John Tilak and Rosalba O’Brien (Reuters U.S. – August 19, 2016)

http://www.reuters.com/

Canada’s Kinross Gold Corp is looking to retreat from Chile and has put its main assets in that country up for sale, according to people familiar with the process.

The move comes at a time Toronto-based Kinross has suspended operations at Maricunga, its major mine in Chile, because of environmental concerns raised by the Chilean regulator.

The world’s fifth-largest gold miner by output has hired Bank of Nova Scotia to help find buyers for its two main Chilean gold mines, the sources said. They requested anonymity because the matter is not public. Interest has been very strong, with bids coming from mining companies from Canada, Chile and other parts of the world, the sources said. Continue Reading →

NEWS RELEASE: Study finds arsenic contamination from Giant gold mine wiped out key algae and invertebrates from lake near Yellowknife (University of Ottawa – August 17, 2016)

A study led by researchers at the University of Ottawa and published today in Proceedings of the Royal Society B has found that a lake ecosystem was severely affected by arsenic contamination from the Giant Mine, which produced over seven million ounces of gold while it was active, between 1948 and 2004. Over 20,000 tonnes of toxic arsenic trioxide were released from the Giant Mine’s roaster stack over the years as part of its process to extract gold from arsenopyrite ore.

The team of researchers relied on a paleoenvironmental approach, extracting core samples of lake sediments to show how lake contamination increased after mine began operations, and how the lake’s ecosystem responded to that contamination.

“Many species of algae and invertebrates were killed off in Pocket Lake, near Yellowknife, by pollution from the mine’s roaster stack, and these species have not recovered even now, more than ten years after the mine closed,” says lead author Joshua Thienpont, a postdoctoral researcher with the Department of Biology at the University of Ottawa. Continue Reading →

Exploration is at the base of transforming Ivanhoe – by Sungula Nkabinde (Mineweb.com – August 17, 2016)

http://www.mineweb.com/

Milestone copper discovery in DRC augmented with the Platreef project.

The Canadian mining company has made the transmission from a junior exploration company to a mining juggernaut, having made game-changing discoveries over the last decade. Last week the company announced the results of drilling efforts at its Kamoa Copper project, near the mining centre of Kolwezi in the Democratic Republic of Congo (DRC).

In 2013, the Kamoa project was heralded as the world’s largest, undeveloped, high-grade copper discovery, with Ivanhoe’s exploration team earning the Prospectors & Developers Association of Canada’s Thayer Lindsley International Discovery Award in 2015.

The award annually recognises an individual or a team of geologists credited with a recent significant mineral discovery or series of discoveries anywhere in the world. Continue Reading →

Economic Development and the Future of Mining in the Canadian North – by Stephan Schott (News Deeply.com – August 16, 2016)

https://www.newsdeeply.com/

ECONOMIC DEVELOPMENT IN the Arctic is an ongoing challenge. People in the Arctic regions of Canada, Greenland and Alaska are mostly dependent on the government, the mining industry or oil and gas extraction for employment and generating income. But many are also involved in subsistence harvesting (hunting and gathering), which can sometimes be at odds with the extraction industries.

Living off the land is crucial for the transfer of traditional knowledge from one generation to another and for the preservation of cultural practices, traditional languages and place-names. Subsistence harvesting also is a source of nutritious, culturally desirable country food, and is linked to sophisticated social sharing networks and rules.

But access to country food is becoming increasingly difficult for Northerners as equipment, maintenance and operating costs for snowmobiles, boats and all-terrain vehicles are rising and the jobs available in the North are tied to rigid work schedules that are often not well matched to the timing of subsistence activities. Continue Reading →

NIRB issues amended project certificate for Meadowbank pit expansion (Nunatsiaq News – August 15, 2016)

http://www.nunatsiaqonline.ca/

Certificate includes two revised terms on fish-out and wildlife monitoring

The Nunavut Impact Review Board has issued an amended project certificate to Agnico Eagle Mines Ltd. for an expansion project at its Meadowbank gold mine near the Nunavut community of Baker Lake.

The certificate includes two revised terms to address any potential impacts of the Vault Pit expansion project, given the green light by Indigenous and Northern Affairs just last month.

Agnico Eagle first proposed the expansion at its Vault Pit operation in 2014, with plans to fish-out and de-water nearby Phaser Lake to form Phaser Pit and BB Phaser Pit. Vault Pit, located about eight kilometres north of Meadowbank’s main site, is one off three pits currently being mined at the Kivalliq site. Continue Reading →

Soros Cashes In as Barrick Posts Best-Ever First Half Rally – by Luzi-Ann Javier (Bloomberg News – August 16, 2016)

http://www.bloomberg.com/

Billionaire George Soros isn’t waiting around to see if this year’s surge in gold-mining shares will last.

Soros Fund Management LLC, which took a $263.7 million stake in Barrick Gold Corp. in the first quarter, cut its holdings in the world’s biggest producer of the metal by 94 percent in the ensuing three months, a U.S. regulatory filing showed Monday. After climbing 169 percent in the first half, its best-ever performance for the period, Barrick shares have slipped from a three-year high reached last month.

Producers got a boost after spot-gold prices had the best first half in four decades. Investors flocked to bullion and the companies that mine it as central banks around the world increased economic stimulus to support growth and the Federal Reserve kept U.S. borrowing costs low. Continue Reading →

McEwen Mining CEO bets small miners to reap big gains – by Natalie Obiko Pearson and Eric Lam (Bloomberg/Globe and Mail – August 16, 2016)

http://www.theglobeandmail.com/

Rob McEwen is paid $1 a year, doesn’t receive bonuses, yet his financial success is tied more closely to his company than any other mining chief executive in Canada.

Now the largest shareholder in $1.69-billion McEwen Mining Inc. is betting his gold producer and other smaller competitors will reap more gains from the next commodities upswing than debt-laden behemoths dominating the industry.

“The seniors have blown themselves out of the water,” the former CEO and founder of Goldcorp Inc. said in an interview in Vancouver. “They’re just going to be ships rising in the tide. It’s going to be the intermediate and juniors who have the big runs in this cycle, and that’s where I want to be.” Continue Reading →

The Fairy Tale Romance of the Canadian Shield – by Blair Fraser (MACLEAN’S Magazine – December 24, 1955)

http://www.macleans.ca/

This Christmas thousands of children will read about the Ugly Duckling. But here’s a stranger tale — about an enormous rocky desert, scorned for centuries, and how its hidden treasures changed Canada.

THE HARDIEST of fairy tale themes have always had to do with the finding of treasure in the commonplace, the scorned and the rejected. In these classic stories ugly ducklings turn into swans, and battered tinderboxes or dirty old lamps are found to contain the key to wealth and power. Canada’s ugly duckling is the Canadian Shield, a great rugged horseshoe of muskeg and stunted forest, lake and bald grey rock that makes up more than half the whole dominion.

For more than three hundred years -eight hundred if you go back to Leif Ericsson’s time — the Shield was known only as a rocky waste, a barrier to progress and a blight to Canada’s future. Ericsson called it Helluland, “the land of flat stones”; Jacques Cartier reported to King Francis I of France that “there isn’t a cartload of dirt in the whole of it”; and it broke the heart of the gullible settlers who tried to clear and farm it, as earlier generations had done the St. Lawrence lowlands. Along its southern edge dense second-growth forest has already rubbed out all but a few pathetic traces of pioneer farms only eighty years old. Continue Reading →

Morgan Stanley Canada brings veteran deal maker home to Bay Street – by Andrew Willis (Globe and Mail – August 15, 2016)

http://www.theglobeandmail.com/

Cellphones at Morgan Stanley Canada lit up last week in the wake of a $200-million share sale from mining company Iamgold Corp. While the bought deal was straightforward, heads turned on Bay Street because Morgan Stanley had been notably quiet in the gold sector after seeing its head Canadian mining banker lured away last year to a top job at a client, global agriculture company JBS.

Yet here was the firm leading a financing alongside TD Securities and National Bank Financial. Bankers at rivals texted colleagues at Morgan Stanley to ask, “What’s up?”

Richard Tory is what’s up. The veteran dealmaker arrived at Morgan Stanley’s Toronto office in July as head of investment banking in Canada, while retaining his role as the New York-based firm’s global head of metals and mining. The stock sale for Iamgold is expected to mark the first of many mining transactions for Morgan Stanley, a firm with a bullish view on Canada’s prospects. Continue Reading →

K+S braced for full-year earnings slump as potash prices tumble (Daily Mail/Reuters – August 12, 2016)

http://www.dailymail.co.uk/

VIENNA/FRANKFURT, Aug 11 (Reuters) – K+S, one of the world’s biggest potash producers, said its full year core profit would collapse by as much as three quarters and warned of further uncertainty and falling dividends on Thursday.

Profits of fertilizer producers have tumbled in recent months because of falling prices, weak currencies in importing countries such as Brazil and excessive supply. K+S, which is also the world’s biggest salt producer, blamed tumbling European potash prices, production disruptions and weak demand for de-icing salt as it reported a slump in quarterly earnings.

“2016 is a challenging year,” finance chief Burkhard Lohr told analysts during a conference call after the German company’s second-quarter results. Continue Reading →