Archive | Canada Mining

Robert Friedland goes to Hollywood – by Trish Saywell (Northern Miner – April 24, 2017)

http://www.northernminer.com/

One of Robert Friedland’s pet peeves is that as people move away from the country to the city they become divorced from the supply chain and no longer understand where things come from. They don’t realize, he says, that everything they touch is either grown or mined. Take a look at everything around you, he urges, “we either mined it or we grew it—there are no exceptions.”

“Most people who live in urban environments think a ham sandwich comes from a refrigerator—they don’t really visualize all those pigs being slaughtered in a river of blood outside Chicago,” he adds.

“Most people don’t realize that when they walk into a dark room and turn on the light, somewhere a generator has to kick in and give them that power, because there’s virtually no storage of electricity in the grid. We think miners have to do a much better job of explaining how fundamental we are to improving this world. That’s why we have gotten into Hollywood—that’s why we are in the movie business.” Continue Reading →

Robert Friedland: Celebrating a lifetime of achievement – by Trish Saywell (Northern Miner – April 24, 2017)

http://www.northernminer.com/

Over most of the last two decades, the first voice Peter Meredith would hear at the crack of dawn each morning was Robert Friedland’s. “The phone would ring and he would say: ‘Hi Peter, it’s Robert,’ and I’d think, ‘What a surprise, who else calls me at six in the morning?’”

Meredith, who retired as a partner at auditing firm Deloitte in Vancouver to join Ivanhoe Mines full-time in 1996, says that over the following sixteen years, he was pretty much a seven-day-a-week, 24-hour-a-day guy, to keep up with his boss.

“Robert doesn’t take weekends off and he doesn’t like holidays much … He is a very energetic, driven guy—he knows no boundaries as to how hard he works—so the tone from the top is that you feel like a non-contributor when you aren’t working as hard as he is.” Continue Reading →

[Canada] The Power 50: Who has the influence, the connections and the cash to get their way in the world of business? (Globe and Mail/Report on Business – April 26, 2017)

http://www.theglobeandmail.com/

We pull back the curtain on the financiers, scions, politicians and CEOs—plus a few bureaucrats and even one hip-hop star—who wield true power in Canada

Only one miner makes the list, Vale Canada’s Jennifer Maki. – Stan Sudol

1. Paul & André Desmarais | Co-CEOs, Power Corp.

If there is a key to the Desmarais family’s formidable wealth and influence, it is this: entree. Paul Desmarais Sr. possessed astonishing business acumen. But it was his ability to cultivate the crème de la crème in politics and finance that elevated him to the highest levels in North America, Europe and China. He met with Deng Xiaoping in Beijing; invited Bill Clinton and George W. Bush to his estate in Charlevoix, Quebec; and received the Grand Cross of the Legion of Honour from Nicolas Sarkozy in 2007.

Most importantly, Desmarais, who died in 2013, meticulously groomed his sons, Paul Jr. and André, for succession. In 1996, he named “the boys”—now in their early 60s—co-CEOs of Power Corp. Since then, Power has quintupled in value. How have they done it? As magnate Peter Munk said in 2008: “The boys got introduced to his contacts. They were educated well, they married well and they’ve behaved.” Continue Reading →

Barrick shares tumble as gold miner sounds cautious tone – by Josh O’Kane (Globe and Mail – April 26, 2017)

http://www.theglobeandmail.com/

Barrick Gold Corp. shares slid 11 per cent Tuesday as investors reacted to the gold miner’s first-quarter results, which missed production and earnings estimates and revealed higher operating costs.

The world’s largest gold producer late Monday reported first-quarter net income of $889-million (U.S.) and adjusted net earnings of $162-million, or 14 cents a share, versus the analyst consensus estimate of 20 cents a share.

At the company’s annual meeting Tuesday, president Kelvin Dushnisky highlighted Barrick’s new era of caution, including cost savings through new joint ventures and debt reduction – having paid down $178-million in the first quarter. Continue Reading →

Barrick’s bad day: Shares fall 10% as investor confidence shaken by third cyanide spill at Argentine mine – by Sunny Freeman (Financial Post – April 26, 2017)

http://business.financialpost.com/

Barrick Gold Corp.’s third cyanide spill in two years at its Argentine operation was among a number of environmental and social concerns that took centre stage at its annual general meeting Tuesday, the stock’s worst day in six months.

Barrick president Kelvin Dushnisky told shareholders that a cyanide pipeline rupture on Mar.28 at its Veladero mine posed no risk to people or the environment.

“However, this was the third incident at Veladero leach pad in the last 18 months and that is completely unacceptable,” Dushnisky said. “These incidents weaken our partnerships and the trust that underpin them.” Continue Reading →

Hey Watson! Is there gold in them thar hills? – by Frik Els (Mining.com – April 24, 2017)

http://www.mining.com/

All the easy digging has been done. All the richest seams have been mined. All the big discoveries have been made. It’s become something of a cliché in mining to pine for the good ole days of rivers of gold, oceans of diamonds and mountains of copper (as if that ever existed).

But that ignores the enormous technological strides that the mining and exploration industry has made – mostly in the interest of efficiency and cost-cutting, but also for discovery.

Advanced technology is being deployed across the industry. From remote management of mines from 1000s of kms away using autonomous trucks and trains, equipment monitoring every tiny detail of plants and processes in real time, widespread automation and mechanization to sampling, detection, imaging and surveying systems. And drones; did I mention drones. Continue Reading →

Barrick plummets on triple-whammy disappointment – by Danielle Bochove (Globe and Mail/Bloomberg – April 25, 2017)

http://www.theglobeandmail.com/

Barrick Gold Corp. plunged after the world’s biggest bullion producer missed estimates on earnings and production — as well as costs after expenses increased at mines in Argentina and Nevada.

Reporting only its second earnings miss in seven consecutive quarters, the Toronto-based miner also said it expects to produce less gold this year after selling half of its Veladero mine in Argentina. Even as the company plans to sell the stake to a Chinese partner, costs jumped at the mine, and for the company overall. Shares fell 9.7 per cent at 11:08 a.m. in Toronto.

Barrick will need a strong performance in the coming quarters to meet guidance as the company kept its forecasts at other mines largely unchanged, Evan Kurtz, a Morgan Stanley analyst in New York, said in a note to clients. Continue Reading →

Strongbow’s South Crofty to revive age-old tin mining tradition in Cornwall – by Henry Lazenby – April 21, 2017)

http://www.miningweekly.com/

VAANCOUVER (miningweekly.com) – Bolstered by strengthening tin prices and improving fundamental support in the long term, Canadian mineral exploration firm Strongbow Exploration is set to revive a mining tradition in England’s county of Cornwall, that reaches back thousands of years to the early Bronze Age.

The company’s flagship asset, the South Crofty project, is a past-producing underground tin/copper mine, located in the town of Pool, in the historic Cornwall tin mining district of south-west England. The project is located 390 km west-southwest of London, and is about 4.5 km south of the Celtic sea coast.

The Cornish mining industry, which started about 2150 BCE, reached its peak in the nineteenth century, when thousands of workers were employed in up to 2 000 mines, before the industry collapsed when ores began to be produced more cheaply abroad in Malaysia and Indonesia, among others, Strongbow president and CEO Richard Williams tells Mining Weekly Online in an interview. Continue Reading →

Galantas Gold plummets as it halts Irish mine expansion on terrorism fears – by Cecilia Jamasmie (Mining.com – April 24, 2017)

http://www.mining.com/

Shares in Galantas Gold (TSX, LON:GAL) collapsed in London Monday after the Canadian miner announced it had halted expansion work at its Omagh gold mine as the Police Service of Northern Ireland (PSNI) said it was unable to guarantee it the necessary “anti-terrorism cover” for its blasting operations.

The Toronto-based company, which had has begun underground development at Omagh last month, was going to create 130 new jobs due to the expansion, but it now says it was reviewing potential redundancies with recently hired mine staff, and any new recruitment or ongoing investment had been “deferred”.

The stock plummeted on the news and it was down almost 33% to 4.65p at 1:41PM GMT, while it was trading 20% lower in Toronto at 9:38AM. PSNI told the company that due to resource constraints and competing priorities, it was currently only prepared to provide anti-terrorism cover for a maximum of a two-hour period, two days a week. Continue Reading →

Investors look for financial restraint as good times roll for gold miners – by Josh O’Kane (Globe and Mail – April 23, 2017)

http://www.theglobeandmail.com/

With Canada’s biggest gold miners back in the mode of making deals and striking partnerships, analysts will be watching the companies’ self-discipline as first-quarter financials start rolling in.

Last year was a period of recovery for gold producers: balance sheets got better, gold prices were healthy and rising and share prices climbed. The S&P/TSX global gold index went up 50 per cent in 2016, and it’s up another 12 per cent so far this year.

In the past, strong gold markets have led to a round of mergers, acquisitions and mine-building, followed by a painful reckoning. Investors haven’t forgotten, so free cash flow, cost savings and debt reduction remain in their sights as precious-metal miners mull new projects in their march out of the commodity slump. Continue Reading →

Tanzanian gold miner Acacia to review operations if export ban persists (Reuters Africa – April 20, 2017)

http://af.reuters.com/

LONDON (Reuters) – Tanzanian gold producer Acacia Mining will have to review its mining operations if the government’s ban on gold and copper ore exports remains in place, a senior executive said on Thursday.

Shares in Acacia, which is majority owned by Barrick Gold, briefly touched a six-week low, paring losses by 0900 GMT to trade down 3.7 percent after it said first-quarter core profits rose 25 percent to $82 million but cashflow was reduced by $36 million in part due to the ban.

The government halted the export of unprocessed ore on March 3, following President John Magufuli’s call for the construction of more gold smelters in the country, Africa’s fourth-largest gold producer. Continue Reading →

Shandong No Longer Pursuing Barrick’s Super Pit Stake – by by Scott Deveau and Linly Lin (Bloomberg News – April 19, 2017)

https://www.bloomberg.com/

Shandong Tyan Home Co. said it has ended talks to acquire Barrick Gold Corp.’s stake in its Kalgoorlie Super Pit mine in Australia because of recent tightened controls in China on outbound investment.

Toronto-based Barrick began the process to sell its stake in the mine, a 50-50 joint venture with Newmont Mining Corp., last year. Talks between Barrick and Minjar Gold Pty, a Shandong Tyan subsidiary, stalled in February after the buyer faced delays securing financing for a $1.3 billion bid, people with knowledge of the matter said at the time.

“The company is no longer pursuing this project,” Shandong Tyan said in an exchange filing, citing both the tightened controls on outbound investment and foreign exchange. Continue Reading →

Ice Roads Ease Isolation in Canada’s North, but They’re Melting Too Soon – by Dan Levin (New York Times – April 19, 2017)

https://www.nytimes.com/

“These roads are the only way our people can survive,” said Alvin Fiddler,
grand chief of the Nishnawbe Aski Nation, which represents 49 indigenous
communities in northern Ontario, including 32 that are isolated from Canada’s
highway network and electrical grid and depend on the winter road system to
replenish stocks of fuel, food and building materials. Some of those
communities nearly ran out of diesel fuel because an ice road opened
several weeks late, Mr. Fiddler said.

ON THE TLICHO WINTER ROAD, Northwest Territories — In Canada’s northern latitudes, the frigid winter means freedom. That is when lakes and rivers freeze into pavements of marbled blue ice. For a few months, trucks can haul fuel or lumber or diamonds or a moose carcass to the region’s remote communities and mines that are cut off by water and wilderness, reachable for most of the year only by barge or by air.

But Canada’s ice roads — more than 3,300 miles of them — have been freezing later and melting earlier, drastically reducing the precious window of time that isolated residents rely on to restock a year’s worth of vital supplies, or to simply take a road trip. Continue Reading →

Arbitration hearing on QIA-Baffinland royalties dispute starts April 18 (Nunatsiaq News – April 18, 2017)

http://www.nunatsiaqonline.ca/

Inuit org alleges mining company in breach of Mary River IIBA obligations

A long awaited arbitration hearing aimed at resolving a complex dispute between Baffinland Iron Mines Corp. and the Qikiqtani Inuit Association over advance royalty payments for the Mary River project got started April 18 in Vancouver before a three-person panel, the QIA has announced in a release.

In a statement of claim filed Aug. 26, 2016, the QIA alleged that Baffinland, under their Inuit Impact and Benefit Agreement for Mary River, owed them, at that time, at least $6.25 million in advance payments.

Under the Mary River IIBA, Baffinland has already made advance payments to QIA—against future royalties— worth a total of $20 million: $5 million on the date the IIBA was signed, $5 million after the water licence was received, and $10 million after making their final construction decision. Continue Reading →

China’s Shandong Tyan says talks over on bid for Barrick’s Kalgoorlie – by Susan Taylor (Reuters U.S. – April 19, 2017)

http://www.reuters.com/

TORONTO – Shanghai-listed Shandong Tyan Home (600807.SS) said on Wednesday its negotiations with Barrick Gold Corp (ABX.TO) to buy the Canadian operator’s 50-percent stake in Kalgoorlie mine have ended without a deal, citing new capital and acquisition rules in China.

Toronto-based Barrick had been reviewing the financial backing behind an approximate $1.3 billion bid for its stake in Kalgoorlie mine by Minjar Gold, a unit of Shandong Tyan, Reuters reported in November. Barrick, the world’s largest gold producer, declined to comment on the matter. It reports first-quarter financial results on April 24.

In February, Barrick President Kelvin Dushnisky said “advanced negotiations with a proposed buyer,” were under way and Barrick would be “happy sellers” at the right price. “We’re also very happy to continue to own that asset,” he said. Continue Reading →