1st September 2015

Why the Resource-Rich Canadian Government Is Always Poor – by Gabriel Yiu (Huffington Post – August 31, 2015)

http://www.huffingtonpost.ca/

Canada is the second-largest country in the world by total area. It has plentiful natural resources and a relatively small population of 35 million. Yet our government always claims it is short of money. Education funding has to be cut, healthcare resources are said to be insufficient, eligibility for Old Age Security is postponed from 65 to 67 and even Canada Post cannot afford to deliver mail to our homes.

Canada might be the first major western country that cannot afford to deliver mail to the homes of its people.

If you tell your friends overseas our situation, they might think that you’re joking.

Many Canadians accept the situation as normal, something that can’t be changed. Yet they do not question the absurdity of this reality.

Here are the world rankings of Canada’s natural resources:

Potash, #1
Uranium, #2
Oil, deposit #3 (production #6)
Nickel, #4
Diamond, #5 Read the rest of this entry »

posted in Canada Mining, Canadian Media Resource Articles, Oil and Gas Sector-Politics and Image | 0 Comments

31st August 2015

Colorado mining disaster shows Maine was right to reject mining rules — again – by Nick Bennett (Bangor Daily News – August 30, 2015)

https://bangordailynews.com/

Nick Bennett is staff scientist and watersheds project director at the Natural Resource Council of Maine.

2015 has been a year of seconds with respect to mining. For the second time, the Department of Environmental Protection submitted the same weak mining rules it submitted to the Legislature in 2014. For the second time, the Legislature wisely rejected them.

Also for the second straight year, a mining disaster occurred soon after the end of the legislative session and proved that the Legislature was right to reject DEP’s rules. On Aug. 4, 2014, the tailings dam at the Mount Polley mine in British Columbia failed, releasing billions of gallons of mining waste into pristine lakes and streams.

The effects of the pollution from this modern mine, which its owner built in 1997, will linger for decades in some of the most important salmon habitat in Western Canada.

After the Mount Polley disaster, many Mainers breathed a sigh of relief that the Legislature had blocked weak rules that would have allowed Canada-based J.D. Irving to mine at Bald Mountain. Read the rest of this entry »

posted in British Columbia Mining, Canada Mining, International Media Resource Articles, Mining Environmental Accidents and Pollution, United States Mining | 0 Comments

31st August 2015

Trying to avoid the ‘extinction’ of Canada’s junior mining companies – by Simon Doyle (Globe and Mail – August 31, 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.

Simon Doyle covers lobbying and the intersection of business and politics in Ottawa. He writes for Politics Insider, which is available only to subscribers of Globe Unlimited.

The mining industry is lobbying for government help for junior mining companies and northern infrastructure as more juniors have delisted from the TSX and the commodities rout has deepened.

Minerals continued to fall early last week before a tumultuous few days on the markets. Fears about China’s economy and its metals consumption have refreshed arguments among members of Canada’s mining-industry associations for government measures to support the sector.

“The government appreciates the circumstances,” said Rod Thomas, head of mineral exploration industry group the Prospectors and Developers Association of Canada, whose group has been calling for an expanded junior mining tax credit, investment in northern infrastructure and relaxed rules for raising capital. Read the rest of this entry »

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

27th August 2015

Goldcorp, Teck Combine El Morro and Relincho Projects in Chile – by Carolyn King (Wall Street Journal – August 27, 2015)

http://www.wsj.com/

Goldcorp will acquire New Gold’s 30% interest in the El Morro copper-gold project in Chile

Goldcorp Inc. on Thursday said it would acquire New Gold Inc.’s 30% interest in the El Morro copper-gold project in Chile and then combine El Morro with Teck Resources Ltd.’s nearby Relincho asset into a single $3.5 billion project.

Goldcorp and Teck, both Canada-based mining companies, said the combination would reduce the project’s development costs and its environmental footprint and thereby improve returns for shareholders. The $3.5 billion estimated cost of bringing the project into production would be less than half the cost of developing the projects separately, they said.

The move comes as mining companies around the world cope with tumbling metal prices and fears of a slowdown in China, the world’s biggest consumer of commodities. The commodity-price swoon has put pressure on many to slash costs and focus on the most promising projects. Read the rest of this entry »

posted in Canada Mining, Copper, Gold and Silver, Goldcorp Inc., International Media Resource Articles, Latin America Mining | 0 Comments

26th August 2015

Canadian Nuclear Safety Commission slams Quebec uranium mining report – by Bertrand Marotte (Globe and Mail – August 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.

MONTREAL — Tempers in some quarters of Quebec are flaring after the head of Canada’s nuclear safety commission slammed a report by the province’s environmental regulation agency for allegedly “misleading Quebecers and Canadians” on the safety of uranium mining.

In a damning letter to Quebec Environment Minister David Heurtel, the president and chief executive officer of the Canadian Nuclear Safety Commission – Michael Binder – says it “is very troubling to have the [provincial agency] present your government with conclusions and recommendations that lack scientific basis and rigour.”

Quebec’s Bureau d’audiences publiques sur l’environnement (BAPE) recently released a 626-page report recommending to the environment minister that it would be premature at this time to authorize development of a uranium mining industry in the province.

There are many uncertainties and unanswered questions about the environmental, health, social and other risks and concerns involved, the three-person BAPE panel, headed by former Le Devoir environment reporter Louis-Gilles Francoeur, cautions. Read the rest of this entry »

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

26th August 2015

NEWS RELEASE: Behre Dolbear Group’s Annual Where To Invest in Mining in 2015 (August 6, 2015)

http://www.dolbear.com/

TODAY it takes 10 years to discover, define, and determine the feasibility of a project and an additional 6 years or more until investors can expect returns from a greenfield mining construction project.

Markets have taken a volatile downward trend in recent months creating concern for host country governments and miners alike. Mineral prices have dropped over the last year. For example, iron ore and coal prices have fallen by half. The market correction has led to a sharp decline in foreign direct investment, forcing the governments of countries hosting new production to reassess their recent goals of extracting more benefit from the industry.

There is now a realization that governments must be more accommodating to remain competitive internationally. Lower export-related tax receipts are putting pressure on governments to adapt more austere budgetary measures.

Today, it takes six years or more until investors can expect returns from a greenfield mining construction project. It typically takes ten years to discover, define, and determine the feasibility of a project. Read the rest of this entry »

posted in Australia Mining, Canada Mining, Latin America Mining, United States Mining | 0 Comments

26th August 2015

Family of former Centerra Gold CEO fears he will be ‘kidnapped’ to Kyrgyzstan – by Drew Hasselback (National Post – August 26, 2015)

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

The family of former Centerra Gold chief executive Len Homeniuk says he has been re-arrested in Bulgaria and fears he may be spirited away to Kyrgyzstan.

Homeniuk, who last week spoke with the Financial Post, spent 11 days in prison after he was arrested on July 27 in the Bulgarian town of Vidin, near the border of Romania. He was later transferred to house detention in a small apartment in the capital, Sofia.

Family members now say Homeniuk was re-arrested at that apartment at 9:30 local time Monday night, then whisked back to Vidin on Tuesday.

It’s the latest twist in a saga in which the former mining executive, who holds dual U.S.-Canadian citizenship, seems to be a pawn in on-going talks over the fate of a gold mine in Kyrgyzstan, a rugged Central Asian republic located along the Silk Road.

Marina Stephens, Homeniuk’s wife, was with him when the police came Monday night, and was able to visit him at the police station a short while later. Read the rest of this entry »

posted in Asia Mining, Canada Mining, Canadian Media Resource Articles, Gold and Silver | 0 Comments

25th August 2015

Western Nunavut gold project heads into technical review (Nunatsiaq News – August 25, 2015)

http://www.nunatsiaqonline.ca/

Nunavut regulators seek comment on TMAC’s revamped project

The price of gold is down, but TMAC Resources Inc. continues to move ahead with its Hope Bay-Doris North gold mine project in western Nunavut, about 125 kilometres south of Cambridge Bay, with a view to getting its mill in operation by the end of 2016.

By then the price of gold — now languishing at US $1,164 per ounce — may rise again to US $1,250 per ounce which TMAC said, in its pre-feasibility study, is required for the mine to make money.

Meanwhile, the Nunavut Impact Review Board and the Nunavut Water Board have opened the project for technical review and asked for comments on TMAC’s new plans for the gold-rich Doris North deposit.

The project, originally reviewed and approved, when it was still owned by Newmont Mining Corp., involved the development of an underground mine at Doris North. Read the rest of this entry »

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

25th August 2015

Metals feel China pain as rout spreads to other commodities – by Rachelle Younglai (Globe and Mail – August 25, 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.

Copper, aluminum, nickel and other commodities plunged to new lows on fears that China’s faltering economy will exacerbate a market awash in metal.

The latest event to spook investors was the steep decline in Chinese stocks earlier on Monday. Copper and aluminum hit six-year lows. Nickel plunged 10 per cent. Zinc and lead dropped to five-year lows. Gold, usually a safe haven in times of turmoil, barely rose.

“All bad news is bad news and good news is no news. That’s the environment we are in,” said Jessica Fung, commodity strategist with BMO Nesbitt Burns. Once the engine behind the bull market in commodities, China’s slowdown is wreaking havoc across the mining complex.

There is less and less confidence that the world’s second-largest economy will reach its 7.5-per-cent growth rate target. Recent data showed a decline in China’s manufacturing sector, a top consumer of metals such as aluminum and steel. Read the rest of this entry »

posted in Canada Mining, Canadian Media Resource Articles, Commodity Super-Cycle and Decline | 0 Comments

25th August 2015

Global commodity slump could hit parts of Canada hard – by Ian Bickis (Canadian Press/Toronto Star – August 25, 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.

Petro-provinces like Alberta, Saskatchewan and Newfoundland will be especially hard hit as oil prices keep sliding amid fears about China’s economy.

Global commodity prices are tanking and they’re bringing Canadian markets down with them, though experts say certain provinces are going to feel the pinch more than others.

“It’ll feel like a recession, depending on where you live in the country,” said John Stephenson, chief executive of Toronto hedge fund Stephenson & Co. Capital Management.

He said everything from oil to metals to lean hog prices are dropping as weaker growth globally weighs on demand — a downward trend that took its toll on the world’s stock markets Monday.

“Virtually everything is down in price — and significantly down, not just a little bit,” said Stephenson. Read the rest of this entry »

posted in Canada Mining, Canadian Media Resource Articles, Oil and Gas Sector-Politics and Image | 0 Comments

25th August 2015

Madagascar faces uphill struggle to revive bruised mining sector – by Drazen Jorgic and Lovasoa Rabary (Reuters U.S. – August 25, 2015)

http://www.reuters.com/

ANTANANARIVO, Aug 25 (Reuters) – When foreign mining firms and Western donors were pulling funds out of Madagascar following a coup in 2009, Austral Resources chief executive Scott Reid did the opposite and poured money in to the Indian Ocean island.

Yet far from being rewarded, the company’s $3.5 million investment in drilling and exploration of a high-grade mine has turned sour. Austral’s permit to extract zircon, used in ceramics, has expired and the project is far from production.

Sliding global commodities prices have hindered the Australian firm but to Reid the main frustration has been bureaucracy and government failure to renew its permit which languishes in the mining ministry with about 4,000 others.

With woeful air links hobbling tourism and power outages holding back its textiles industry, the former French colony’s economic recovery after years of political turmoil hinges on the revival of its mining sector.

But without permits, most miners are unable to raise cash on stock markets or get loans to keep their projects alive. Read the rest of this entry »

posted in Africa Mining, Canada Mining, International Media Resource Articles, Nickel Laterites | 0 Comments

24th August 2015

Junior miners jump into medical marijuana, food service amid slump – by Euan Rocha, Nicole Mordant and Jim Regan (Reuters U.S. – August 23, 2015)

http://www.reuters.com/

TORONTO/VANCOUVER/SYDNEY – Many of the world’s junior miners are laying down their picks and shovels to start new ventures ranging from egg exporting to medical marijuana farming, as they as try to survive a crash in metals prices by shifting away from exploration.

Prices for copper, gold, iron ore, coal and almost every other metal have collapsed, stalling exploration work and hitting early stage miners particularly hard. These firms typically find the deposits that larger miners often then go on to acquire and develop into mines. But there’s scant demand for new sources of metal now.

Pivoting into other businesses has happened during mining funks in the past, including a spate of defections into the tech sector during the dotcom boom in the late 1990s. But now the concern is that when prices eventually do rebound, there will be fewer junior miners, and a reduced pool of new mine prospects.

“No one has any interest in a grassroots exploration project right now,” said Yari Nieken, chief executive of Chlormet Technologies, which has bought an e-cigarette company and has a license to grow medical marijuana pending. Read the rest of this entry »

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

21st August 2015

Nunavut mine owner eyes open pit satellite for Meadowbank (Nunatsiaq News – August 21, 2015)

http://www.nunatsiaqonline.ca/

AEM believes Amaruq gold deposit, at two million ounces and growing, might extend Meadowbank’s lifespan

Agnico Eagle Mines Ltd. will study the possibility of transforming its promising Amaruq project, now estimated at two million ounces of gold, into a satellite open pit connected to Meadowbank, the company said Aug. 19.

“This rapidly growing deposit remains a focus for the company given its economic potential, partly due to its close proximity to Agnico Eagle’s nearby Meadowbank mine and mill,” the company said in a news release.

The company said in June that drill teams had continued to find high-grade samples at its new Amaruq site that “exceed our expectations.”

Right now, the Meadowbank mine and mill, which started up in 2010 to become Agnico Eagle’s biggest gold producer, is expected to churn out gold bars until the third quarter of 2018.

But there’s now a possibility that an operation at Amaruq, about 50 kilometres from the existing mine and mill, could extend Meadowbank’s lifespan beyond that date. Read the rest of this entry »

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

21st August 2015

Big (Rotting) Apple – by Kip Keen (Mineweb.com – August 21 2015)

http://www.mineweb.com/

For some miners and resource equities, trading in New York is no longer an option.

HALIFAX – Simply put, low share prices amidst the deep and protracted rout in commodities and mining shares are forcing delistings in New York, or at least raising the spectre of delisting, at an accelerating pace.

Two leading exchanges – the NYSE MKT and the NYSE – house numerous mining and exploration companies, many of which are cross-listed in Toronto or elsewhere.

For Canadian-listed resource companies especially, going to list in New York became increasingly popular during the raging bull market in commodities in the mid to late 2000’s and early 2010’s. Suddenly there was a much greater appetite for resource investing in America.

But in recent months flagging share prices of many of these companies has forced many companies to leave, or chose to leave, given stringent regulations in New York. Read the rest of this entry »

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

19th August 2015

Eldorado Gold shares slump on Greek mining halt (CBC News Business – August 19, 2015)

http://www.cbc.ca/news/business/

Relations between Vancouver-based Eldorado and the leftist Greek government have been testy

Shares of Eldorado Gold slid in Wednesday trading following reports that the Greek government is temporarily halting production at the company’s operations in northern Greece.

Reuters quoted Greek Energy Minister Panos Skourletis as saying Eldorado had “violated some terms.” He provided no elaboration.

“We are recalling the technical studies, which will result in the halting of operations at Skouries and part of operations in Olympiada,” Skourletis said, referring to two of the company’s mine sites.

According to the Associated Press, documents released by the ministry say the violations concern a project to build a copper and gold processing plant, including not carrying out certain tests on the flash smelting process proposed for use. According to the decision, the suspension will be lifted if the company resubmits the necessary documentation and meets the requirements within a year. Read the rest of this entry »

posted in Canada Mining, Canadian Media Resource Articles, Europe Mining, Gold and Silver, Mining Conflict | 0 Comments

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