Archive | Gold and Silver

How a young miner living in a small town spends his $92,000 salary – by Anna Sharatt (Globe and Mail – November 20, 2017)

In Kirkland Lake, Ont., Patrick Adams has found happiness. Seven years ago, after graduating from Mohawk College in Hamilton in TV broadcasting, a friend got a job in one of the town’s local mines. Mr. Adams joined him on his trip north – and never left. He started in a job with Canadian Tire and eventually found entry-level mining jobs.

Now he works underground in a mine and pulls in $92,000 a year. “My work schedule is fantastic,” says Adams, who works less than half the year, while banking a fair bit of overtime.

In the past few years, Mr. Adams has married, had two kids, and bought two properties. His 2,000-square-foot home is a cushy bungalow, flanked by his ATV, boat, snowmobile and two vehicles. “It’s very nice that I have this lifestyle up here,” says Mr. Adams. “I have trails right outside my front door. I take it all in up here.” Continue Reading →

United Steelworkers seeks Ottawa’s help for striking Mexican miners at Canadian-operated mine – by Levon Sevunts (Radio Canada International – November 20, 2017)

One of the largest Canadian trade unions is calling on the federal government to intervene with Mexican authorities and a Canadian mining company after two people were killed near a Canadian-operated gold mine in the country’s southern Guerrero state on Saturday.

The United Steelworkers (USW) says the murder of two striking workers underscores the widespread repression of basic labour rights in Mexico even as these fundamental rights are a key part of the proposed changes to the North American Free Trade Agreement being renegotiated now.

“On Saturday, November 18 – four days after the Canadian government was warned of the potential for such violence – an armed group murdered two striking workers from the Canadian-owned Media Luna gold mine in the state of Guerrero,” Ken Neumann, the USW’s national director for Canada, said in a statement. Continue Reading →

Apple, Google and other phone companies ranked for connections to wars and human rights abuses – by Andrew Griffin (The Independent – November 19, 2017)

Many of the materials needed to make new electronics has unknown connections to the rest of the world

The phones in your pocket and the laptops on your desk might include materials linked to a range of horrific abuses, according to two major new reports.

Materials like gold and cobalt power the batteries and other components required to keep the world running. But they might also be endangering the world, by funding groups that undermine safety and protections in companies like the Democratic Republic of Congo.

The two reports show that products from a range of companies are made with materials that could be directly funding conflict in some of the most vulnerable places in the world. Continue Reading →

The World Needs Copper. Does It Need This Controversial Mine? – by Julia Rosen (National Geographic – November 15, 2017)

The fight over the proposed Pebble mine in southern Alaska is a harbinger: Global copper demand is expected to grow dramatically.

On a Thursday in October, dozens of Alaskans piled into a cavernous airplane hangar in the remote village of Iliamna to discuss — yet again — the fate of the proposed Pebble Mine. Seventeen miles to the northwest, underneath snaking rivers and spongy bogs, lies one of the largest undeveloped deposits of copper and gold in North America.

Mining companies have been exploring it for decades. But many fear that an open pit mine here, at the headwaters of two of the last great salmon rivers on Earth, will harm fish — and the people who depend on them.

In 2014, the Environmental Protection Agency moved to impose restrictions that would have blocked plans for a large mine, citing the impacts on fish-bearing streams, lakes, ponds, and wetlands. But the mine’s backers sued, putting the restrictions on hold. Continue Reading →

Osisko’s hybrid model could be the future of gold streaming – by Frik Els ( – November 11, 2017)

Precious metal streaming and royalty companies are the envy of the industry. The relative share price performance over a 10-year period of the largest gold streaming and royalty companies vs the top gold miners is eye-popping (and for those who picked the wrong crowd a decade ago probably eye-watering).

Investors love streamers for their (more) predictable cash flows, minimal GSA overheads, revenues per employee more associated with companies making iPhone apps and low risk profiles. Miners are attracted to streaming deals because it’s not dilutive like equity transaction and easy on balance sheets.

Clearly the kinds of returns shown on the graph will attract competitors and the field has become much more crowded – from micro and small caps like Metalla and Maverix to companies like Sandstorm bent on a billion dollar evaluation. Even the likes of Glencore is toying with the idea of spinning off a streaming company. Continue Reading →

Wawa looks golden, again: Argonaut Gold tabs 17-year mine life for Magino project – by Staff (Northern Ontario Business – November 9, 2017)

The emerging Wawa gold camp may be adding another mine. A positive feasibility study released by Toronto’s Argonaut Gold expects its Magino gold project in northeastern Ontario to produce nearly two million ounces of gold over the course of a 17-year mine life.

The company outlined the economics and production for an open-pit mine when it released a feasibility study for the advanced stage gold project, Nov. 8.

The 2,204-hectare property, a former underground gold mine, is located 40 kilometres northeast of Wawa and 14 kilometres southeast of Dubreuilville. The project is close to Richmont’s Island Gold mine. Continue Reading →

[British Columbia Golden Triangle] Pretium ramps up – by Lesley Stokes (Northern Miner – October 30, 2017)

VANCOUVER — Pretium Resources’ (TSX: PVG; NYSE: PVG) new 8.7 million oz. Brucejack gold mine in northwestern B.C.’s Golden Triangle district is “well on its way” to becoming a 500,000 oz. per year gold producer, president and CEO Joseph Ovsenek says.

During the third quarter, the company produced 82,203 oz. gold from 261,262 tonnes grading 10.52 grams gold per tonne. News of the results drove company shares up 28% to peak at $15.48, before settling to $14.98 at press time.

“I’m fairly confident that our quarterly results beat the expectations on the street,” Ovsenek tells The Northern Miner during a phone interview. “There’s also a Credit Suisse research note that talked about a large short position on Pretium, and how this is forcing some of those to cover. So I expect that’s a big part of our recent share price gain as well.” Continue Reading →

Op-Ed Pebble Mine is a poison pill for Alaska’s wild salmon – by Carl Safina and Joel Reynolds (Los Angeles Times – November 9, 2017)

Carl Safina is a professor of journalism at Stony Brook University and the founder and president of the Safina Center. Joel Reynolds is western director and senior attorney at the Natural Resources Defense Council.

The Bristol Bay watershed, in southwest Alaska, comprises 40,000 square miles of bogs and evergreen forests, rimmed by distant mountains and shimmering with rivers and feeder streams. In these waterways, miracles happen. Together they sustain the largest remaining salmon fishery on Earth.

For more than a decade, a Canadian mining company, Northern Dynasty Minerals, has wanted to gouge one of the world’s largest gold and copper mines into the heart of the watershed, putting its rivers on a centuries-long poison drip.

The company has failed to move forward with the project, known as Pebble Mine, due to intense and sustained opposition. Continue Reading →

Armed separatists occupy villages near Freeport’s Indonesia mine – by Fergus Jensen, Agustinus Beo Da Costa and Sam Wanda (Reuters U.S. – November 9, 2017)

JAKARTA/TIMIKA, Indonesia (Reuters) – Armed separatists have occupied five villages in Indonesia’s Papua province, threatening to disrupt Freeport-McMoRan Inc’s giant Grasberg copper mine, which has already been hit this year by labor unrest and a dispute over operating rights.

A state of emergency has been declared and around 300 additional security forces have been deployed to the mining area of the eastern province after a string of shootings since Aug. 17 that killed one police officer and wounded six.

“They want to disrupt Freeport’s operations,” said Suryadi Diaz, a spokesman for the Papua police. “(Freeport) is rich but they are poor, so they just want justice,” Diaz said, adding that the militants were a splinter group of the separatist Free Papua Movement (OPM). Continue Reading →

McEwen Mining targeting acquisition spree to get S&P listing – by John Revill (Reuters U.S. – November 7, 2017)

ZURICH (Reuters) – McEwen Mining (MUX.TO) is on a buying spree as the Canadian gold company aims to grow its market capitalization by more than five times to achieve its ambition of a listing on the S&P 500, chief owner Rob McEwen said on Tuesday.

The Toronto company is seeking to buy several assets, ideally distressed companies or mines whose owners are in financial difficulties, to help raise its market capitalization to $5 billion from under $1 billion now.

In May this year, Canadian resources magnate McEwen said he was giving himself two-to-three years to make his company only the second gold mining company in the S&P 500. Continue Reading →


TORONTO, Ontario – November 7, 2017 – Centerra Gold Inc. (“Centerra” or the “Company”) (TSX:CG) and AuRico Metals Inc. (“AuRico Metals”) (TSX:AMI) are pleased to announce that they have entered into a definitive arrangement agreement (the “Arrangement Agreement”) whereby Centerra will acquire all of the issued and outstanding common shares of AuRico Metals (the “Arrangement”) for C$1.80 in cash consideration per share (the “Purchase Price”), representing an aggregate transaction value of C$310 million.

The Purchase Price represents a 38% premium to the closing price of AuRico Metals’ common shares on the Toronto Stock Exchange (“TSX”) on November 6, 2017 and a premium of 37% to the 20-day volume weighted average price (“VWAP”) as of such date.

AuRico Metals is developing the Kemess property in British Columbia, Canada; a low-cost brownfield development asset that is host to the feasibility-stage Kemess Underground (“KUG”) and preliminary economic assessment level Kemess East (“KE”) projects. AuRico Metals also owns a high-quality, freecash flow generating royalty portfolio which includes a 1.5% net smelter return (“NSR”) royalty on the Young-Davidson gold mine in Ontario and a 2.0% NSR royalty on the Fosterville mine in Australia. Continue Reading →

The View from the Goldcorp Chairman’s Office – by Tommy Humphreys ( – Novmeber 2, 2017)

Ian Telfer’s office at Goldcorp looks nothing like the rest of the company’s double story headquarters atop Park Place, a pink marble tower that is one of Vancouver’s largest skyscrapers.

The Goldcorp chairman’s corner suite overlooks a spectacular view, like an eagle’s nest atop the city. The walls are painted dark, giving the impression of a chic hotel lounge more than a workspace. Warm paintings of local landmarks decorate them. Ian Telfer, a trim, dapper figure and a giant of the gold business, is seated behind the desk. He shrugs his shoulders, nonchalantly, and tells me he bought the paintings from a local artist he found in a coffee shop.

I used to work in the building myself, as a summer student for RBC Dominion Securities. During a 2006 building renovation, there was a lot of buzz about the new tenant taking over the penthouse suite. That tenant was Goldcorp. Ian Telfer and Frank Giustra’s Wheaton River Minerals had successfully navigated the gold boom of the early 2000s and acquired Goldcorp to become Canada’s second largest producer. It was the talk of the town then and still is today. Continue Reading →

Battery tech is the new gold for Kirkland Lake – Ian Ross (Northern Ontario Business – November 2, 2017)

California’s Artisan Vehicle Systems chooses northeast town for Canadian assembly, R & D hub

A leading edge California manufacturer of battery-powered underground mining vehicles is putting down roots in Kirkland Lake.

Artisan Vehicle Systems announced Oct. 31 that it’s building a 60,000-square-foot Canadian headquarters featuring a service centre, vehicle assembly shop, and product research facility in the northeastern Ontario gold mining town to be closest to its biggest customer, Kirkland Lake Gold.

The company is talking about creating 60 jobs over the next two years as they put shovels in the ground within a year-and-a-half to build a state-of-the-art “Centre of Excellence” in the Archer Drive business park. Continue Reading →

Making Indonesian Rivers Great Again – by Muhammad Beni Saputra (The Diplomat – October 31, 2017)

Indonesia’s rivers are heavily polluted, but they can still be saved.

I once lingered at Pont d’Iena Bridge staring at the River Seine, which flows beautifully at the foot of the Eiffel Tower in the city of Paris. The clean surface of the iconic river, as seen from the bridge, had successfully entranced me and my memory flew southeast to my peaceful village near the Bukit Tiga Puluh National Park in Jambi, Indonesia. I remembered my childhood friend, the Batanghari River.

Sadly, the Batanghari is no longer as clean and clear as it was 18 years ago when I was a child. Yes, the longest river in Sumatra is now muddy, dirty, and polluted, joining hundreds of other rivers throughout Indonesia that have long contained harmful chemicals.

Research by the Indonesian Ministry of Environment and Forestry showed that 75 percent of rivers in the country are seriously polluted, 52 of which are categorized as heavily polluted, and 118 watersheds out of 450 are critically polluted. Continue Reading →

South Africa’s Sibanye confirms over 2,000 layoffs at gold mines – by Ed Stoddard (Reuters U.S. – November 1, 2017)

WESTONARIA, South Africa (Reuters) – South African precious metals producer Sibanye-Stillwater confirmed on Wednesday that it had laid off more than 2,000 gold miners as it shuts its loss-making Cooke shafts where illegal mining syndicates have plagued its operations.

Layoffs are a thorny political and social issue in South Africa, where the jobless rate is close to 28 percent and labor groups including the National Union of Mineworkers (NUM) are allies of the ruling African National Congress (ANC).

The NUM, which plans to hold a rally on Wednesday to protest the job cuts, announced the retrenchments on Tuesday. Continue Reading →