Gold and Silver – Page 154 – Republic of Mining

Klondike Silver – The Silvery Slocan May Rise Again (Geology For Investors – October 13, 2017)

October 13, 2017

https://www.geologyforinvestors.com/

There is a thing about old mining camps. A certain resonance in the atmosphere. It comes from the hundreds or thousands that once toiled, in dark, dirty and dangerous conditions searching for fortune and fame.

Perhaps it’s the psychic energy of a million broken dreams or the electric shock when just 10 feet more breaks into a whole new vein or the whack of a hammer reveals a boulder of pure silver. Sandon, in the heart of what was known as the “Silvery Slocan” is one such place. Boulders of solid galena (lead sulfide) fell from the mountains, spawning the wildest city in BC, Canada and the beating heart of British Columbia’s last great mining rush.

So confident in their future that they boxed up the creek and put their main street on it, 100 years later it’s piles of rotting timber beside a very free running Carpenter creek. It’s easy to imagine that the mines are as dead as those long ago ghosts.

A Gold Mine on Yellowstone’s Doorstep? – by Aaron Teasdale (Sierra Magazine – October 13, 2017)

October 13, 2017

http://www.sierraclub.org/

“People come from all over the world just to fish this river,” says Max Hjortsberg, a local ecologist and poet, as his fly arcs through the warm July air. Beyond our drifting boat, a broad bottomland rises to alpine summits. Vaulting a vertical mile from the valley floor, one mountain dominates the rest—Emigrant Peak.

If the scenery seems like something out of a movie, that’s because it is. Much of A River Runs Through It (1992) was filmed here in the aptly named Paradise Valley, and the anglers and summer-getaway builders have been flooding in ever since. They come here because the country is big and wild and beautiful; when people imagine Montana, this is what comes to mind.

What they’re probably not thinking of is industrial-scale gold mining, which is what two companies wanted to do just over the border from Yellowstone National Park. Environmental groups feared that the resource-extraction-friendly Trump administration would OK the projects. It did not, and now Paradise Valley’s experience looks like a model for successful land conservation in the Trump era.

B2Gold up on higher-than-expected production – by Cecilia Jamasmie (Mining.com – October 12, 2017)

October 13, 2017

http://www.mining.com/

Shares in B2Gold Corp (TSX:BTO; NYSE: BTG) were up on Friday after the mid-tier miner reported better-than expected gold production for the third quarter of the year.

The Canadian company logged an output of 135,628 ounces of gold, which included 6,340 ounces of pre-commercial production from its newly built Fekola mine in Mali.

Consolidated output exceeded the original budget by 2% (or 2,254 ounces) and reforecast production by 15% (or 17,372 ounces), which the company attributed to “very strong” operational performances of both its Masbate mine in the Philippines and the Otjikoto operation in Namibia as well as the successful early start-up of the Fekola mine in September.

Grasberg mine’s riches still a distant glitter for Papuan communities – by Hans Nicholas Jong (Mongabay – October 13, 2017)

October 13, 2017

https://news.mongabay.com/

High hopes that the world’s biggest gold mine will finally bring meaningful benefit to the community for which it has for decades been a source of contention have been deflated as negotiations hit a wall.

Freeport McMoRan Inc. (FCX) and the Indonesian government are currently hashing out the details of a long-term agreement for an extension of the company’s contract to operate the giant Grasberg gold and copper mine in Papua province, due to expire in 2021.

Freeport announced in August that it had agreed to divest a 51 percent stake in its Indonesian subsidiary, PT Freeport Indonesia (PTFI), in which it currently holds a 90.64 percent stake, following sustained pressure by the government to reform a mining sector long seen as not doing enough to benefit local communities or contribute to the national economy.

NEWS RELEASE: B2Gold Announces First Gold Pour at the Fekola Gold Mine, South West Mali

October 20, 2017October 11, 2017

http://www.b2gold.com/

Vancouver, British Columbia–(Newsfile Corp. – October 11, 2017) – B2Gold Corp. (TSX: BTO) (NYSE AMERICAN: BTG) (NSX: B2G) (“B2Gold” or the “Company”), is pleased to announce that the first gold pour at the Fekola Gold Mine (“Fekola”) occurred on October 7, 2017, approximately three months ahead of schedule. Commissioning of the mill is ongoing and commercial production is expected by the end of 2017.

In the fourth quarter of 2017 the Company is projecting gold production from Fekola of between 50,000 and 55,000 ounces. 2018 is scheduled to be the first full year of gold production, yielding 400,000 to 410,000 ounces for the year. Based on current assumptions this represents an increase in annual gold production of over 70% for B2Gold in 2018.

B2Gold previously announced on September 25, 2017 that construction of the mill at Fekola was completed and the Company had commenced running ore through the system three months ahead of the original schedule and on budget. Additionally, the Company announced a new Life of Mine (“LoM”) plan showing increased production and lower operating and all in sustaining costs (“AISC”) compared with the original (4 Million tonnes per Annum (“MTPA”)) Optimized Feasibility Study for Fekola’s 5 MTPA mill (see press release dated 09/25/2017).

Cautious investors still favouring gold royalty companies over miners – by Jan Harvey (Reuters/Daily Mail – October 11, 2017)

October 11, 2017

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

LONDON, Oct 11 (Reuters) – Investors in precious metals are opting for streaming and royalty companies over pure gold and silver miners this year despite a rise in metal prices, as producers struggle to win confidence in their ability to capitalise on the rally.

Streaming and royalty companies provide financing for exploration and development to precious metals producers in return for a cut of any future output. That gives them exposure to a range of companies in the gold sector, rather than being reliant on any individual stock.

The model makes them a nominally safer bet for investors, but gives them lower leverage to a strong rise in underlying gold prices. Among the biggest streaming companies, shares in Toronto-based Franco-Nevada are up 24 percent and Royal Gold Inc is 40 percent higher this year, while among smaller names, Osisko Gold Royalties has risen 25 percent.

Africa’s Richest Man Aliko Dangote Criticizes Tanzanian President Over Policies – by Mfonobong Nsehe (Forbes Magazine – October 10, 2017)

October 10, 2017

https://www.forbes.com/

Africa’s richest man, Aliko Dangote, has accused Tanzanian President John Magufuli of implementing policies that are unfriendly to foreign investors.

Speaking at the Financial Times Summit in London on Monday, Dangote, 60, said Magufuli is nationalist in his thinking and is trying to seize a majority shareholding of companies in Tanzania that are owned by foreigners.

Earlier this year President Magufuli signed a new mining bill into law which allows the government to take as much as 16% of foreign-owned mining companies for free. “The Government is coming through the back door to seize the assets,” Dangote said.

Gold, zinc explorers spearhead reversal of five-year global exploration downturn – by Samantha Herbst (MiningWeekly.com – October 10, 2017)

October 10, 2017

http://www.miningweekly.com/

JOHANNESBURG (miningweekly.com) – Boosted by increased exploration efforts in the gold and zinc sectors, the global nonferrous exploration budget is up in 2017 – for the first time since 2012 – by more than 14%, year-on-year, to $7.95-billion, according to new analysis by S&P Global Market Intelligence.

The twenty-eighth edition of the firm’s ‘Corporate Exploration Strategies’ (CES) report reveals that global gold budgets are up 22% year-on-year, while zinc-focused producers and junior explorers have boosted the zinc budget by 29% year-on-year to $489-million, based on improved zinc prices since early 2016.

“We know that the juniors have endured the worst of the downturn since 2012, accounting for most of the 40% drop in the number of active explorers over the past five years.

NEWS RELEASE: New Gold Announces First Gold Pour at Rainy River Mine

October 6, 2017

TORONTO, Oct. 6, 2017 /CNW/ – New Gold Inc. (“New Gold”) (TSX:NGD) (NYSE American:NGD) is pleased to report that it has completed its first gold pour at the Rainy River mine, and the company’s commissioning plans remain on schedule. The first pour yielded approximately 500 ounces of gold and 600 ounces of silver.

“Our team is proud to have delivered on all of the key project milestones since the beginning of 2017, however, the first gold pour is a particularly special one for New Gold and its stakeholders,” stated Hannes Portmann, President and Chief Executive Officer. “This achievement is reflective of a true team effort as it would not have been possible without the commitment and resilience of our workforce as well as the strong support of our local communities and Indigenous partners – thank you.”

As previously announced, the Rainy River mine began processing ore on schedule on September 14, 2017. Since that date, the company has successfully processed approximately 290,000 tonnes of ore. Inclusive of four days of intentional downtime as part of the commissioning plan, this translates to an average processing rate of almost 14,000 tonnes per day, or 67% of the 21,000 tonne per day nameplate capacity.

Indonesia’s giant copper nationalisation may be good news for Rio Tinto – by Matthew Stevens (Australian Financial Review – October 4, 2017)

October 4, 2017

http://www.afr.com/

For the best part of a quarter of a century Rio Tinto has struggled to extract any sort of return from its still accumulating $US2 billion investment in the routinely controversial Grasberg copper mine in Indonesia.

But some sort of pay day seems close at hand. Rio’s 40 per cent share in future production from the mine in the West Papua skies is emerging as a pivotal subject of dispute in the latest tug-of-war between Grasberg’s developer and senior owner, Freeport-McMoRan, and the Indonesian government.

Indonesia’s endgame is to inflate the level of local ownership of Grasberg from 9.36 per cent to a controlling 51 per cent. And, after years of bickering that most recently saw Freeport’s copper export licences suspended for 15 weeks, Freeport’s resistance of that ambition appeared to crack with a late-August agreement between miner and government on the pathway to nationalisation.

[Alaska Mining] Bristol Bay braces for long awaited Pebble Mine plans – by Dave Bendinger (Alaska Public Media – October 3, 2017)

October 4, 2017

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This week, Pebble Limited Partnership is expected to publicly unveil the outline for a plan to mine the copper and gold deposit northwest of Iliamna. Those who have been briefed say the company’s plans call for a much smaller mine than discussed before, and appear to address many of the concerns raised by Bristol Bay residents and fishermen, environmentalists and the EPA.

As a region, the Bristol Bay watershed has largely opposed Pebble, perhaps in increasing numbers, for the past decade. Much of the effort focused on pushing President Obama’s EPA to finalize preemptive Section 404(c) Clean Water Act restrictions that would have blocked permitting of Pebble Mine’s dredge and fill activities.

Pebble filed several lawsuits, alleging in one that EPA and anti-mine activists were colluding to reach a predetermined outcome. That lawsuit found traction in the court of U.S. District Judge H. Russel Holland, who agreed to an injunction against further EPA effort until the case was resolved.

Excerpt from J.P. BICKELL: The Life, the Leafs, and the Legacy – by Jason Wilson, Kevin Shea and Graham MacLachlan

October 3, 2017

To order a copy of “J.P. BICKELL: The Life, the Leafs, and the Legacy”: https://www.dundurn.com/books/JP-Bickell

Jason Wilson is a bestselling Canadian author, a two-time Juno Awards Nominee, and an Adjunct Professor of History at the University of Guelph. He has performed and recorded with UB40, Ron Sexsmith, Pee Wee Ellis, and Dave Swarbrick. Jason lives in Stouffville, Ontario.

Kevin Shea is a renowned hockey historian and bestselling author of fourteen hockey books. He is the Editor of Publications and Online Features for the Hockey Hall of Fame, a member of the Toronto Maple Leafs Historical Committee, and a founding member of Road Hockey to Conquer Cancer. Kevin lives in Toronto.

Graham MacLachlan is a relative of J.P. Bickell who has an extensive business background in international trade that is equalled by his involvement in hockey in the IIHF, the WHL, Hockey Canada, Hockey Alberta, and Hockey Calgary. Graham lives in Calgary, Alberta.

OVERVIEW

He stayed out of the spotlight, but Leafs fans know J.P. Bickell cast a long shadow.

A self-made mining magnate and the man who kept the Maple Leafs in Toronto and financed Maple Leaf Gardens, J.P. Bickell lived an extraordinary and purposeful life. As one of the most important industrialists in Canadian history, Bickell left his mark on communities across the nation. He was a cornerstone of the Toronto Maple Leafs, which awards the J.P. Bickell Memorial Award to recognize outstanding service to the organization.

Bickell’s story is also tied up with some of the most famous Canadians of his day, including Mitchell Hepburn, Roy Thomson, and Conn Smythe. Through his charitable foundation, he has been a key benefactor of the Hospital for Sick Children, and his legacy continues to transform Toronto. Yet, though Bickell was so important both to Toronto and the Maple Leafs, the story of his incredible life is today largely obscure. This book sets the record straight, presenting the definitive story of his rise to prominence and his lasting legacy — on the ice and off.

White River benefits from new Harte Gold mine – by Jeff Walters (CBC News Thunder Bay – October 03, 2017)

October 3, 2017

http://www.cbc.ca/news/canada/thunder-bay/

200 jobs may be created in 800 person community

A complete 180-degree turn would be the best way to describe the economy of White River, Ont. A decade ago, the local sawmill was closed, and the future of the community looked bleak.

Now, in 2017, hundreds of new jobs are slated to come to the community of 800 people along Highway 17 in northwestern Ontario. In fact, there is even a labour shortage in the small community. “Seeing the mine that was being prospected for years slowly come into development is great news for White River, it’s brought a lot of new jobs, and stimulated our economy, so it’s all good news,” said Angelo Bazzoni, the Mayor of White River.

“White River is a robust little community, and when it falls flat on its face, we get together, we rebuild it. This is what we’ve always wanted to do, and it’s working out great for us.”

Surging U.S. Dollar Sinks Gold, Silver Prices – by Jim Wyckoff (Kitco News – October 2, 2017)

October 3, 2017

http://www.kitco.com/

(Kitco News) – Gold prices ended the U.S. day session down and hit a six-week low Monday. Silver prices were just slightly lower but dropped to a seven-week low early on today. The appreciating U.S. dollar on the foreign exchange market and little risk aversion in the marketplace at present are bearish elements for the gold and silver markets. December Comex gold was last down $8.10 an ounce at $1,276.60. December Comex silver prices were last down $0.011 at $16.665 an ounce.

It was a very somber mood among U.S. traders and investors Monday. A shooting spree in Las Vegas late Sunday that left over 50 people dead and over 500 wounded was the worst shooting spree in modern U.S. history. The attack is not believed to be a terrorist event and did not impact the markets.

World stock markets were mostly firmer Monday. U.S. stock indexes were mixed in early afternoon trading. The S&P 500 index scored another record high Monday, to accentuate the upbeat trader/investor risk attitudes at present.

US Mining Giant Takes on Indonesian Government over Mine Divestiture (Asia Sentinel – September 30, 2017)

October 2, 2017

https://www.asiasentinel.com/

Freeport McMoRan refuses to go along with Jakarta’s takeover plan

Freeport-McMoRan Inc, the US-based mining giant, has come out swinging publicly against plans by the Indonesian government to take over a controlling interest in its Grasberg Mine, the world’s largest gold mine and the second largest copper mine, located on high on the side of a remote mountain in the province of Papua.

The Phoenix, Arizona company owns 90.64 percent of PT Freeport Indonesia, the principal operating subsidiary. The Indonesian government currently owns the remaining 9.36 percent.

In a Sept. 28 letter to the secretary general of Indonesia’s finance ministry, Rick Adkerson, Freeport’s chief executive, said the company, which has operated the mine since 1972, “has worked to be responsive to the government’s aspirations for 51 percent ownership but has been consistently clear that the divestment is conditional upon the transactions reflecting fair value of the business through 2041 and that Freeport retain management and governance control. These are non-negotiable positions.”