This article was originally published in the March 14, 2007 edition of Northern Life – Sudbury’s Community Newspaper. It is being posted for archival purposes.

Patrick Moore, founding member and former president of Greenpeace, supports the mining sector. This is the same Patrick Moore, who, with his band of Rainbow Warriors forced the American and French governments to stop nuclear testing, shamed the Russians and Japanese to halt factory whaling and were a nightmare for Newfoundland sealers.

He lightheartedly quipped that all his life, he had been against many issues so he finally decided to be in favour of something. He stated the obvious fact that the world’s real needs for food, energy and building materials cannot be met without a growing mining sector. Moore gave an engaging luncheon speech at the Prospectors and Developers of Canada (PDAC) convention, last Wednesday that highlighted the many benefits the mining sector brings to impoverished lesser-developed countries around the world and the hypocrisy of many in the NGO environmental movements.

He mentioned that many of the environmental extremists who focus on greenhouse gasses and global warming are adamantly again nuclear energy and hydro-electric dams – the two sources of clean energy that can significantly help in solving these problems. During the past decade the mining industry has embraced many sound practices in water shed management, land restoration and pollution reduction that have significantly reduced their impact on the environment. In addition, sustainable mining initiatives in the social arena – the most challenging part of this new strategy – helps build up local capacity, through education, health care and economic diversification initiatives.

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This article was originally published in the March 7, 2007 edition of Northern Life – Sudbury’s Community Newspaper. It is being posted for archival purposes.

South African premier plans to head to Sudbury while in Canada

Seventy-five years old and still going strong as ever. The annual Prospectors and Developers Association of Canada (PDAC) convention, which got under way Sunday at the Metro Toronto Convention Centre, is expecting to see almost 18,000 participants. Like the price of many of the metals its members are searching for, this is a new record high.

The organization was first founded in 1932, early in the Great Depression in order to fight some new provincial government regulation that was detrimental for struggling prospectors. Copper was then selling at four cents a pound (US), nickel was about 35 cents per pound, and gold could be bought for $20.67 per ounce. How things change and how they stay the same.

The March convention is the world’s premiere event for mineral exploration and development professionals. These include representatives of major and small to medium-sized junior exploration and mining companies, technical experts, government officials, prospectors, and mine financiers and investors, just to name a few of the participants.

This is the largest and sometimes one of the most “hard-drinking” and notorious conventions in Toronto. Twenty years ago, when it was still held at the Royal York Hotel, a mining promoter was murdered by an angry creditor. The longest reigning PDAC president, Viola MacMillan, was charged with insider trading during the infamous Windfall Scandal of 1964.

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This article was originally published in the March 12, 2006 edition of Northern Life – Sudbury’s Community Newspaper. It is being posted for archival purposes.

The Prospectors and Developers Association promotes the exploration and development sectors of the Canadian mineral industry

The 74th annual PDAC (Prospectors and Developers Association of Canada) convention that ran from last Sunday to Wednesday was a smashing success, the biggest ever. It is the mining world’s version of the “Academy Awards” but spread over four days and with just as much networking, deal making and partying. PDAC is the largest gathering of mineral explorationists, developers, investors, bankers, financiers, analysts and government representatives in the world.

Established in 1932, the PDAC is a national not-for-profit organization that supports and promotes the exploration and development sectors of the Canadian mineral industry. There are about 1200 mining companies in Canada and almost 700 that are actively exploring worldwide on 3,500 projects. Canada is a global powerhouse in the mining sector and our expertise in many facets of the industry is well respected and in demand internationally.

Toronto’s stock exchange helps raise almost half of global venture capital for exploration and mining projects while about 65% of the world’s mining companies are listed here.

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The mood at the annual Prospectors and Developers Association of Canada convention in Toronto was definitely more upbeat and promising. As the world’s major economies start to recover from last year’s market crash and the collapse of commodity prices, most observers agree that China’s insatiable appetite for metals will continue.

The recent announcement of China’s Jinchuan Group Ltd.’s $150 million offer to buy Canadian nickel junior Crowflight Minerals and the announced merger between Quadra Mining Ltd. and FNX Mining Company Ltd. confirms that the metallic meltdown is over.

Interestingly enough, if Jinchuan’s takeover succeeds, it will give the Chinese government a small foothold in the Sudbury Basin. Crowflight owns or has under option about 800 square kilometers of advanced-stage base metal exploration properties in this region, the Thompson Nickel Belt as well as the Bucko Lake Nickel Mine, both in Manitoba.

Without a doubt, Ontario’s mining sector was one of the top discussions at this year’s PDAC. The Ring of Fire mining camp, located in the muskeg swamps of the James Bay lowlands, 500 kilometres northeast of Thunder Bay, has almost single handedly heralded the rebirth of Ontario mining industry.

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CHECK AGAINST DELIVERY

Good afternoon, everyone.

I would like to commend the Prospectors and Developers Association of Canada (PDAC) Aboriginal Committee and all its partners for making this forum possible.

Events like this one are important for promoting a greater understanding of the mineral industry by Aboriginal people and encouraging their greater participation in the industry.

It is with that in mind that I have accepted the kind invitation to address the Forum today. 

What I would like to emphasize is that we all have a vested interest in promoting the sustainability of the mineral development sector.  And we all have a vested interest in maximizing the benefits of mining activity for all, including First Nations and Métis communities.

We must continue working together to make the changes that will help us achieve those common goals. 
 
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The PDAC Thayer Lindsley International Mineral Discoveries Award recognizes an individual or a team of explorationists credited with a recent significant mineral discovery anywhere in the world. It reflects the global nature of mining and the fact that Canadians are making enormous contribution to this sector. This award is in memory of Thayer Lindsley, one of the greatest mine finders in all time.

Perry Durning and Frank (Bud) Hillemeyer are recognized for their outstanding record of grassroots discoveries in Mexico, particularly the San Sebastian silver-gold mine, the San Agustin gold deposit, the Pitarrilla silver deposit, and the Camino Rojo gold discovery.

Durning and Hillemeyer formed La Cuesta International in 1993 after roughly a decade together at Fischer-Watt Gold, an Arizona and Nevada-based mineral exploration firm.

La Cuesta’s first major discovery was the San Sebastian mine in Durango State, Mexico.

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The PDAC Viola R. MacMillan is named after the PDAC’s longest serving president. It honours a person who has demonstrated leadership in management and financing for the exploration and development of mineral resources.

Ross J. Beaty is honoured for successfully founding and operating nine resource companies, including Equinox Resources, Pan American Silver Corp., Northern Peru Copper Corp., Global Copper Corp., and Magma Energy Corp.

Beaty, who is foremost a geologist, says his ilk may be the only profession “paid to fail.” Of course, there are exceptions.

Since 1994, Beaty has raised more that $1 billion in capital and created shareholder wealth in excess of $4 billion.

Beaty, with a master’s degree in geology and a law degree, launched an empire in 1980 with the eponymous Beaty Geological, a contract geological services company that was later bought for shares in Beaty’s first public company, Equinox Resources. Equinox’s initial public offering, in 1985, netted $110,000.

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The PDAC Distinguished Services Award recognizes an individual for one or more of the following: substantial contribution to the mineral exploration and mining development; considerable time and effort expended on behalf of the PDAC; outstanding contributions to the industry in finance, geology, geophysics, geochemistry research, or a related activity.

Nicholas C. Carter is being recognized for fostering mineral exploration and mining in Canada through his active role in a number of associations and professional societies.

Carter was born and raised in Little Long Lac, Ontario, not more than 200 yards from the headframe of the Little Long Lac gold mine. Carter’s father, a well known, meticulous mining engineer, who later managed the Little Long Lac mine, provided his son with a template for achievement.

Carter graduated from the University of New Brunswick in 1960 as a geologist and proceeded immediately to Michigan Technological University where he studied the iron formations of part of the Marquette Range as part of a master’s degree in geology.

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The PDAC Skookum Jim Award is named after Skookum Jim, the Aboriginal leader of the group that discovered the Yukon Klondike goldfields, one of Canada’s most important mineral discoveries. Recipients of this award will have demonstrated exceptional achievement and/or service in a Canadian Aboriginal-run service business for the Canadian mining industry or a Canadian aboriginal exploration or mining company or made a significant individual contribution to the mineral industry either technically, through a business venture, or through a mineral discovery.

Willie S. Keatainak is recognized for his key role in negotiating the Raglan Agreement, encouraging  others to take advantage of the opportunities that the Raglan mine offers, and his longstanding involvement in Nuvumiut Developments, an Inuit community-based company serving the mining industry.

Keatainak is on a mission to better the lives of his people, the Inuit living in communities in far northern Quebec, especially those in his home village of Salluit, situated on the northern tip of the Ungava Peninsula.

In the early 1990s, as the mayor of Salluit, Keatainak acted as the chief negotiator on a team seeking long-term economic stability for Inuit communities through the development of Falconbridge Ltd.’s Raglan nickel depostis, emplaced in the nearby Cape Smith-Wakeham Bay ultramafic belt.

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The PDAC Environmental and Social Responsibility Award recognizes an individual or organization demonstrating outstanding initiative, leadership and accomplishment in protecting and preserving the natural environment or in developing good community relations during an exploration program or operation of a mine.

De Beers Canada is recognized for establishing good community relations and ensuring environmental protection at its two diamond mines in Canada.

The company operates Snap Lake in the Northwest Territories and Victor in northern Ontario with about 850 full-time employees, and another 50 part-time and seasonal workers.

About 40% of Victor and one-quarter of Snap Lake employees are aboriginal.

Aboriginal communities are represented by four separate Impact Benefit Agreements at Snap Lake; three Impact Benefit Agreements and a Working Relationship Agreement are in place with the communities surrounding Victor.

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Ladies and gentlemen, Thank you very much.

As many of you are aware, since I joined the PDAC Board in 2004, I have been actively advocating for greater participation by aboriginal peoples in our industry and greater co-operation between companies and communities. Thor Lake has provided an opportunity to practice what I have been preaching and for Avalon to actively implement some of the community engagement principles of E3 Plus that PDAC has been encouraging all of its members to adopt.

In this regard, I have been very fortunate to have Bill Mercer, another vocal advocate for better CSR practice in our industry, as a committed and inspirational partner.

Perhaps the two most successful and innovative initiatives were the driller helper training program which is a largely a tribute to Bill’s prodigious energy and enthusiasm and the Naming Ceremony an ambitious undertaking organized by our equally energetic community advisor in Yellowknife, David Connelly.

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The PDAC Environmental and Social Responsibility Award recognizes an individual or organization demonstrating outstanding initiative, leadership and accomplishment in protecting and preserving the natural environment or in developing good community relations during an exploration program or operation of a mine.

Avalon Rare Metals Inc. is being recognized for its responsible exploration practices with respect to community engagement and its encouragement of skills training and employment for aboriginal people.

Before applying for a land-use permit from the Mackenzie Valley Land and Water Board or setting foot on its new Thor Lake property in the Northwest Territories, Avalon President and CEO Don Bubar introduced himself with letters written to four Dene leader in communities around Thor Lake.

After several attempts at convening a meeting, Bubar was able to sit down with Dene leaders at a neutral location.

They were surprised that Avalon had not applied for a land-use  permit before requesting a meeting. Other companies either had received or applied for land-use permits and then sought permission to enter Dene land.

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The PDAC Bill Dennis Prospector of the Year Award honors the memory of past PDAC president Bill Dennis who was one of the association’s staunchest supporters during its formative years and a prominent and respected prospector. This award is presented to individuals or groups who have made a significant mineral discovery, offered noteworthy contributions to the PDAC, or have been involved in some important service or technological invention or innovation that helped improve the Canadian prospecting and exploration industry.

John D. Harvey, Donald Hoy, Richard Nemis, Neil D. Novak and Mac Watson are recognized for the significant base metals and chromite discoveries in northern Ontario’s Ring of Fire.

In 2002, Neil Novak, as vice-president of Spider Resources Inc., was seeking kimberlites in the James Bay lowlands in a joint venture with KWG Resources Inc.

Novak had found 1.1-billion-year-old, diamond-bearing kimberlites under 130 metres of sand and limestone. De Beers Canada Exploration, curious about Novak’s work, formed a JV with Spider-KWG to look at their geophysical and geochemical database.

Novak’s expertise led De Beers to launch a reverse-circulation drill program near McFauld’s Lake, northern Ontario.

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What a difference a year makes at the Prospectors and Developers Association of Canada (PDAC) annual convention, the largest on the planet. The PDAC is where the world’s mining analysts, investors, prospectors, exploration managers, government representatives and anyone else connected to this industry come to meet, do business, attend lectures and of course party. There is also a large Investor’s Exchange that the general public can attend to find out about the newest exploration plays or interrogate company presidents about their stock performance.

Needless to say, the mood was somewhat somber as everyone is trying to cope with commodity prices and metal demand that over the past six months have fallen off the proverbial cliff. The rapidness of the crash, along side with the unprecedented turmoil in credit and capital markets that has dried up funding for most exploration and development work has sent a legitimate fear throughout the entire junior mining sector.

A PricewaterhouseCoopers survey found that the market capitalization of the top 100 TSX-V junior mining companies plummeted from $20.2 billion on June 30, 2007 to $4.1 billion by November 2008. Investors are shunning higher risk exploration companies like the plague.

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With 35 years of institutional investing and money management experience in the United States and Canada, Donald Coxe has a unique background in North American and global capital markets. www.donaldcoxe.com

Due to illness, Mr. Coxe could not give this keynote address at the PDAC convention. PDAC and Mr. Coxe have graciously allowed Republic of Mining.com to post the speech. www.pdac.ca

“WHEN YOU COME TO A FORK IN THE ROAD—TAKE IT”
Don Coxe,
Chairman, Coxe Advisors LLC.

Hello Toronto—I truly wish I were with you. This is a desire that goes back a long way.

Nearly 6 decades ago, when I started reading The Northern Miner, I concluded that the Prospectors and Developers Association convention must be the neatest convention in the world, and the biggest thrill would be to be giving the keynote address to that convention. I could never aspire, then, to that happening. I had to live a long time, and then I proceeded to get sick.

In that sense, it’s an abbreviation of what has happened to us all, which is that, as of a year ago, it seemed that we’d got what we wanted. It was all coming true—and all of a sudden, a financial collapse hit Wall Street. As you know, for the last 6 years, I’ve been telling people that “We are living through the greatest simultaneous efflorescence of personal economic liberty in human history.”

By that, I mean people who for the first time, (after having led lives of privation and poverty) are moving into dwellings with indoor plumbing, electricity, basic appliances, and acquiring access to private motorized transportation. The people who have those things have more personal economic freedom than 99% of the people whom have ever lived.

What’s happened in this decade is simply that a whole section of the world began to catch up to where we in the industrial world had long been, thereby transforming the outlook for the mining industry.

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