Archive | British Columbia Mining

‘A complete disaster’: Investors take aim at Teck CEO Don Lindsay after commodity cycle misses – by Gabriel Friedman (Financial Post – May 20, 2020)

https://business.financialpost.com/

Days after Teck Resources Ltd. publicly pulled the plug in February on Frontier, a proposed $20.5-billion mine in the oilsands, one of the company’s largest investors started a campaign to oust the company’s chief executive, Don Lindsay.

Bob Bishop, founder of Impala Asset Management, a Florida-based resource focused hedge fund, which has been a shareholder since 2016, wrote a letter in late February to the board; and then a few days later, just before coronavirus halted all air travel, he flew to Toronto to deliver his message in person to the company’s chair Sheila Murray: It’s time for Lindsay to go.

For Bishop, whose firm owned 1.9 per cent of Teck’s Class B shares at year end, oil was proving to be another mistake in a long line of miscalculations: Teck invested $1.1 billion in Frontier, one of the largest greenfield oil projects ever imagined in Canada, before it abruptly withdrew from the permitting process. Continue Reading →

Teck CEO defends strategy at mining conference as investors launch criticism – by Dan Healing (Canadian Press/Global News – May 12, 2020)

https://globalnews.ca/

The CEO of Teck Resources Ltd. defended his company’s growth strategy on Tuesday as dissident shareholders criticized what they called “underperforming” investments in coal and oilsands.

“Our strategy is very straight forward,” said CEO Don Lindsay in a webcast speech at the online Bank of America Securities Global Metals, Mining and Steel conference.

“Teck is implementing a copper growth strategy financed by the strong cash flows from steel-making coal and zinc. We are focused on rebalancing our portfolio to ultimately make our copper business bigger than our coal business, beginning with QB2, which will double our copper production on a consolidated basis.” Continue Reading →

Bishop’s Impala Joins Campaign to Oust CEO of Teck Resources – by Danielle Bochove (Bloomberg News – May 11, 2020)

https://www.bnnbloomberg.ca/

(Bloomberg) — Impala Asset Management has become the second investor in a month to go public about efforts to pressure Canadian miner Teck Resources Ltd. into ousting its longstanding CEO.

The Connecticut firm, founded by industry veteran Bob Bishop, said it sent a letter to Teck’s board Feb. 28, excerpts of which it provided to Bloomberg.

The letter criticizes Teck’s chief executive officer, Don Lindsay, for what the firm calls destruction of shareholder value while saying he received one of the biggest paychecks in the industry. In 2019, Lindsay’s total compensation was C$9.2 million ($6.6 million), including C$1.64 million in salary. Continue Reading →

OPINION: Can Teck Resources fend off attacks from activist funds? – by Eric Reguly (Globe and Mail – May 9, 2020)

https://www.theglobeandmail.com/

Teck Resources, one of the last Canadian-controlled mining companies of any size, has been in the news a lot in recent months – for all the wrong reasons.

In December, the Vancouver company emerged as one of the bogeymen at the climate change summit in Madrid, where Canadian Environment Minister Jonathan Wilkinson was peppered with questions about Teck’s proposed $20-billion Frontier oil sands projects in northern Alberta.

If cabinet were to approve the project, his climate change plan would lose all credibility on the world stage. But Teck killed Frontier in February, sparing cabinet from having to make a no-win decision. Continue Reading →

Teck Resources posts loss as miner grapples with impact of coronavirus, rail blockades – by Niall McGee (Globe and Mail – April 22, 2020)

https://www.theglobeandmail.com/

Production and profit plunged at Teck Resources Ltd. in the first quarter as Canada’s biggest diversified mining company grappled with the damaging impact of the novel coronavirus that hammered commodity prices across its coal, copper and energy segments.

For the three months ending March 31, Vancouver-based Teck reported a loss of $312-million compared with a profit of $630-million in the same period last year.

On an adjusted basis, the miner reported a profit of 17 cents a share, two cents lighter than analysts surveyed by Refinitiv predicted. Revenue fell by 23 per cent to $2.4-billion. Continue Reading →

Exploration companies don’t qualify for federal wage top-up – by Nelson Bennett (Business In Vancouver – April 16, 2020)

https://biv.com/

Right about now, mineral exploration companies will be gearing up for a season of drilling and other exploration activities in B.C.

Last year, junior exploration companies spent $329 million on exploration in B.C., with 55% of that spent in the Golden Triangle area of Northwest BC, according to an annual report by the Association of Mineral Exploration of BC.

Because mining and exploration are deemed essential, junior exploration companies may not be affected by pandemic containment measures as much as some other sectors, although there are enhanced safety measures that they must abide by for things like remote work camps, and changes to the Workers Compensation Act. Continue Reading →

COVID-19 anxiety used in ‘textbook’ pump and dump – by Nelson Bennett (Business In Vancouver – April 15, 2020)

https://biv.com/

Securities commissions warn of aggressive promotion of Crestview Exploration

A mythical stock promoter who claims to live in B.C. has been aggressively promoting a junior gold exploration company listed on the Canadian Stock Exchange, and despite warnings issued by the securities commission, there appears to be plenty of dupes buying up its stock.

It is being described by junior mining investment experts as a brazen “textbook” pump and dump scheme. The company that is the target of the aggressive stock promotion, Crestview Exploration Inc. (CSE:CRS), headquartered in Calgary, says it has no idea who the promoter is or why he has targeted them for their scheme.

The B.C and Alberta securities commissions have issued warnings about it, and the publishers of the Mercenary Geologist and Caesar.s Report say there are red flags all over. Continue Reading →

Teck Resources facing calls to shut down coal mines in British Columbia over COVID-19 fears – by Niall McGee and Eric Reguly (Globe and Mail – April 9, 2020)

https://www.theglobeandmail.com/

Teck Resources Ltd. faces allegations of putting thousands of British Columbia miners at risk of contracting COVID-19 and spreading the virus into the nearby communities by keeping open its massive coal operations.

Kelty Pelechytik, who lives near the company’s coal mines in the east Kootenay region of British Columbia, wrote a letter to Teck’s management and its board on April 5 alleging that conditions inside the mine have “likely enabled the spread of COVID-19 amongst its employees and contractors, their families, and the community at large.”

Citing testimonials from employees, she alleged that shortages of protective equipment, crowded commuter buses, packed site vehicles and “an absolute impossibility to self-distance because of the nature of the work,” are fostering an environment where the virus could spread. Continue Reading →

Two northern B.C. gold mines poised to start digging – by Arthur Williams (Business In Vancouver – March 30, 2020)

https://biv.com/

With gold bouncing above a six-year high of US$1,600 per ounce and holding steady so far through the COVID-19 crisis, greater attention is now placed on two gold-mining plays in northern B.C.

One was envisioned in 2012 and approved two years ago but has yet to start; the second has received government and First Nations support and is also waiting for the mine owner to start construction.

The Blackwater gold mine, owned by New Gold Inc., will be an open-pit gold and silver mine on 4,400 hectares about 110 kilometres southwest of Vanderhoof. Continue Reading →

Red Mountain Rush: The Le Roi mine in British Columbia was a testament to the free-wheeling nature of mining during the gold rush in its early years – by Jen Glanville (CIM Magazine – March 16, 2020)

https://magazine.cim.org/en/

By the 19th Century the mineral wealth of British Columbia’s Kootenay region was considered a good bet thanks to the historic prospecting done by the Hudson’s Bay. The region was too remote to make mining economically feasible, but the emergence of two transcontinental railways in the 1880s changed all of that. In a matter of years, the region was opened up, and prospectors were on the hunt for their own El Dorado of the north.

Prospectors Joe Moris and Joe Bourgeois were among the first to jump at the opportunity. Bourgeois, the more experienced of the two, thought Red Mountain, near the town of Rossland, looked promising and staked the first claims there in 1890.

The samples derived from the claims were not favourable initially, and Bourgeois was hesitant to even record them, but with a bit of convincing from Moris, the two filed the claim with Eugene Sayre Topping, a deputy mining recorder for the provincial government. Continue Reading →

Exploration expenditure flattens in BC – survey – by Valentina Ruiz Leotaud (Mining.com – March 15, 2020)

https://www.mining.com/

Following two years of continued growth, exploration activities in British Columbia remained steady through 2019, with expenditures down less than a percentage point from 2018.

This, according to the British Columbia Mineral and Coal Exploration Survey carried out by the provincial Ministry of Energy, Mines and Petroleum Resources, the Association for Mineral Exploration and Ernst & Young, based on responses provided by 29 prospectors and 171 companies operating in BC, which collectively represent 326 projects across the province.

“The positive momentum gained between 2016 and 2018 has flattened out, with exploration expenditure shifting across the province’s regions,” the survey’s final report reads. Continue Reading →

Are foreign interests fomenting Indigenous dissent about Canada’s resource development? – by Diane Francis (Financial Post – February 25, 2020)

https://business.financialpost.com/

Climate change radicalism aimed at shutting down Canada’s resource base is behind the current blockade crisis, says Indigenous leader

Climate change radicalism aimed at shutting down Canada’s resource base is behind the current blockade crisis and is destroying efforts to improve the lives of most Aboriginal people, according to Ellis Ross, a prominent Indigenous leader and a Liberal MLA in British Columbia, in a powerful online interview with Resource Works News.

He is a former chief councillor for the Haisla Nation and has been at the forefront of issues concerning resource development and Aboriginal rights in his province.

“There is a well co-ordinated, well-funded machine shutting down Canada,” he said. “The agenda is basically anti-fossil fuel, but also forestry and mining. This machine has set back Aboriginal reconciliation by 20 years.” Continue Reading →

WHAT B.C. NEEDS TO BE NO. 1 IN THE WORLD OF MINING (Mata Press Service – February 13, 2020)

http://www.asianpacificpost.com/

The mining industry in British Columbia is facing a crisis of confidence due to increasing red tape and social licence issues that has dampened investor confidence.

This sentiment was clear at the recent Association for Mineral Exploration’s (AME) 2020 Roundup convention, which brought together more than 5,000 delegates from industry, government and First Nations.

Despite this prevailing perception, fuelled by the fact that no new mines have opened In British Columbia in the last two years, mining continues to be a mainstay of the provincial economy. Continue Reading →

British Columbia: Hoping for more gold, 120 years after the Atlin gold rush began – by Matthew McFarlane (CBC News British Columbia – February 2, 2020)

https://www.cbc.ca/news/canada/british-columbia/

‘There’s gold in these veins,’ says CEO of exploration company looking for the source of Atlin’s gold

Some cities are born and die as gold rush towns. Barkerville, Skagway, Dawson City all saw their fates ride on gold and now have become museums of sorts — a tribute to their former glory.

But one far flung B.C. community still has the lure of gold in its eye, long after it saw its gold rush come and go.

Atlin lies in the the very northwest corner of B.C. The only way in and out is through Yukon Territory. The community hugs the shores of its namesake, the massive glacier-fed Atlin Lake. It has a rustic ghost-town-like feel. Ramshackle buildings, quiet streets, abandoned mining equipment — it’s a peaceful and tranquil spot, a far cry from the place it was over 100 years ago. Continue Reading →

B.C. Premier reassures natural resources sector leaders of a bright future – by Justine Hunter (Globe and Mail – February 2, 2020)

https://www.theglobeandmail.com/

Michael Goehring was in the audience last week when British Columbia’s Premier delivered a mostly upbeat speech to the Natural Resources Forum in Prince George.

Mr. Goehring is president and chief executive officer of the Mining Association of BC, one of the key industries represented – along with oil and gas and forestry – that has been hammered in the past year, and he wanted to hear what Premier John Horgan was going to do to help.

“I have never been more optimistic about B.C.’s future,” the Premier told the conference. Yes, Mr. Horgan acknowledged, there are challenges, particularly in forestry. But he listed off the province’s advantages – a low carbon profile, strong infrastructure, a skilled work force and a commitment to reconciliation with Indigenous peoples. Continue Reading →