Canada’s government has awarded a main construction manager contract as part of a multimillion dollar remediation of the storied Giant Mine near Yellowknife in the Northwest Territories.
The abandoned gold mine operated from 1948-1999 when its last owner Royal Oak Mines entered receivership.
The government said the site was one of the highest priority contaminated areas with the federal property inventory and required ongoing management to protect human health and safety and the environment.
The scope includes tailings management, building demolition, pit closures, dealing with contaminated soils and “in-situ encapsulation” of the 237,000 tonnes of arsenic trioxide stored in underground chambers.
Pembridge Resources (LON:PERE) said Thursday it was buying Capstone Mining’s (TSX:CS) Minto copper-gold-silver mine in Canada’s Yukon for $37.5 million in cash plus a 9.9% stake in the company.
The miner, which last year moved from the AIM to LSE main board, said the acquisition makes of Pembridge a cash flow generating copper producer.
The London-based company said it plans to raise $50 million via an equity placement. The money will be used to fund the proposed acquisition and provide resource development and working capital, it said.
Gold prices are rising after a prolonged period of sluggish performance, but not all gold producers will be able to use 2018 to grow — as three earnings announcements released this week by senior Canadian gold companies demonstrated.
Barrick Gold Corp., the world’s largest producer, cut its 2018 production outlook to 4.5 million to 5 million ounces whereas Goldcorp Inc., at nearly half the size, kept its production outlook unchanged at 2.5 million ounces. Meanwhile, the smallest of the pack Agnico Eagle Mines Ltd., increased its production guidance to 1.53 million ounces.
The different growth outlooks not only reflect the difference in size between the companies, but also varying approaches to risk management — whether related to the geography of operations, the approach to acquisitions and explorations or other aspects of management.
OTTAWA—If Baffinland Iron Mines Corp. is permitted to build its proposed Milne Inlet railway and expand production to 12 million tonnes of iron ore each year, the company will never again have to worry about plummeting ore prices, Baffinland boss Brian Penney said last week.
“We will be insulated from the iron ore price,” Penney, the company’s CEO, told delegates at a mining industry panel held during the Northern Lights trade show in Ottawa.
That’s because the Mary River ore body, where a range of hills hold massive quantities of ore that are around 65 per cent pure iron, the greatest degree of purity that the laws of chemistry will allow, might be the richest iron ore deposit on the face of the earth, Penney said.
Policy promotes “Polar Silk Road” for circumpolar shipping
China is ready to take its place at the top of the world, according to the country’s new Arctic policy paper. “China is an active participant, builder and contributor in Arctic affairs who has spared no efforts to contribute its wisdom to the development of the Arctic region,” states the policy white paper, released last Friday, Jan. 26.
In the policy, China says it’s a “Near-Arctic State,” one of the continental states that are closest to the Arctic.
As well, “the natural conditions of the Arctic and their changes have a direct impact on China’s climate system and ecological environment, and, in turn, on its economic interests in agriculture, forestry, fishery, marine industry and other sectors,” the policy paper said.
ANGLO American turned in a robust fourth quarter production performance which took full year production on a copper equivalent basis some 5% higher compared to 2016, largely owing to good numbers at Kumba Iron Ore and De Beers, its 85% subsidiary.
Mark Cutifani, CEO of Anglo American, said the year-on-year improvement was despite cutting platinum and metallurgical coal output. “The ramp up of Gahcho Kué and Grosvenor mines made positive contributions to our production profile in 2017, and a strong performance from Sishen resulted in an 8% increase in production from Kumba Iron Ore,” he said in a statement.
Gahcho Kué is the De Beers’ newly commissioned diamond mine in Canada’s Northwest Territories. It reached nameplate production in the second quarter of the financial year.
Company says its Bermingham deposit compares favourably to those found near Keno City a century ago
Alexco Resource Corp. is hoping to resume mining for silver this year in Yukon’s Keno Hill district, five years after the company shut down its Bellekeno mine.
The Vancouver-based company has applied to the Yukon Environmental and Socio-economic Assessment Board (YESAB) to develop its Bermingham deposit on Galena Hill, about 6.8 kilometres from Keno City, Yukon. The company’s existing licences would need to be amended for the new deposit.
According to Alexco, the Bermingham deposit is comparable to the types and grades of silver first found at Keno Hill almost a century ago. ”It’s good news, for sure. It’s more jobs, it’s more opportunities — it’s great,” said Scott Bolton, mayor of the nearby community of Mayo.
VANCOUVER, British Columbia, Jan. 22, 2018 (GLOBE NEWSWIRE) — Sabina Gold & Silver Corp (TSX:SBB.T), (“Sabina” or the “Company”) is pleased to announce the closing of the investment by Zhaojin International Mining Co., Ltd. (“Zhaojin International”) to purchase 24,930,000 common shares of the Company at a price of $2.65 per share for a total investment of approximately $66,100,000 in a private placement (the “Financing”) has closed.
Zhaojin International now owns approximately 9.9% of the Company’s issued and outstanding common shares on a non-diluted basis. Zhaojin International is a subsidiary of Zhaojin Mining Industry Co. Ltd. (“Zhaojin”), which is a leading Chinese gold producer and one of China’s largest gold smelting companies.
“We are pleased to welcome Zhaojin as a new shareholder to the Company. As experienced gold miners, we also look forward to their technical input as we advance the Back River Gold Project (“Back River” or the “Project”).
TMAC Resources Inc. said Thursday that it has passed another milestone on the company’s journey towards expanding its Hope Bay mining operations in western Nunavut with production at the Madrid and Boston deposits.
The Nunavut Impact Review Board and the Nunavut Water Board accepted the final environmental impact statement and water licence applications for Hope Bay’s expansion on Jan. 17.
That means a coordinated review of TMAC’s proposal for development and mining at the Madrid and Boston gold deposits will now get underway—with final hearings on the project slated to take place May 8 to May 12 in Cambridge Bay, In a release, TMAC said it looked looks forward to working with the Kitikmeot Inuit Association, Kitikmeot communities and government departments during the NIRB and NWB reviews.
Project manager believes company has done everything it can to ensure application makes it through process
Mining giant Goldcorp has re-submitted its massive application for environmental permitting to build a gold mine 130 kilometres south of Dawson City, Yukon. The original proposal was filed last March and rejected by the Yukon Environmental and Socio-economic Assessment Board (YESAB) a few months later.
YESAB found the application inadequate because Goldcorp had not properly consulted four potentially affected First Nations.
The re-submitted application — a document of more than 20,000 pages — says that since then, the company has been meeting with the Tr’ondëk Hwëch’in, Selkirk, Na-Cho Nyak Dun and White River First Nations.
One of Canada’s best known mining bankers has jumped to a junior gold company. Jason Neal, a former managing director with BMO Nesbitt Burns Inc., is leaving to become chief executive officer of Toronto-based TMAC Resources Inc.
Mr. Neal had been with BMO for 21 years, joining the bank-owned dealer right out of university. In 2010, he was appointed co-head of the global metals and mining group, a position he split with Egizio Bianchini.
“Jason has been key in helping to build the business and the broader franchise, and we thank him for his dedication, leadership and partnership over the years,” Dan Barclay, co-head global investment and corporate banking with BMO, wrote in a statement to The Globe and Mail.
https://www.kpma.ca/ Proud to present the 1st video in the Klondike Placer Miners’ Association’s “It’s In Our Veins” campaign! Yukon Placer Mining has been a continuous industry from the days of the Klondike to the present day! Since the discovery of gold by Yukon First Nations people and gold-seeking stampeders, Yukon Placer Miners have been …
The Canadian Mining Hall of Fame was conceived by the late Maurice R. Brown, former editor and publisher of The Northern Miner, as a way to recognize and honour the legendary mine finders and builders of a great Canadian industry. The Hall was established in 1988. For more information about the extraordinary individuals who have been inducted into the Hall of Fame, please go to their home website:http://mininghalloffame.ca/
Few modern-era exploration geologists have made the transition to company builder and mine developer as successfully as Terry MacGibbon. He applied the expertise and experience gained over a 30-year career with nickel giant Inco to build four substantial mining companies: FNX Mining, Torex Gold Resources, TMAC Resources and INV Metals.
He acquired non-core assets from major producers for each of his companies — starting with past-producing properties in Ontario’s Sudbury Basin for FNX — and made a series of discoveries later developed into seven mines. Along the way, he earned a reputation as a financially astute entrepreneur, innovator, and allround positive role model for the Canadian mining industry.
Born in New Waterford, Nova Scotia, MacGibbon earned a BSc (Geology) from St. Francis Xavier University in 1968, before joining Inco’s exploration department. He was an early advocate of the Voisey’s Bay discovery in Labrador, later acquired by Inco, and supported other discoveries as he climbed the ranks culminating in him directing global exploration.
http://www.pendaproductions.com/ This video was produced by PENDA Productions, a full service production company specializing in Corporate Communications with a focus on Corporate Responsibility.
After leaving Inco in 1997, MacGibbon acquired five “non-core” pastproducing properties in the Sudbury Basin from his former employer for FNX, which went on to make eight discoveries and place five deposits into production. FNX was the best performer on the Toronto Stock Exchange from 2000 to 2010, when it merged with Quadra Mining to form Quadra FNX Mining. In 2012, Quadra FNX was sold to KGHM, a Polish copper mining giant, for $3.5 billion.
The Canadian Mining Hall of Fame was conceived by the late Maurice R. Brown, former editor and publisher of The Northern Miner, as a way to recognize and honour the legendary mine finders and builders of a great Canadian industry. The Hall was established in 1988. For more information about the extraordinary individuals who have been inducted into the Hall of Fame, please go to their home website:http://mininghalloffame.ca/
Robert (Bob) Gannicott was a pioneer of Arctic mineral exploration and a visionary entrepreneur who helped unlock the downstream value of Canada’s fledgling diamond industry. He played a pivotal role in the discovery and development of the Diavik mine in the Northwest Territories (NWT) for Aber Diamond Corporation in the 1990s, and led Aber’s later acquisition of luxury jeweller Harry Winston to help promote the exceptional quality of Canadian gem diamonds.
With Gannicott as Chairman and CEO, Aber evolved into Harry Winston Diamond Corporation in 2007, and became Dominion Diamond Corporation in 2013. In a bold move in 2013, Gannicott sold the retail division of Harry Winston to acquire an 80% interest in the Ekati mine, which combined with 40% of Diavik transformed Dominion into Canada’s largest independent diamond producer.
http://www.pendaproductions.com/ This video was produced by PENDA Productions, a full service production company specializing in Corporate Communications with a focus on Corporate Responsibility.
It was the first time a Canadian company owned a majority share of a Canadian diamond mine, along with value-added sorting and marketing operations in Canada, Belgium and India. Born and raised in England, Gannicott immigrated to Canada in 1967, and found his first job at a gold mine in Yellowknife. His career compass continued to point north after he graduated with a bachelor’s degree in geology from the University of Ottawa in 1975.
Diamonds might be forever. Diamonds may also be a girl’s best friend. But one thing’s for sure—figuring out the value of a diamond isn’t easy. The stones that come out of the ground bear little resemblance to the diamonds that sparkle on rings or pendants.
A diamond will travel across the globe for cutting and polishing—to places as far flung as Belgium and Botswana then India and back—and before it winds up on your finger, it will be sold multiple times, at prices that vary according to market demand at each stage.
Since the private sector economy of the Northwest Territories hinges on the export of rough diamonds, we figured we’d try to bring some clarity to this complex and opaque industry.
