Archive | Canada Mining

Electric vehicle shift poised to transform Canada’s miners – by Charlie Mitchell (Financial Times – May 11, 2021)

https://www.ft.com/

North America cross-border supply chain aimed at loosening China’s grip on battery minerals

On both sides of the US-Canada border, a regional electric vehicle (EV) supply chain is being created, with the potential to transform mining in Canada and loosen China’s grip on the minerals used in batteries.

While Canada has an abundance of nickel, cobalt, graphite and lithium, the country has little local production of EV batteries. But, as global demand surges, US and Canadian leaders have discussed a joint approach to benefit local miners and manufacturers, as well as cutting their reliance on Chinese imports.

“We’ve been betting 100 per cent on having a vertically integrated value chain in Canada,” says Arne Frandsen, managing partner and co-founder of investment group Pallinghurst, which has invested in graphite and lithium mines in Quebec. Continue Reading →

NEWS RELEASE: Canada Invests in Mining Literacy for Young Canadians (Natural Resouces Canada – May 6, 2021)

OTTAWA, ON, May 6, 2021 /CNW/ – Canadians use products derived from mineral resources in all aspects of their daily lives. Mineral development activities have a significant presence in communities across the country, delivering important social and economic benefits.

The Honourable Marc Garneau, Canada’s Minister of Foreign Affairs and Member of Parliament for Notre-Dame-de-Grâce–Westmount, on behalf of the Honourable Seamus O’Regan Jr., Canada’s Minister of Natural Resources, today announced an investment of $22,500 for the Canadian Institute of Mining, Metallurgy and Petroleum (CIM). This grant will help CIM develop a program that will raise awareness of the benefits and importance of mining in a low-carbon economy and drive innovation for the minerals and metals industry.

CIM is working with Science North to create an educational digital game to promote mineral literacy among young Canadians and encourage future participation in the industry. Continue Reading →

Barrick CEO blasts ‘hysterical’ fund managers chasing quick cash – by James Attwood (Bloomberg News – May 5, 2021)

https://www.bnnbloomberg.ca/

Investors are undermining the gold industry’s ability to grow by demanding a bigger share of profits from high bullion prices, according to the CEO of the world’s second-largest producer.

“Fund managers just bash the table and want money — they’re not interested in this industry reinforcing its foundations,” Barrick Gold Corp. Chief Executive Officer Mark Bristow said in an interview Wednesday. “Then they turn around and get hysterical when a host country demands returns.”

While Toronto-based Barrick is returning a sizable chunk of earnings and divestment proceeds to shareholders, Bristow urged fund mangers to take a longer-term approach to generating returns for their customers. Continue Reading →

Barrick CEO Mark Bristow opens door to merger with great rival Newmont – by Niall McGee (Globe and Mail – May 6, 2021)

https://www.theglobeandmail.com/

Mark Bristow, Barrick Gold Corp.’s chief executive officer, is ruing a lost opportunity to buy a large United States copper miner at a bargain basement price, and is now opening the door to a merger with great rival Newmont Corp.

Just more than a year ago, when the price of copper was in the pits, Mr. Bristow openly pondered a friendly deal with Freeport-McMoRan Inc. Had the transaction happened, Mr. Bristow may well have been hailed as a genius, because in the interim Freeport’s shares have gone up nearly fourfold.

Copper this year has marched to a near record high thanks in part to rebounding demand in China, and speculative demand from traders. Continue Reading →

Interview – CEMI CEO Doug Morrison: “The delay in getting approval for mining projects is almost all related to environmental impact” (Global Business Report/Mining.com – April 28, 2021)

https://www.mining.com/

The industry response to the Brumadinho dam disaster, including the Global Tailings Standard, will hopefully prevent such tragic events in the future. However, it is important to examine how a catastrophe of this scale, at a facility owned by one of the five biggest mining companies in the world, could reoccur after a similar failure — Samarco, in 2015.

Doug Morrison, CEO of the Centre of Excellence for Mining Innovation (CEMI), said the industry must recognize that the increasing delay in getting approval for mining projects is almost all related to environmental impact.

Moreover, the failings at Brumadinho and Samarco were the result of a flawed approach to tailings management, Morrision said in an interview with the Global Business Reports:

GBR: What led CEMI to consider a new approach to the issue of tailings management? Continue Reading →

CIM 2021: Anglo CEO Cutifani urges miners to ‘create the future’ – not be a victim of it – by Alisha Hiyate (Canadian Mining Journal – May 3, 2021)

http://www.canadianminingjournal.com/

“45% of the world’s economic activity is driven by the mining sector…
compared to agriculture’s footprint – which takes up 50% of the world’s
habitable land – mining only takes up 0.04%.”

Tasked with talking about the role of mining in society as part of the opening plenary at this year’s virtual CIM convention, Anglo American (LSE: AAL) chief executive Mark Cutifani didn’t mince words.

With a world population of 7.6 billion that’s growing toward 9 billion, “the simple fact is that the world cannot survive without mining and our contribution to literally every aspect of modern life,” Cutifani said.

Cutifani noted that other critical sectors, including energy, food production, construction, transportation, renewables infrastructure and communications all rely on mining. Continue Reading →

Supplying the green wave – by Toby Sparwasser Soroka (Corporate Knights – May 3, 2021)

https://www.corporateknights.com/

Last summer, Tesla CEO Elon Musk announced he would be issuing “giant contracts” to mining companies capable of supplying Tesla with nickel in an “environmentally sensitive” way. “Please mine more nickel,” he asked bluntly.

By October, Tesla was in talks with Vale, the world’s largest producer of the mineral, about securing sustainable nickel from its Canadian mines to power Tesla’s electric vehicle batteries.

No firm definition of “environmentally sensitive” was given, but as minerals become increasingly critical to a low-carbon future, attention around how those minerals are extracted and produced is growing sharply. Continue Reading →

NEWS RELEASE: Leading Canadian Mining Companies Recognized for Extraordinary Environmental and Community Engagement Achievements

OTTAWA, ON, April 30, 2021 /CNW/ – The Mining Association of Canada’s (MAC) Community of Interest Advisory Panel has selected Agnico Eagle and IAMGOLD, leaders in Canada’s mining sector, to receive this year’s prestigious Towards Sustainable Mining® (TSM) Excellence Awards in recognition of their innovative sustainability projects focused on community engagement and environmental stewardship.

MAC and its members understand the necessity of mining with a focus on social and environmental responsibility, and Canada’s mining sector is leading in sustainable mining practices through TSM. First established in 2004, this globally recognized program supports mining companies in managing key environmental and social risks. Through TSM, eight critical aspects of social and environmental performance are evaluated, independently validated, and publicly reported against 30 distinct performance indicators.

“As the COVID-19 pandemic continues to impact the world, it is clear that mined materials, found in everything from healthcare to low-carbon technology like solar panels and wind turbines, are absolutely essential to our everyday lives and it is important that these mined products be responsibly sourced,” said Pierre Gratton, MAC’s President and CEO. Continue Reading →

US Department of Energy provides funds for First Cobalt’s Iron Creek project – by Staff (Northern Miner – April 2021)

Global mining news

The U.S. Department of Energy’s Critical Materials Institute is giving Toronto-based junior First Cobalt (TSXV: FCC; US-OTC: FTSSF) US$600,000 over two years for research on mineral processing techniques for the company’s Iron Creek copper-cobalt project in Idaho.

The funding, matched by the company, will be spent on “identifying more efficient and environmentally friendly methods to process cobalt ore from pyrite material,” First Cobalt announced in a press release, and will be part of a “collaborative research effort” with the Colorado School of Mines’ Kroll Institute for Extractive Metallurgy (KIEM).

Trent Mell, First Cobalt’s president and CEO, said the company plans to build an underground mine and processing facility at Iron Creek and “can take advantage of new and emerging technologies that reduce waste material coming out of the mine and reduce the amount of energy required to process the ore.” Continue Reading →

How a bout of even mild inflation could knock out the world’s ambitious plans for decarbonization – by Peter Tertzakian (Financial Post – April 28, 2021)

https://financialpost.com/

The market battle between EVs and ICE vehicles may well be determined in the mines and oilfields of the world

The global economy is gaining momentum, even before the masks have come off the pandemic.

Unemployment rates are falling faster than expected in key countries, most notably the United States. Global GDP is being revised upwards to 6 per cent this year, according to the International Monetary Fund’s latest World Economic Outlook report.

Put simply, this means that after contracting 3.3 per cent in 2020, the global economy will be larger in 2021 than in the pre-pandemic days of 2019. It seems we are back on a fast-moving train (still diesel-powered), and it’s all happening before governments shell out a couple of trillion dollars on the clean energy transition. Continue Reading →

Copper price blasts to 10-year high as Chile strike adds momentum to rally – by Staff (Mining.com – April 26, 2021)

https://www.mining.com/

The copper price climbed to the highest since 2011 as the global recovery from the pandemic extended a rally in metals markets— and as port workers in Chile called a strike.

Copper for delivery in May was up 2% on Monday, with futures at $4.4425 per pound ($9,795 a tonne) on the Comex market in New York.

Top producer Glencore’s shares were up 3.3% on Monday, while Freeport-McMoRan was up 6.6% in New York. Vale, BHP, and Rio Tinto shares were also up around 1.5%, also benefitting from an iron ore price jump. Continue Reading →

Vancouver-based Fortuna Silver to buy Roxgold in $1-billion deal – by Niall McGee (Globe and Mail – April 27, 2021)

https://www.theglobeandmail.com/

Fortuna Silver Mines Inc.’s $1.1-billion takeover offer for fellow Canadian miner Roxgold Inc. was given a sour reception on the stock market, with the shares of both companies falling short of expectations, and analysts questioning the deal’s rationale.

Vancouver-based Fortuna, which mostly mines silver and whose operations are in the Americas, said on Monday it intends to pay 0.283 of its shares, and 0.1 cent in cash, for each Roxgold share, a 41-per-cent premium to Roxgold’s closing price on Friday.

Toronto-based Roxgold operates a high-grade, low-cost gold mine in Burkina Faso, and has plans to build another one in Ivory Coast. Even though the boards of both companies approved the transaction, their shareholders appear concerned about the merits of the marriage. Continue Reading →

Fortuna Silver to buy Roxgold in $884 million deal – by Cecilia Jamasmie (Mining.com – April 26, 2021)

https://www.mining.com/

Canada’s Fortuna Silver Mines (NYSE: FSM) (TSX: FVI) is buying fellow miner Roxgold (TSX: ROXG) in a cash-and-stock deal valued at about C$1 billion ($884.32 million), as strong gold prices spur a wave of mergers and acquisitions in the sector.

Vancouver-based Fortuna, which has operations in Peru, Mexico and Argentina, said the combined company would produce about 450,000 ounces of gold equivalent a year.

West-Africa focused Roxgold’s shareholders will receive 0.283 common shares of Fortuna and C$0.001 for each Roxgold common share held. The exchange ratio implies a consideration of about C$2.73 per Roxgold share, a 42.1% premium to its last closing price. Continue Reading →

Regulators to take steps against short selling – by Kelsey Rolfe (CIM Magazine – April 23, 2021)

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

Canada is making changes to curb the practice of predatory short selling, a thorn in the side of junior mining companies

In the wake of growing concern from public companies, Canadian regulators have turned their attention to tightening the rules that govern short selling.

Short sellers – investors who bet against public companies by borrowing shares and immediately selling them with the expectation the price will drop so they can repurchase at a lower value – serve an important price-discovery role in the public market and have even unearthed cases of fraud and corporate malfeasance.

But experts say Canada’s lax regulations around the practice have allowed “short and distort” campaigns (spreading negative rumours about a company to artificially drive its value down) and other abusive forms of short selling to flourish in the country. Continue Reading →

Kitco mourning the loss of Peter Hug (Kitco News – April 22, 2021)

https://www.kitco.com/

Once again, the gold market is mourning the loss of another industry leader and titan with the passing of Peter Hug, global trading director at Kitco Metals.

Hug passed from cancer Monday evening at his home in Arizona at the age of 69. Hug joined Kitco’s leadership team in February of 2010 as director of global trading and risk management and was director of Kitco Hong Kong operations.

Bart Kitner, president of Kitco Metals Inc, said that Hug played an integral role in the company’s evolution and growth in the last decade. Continue Reading →