Archive | Canada Mining

CANADIAN PENSION BOARD INVESTS $141M IN CHINESE COAL PROJECTS, UNDERCUTTING FEDERAL PHASEOUT POLICY – by Mitchell Beer (The Energy Mix – July 29, 2020)

September 24, 2020 in Canada Mining, Coal, International Media Resource Articles

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The Canada Pension Plan Investment Board (CPPIB) is jeopardizing Canadians’ retirement savings, undercutting federal government policy, and making a mockery of one of the country’s few points of climate leadership on the world stage by investing C$141 million in Chinese coal companies, a leading pensions and climate advocate said this week.

“It’s completely offside with Canada’s commitments to the Powering Past Coal Alliance and its domestic goal to retire coal-fired generation,” said Adam Scott, director of Toronto-based Shift Action. “It’s completely offside with all of Canada’s climate commitments. And it’s a red flag for Canadians to be worried about their pension savings.”

That last should be the biggest flag of all for the CPPIB, whose declared mission is to “help provide a foundation upon which 20 million Canadians build their financial security in retirement.” Continue Reading →

Gold investors take new aim at miners with returns falling short – by Steven Frank (Bloomberg News – September 20, 2020)

September 23, 2020 in Canada Mining, Canadian Media Resource Articles, Gold and Silver

https://www.bnnbloomberg.ca/

A coalition of gold investors, including firms backed by billionaires John Paulson and Naguib Sawiris, is urging changes at miners as performance “continues to fall short” in some areas even as prices rise.

In an open letter to the mining industry, prominent gold investors including money managers at Franklin Templeton, VanEck Funds and members of the Shareholders’ Gold Council are targeting issues including executive compensation and directors who don’t have enough skin in the game because they don’t hold a meaningful amount of shares in the firms they represent.

The signatories offered 16 suggestions to better align the interest of managers, boards and shareholders. Gold has been on a record-setting tear as the pandemic threatens to derail global economic growth, sending investors on a flight to safe havens. Continue Reading →

Gold industry needs further consolidation, says Barrick’s Bristow – by Mariaan Webb (MiningWeekly.com – September 22, 2020)

September 22, 2020 in Barrick Gold Corporation, Canada Mining, International Media Resource Articles

https://www.miningweekly.com/

he gold industry still has a mismatch of assets in too many managers’ hands and is in need of further consolidation, says gold major Barrick CEO Mark Bristow.

Speaking at the virtual Gold Forum Americas conference, he said that the industry had come a long way in 18 months, but that the job was not yet finished.

“The industry could be better served if we could reallocate some of the assets into the right place, with managements that have proven track records to deliver value,” Bristow said. Continue Reading →

To attract more investors, shareholders urge gold miners to change compensation practices – by Niall McGee (Globe and Mail – September 22, 2020)

September 22, 2020 in Canada Mining, Canadian Media Resource Articles, Gold and Silver

https://www.theglobeandmail.com/

A coalition of heavyweight investors is calling on the global gold industry to improve its performance in several key metrics, even as the share prices of many gold companies hit multiyear highs amid a soaring commodity price.

This year, the TSX Global Gold Index, which includes many of the biggest gold companies in the world, is up 41 per cent, driven in large part by outperformance of the price of gold bullion.

Historically sought out as a safe-haven investment in times of great upheaval, gold prices recently hit new record highs, driven by extraordinary uncertainty in financial markets owing to the COVID-19 pandemic. Continue Reading →

Canada’s Wheaton Precious Metals plans London listing amid surge in gold prices – by Kumutha Ramanathan (Yahoo Finance UK – September 21, 2020)

September 22, 2020 in Canada Mining, Canadian Media Resource Articles, Gold and Silver

https://sports.yahoo.com/

Canada’s Wheaton Precious Metals (WPM) has announced plans to list on the London Stock Exchange (LSE.L) as demand for precious metals from investors has been surging amid turbulence in equity markets of late.

Wheaton, one of the world’s largest companies involved in buying gold and silver, has a market capitalisation of about $23bn (£17.6bn), and is listed in Toronto and New York. On those indices, its shares have risen more than 70% this year.

Gold prices have risen this year by roughly 28% and hit a record high of above $2,000 an ounce in August. Silver has also been gaining, up 50% to $27 an ounce. Continue Reading →

Barrick accepts Chilean court ruling on Pascua-Lama project closure (Mining Technology – September 21, 2020)

September 21, 2020 in Barrick Gold Corporation, Canada Mining, Gold and Silver, International Media Resource Articles, Latin America Mining

https://www.mining-technology.com/

Barrick Gold has announced that it would not appeal a Chilean court’s ruling to uphold the closure order on the Chilean part of its Pascua-Lama mining project, which was imposed by the country’s environmental regulator Superintendence for the Environment (SMA).

The Pascua-Lama mine is a suspended open-pit mining project located in the Andes Mountains, on the Chilean-Argentine border.

In October 2013, Barrick Gold temporarily suspended construction activities at the Pascua-Lama citing environmental issues, political opposition, labour unrest and development costs. Continue Reading →

Mining petition to be aired, should government stand – by Michael Swan (The Catholic Register – September 20, 2020)

September 21, 2020 in Canada Mining, Canadian Media Resource Articles, Mining Conflict and Opposition

https://www.catholicregister.org/

If the Liberal government stands past the Sept. 23 throne speech, Martin Blanchet’s seven-year battle to get somebody with authority to look into how Canadian mining companies and others treat workers, communities and the environment in poor countries will finally get an airing in the House of Commons.

More than 6,000 people have signed a petition Blanchet launched over the summer through the Parliamentary online petition system. The petition calls for stronger investigatory powers for the Ombudsperson for Responsible Enterprise and Blanchet’s MP, Edmonton-Strathcona MP and NDP deputy house leader Heather McPherson, is anxious to present it in the House of Commons.

In addition to the petition, McPherson is preparing her own private members’ bill to strengthen the new system for monitoring overseas operations of Canadian companies. Continue Reading →

Chile Court Shuts Gold Mine Over Environmental Fears – by Miguel Sanchez (Barron’s/AFP News – September 17, 2020)

September 18, 2020 in Barrick Gold Corporation, Canada Mining, Gold and Silver, International Media Resource Articles, Latin America Mining

https://www.barrons.com/

Chile’s environmental court confirmed Thursday a final order to close Canadian company Barrick Gold’s huge Pascua Lama mining project, on hold since 2013 over environmental concerns.

The court dismissed a legal challenge from the company and confirmed a 2018 environmental authority ruling, ordering the “total and definitive closure” of the mine project. It also imposed a $9 million fine on the Canadian miner.

“The magnitude of the danger to people’s health makes it necessary to close the Pascua Lama mining project, as other alternatives for safe operation for the environment and population health do not appear to be viable,” the court said. Continue Reading →

Canada ranked 4th, US 6th in lithium-ion battery supply chain (Mining.com – September 16, 2020)

September 18, 2020 in Battery Technology Innovation/Electric Vehicles, Canada Mining, Canadian Media Resource Articles

https://www.mining.com/

A new ranking for 2020 by Bloomberg’s clean energy, new materials and commodity research arm (BloombergNEF) shows China dominating the global lithium-ion battery supply chain, quickly surpassing Japan and Korea, leaders for most of the previous decade.

China’s dominance is based on its large domestic battery demand, 72GWh, and control of 80% of the world’s raw material refining, 77% of the world’s cell capacity and 60% of the world’s component manufacturing, according to data from BNEF.

Kwasi Ampofo, BNEF’s lead analyst covering battery raw materials, says China’s large scale investments into mining and refining has given it the advantage over Japan and Korea: Continue Reading →

OPINION: Score one for Canada: On aluminum tariffs, the U.S. bully blinks – by Lawrence Martin (Globe and Mail – September 17, 2020)

September 18, 2020 in Aluminium/Bauxite, Canada Mining, Canadian Media Resource Articles, United States Mining

https://www.theglobeandmail.com/

The situation was rife with potential conflict. In the throes of a U.S. election campaign, Canada was preparing to announce major retaliation against President Donald Trump’s administration for the levies it proposed last month against Canadian aluminum imports.

The countermeasures could have affected votes in battleground states, and the likelihood was that Mr. Trump would strike back, escalating tensions as he fought for his political livelihood and drawing Canada into election hostilities.

But unless Deputy Prime Minister Chrystia Freeland is out-and-out lying, the bully has backed off, having run away with its tail between its legs. Just a couple of hours before Ottawa’s retaliatory tariffs were to be imposed, Mr. Trump withdrew his aluminum levies, thus ending the dispute. Continue Reading →

Innovation acceleration: COVID-19 and today’s new business realities spark activity at mining innovation hubs – by Alexandra Lopez-Pacheco (CIM Magazine – September 14, 2020)

September 16, 2020 in Canada Mining, Canadian Media Resource Articles

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

As Canada went into lockdown to fight the spread of COVID-19, mining accelerators and research hubs – the organizations created to support and foster innovation in the industry – expected their activities to come to a grinding halt.

At first, these predictions appeared to come true, but after a few weeks, the exact opposite began to happen. Interest in their services and projects boomed as mining and technology companies began reaching out looking for new partners and opportunities.

Sudbury’s NORCAT, for example, which runs the world’s only operational underground mine devoted to training and technology innovation as part of its mission to become a global one-stop shop that connects start-ups and creators of new technologies with mining companies, saw a 500 per cent increase in the number of enterprises wanting to showcase their products and technologies. Continue Reading →

Concerns raised over open-pit mining in Crowsnest Pass – by Tyler Barrow (CTV News – September 15, 2020)

September 16, 2020 in Canada Mining, Canadian Media Resource Articles, Coal

https://calgary.ctvnews.ca/

CROWSNEST PASS, ALTA. — After the UCP government announced in May it was rescinding the 1976 Coal Mining Policy that prohibits open-pit operations in the Rocky Mountains and foothills, several proposals have been put forward, which officials say could lead to the creation of hundreds of jobs in the Crowsnest Pass area.

“As long as we follow the environmental policies, I absolutely, fully support industry because it’s creating jobs, it’s giving out kids a future,” said Garett Schmidt who uses the area to quad. “We can’t have people jobless and homeless, we’re resource-rich.”

An Australian company has bid to build the Grassy Mountain Coal project — a 2,800-hectare coal mine north of Blairmore, Alta. Continue Reading →

U.S. removes tariffs on Canadian aluminum but imposes quotas on future shipments – by Steven Chase (Globe and Mail – September 16, 2020)

September 16, 2020 in Aluminium/Bauxite, Canada Mining, Canadian Media Resource Articles, United States Mining

https://www.theglobeandmail.com/

The U.S. government has removed tariffs on Canadian aluminum first announced in August but also warned it will reimpose them if shipments to the United States exceed quotas in the months ahead.

The reversal was announced just two hours before Canada was set to unveil $3.6-billion in retaliatory measures on U.S. imports on Tuesday.

Canada and the United States have been locked in a battle over the tariffs for months with the U.S. pushing for an agreement on tariffs triggered when shipments exceed certain volumes. The result of this dispute is the U.S. has unilaterally imposed its own tariff-rate quota on Canadian aluminum. Continue Reading →

Canadian gold miner shrugs off coup to boost output in Mali – by Felix Njini (Bloomberg News – September 2020)

September 16, 2020 in Africa Mining, Canada Mining, Canadian Media Resource Articles, Gold and Silver

https://www.bnnbloomberg.ca/

Canada’s B2Gold Corp. is expanding its gold-mining operations in Mali, undeterred by a military coup and a growing Islamist insurgency in the West African nation.

Mali’s military ousted President Ibrahim Boubacar Keita last month in the country’s second coup in less than 10 years. So far, the country’s gold mines — a key source of revenue — haven’t been affected by the political turmoil.

Vancouver-based B2Gold is not only boosting output at its flagship Fekola mine, but is examining other opportunities both in Mali and across the region. Continue Reading →

Canada to unveil retaliatory measures against United States this week in aluminum dispute – by Steven Chase (Globe and Mail – September 15, 2020)

September 15, 2020 in Aluminium/Bauxite, Canada Mining, Canadian Media Resource Articles, United States Mining

https://www.theglobeandmail.com/

Canada this week will unveil the retaliatory measures it’s taking against the United States after President Donald Trump slapped tariffs on Canadian aluminum in August.

An announcement could come as soon as Tuesday, or as late as Wednesday, a government source said. The Globe granted anonymity because the source is not authorized to speak publicly about the matter.

Deputy Prime Minister Chrystia Freeland last month said the measures would amount to $3.6-billion and would go into effect on Sept. 16. They will be tariffs on U.S. imports, many of which contain aluminum. Continue Reading →