Archive | Canada Mining

Commodity prices are moving up. Is this the start of a supercycle? – by David Berman (Globe and Mail – December 2, 2020)

https://www.theglobeandmail.com/

Copper, soybeans, wheat and gold have enjoyed spectacular run-ups this year, reigniting interest in commodities as the global economy recovers from the pandemic. More than a snapback, the gains are raising the question of whether a commodities supercycle is now in the works.

The mere mention of a supercycle – where prices for a swath of commodities remain elevated for many years, as demand outpaces supply – is sure to lift the spirits of Canadian investors with money tied to the country’s major benchmark.

The S&P/TSX Composite Index is still heavily dependent on miners, energy producers and other resource developers. The exposure has weighed on the benchmark in recent years, but could deliver it back to glory if some of the more bullish forecasts come true. Continue Reading →

Dominican Minister of Mines dismisses rumours that link Barrick’s advanced payments to tailings dam approval – by Valentina Ruiz Leotaud (Mining.com – November 29, 2020)

https://www.mining.com/

The Dominican Republic’s Minister of Energy and Mines, Antonio Almonte, rejected rumours that linked Barrick Gold’s recent $108-million advanced tax and royalty payment to the possible approval of a tailings dam at the Pueblo Viejo operation.

In a TV interview broadcasted over the weekend, Almonte said that the advanced payment was the result of negotiations led by the ministry of finance and the national government’s economic team, with the goal of addressing the current fiscal deficit that is a direct consequence of the slowdown caused by the covid-19 pandemic. Continue Reading →

OPINION: Down to rare earth: Canada ignores China’s resource power grab at its own peril – by Steven Fletcher (Globe and Mail – November 28, 2020)

https://www.theglobeandmail.com/

Steven Fletcher was the member of Parliament for Charleswood-St. James-Assiniboia from 2004 to 2015 and Canada’s first permanently disabled federal cabinet minister. He resides in Manitoba and is the principal of Fletcher Focus International.

Every day, amid the wilderness of boreal forest, Canadians driving along Manitoba’s Provincial Road 315 pass by Bernic Lake, just 165 kilometres outside Winnipeg.

They have nary a clue that they’ve driven past the world’s largest mining operation for a rare and highly valuable resource – one that’s worth more than gold, yet is little-known in the world at large.

Cesium – a soft, alkali metal that is element 55 on the periodic table – is categorized as a “rare earth mineral,” one of the vital elements for the technology we use today and will use tomorrow, from solar panels, wind turbines, electric vehicles and fast-charging batteries that could be the key to a clean-energy future to cutting-edge military tech and weapons. Continue Reading →

New Brunswick: Gold prices drive new exploration at Cape Spencer – by Connell Smith (CBC News New Brunswick – November 24, 2020)

https://www.cbc.ca/news/canada/new-brunswick/

There are barely a dozen homes at Cape Spencer on the Bay of Fundy coast. But people here are not surprised when strangers quietly appear in their community, about 20 kilometres southeast of Saint John.

The arrivals are often preceded by an upward trend in gold prices. “We’ve always had people looking for gold out here,” said Kimberly Burry, whose home sits atop a hill looking out toward the ocean.

The latest newcomers, a small crew of geologists, caused barely a ripple this fall when they took up residence in a rented house and began their daily trips into the woods to explore the many rock outcrops and other geological features. Continue Reading →

Canadian mining can supply the metals for a clean energy future – by Cody Battershill (Northern Miner – November 24, 2020)

Global mining news

If leadership on climate action and environmental best practices are worthwhile pursuits, then the Canadian mining sector is an industry that’s deserving of Canada’s – and the global market’s – full support.

And if a strong regulatory framework for environmental performance, growing Indigenous support and a superior record on human rights are equally important benchmarks, then our country’s mining sector is on the right track.

Beyond the metals that contribute to so much of our modern world, let’s focus for the moment on electric vehicles (EVs). They’re viewed by a growing number of consumers here and abroad as an important way to help reduce greenhouse gas (GHG) emissions and improve air quality in many developing cities. Continue Reading →

High-profile mining investors pay lavish severance to take control of Caldas Gold – by Tim Kiladze and Niall McGee (Globe and Mail – November 24, 2020)

https://www.theglobeandmail.com/

Veteran Canadian mining investors are joining forces to purchase an obscure junior gold company, agreeing to lavish severance packages in exchange for control of a Colombian mining project.

The group of buyers includes former Goldcorp chair Ian Telfer, former Goldcorp chief executive officer David Garofalo, current Yamana Gold Corp. executive chair Peter Marrone and mining financier Frank Giustra.

Together, the group will buy $38-million in new shares of Toronto-based Caldas Gold Corp. as part of an $85-million private placement, and they will also assume operational control. Continue Reading →

Sherritt International CEO David Pathe stepping down after completing restructuring – by Andrew Willis (Globe and Mail – November 23, 2020)

https://www.theglobeandmail.com/

Nickel miner Sherritt International Corp. is looking for a new CEO, and the ideal candidate must be willing to forgo ties to the United States for the foreseeable future.

Sherritt chief executive David Pathe announced on Monday that he will step down next year, and the Toronto-based company has began a search for his successor.

Mr. Pathe, 50, ran Sherritt for the past eight years, steering the company through a wrenching restructuring that concluded in August. The company is now seeing increasing demand for its metals from electric-vehicle battery makers. Continue Reading →

The View from England: Time for a mining miracle – by Chris Hinde (Northern Miner – November 19, 2020)

Global mining news

I speak mining, and have done so for over 45 years. For most of that time, I have defended the industry from those ignorant or ill-informed of our activities.

I have stressed that the occasional mine accident or dam failure was the exception that proved the general rule. We are, I said, diligent, committed to safety and better than the media paints us (and this is coming from someone who became a teenager one month before the Aberfan disaster of 1966 when a Welsh coal tip collapsed and killed 116 children).

I have reminded the seemingly ignorant or ill-informed that we are one of the three primary industries (the others being, of course, farming and fishing). I have stressed that the direct use of natural resources has been crucial in the economic growth of most developed nations, and that the exceptions to this rule can be counted on your fingers (they include Luxembourg, Monaco and Vatican City). Continue Reading →

Deep secrets: How Canada’s mining sector grabbed the global lead in mining electrification – by Emma Jarratt (Electric Autonomy Canada – November 19, 2020)

https://electricautonomy.ca/

Canada’s mining sector, one of the country’s oldest industries, is emerging as one of the brightest growth spots in the nation’s zero-emissions future, having developed a cluster of mines and mining expertise that is now leading the world in underground electrification.

While the mines themselves are mostly owned by global majors — principally Glencore, Vale and Newmont — every piece of the Canadian mining value chain, from manufacturers and engineers to miners and energy producers, is playing a key role. In an industry valued at $105 billion annually, responsible for 620,000 jobs, according to the Mining Association of Canada, that’s welcome news.

It means Canada is well positioned at a time when digging deep around the world is only getting trickier and many experts say the way forward is with battery electric machinery. Continue Reading →

Biden easing up on Cuba would boost Sherritt, CEO says – by Stephen Wicary and Steven Frank (Bloomberg News – November 19, 2020)

https://www.bnnbloomberg.ca/

Joe Biden’s victory in the U.S. presidential election marks a potential new chapter for one of Cuba’s biggest foreign investors.

Sherritt International Corp.’s top executive calls the result of the vote good news for his company, given the steady tightening of sanctions under President Donald Trump. Sherritt produces nickel and cobalt in Cuba for the global market, and has a growing energy business on the Caribbean island.

“We were prepared for whatever the outcome would be,” Chief Executive Officer David Pathe said in an interview this week. “Certainly seeing a Biden outcome was more positive for us over the next few years than a reelection of the Trump administration.” Continue Reading →

Bull market for base metals likely to remain intact, says David Rosenberg at the Global Mining Symposium – by Trish Saywell (Northern Miner – November 15, 2020)

Global mining news

The Northern Miner’s Global Mining Symposium virtual conference this week – the second one this year – was yet another resounding success, with thousands of viewers tuning in from around the world to hear the views of some of the industry’s leading visionaries and entrepreneurs.

From Haywood Securities co-founder and Canadian Mining Hall of Fame inductee David Elliott to Rob McEwen of McEwen Mining and Serafino Iacono of Gran Colombia Gold, the two-day conference offered unparalleled insight into the current state of the global economy and how it is impacting metals and mining.

One of the most widely anticipated sessions was the discussion Northern Miner group publisher Anthony Vaccaro had with David Rosenberg, president, and chief economist and strategist of Rosenberg Research & Associates, an economic consulting firm he set up in January 2020. Continue Reading →

The transition to renewable energy relies on mining. Can it be done responsibly? – by Matt Simmons (The Narwhal – November 18, 2020)

The Narwhal

Demand for certain mined minerals is projected to increase exponentially in the coming decades. Experts warn responsible practices must be in place to reduce environmental and social impacts

It wasn’t long ago that the idea of a zero-emissions electric vehicle silently cruising the streets sounded like something out of The Jetsons. According to the International Energy Agency, there are now more than seven million electric cars on the roads and there could be as many as 245 million by 2030.

But each of those cars relies on a battery to get from point A to point B. And those batteries are made with minerals like lithium, graphite, cobalt and nickel — all of which are mined.

Mined materials are also necessary to make wind turbines and solar panels. This demand is creating something of an environmental conundrum. Continue Reading →

Barrick denies meddling in PNG political affairs (MiningWeekly.com – November 18, 2020)

https://www.miningweekly.com/

orgera mine operator Barrick Niugini Limited (BNL) has dismissed claims that the company has meddled with Papua New Guinea’s political affairs and has said it will take legal action against individuals making false claims on social media platforms.

A number of statements on Facebook and other social media have alleged BNL’s involvement in the actions of Parliamentarians to move from the government to the opposition and attempts have been made to draw a link between the political events and the recent visit of Barrick CEO Mark Bristow to the country.

“Those statements are false, defamatory and the company will be taking civil and criminal action against the individuals who have made these irresponsible and false statements,” BNL said this week. Continue Reading →

‘A trend that will continue’: Endeavour snaps up Canada’s Teranga in $2.4 billion deal as gold sector consolidates – by Gabriel Friedman (Financial Post – November 17, 2020)

https://financialpost.com/

In the latest sign that the gold mining sector is consolidating, Toronto-listed Endeavour Mining Corp. on Monday announced a $2.4 billion all-stock acquisition of Teranga Gold Corp., creating a new West African-focused senior producer.

It marks Endeavour’s second acquisition since July and would propel the company into one of the world’s 10 largest gold miners, with six mines spread across three African countries, capable of producing around 1.5 million ounces of bullion per year.

In an interview with the Financial Post, Endeavour’s chief executive Sebastien de Montessus said the deal provides operational synergies, and gives his company geographic concentration in Burkina Faso’s Houndé gold district, with additional mines concentrated in Senegal and Cote D’Ivoire. Continue Reading →

Endeavour Mining buying Canada’s Teranga Gold in all-stock deal worth $2.4-billion – by Niall McGee (Globe and Mail – November 17, 2020)

https://www.theglobeandmail.com/

Britain’s Endeavour Mining Corp. is buying Teranga Gold Corp. in an all-stock transaction worth about $2.44-billion, the latest in a whirlwind of deal making in the global gold sector over the past two years aimed at winning back generalist investors.

London-based Endeavour is paying 0.470 of its shares for each Teranga share, a 5.1-per-cent premium to Teranga’s closing share price last Friday. Endeavour’s biggest shareholder, Egyptian billionaire Naguib Sawiris, has pledged to invest an additional $200-million into the combined company to strengthen the balance sheet as part of the transaction.

Endeavour has six mines in Burkina Faso and Côte d’Ivoire, while Toronto-based Teranga has two mines in Senegal and Burkina Faso. The transaction will see Endeavour distance itself from B2Gold Corp. and Kinross Gold Corp. as West Africa’s biggest gold miner by production, with projected yearly output of 1.5 million ounces. Continue Reading →