GoviEx Uranium (TSXV: GXU) no longer has rights over the perimeter of the Madaouela mining permit following the Niger government’s decision on Thursday to withdraw its licence, dealing a big blow to the development of one of the world’s largest uranium projects.
The Vancouver-based uranium miner had feared that its licence could be revoked if mining could not start by July 3, 2024, a deadline set by Niger’s military leaders who came into power around this time last year.
(Bloomberg) — Canada is making it harder for foreign firms to acquire its biggest mining companies, potentially taking some of the global industry’s attractive takeover targets off the table.
The Canadian government will only approve foreign takeovers of large Canadian mining companies involved in critical minerals production “in the most exceptional of circumstances,” according to the latest guidelines from Industry Minister Francois-Philippe Champagne.
Mining at centre of more than half the equity and equity-linked deals this year
Higher commodity prices and the rise of electric vehicles made the mining sector the star of the show for Bay Street’s dealmakers in the first half of the year, with investors particularly hungry for stock and debt in companies supplying copper.
Ryan Latinovich, global head of metals and mining at RBC Capital Markets, said interest in the sector has come from both seasoned investors and those who haven’t been exposed to mining before.
https://www.theglobeandmail.com/
Ottawa is making foreign investment in critical minerals more restrictive as the mining industry seeks capital to develop the raw materials that will be key to a low-carbon economy.
Industry Minister François-Philippe Champagne approved Glencore PLC’s US$6.9-billion acquisition of Teck Resources Ltd.’s metallurgical coal-mining business on Thursday, attaching a series of conditions following a net-benefit review. Teck said the deal will free up billions of dollars to reward its shareholders and speed up development of its copper production.
https://www.theglobeandmail.com/
Mark Selby is the founder and CEO of Canada Nickel Co.
Blood diamonds, blood cobalt, and now blood nickel. Governments leading the global shift toward electric vehicles promise cleaner cities and a new era of sustainable energy and improved resource usage.
But just as governments promote EVs on environmental grounds, manufacturers are forced to source nickel from a region enabling the wanton destruction of ecologically sensitive lands, reckless treatment of workers, and the fundamental deterioration of living conditions. There is only one solution to this problem: the world needs more Canadian nickel.
https://www.theglobeandmail.com/
John Turner, Krisztian Toth and Paul Blyschak are lawyers at Fasken Martineau DuMoulin LLP. The views expressed herein are those of the authors.
After years of underwhelming policy support, our federal government has finally awoken to the vital importance of Canadian mining. The alarm bell has been the critical minerals race and its integral bearing on the green energy transition and high-tech applications (including artificial intelligence) and, by extension, national and international security.
But the lack of foresight has left policy makers scrambling. We must make up lost ground, quickly, and with minimal politicking, or we risk the entire energy transition.
https://www.theglobeandmail.com/
Mike Holland was among Canada’s leading evangelists for small modular nuclear reactors. During his tenure as New Brunswick’s energy minister, from 2018 to when he stepped down on June 20, he vigorously supported plans by the province’s Crown utility, NB Power, to construct two different small reactor designs from startup companies: U.S.-based ARC Clean Technology and Britain’s Moltex Energy.
This represents Canada’s most ambitious – and perhaps riskiest – foray into bleeding-edge nuclear technology. In an interview shortly before he resigned to pursue an opportunity in the private sector, Mr. Holland recalled how SMRs arrived on his agenda soon after he assumed office.
https://www.theglobeandmail.com/
The federal government’s failure to protect human-rights advocates who raise concerns over the activity of Canadian corporations abroad is tarnishing the country’s global reputation, a United Nations official said in an interview.
Mary Lawlor, the UN special rapporteur on human-rights defenders, said Canada should strengthen legislation and bolster oversight of extractive firms operating abroad, some of which she says are causing harms to the environment and human rights advocates. (As a special rapporteur, Ms. Lawlor writes formal letters to governments, and companies, in which she raises concerns about situations where advocates are at risk).
James (Jim) M. Franklin, FRSC, a distinguished geologist known for his groundbreaking contributions to mineral exploration and the understanding of hydrothermal ore deposits, passed away peacefully with family by his side on June 19th, 2024 at the age of 81. Born on November 9th, 1942 in North Bay, Ontario, to Jessie Jane (née Cumming) and Richard Eben Franklin, Jim led a life of scientific curiosity filled with rich experiences, travel, and accomplishments that had a profound impact on the field of geology.
Jim’s passion for geology was ignited through his studies at Carleton University earning a B.Sc. (1964) and M.Sc. (1967). At the University of Western Ontario, his Ph.D. (1970) research on mineral deposits of the Proterozoic rocks of the north shore of Lake Superior laid the groundwork for his subsequent career as Canada’s preeminent expert on the origin of Precambrian ore deposits.
https://www.canadianminingjournal.com/
The mining and metals sector ranked lowest in the 2021 Globe-Scan report of attitudes toward all major sectors in 31 countries. Some U.K. universities have banned mining companies from recruiting on campus, and the number of geology and mining engineering graduates continues to slide.
Much of the issue stems from some newsworthy poor historical performance, including the sector’s impact on land, air, water, and biodiversity, as well as a perceived inability to prepare communities to thrive after operations close.
The longtime leader of Agnico Eagle is newly focused on his vision of how industry and government can partner to develop the North
Sean Boyd has spent the past four decades building Toronto-based Agnico Eagle Mines Ltd. into Canada’s largest mining company and the world’s second-largest gold miner.
Now, having “retired” in December and transitioned to company chair from executive chair, he is making frequent visits to Ottawa to push the federal government to more aggressively assert sovereignty over the Canadian Arctic, where Agnico has built three mines (two are currently producing) and is planning a fourth project.
https://www.thecanadianpressnews.ca/
Study finds coal mine contaminants in snowpack
Cancer-causing chemicals are being blown downwind from coal mines in southern British Columbia in concentrations that rival those next to oilsand mines, newly published research has concluded.
“Our results reveal, for the first time, clear evidence that coal mining contaminants are spread far downwind from their sources,” says the paper, published in the journal Environmental Science and Technology.
https://www.theglobeandmail.com/
Nevada Copper Corp. shareholders are poised to lose their entire investment, with the struggling Canadian miner seeking bankruptcy protection, and hoping to secure emergency financing from U.S. hedge fund Elliott Investment Management.
The Vancouver-based company has struggled for years to ramp up production at its Pumpkin Hollow copper mine in Nevada. Earlier this year, the company told investors it was a going-concern risk and was running a dangerously high debt load against a dwindling cash position. As of the end of March, Nevada Copper held only US$300,000 in cash, had a working-capital deficit of US$115.4-million, and total debt of approximately US$262-million.
https://www.theglobeandmail.com/
The Canadian mining industry is optimistic that Ottawa will carve out an exception for the sector around coming changes to the capital-gains tax that it hopes will pre-empt a large drop in financings.
As of June 25, capital gains made by Canadian investors are set to be taxed at two thirds, up from one half, for gains above $250,000. Owing to a tax quirk associated when selling flow-through shares, the pending changes will deter high-net-worth individuals from investing in the mining sector, according to Pierre Gratton, president of the Mining Association of Canada.
Founder & CEO of Alp Bora & Co., Alp Bora talks about mining, sustainability and corporate culture.
“Who earned it? Eh? I thought so. Your father. You stand on dead men’s legs. You’ve never had any of your own.” —The Sea-Wolf, Jack London
Canada’s mining industry is walking on dead men’s legs. The country inherited a mining legacy and set modern standards, but evidence suggests action is needed to renew it. Metal production in Canada has become irregular due to the depletion of reserves and more dependence on imports, and production of Canadian refined metals such as nickel, zinc, lead, and copper has fallen since 2005.
A Chinese saying goes “wealth does not last beyond three generations.” It was a generation ago that China made their policy to dominate metals and refining. Meanwhile, Canada has rested on its legacy and sold some of its more profitable companies. I believe this has endangered the country’s mining future and economy.
