Archive | Canada Mining

Barrick to invest $34 million to extend Veladero’s mine life – by Valentina Ruiz Leotaud (Mining.com – August 24, 2019)

August 26, 2019 in Barrick Gold Corporation, Canada Mining, Canadian Media Resource Articles, Gold and Silver, Latin America Mining

https://www.mining.com/

Barrick Gold’s (TSX:ABX)(NYSE:GOLD) CEO, Mark Bristow, announced this weekend that the company is planning to invest $34 million in its Veladero operation in western Argentina with the idea of extending the mine’s life until 2028.

Veladero produced 278,000 ounces of gold in 2018 and, at present, its inferred gold resources add up to 555,000 ounces. In 2019, the mine is expected to produce between 230,000 and 250,000 ounces of the yellow metal.

According to Bristow, Barrick is in the process of reviewing Veladero’s geological model and assessing the possibility of expanding its footprint. Continue Reading →

Despite gold’s rally, miners face chilly market for raising equity capital – by Niall McGee (Globe and Mail – August 26, 2019)

August 26, 2019 in Canada Mining, Canadian Media Resource Articles, Gold and Silver, International Media Resource Articles

https://www.theglobeandmail.com/

Canadian gold miners are facing a cool market for equity financing, despite bullion’s big move this year.

Earlier this month, a syndicate of underwriters got stuck with about one-third of New Gold’s Inc’s $150-million equity issue after failing to find enough interest from investors early on.

The transaction was a “bought deal,” in which brokers buy stock from the company and attempt to flip the shares to investors, preferably in a matter of hours. A source familiar with the deal said that after a more than two-week effort, the syndicate led by BMO Nesbitt Burns Inc. finally cleared all the remaining unsold shares in New Gold on Friday.

The Globe and Mail has kept the source’s name confidential because the person wasn’t authorized to speak publicly on the matter. Continue Reading →

Canada’s Iamgold lays off 325 Suriname contractors after illegal miner’s death (Reuters Canada – August 20, 2019)

August 21, 2019 in Canada Mining, Canadian Media Resource Articles, Gold and Silver, Latin America Mining

https://ca.reuters.com/

(Reuters) – Canadian miner Iamgold Corp (IMG.TO) has dismissed 325 contractors from its Rosebel gold mine in Suriname while it works to restore security after a clash between illegal miners and police, a company spokeswoman said on Tuesday.

The mining industry is grappling with a rising number of illegal miners, also known as artisanal miners, who break into sites in search of metals. At least 43 illegal miners died at a Glencore (GLEN.L) facility last month in Congo after a landslide.

Toronto-based Iamgold said earlier this month it had suspended mining operations at Rosebel after 25-year-old Furgill Aloeboetoe gained access to the site and died following an incident with police. Police later confirmed he was shot. Continue Reading →

CORRECTED-UPDATE 2-PNG puts Barrick, Zijin on notice over Porgera gold mine negotiations – by Jonathan Barrett and Mell Chun (Reuters Africa – August 19, 2019)

August 19, 2019 in Australia/New Caledonia/Papua New Guinea Mining, Barrick Gold Corporation, Canada Mining, Gold and Silver, International Media Resource Articles

https://af.reuters.com/

SYDNEY, Aug 19 (Reuters) – Papua New Guinea plans to take a larger share of the Porgera gold mine as part of lease-renewal talks, diluting the ownership of joint venture partners Barrick Gold Corp and Zijin Mining Group, the country’s commerce minister told Reuters on Monday.

The planned changes are part of a push by the South Pacific archipelago to transform its economy under new government leadership amid a perceived lack of benefits flowing from resources projects back to communities.

Porgera, located in PNG’s northern highlands region, is expected to produce 240,000 to 260,000 ounces of gold this year. Barrick and Zijin each own 47.5% of the mine, with the remaining 5% held by landowner group, Mineral Resources Enga. Continue Reading →

Barrick Gold eyeing sale of 50-per-cent share in Australian mine – by Niall McGee (Globe and Mail – August 12, 2019)

August 14, 2019 in Australia/New Caledonia/Papua New Guinea Mining, Barrick Gold Corporation, Canada Mining, Canadian Media Resource Articles, Gold and Silver, Nevada Mining

https://www.theglobeandmail.com/

Barrick Gold Corp. is planning to sell its 50-per-cent share in the Kalgoorlie mine in Australia and has identified two Australian companies as possible buyers.

“There’s a lot of very interested parties in that asset, whether it’s Northern Star or Evolution [Mining]. Those mid-cap Aussie guys are doing extremely well,” Barrick CEO Mark Bristow said in an interview after the release of the company’s second-quarter results on Monday. Neither Northern Star nor Evolution responded to a request for comment.

After Barrick bought Randgold Resources Ltd. for US$6-billion earlier this year, the company said it intended to divest about US$1.5-billion in assets to concentrate on its highest-returning assets, such as its mines in Nevada and its massive Pueblo Viejo mine in the Dominican Republic, which needs about US$1-billion in capital expenditure over the next few years. Continue Reading →

Arizona copper mine ruling expected to have national impact (San Francisco Chronicle – August 13, 2019)

August 14, 2019 in Aboriginal and Inuit Mining and Oil/Gas, Canada Mining, Copper, International Media Resource Articles, Mining Conflict and Opposition, United States Mining

https://www.sfchronicle.com/

Associated Press – TUCSON, Ariz. (AP) — A federal court ruling against a planned Arizona mining project is expected to have national repercussions if upheld by higher courts, experts said.

The mining industry has decried the ruling against the proposed $1.9 billion Rosemont Mine, The Arizona Daily Star reported .

The U.S. Forest Service’s approval of plans for the new copper mine in southeastern Arizona was overruled July 31 by U.S. District Court Judge James Soto. Conservation and tribal groups praised the ruling, saying it recognized the Forest Service’s failure to protect public land and resources. Continue Reading →

‘A lot of boxes ticked’: Barrick roars through summer as rival Newmont struggles with former Goldcorp mines – by Gabriel Friedman (Financial Post – August 14, 2019)

August 14, 2019 in Africa Mining, Barrick Gold Corporation, Canada Mining, Canadian Media Resource Articles, Gold and Silver

https://business.financialpost.com/

On Monday morning, Barrick Gold Corp.’s chief executive Mark Bristow visited the mining giant’s Toronto headquarters to announce second quarter earnings, and to take a victory lap on what’s shaping up to be a good summer.

“It’s a been a fun six months,” Bristow told the assembled analysts, bankers, journalists and others. “Today, I’m glad to share with you the enormous progress our teams have made.”

Barrick recently negotiated to purchase its troubled subsidiary in Tanzania, trimmed overhead and helped make other cost saving moves that helped propel its stock up 50 per cent since June. Continue Reading →

Barrick posts profit jump, flags significant work ahead on Acacia – by Nichola Saminather and Shanti S Nair (Reuters U.S. – August 12, 2019)

August 12, 2019 in Africa Mining, Barrick Gold Corporation, Canada Mining, Canadian Media Resource Articles, Gold and Silver

https://www.reuters.com/

(Reuters) – Barrick Gold Corp (ABX.TO) (GOLD.N) reported quarterly adjusted profit that nearly doubled on higher production on Monday, and said it has a “great deal of work” ahead resolving problems around its African unit, whose buyout the company expects to complete next month.

Barrick also said it plans to begin the sale process for its 50% stake in the Kalgoorlie operation in Western Australia in the third quarter. Newmont Goldcorp (NEM.N) owns the remainder.

The world’s second-largest gold producer reported adjusted profit of $154 million, or 9 cents per share, in the second quarter ended June 30, up from $81 million, or 7 cents per share, a year earlier. Continue Reading →

Iamgold under fire for alleged poor disclosure over miner death at Rosebel site in South America – by Niall McGee (Globe and Mail – August 9, 2019)

August 9, 2019 in Canada Mining, Canadian Media Resource Articles, Global Mining History, Latin America Mining, Mining Accidents, Deaths, Cave-Ins and Industrial Disease

https://www.theglobeandmail.com/

Shares in Iamgold Corp. fell 14.6 per cent Thursday – their steepest drop in nearly five years – as the Canadian miner faces heavy criticism for its alleged poor disclosure over the death of a miner at a South American mine site.

Last week, the Toronto-based company suspended mining at its second-biggest mine, Rosebel in Suriname, after an “unauthorized” artisanal miner was killed, following a confrontation with police. Iamgold said the fracas, which involved an unspecified number of artisanal miners, also caused equipment damage. The company said there are continuing security concerns for its staff at Rosebel.

Artisanal mining is common in Africa and South America, often involving impoverished locals mining by hand. While occasionally legal, artisanal miners often trespass on concessions controlled by international mining companies. Continue Reading →

Returning investors see gold prices surge, but new M&A activity still unlikely – by Niall McGee (Globe and Mail – August 8, 2019)

August 8, 2019 in Canada Mining, Canadian Media Resource Articles, Gold and Silver

https://www.theglobeandmail.com/

Surging bullion prices might not stimulate blockbuster dealmaking, but there are signs generalist investors are wading back into gold stocks after a protracted period of shunning the sector.

“I hadn’t gotten a call about gold from a client in the better part of a year and a half, and I got one yesterday,” said Matt Barasch, portfolio manager with RBC Dominion Securities in Toronto, who manages money for retail clients.

Gold hit a six-year high on Wednesday north of US$1,500 an ounce, driven by escalating trade-war tensions between the United States and China, falling interest rates and a slowdown in global growth. Historically sought out as a safe-haven investment, gold has risen by 17 per cent in 2019, after languishing in the US$1,300 range for about three years. Continue Reading →

After protests, Alamos CEO defends Turkish mine project against misinformation’ – by Tuvan Gumrukcu (Reuters Canada – August 7, 2019)

August 8, 2019 in Asia Mining, Canada Mining, Canadian Media Resource Articles, Gold and Silver, Mining Conflict and Opposition

https://ca.reuters.com/

ANKARA (Reuters) – Canada-based Alamos Gold has defended its environmental record at a mining project in western Turkey against a wave of protests, saying it had paid for future reforestation at the site and denying cyanide would leak into the surrounding area.

Thousands of Turks and opposition lawmakers protested on Monday in the Canakkale province against expected pollution from the mine, saying Alamos had cut down more trees than it had declared and would use cyanide, contaminating water in the region.

In an interview in Ankara, Alamos CEO John McCluskey said protests against the project near the town of Kirazli were based on politically-motivated misinformation. Continue Reading →

Deals by foreign buyers near $40-billion, set to eclipse last year’s pace – by Jeffrey Jones (Globe and Mail – August 6, 2019)

August 6, 2019 in Canada Mining, Canadian Media Resource Articles, Gold and Silver, Goldcorp Inc., Newmont, United States Mining

https://www.theglobeandmail.com/

Acquisitions in Canada by foreign buyers are already approaching the dollar value for all of 2018, as confidence in the economy trumps rising global trade tension and a dearth of deals in the oil patch.

Deals announced in the first half of 2019 topped $39.3-billion, only slightly less than the $40.2-billion worth of deals in all of 2018, a year considered to have been brisk for deal-making by foreigners, according to figures from the law firm Torys LLP.

Based on announced transactions and those the firm knows are being discussed, it is shaping up to be a strong year, though it is too early to predict a record, said Cornell Wright, co-head of Torys’ mergers and acquisitions practice. Continue Reading →

‘Don’t come if you like gold’: Turks march against planned gold mine – by Birsen Altayli (Reuters U.S. – August 2019)

August 6, 2019 in Asia Mining, Canada Mining, Gold and Silver, International Media Resource Articles, Mining Conflict and Opposition

https://www.reuters.com/

KIRAZLI, Turkey (Reuters) – Thousands of Turks including opposition lawmakers staged a peaceful and unusually large protest on the outskirts of a small western town on Monday against what they say will be pollution from a foreign-owned gold mine project.

Public opposition to the site owned by Dogu Biga Mining, the Turkish subsidiary of Canada-based Alamos Gold Inc, mounted after the firm allegedly cut down four times the number of trees than it declared in an environmental impact report.

Near the town of Kirazli in Turkey’s Canakkale province, a few dozen environmentalists have slept in tents since July 26 as part of what they call a “Watch for Water and Conscience”. Continue Reading →

Federal judge bars Rosemont Mine construction – by Tony Davis (Arizona Daily Star – Aug 1, 2019)

August 1, 2019 in Canada Mining, Copper, International Media Resource Articles, Mining Conflict and Opposition, United States Mining

https://tucson.com/

A federal judge stopped the planned Rosemont Mine in a ruling Wednesday evening, halting plans to start building the $1.9 billion project in August.

U.S. District Judge James Soto’s ruling in Tucson overturned the U.S. Forest Service’s 2017 decision approving the mine and its 2013 final environmental impact statement clearing the way for that approval.

His ruling, if it survives expected appeals to higher courts, would drive a stake into longstanding federal policies that say the Forest Service virtually can never say “no” to a mine if it would otherwise meet federal laws. It calls into legal question how the Forest Service has used the 1872 Mining Law to justify its approval of Rosemont — and by extension other mines on its land. Continue Reading →

EDITORIAL: Mining industry has role to play in carbon capture – by Marilyn Scales (Canadian Mining Journal – July 24, 2019)

August 1, 2019 in Canada Mining, Canadian Media Resource Articles, Climate Change, Carbon Taxes and ENGOs, Mining Education and Innovation

http://www.canadianminingjournal.com/

The carbon neutral mine is on the horizon. That’s the aim of a collaborative program to test immobilizing carbon dioxide in mine tailings. Lab scale tests are promising, and now the research is moving into the field.

The technology could reduce – if not eliminate – greenhouse gas (GHG) emissions at mines and result in the world’s first carbon neutral mining operation.

The research is headed by the University of British Columbia, the University of Alberta, Trent University, and Institut national de la recherches scientifique. The program is financially supported by Geoscience BC, Natural Resources Canada’s Clean Growth Program, De Beers Group, FPX Nickel, Giga Metals, and the governments of British Columbia, Yukon and Northwest Territories. Continue Reading →