Archive | Canada Mining

Yamana Gold executive chair Peter Marrone says gold industry compensation needs to fall – by Niall McGee (Globe and Mail – May 13, 2019)

In the long-running controversy over executive pay in the Canadian gold industry, Yamana Gold Inc. is a name that frequently crops up.

At its recent annual meeting, the Toronto-based company came close to losing another say-on-pay vote, squeaking by with just 54.5-per-cent approval, after its 2018 executive compensation package raised the ire of a proxy advisory firm.

Glass, Lewis & Co. gave Yamana an “F” grade for compensation and recommended shareholders vote against its executive pay package. Yamana has “a history of misaligning pay and performance,” Glass Lewis wrote, and shareholders “should be deeply concerned with the compensation committee’s failure.” Continue Reading →

Barrick Gold CEO frustrated over ongoing Acacia tax impasse – by Niall McGee (Globe and Mail – May 9, 2019)

Mark Bristow came to Barrick Gold Corp. with a strong reputation for operating mines in tough jurisdictions in Africa. But a solution to one of the company’s most vexing problems on the continent still eludes him.

The chief executive says the miner has made little progress in its attempts to end a tax dispute with Tanzania that has crippled production at its London-based subsidiary.

Speaking in Toronto on Wednesday after the release of Barrick’s first-quarter earnings, Mr. Bristow said that two years after a fracas erupted between 63.9-per-cent Barrick-owned Acacia Mining PLC and the government of Tanzania, both parties are still very much at odds. Continue Reading →

No ‘instant gratification’ at Barrick as CEO Mark Bristow confronts rising costs – by Gabriel Friedman (Financial Post – May 9,, 2019)

Mark Bristow is playing a new role. After spending decades finding and building his own mines, the South African geologist who built a widely admired gold company in sub-Saharan Africa that was taken over by Barrick Gold Corp. in January for $6 billion, is now trying to wring profits out of gold mines that someone else found and built — and then operated for years, sometimes making decisions that he cannot undo.

Bristow is about four months into his job as chief executive of Barrick, and production at the world’s second-largest gold miner is set to increase as much as 23 per cent to between 5.1 and 5.6 million ounces this year.

But costs are also up: share slid about 1.18 per cent to close at US$12.57 Wednesday in New York after it reported all-in sustaining costs would rise from US$806 per ounce in 2018 to between US$870 and US$920 an ounce. Continue Reading →

Barrick CEO Expects to Raise $1.5 Billion in Asset Sales – by Danielle Bochove (Bloomberg News – May 8, 2019)

Barrick Gold Corp., which completed its acquisition of Randgold Resources Ltd. at the beginning of the year, has identified $1.5 billion in assets the miner intends to sell, Chief Executive Officer Mark Bristow said.

“Our focus is realizing $1.5 billion through next year,” Bristow said Wednesday in an interview in Toronto. The assets will be sold once they are optimized enough to create sufficient value for shareholders, he said.

The gold sector has been anticipating a wave of asset sales in the wake of Barrick’s US$5.4 billion acquisition of Randgold and a second mega-merger that created Newmont Goldcorp Corp. Continue Reading →

Barrick to shift focus away from free cash flow as first-quarter profit falls – by Niall McGee (Globe and Mail – May 8, 2019)

A slimmed-down Barrick Gold Corp. posted a mixed earnings statement in its first quarter after closing its biggest acquisition in seven years.

With its previously high debt load now largely under control, Barrick also said in a Wednesday news release it is shifting its focus away from free cash flow to exploiting its ore bodies.

Net profit at the Toronto-based miner fell 30 per cent year over year to US$111-million from US$158-million for the period ending March 31. Continue Reading →

Mining industry should voice Bill C-69 concerns: Lukas Lundin – by Nicole Gibillini (BNN Bloomberg – May 7, 2019)

The chairman of Lundin Mining Corp. is taking aim at Ottawa over Bill C-69 and is urging the mining industry to raise more concerns about the proposed legislation that could drastically alter the way the government assesses major resource projects in Canada.

“I think there’s a big push on the environment and trying to win elections on talking about the environment – and I think [the federal government has] maybe gone a bit too far here,” Lukas Lundin told BNN Bloomberg’s Andrew Bell in an interview Tuesday.

The proposed federal bill aims to change the way pipelines and other significant projects are reviewed, and could also provide greater access to potential intervenors in the approval process. Continue Reading →

Barbara Sherwood Lollar, diviner of ancient water, wins top Canadian science prize – by Ivan Semeniuk (Globe and Mail – May 6, 2019)

It was a telltale smell that led Barbara Sherwood Lollar to the discovery of a lifetime. “Not skunky, but musty,” said the University of Toronto geochemist, describing the sulphur-tinged aroma she perceived wafting through a section of the Kidd Creek Mine near Timmins, Ont., in 2009.

By following her nose in the dark, she eventually found the spot that confirmed her suspicions. It was water, and not just ordinary water. As detailed analyses would later reveal, it was essentially the oldest known water in the world, sitting isolated beneath the Canadian Shield for more than a billion years.

The quest to understand that water and its origins has become a cornerstone of Dr. Sherwood Lollar’s work, but it is only one part of a scientific career that spans three decades and ranges from studies of environmental contamination to the search for life on Mars. Continue Reading →

The third-largest copper mine in America is Arizona’s next big fight – by Ian James and Priscilla Totiyapungprasert (Arizona Republic – May 6, 2019)

CORONADO NATIONAL FOREST — Sloping ridges descend from the rocky spine of the Santa Rita Mountains, forming an undulating landscape of gold-tinged grass dotted with the greens of juniper trees, oaks, cactuses and yuccas.

Standing on a crest and looking out over the land, Steve Brown said he feels a strong connection to this place. He grew up on a ranch in the mountains, where he rode horseback, tended cattle, and gained a reverence for the web of life he saw around him — the coyotes and bobcats, the rattlesnakes and butterflies.

He said this part of the Coronado National Forest southeast of Tucson still feels like his backyard, and he’s determined to fight plans for a giant copper mine that would be blasted and carved into the mountains. Continue Reading →

Struggling junior miners woo investors to fund exploration projects – by Nichola Saminather (Reuters U.S. – May 2, 2019)

NEW YORK (Reuters) – Junior miners, struggling to fund exploration as institutions seek lower risk and better returns from larger rivals and newer industries, sought to sell potential investors on projects on Thursday, with mixed success.

The proliferation of index funds, sluggish gold price growth and a shift into cannabis and cryptocurrencies by risk investors has left junior miners short of funding. While the mining industry has seen a tentative revival in interest, much of that capital has flowed to larger producers.

“There has never been greater divergence between big and small companies in the mining sector. Big companies are healthy. … They have a lot of (earnings),” Peter Grosskopf, chief executive of asset manager Sprott Inc, said at the Mines and Money Conference. “The juniors are nowhere near that.” Continue Reading →

Yamana Gold eyes $100m expansion in Brazil – by Mariaan Webb ( – May 2, 2019)

Precious metals miner Yamana Gold is considering several expansion opportunities at its mines, including a $100-million expansion in Brazil that will add about 80 000 oz/y to its production.

With more financial flexibility following the $1-billion sale agreement of Brazil-based Chapada to Lundin Mining, Yamana is considering a two-phase expansion at the Jacobina mine, the first phase of which involves a mill optimisation to increase capacity to 6 500 t/d.

This phase would require “very modest” capital and would be implemented by the middle of next year, the TSX-listed miner reported in its first-quarter results announcement on Wednesday. Continue Reading →

As Canada’s Lucara Diamond seeks new mines, tech fuels growth – by Nichola Saminather (Reuters Canada – May 1, 2019)

TORONTO (Reuters) – Lucara Diamond Corp, which has recovered two of the largest diamonds in recent history, is turning to technology to ensure growth in an industry where new mine acquisitions remain elusive.

For the Vancouver-based junior miner, that means using advanced technology like sorting based on atomic density to boost value from its Karowe mine in Botswana, and also diversifying away from mining into an online diamond sales platform.

“Diamond mines are extremely rare… we haven’t been able find the perfect asset, but we continue to look,” Lucara Chief Executive Eira Thomas said in an interview. “In the meantime, we thought it was important to establish a growth agenda.” Continue Reading →

Ivanhoe Mines names former Kinross CFO Tony Giardini as president; CEO to retire – by Niall McGee (Globe and Mail – May 1, 2019)

Ivanhoe Mines Ltd. is considering eliminating the chief-executive role and leaving founder Robert Friedland to lead the company as executive co-chair for the foreseeable future, according to a mining-industry source.

On Wednesday, Ivanhoe announced that its long-time CEO Lars-Eric Johansson will retire at the end of June, and is giving up the role of president immediately. Former Kinross Gold Corp. chief financial officer Tony Giardini was named as president but Ivanhoe didn’t name a successor CEO.

With the impending exit of Mr. Johansson, Ivanhoe’s upper-management tier could soon closely resemble Barrick Gold Corp.’s old structure. Toronto-based Barrick operated for a few years with a president but no CEO. Continue Reading →

Canadian miner with knack for finding monster diamonds takes on industry giants with online trading – by Hanna Hoikkala and Niclas Rolander (Bloomberg News – April 30, 2019)

The opaque diamond trade may be ripe for disruption. Lucara Diamond, which recently found the second-largest diamond in history in Botswana, is taking on industry giants such as De Beers and Alrosa PJSC with an online platform to replace the current physical auctions.

The service allows Lucara to match buyers’ requirements, not only saving jewellers the trouble of traveling to Botswana but also ending the practice of buying stones by the bucket. They typically can only use some, and then have to sell the rest on the secondary market.

“For the first time ever, manufacturers buy only what they want, they don’t have to carry all this extra inventory,” Eira Thomas, Lucara’s chief executive officer, said in an interview in Stockholm. Continue Reading →

NEWS RELEASE: Canada Announces Six Crush It! Mining Challenge Finalists to Advance Toward $5-Million Grand Prize

MONTREAL, April 30, 2019 /CNW/ – Improving the energy efficiency of Canada’s mines is critical to our transition to a low-carbon economy. Finding and advancing innovative solutions that reduce energy use for crushing and grinding mined rock will reduce greenhouse gas emissions, improve productivity and help our mining industry become more competitive.

Paul Lefebvre, Parliamentary Secretary to the Honourable Amarjeet Sohi, Canada’s Minister of Natural Resources, today announced the six finalists for Impact Canada’s Crush it!

Challenge at the 2019 Canadian Mining, Metallurgy and Petroleum’s Convention. Each finalist is eligible to receive up to $800,000 to build and test his or her cleantech solution before advancing to the next stage of the challenge.

The finalists are: Continue Reading →

Canadian Catholics skeptical new oversight office will stop mining exploitation abroad – by Dean Dettloff (America: The Jesuit Review – April 29, 2019)

Sheri Meyerhoffer, a former lobbyist for the Canadian Association of Petroleum Producers, has been tasked with overseeing the activities of Canadian companies abroad—most notably, extractive industries like gold mining and oil drilling—and many environmental and human rights advocates are not pleased.

On April 8, the Canadian international trade minister, Jim Carr, announced that Ms. Meyerhoffer would become the first ombudsperson of Canadian companies doing business in other nations, but Mr. Carr deferred questions about exactly what powers the ombudsperson would have.

Critics are disappointed that Ms. Meyerhoffer’s office will not be independent but will instead be budgeted by, and accountable to, Mr. Carr’s office. Continue Reading →