A way forward for mineral explorers and Indigenous Peoples – by Michael McPhie and Christy Smith (Northern Miner – June 13, 2022)

Global mining news

Relationships between the mineral exploration and mining sector and Indigenous peoples within Canada and around the world vary across a broad spectrum — from respectful and mutually beneficial to antagonistic and harmful.

We see these diverse variations play out on a global stage and how companies navigate this increasingly complex socio-political environment is a primary factor in whether a project advances. Leading companies have embraced this reality and recognize the importance of effectively engaging, building and sustaining meaningful relationships with Indigenous communities.

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Barrick facing new allegations of contamination near Veladero mine in Argentina – by Gabriel Friedland (Financial Post – June 13, 2022)

https://financialpost.com/

Toronto-headquartered Barrick Gold Corp. is once again facing accusations that its high-altitude Veladero mine in Argentina is releasing toxins into the local water supply — after similar incidents years ago spurred the country to pass legislation and forced the mine to temporarily close.

Located in the Argentinian Andes, Veladero is operated by Barrick but it is jointly owned on a 50-50 basis with China’s Shandong Gold. The mine has faced criticism related to toxic spills in water dating back to at least 2015.

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Canada set to ramp up protectionism against China in critical minerals amid domination by Asian superpower in key metals for clean energy transition – by Niall McGee (Globe and Mail – June 15, 2022)

https://www.theglobeandmail.com/

Canada is set to take a far more protectionist trade stance against China, as it teams up with the United States and other Western countries in a concerted effort to secure supplies of critical minerals that are key to a lower carbon future.

Since the early 2000s, China has directed its state-owned companies to invest abroad to secure long-term supplies of critical minerals and it has invested billions in Canada as part of that program.

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Gold Fields CEO says investors misunderstand rationale for Yamana takeover as shares swoon – by Gabriel Friedman (Financial Post – June 6, 2022)

https://financialpost.com/

Drop in Gold Fields stock leading analysts to question the deal

Gold Fields Ltd. chief executive Chris Griffith called his purchase of Yamana Gold Inc. the “optimum solution” to support his new business strategy. Investors aren’t so sure. Gold Fields shares dropped 23 per cent after Griffith announced his proposed $6.7 billion acquisition of Toronto-based Yamana last week, putting management on the defensive.

Griffith, who was appointed CEO of Gold Fields a year ago and has been leading mining companies since 2008, insisted that investors and analysts have failed to grasp that none of the typical reasons given for industry mergers apply to this deal.

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What is economic reconciliation? – by Michael McPhie and Christy Smith (CIM Magazine – June 03, 2022)

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

A way forward for Indigenous Peoples and the mining sector

Relationships between the mining sector and Indigenous peoples within Canada and around the world vary across a broad spectrum – from respectful and mutually beneficial to antagonistic and harmful.

Despite these diverse variations, the ways in which the mining sector engages with Indigenous communities is getting better and the future holds significant promise for those companies and individuals who understand how to build and sustain meaningful relationships.

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Kinross Gold keeps Russian mines running as sale drags on – by Gabriel Freidman (Financial Post – June 2, 2022)

https://financialpost.com/

Canadian miner’s situation shows that it’s easier to announce plans to leave a pariah state than actually exit

Toronto-based Kinross Gold Corp., which said in early March that it was quitting Russia, is still running its Kupol gold mining complex — which means it will likely generate tens of millions of dollars in tax revenue and other payments for Vladimir Putin’s regime.

Kinross’ situation shows that it’s easier to announce plans to leave an international pariah state than it is to actually vacate smoothly. Earlier this week, the company disclosed that it paid US$195 million to the Russian government for the 2021 tax year in the form of taxes, royalties and fees.

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Gold Fields CEO disappointed as share price falls after Yamana takeover announcement but vows to plow on – by Niall McGee (Globe and Mail – June 1, 2022)

https://www.theglobeandmail.com/

Chris Griffith, the chief executive officer of Gold Fields Ltd., is fielding questions from shareholders concerned that the South African gold major is overpaying for Yamana Inc., but he is nonetheless determined to push ahead on the deal, insisting the price on the table is fair.

Earlier this week, Johannesburg-based Gold Fields announced it intends to acquire Toronto-based Yamana for US$6.7-billion in an all-stock transaction. Yamana shareholders are set to receive 0.6 of a Gold Fields share for each of their Yamana shares, a premium of 42 per cent over the Friday close on the New York Stock Exchange.

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South Africa’s Gold Fields to buy Canadian miner Yamana Gold in ‘surprise’ US$6.7-billion deal – by Niall McGee and David Milstead (Globe and Mail – May 31, 2022)

https://www.theglobeandmail.com/

South Africa’s Gold Fields Limited is paying a rich premium to buy Yamana Gold Inc. in a USS6.7-billion all-share transaction that will see another of Canada’s mid-tier mining companies swallowed up by bigger prey.

In a deal announced on Tuesday, Yamana shareholders are set to receive 0.6 of a Gold Fields share, which equates to a premium of 31 per cent over its closing market value on Monday. Yamana’s board has backed the deal, and a shareholder vote will be held later in the year, with at least two thirds of votes cast needed for it to close.

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Gold Fields buying Yamana Gold in US$6.7B deal – by Felix Njini (Bloomberg News – May 31, 2022)

https://www.bnnbloomberg.ca/

Gold Fields Ltd. agreed to buy Canada’s Yamana Gold Inc. for about US$7 billion in an all-share deal that will make the South African miner the world’s No. 4 gold producer.

Yamana has mines in Canada, Argentina, Chile and Brazil, and Gold Fields said the acquisition fits with its strategy of expanding in “mining friendly” jurisdictions across the Americas.

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Alberta town endorses community developed policy saying no to coal mining in Rockies – by Colette Derworiz (Canadian Press/CTV News Calgary – May 25, 2022)

https://calgary.ctvnews.ca/

A southern Alberta town has become what it says is the first municipality to endorse a community-developed policy that calls for a permanent ban on new coal exploration and development in the Rocky Mountains.

“We’ve always wanted to keep our involvement in continuing this fight until we’ve reached the finish line – and we’re a long ways away from that yet,” Craig Snodgrass, mayor of High River, said in an interview Wednesday.

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Hudbay Minerals allowed to move Arizona copper project forward – by Cecilia Jamasmie (Canadian Mining Journal – May 25, 2022)

https://www.canadianminingjournal.com/

Hudbay Minerals (TSX, NYSE: HBM) has scored a small but key win in the United States after an Arizona judge ruled in favour of the company’s planned Copper World mine.

The ruling dismissed a pair of lawsuits filed by three Native American tribes and a coalition of environmental groups, which aimed to stop ongoing work on Copper World.

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Experts applaud $11M move by feds toward critical minerals – by Ian Campbell (Northern Ontario CTV News – May 23, 2022)

https://northernontario.ctvnews.ca/

A new call for proposals by the federal government for critical minerals development has the support of many people in the industry. It’s called the Critical Minerals Research Development and Demonstration program (CMRDD) and it’s looking to infuse another $11 million worth of funding.

It’s part of $47.7 million announced in Budget 2021 for federal research and development. It will fund applications that demonstrate the ability to reduce energy and carbon intensity. The projects will also reduce the environmental footprint of processing, increase production and provide innovative advancements.

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Judge: Challenges to new Arizona copper mine ‘moot’ after Hudbay abandons Rosemont water permit – by Paul Ingram (Tucson Sentinel – May 24, 2022)

https://www.tucsonsentinel.com/

A federal judge dismissed a pair of lawsuits filed by three Native American tribes and a coalition of environmental groups over Rosemont Copper’s move to expand its mining operations on the western slopes of the Santa Rita Mountains south of Tucson.

In recent weeks, the Tohono O’odham Nation, Pascua Yaqui and Hopi tribes, along with the environmental groups led by the Tucson-based Center for Biological Diversity, challenged “Copper World,” a project to expand the controversial mining project to a nearby area across the western reaches of the Santa Ritas. In their filings, both groups argued Rosemont was violating the terms of a Section 404 permit granted under the Clean Water Act by the U.S. Army Corps of Engineers.

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Situation critical for Canadian minerals extraction – by Nelson Bennett (Business In Vancouver – May 20, 2022)

https://biv.com/

Global demand for energy transition resources creating huge opportunity for B.C. miners

In 2014, the Stephen Harper Conservative government rejected the New Prosperity mine project, said to be one of Canada’s largest undeveloped copper deposits.

Now, the Justin Trudeau government is so anxious to secure a domestic supply of critical minerals and metals, including copper, that it earmarked $3.8 billion in the recent federal budget to implement a new critical minerals strategy.

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Canadian foreign aid was discussed during Barrick tax dispute in Tanzania, internal e-mails show – by Geoffrey York (Globe and Mail – May 42022)

https://www.theglobeandmail.com/

A newly obtained cache of e-mails has shed light on the anger and anxiety at Barrick Gold Corp. and the federal trade department after a Barrick subsidiary was hit with a disastrous export ban and massive tax claim in Tanzania.

The ban on gold concentrate exports triggered one of the worst crises in the history of Barrick’s operations in Africa, with its subsidiary losing two-thirds of its share value as the tax dispute deteriorated.

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