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Canada Mining

Taseko floats second plan for B.C. site – by Peter Koven (National Post – October 19, 2011)

The National Post is Canada’s second largest national paper.  pkoven@nationalpost.com 

TORONTO  – The economic benefits appear to be massive. Now the main question is whether the federal government will approve it this time.

Nearly a year after Ottawa rejected Taseko Mines Ltd.’s Prosperity project in central British Columbia, the company is highlighting a third-party economic study that shows the proposed mine would increase real gross domestic product in Canada by $11-billion over the next two decades, while creating an estimated 71,000 jobs.

The study, prepared by the Centre for Spatial Economics, also suggests government revenue would rise by $9.8-billion over the life of the mine, and the B.C. population would grow by an estimated 5,400.

“It just shows you the kind of economic impact one mine can have. It’s unreal,” Taseko chief executive Russell Hallbauer said. Prosperity, 125 kilometres southwest of Williams Lake, is already one of the most controversial mining projects in Canadian history, well before any shovel has been put into the ground.

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NEWS RELEASE: Taseko’s New Prosperity Mine Would Increase Real GDP by $11 Billion, Add 71,000 Jobs over 20 years, New Study Reveals

October 18, 2011, Vancouver, BC- A new comprehensive economic study of Taseko Mines’ (TSX: TKO; NYSE Amex: TGB) (“Taseko”) proposed $1.5 billion New Prosperity Gold Copper Project located in British Columbia reveals that the project would provide a significant economic stimulus to the economy, and create thousands of new jobs for Canada over its 20 year mine life.

Using a macroeconomic model of the British Columbian economy, The Centre for Spatial Economics (C4SE), who has previously developed Canadian Department of Finance fiscal forecasts, reviewed the New Prosperity Project, starting with the 2013 construction phase and ending with the anticipated 2036 closure of the mine. The conclusions of the report suggest long term contributions to national, provincial and regional economies, including a significant increase in federal and provincial revenues and sustained job growth.

On June 6th, 2011, Taseko Mines responded to an invitation by the Federal government of Canada to submit a revised proposal for the development of its Prosperity Gold and Copper deposit in BC. New Prosperity, the company’s revised plan, includes an additional $300 million in capital investment to limit the mines environmental impact, notably the preservation of Fish Lake.

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Premier Clark’s best move speeding up approvals for dozens of new mining projects – Vancoucer Sun Editorial (Vancouver Sun – October 11, 2011)

The Vancouver Sun, a broadsheet daily paper first published in 1912, has the largest circulation in the province of British Columbia.

Premier Christy Clark’s pledge recently to accelerate approvals for mining projects is a rare ray of light in the gloom of economic stagnation.

With weak GDP growth, fiscal deficits, slumping stock markets, high household debt and a slight improvement in personal disposable income for much of the past decade, the prospect of eight new mines opening and another nine expanding by 2015 should prove a game-changer for British Columbia.

These projects are expected to create 1,800 new, well-paid jobs in communities where good jobs are hard to find. The average annual wage in mining last year was $108,100, income that will support families and local businesses and provide tax revenue for government to spend on what people say matters to them, namely health care and education. Besides jobs on and under the ground, mining supports auxiliary jobs in Vancouver and other urban centres where the financing, accounting, regulatory and legal work are done.

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Canada Starts Here: The BC Jobs Plan Speech – by British Columbia Premier Christy Clark (Sept/22/11)

This Speech was given to the Vancouver Board of Trade on September 22, 2011

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Thanks, Dave, for the introduction.

I’d like to acknowledge my caucus members in attendance, as they stand up – please give them a warm round of applause. Iain Black is here today as well.

And most importantly I want to acknowledge all the job creators in the room and that’s you.

You know, my grandfather was a member of the trade delegation that went to Japan with this Board of Trade in 1954. I found this wallet of his from the trip when I was cleaning out some boxes in my garage a couple months ago. He worked for a B.C. small business, Nelson Brothers Fisheries. He was the production manager and he went on this trade mission that flew through Anchorage, Alaska and then on to Japan.

The whole point was to reach out to open new markets and create new jobs in British Columbia. I am really proud he did that, and that the Board of Trade had the foresight to lead that mission in the 1950s. Fifty-seven years later, I am standing here before the same organization to talk about the same thing – new markets, new opportunities and good jobs for families.

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NEWS RELEASE: MINING ASSOCIATION OF BC WELCOMES NEW “CANADA STARTS HERE: THE BC JOBS PLAN”

22 September 2011 – Vancouver – The Mining Association of BC commends the provincial government’s Canada Starts Here: The BC Jobs Plan released today. 

Of particular importance to the BC mining sector, the BC jobs Plan proposes a commitment of almost $24 million to natural resource ministries with a goal of reducing the time it takes to get decisions on approvals and permits. The Premier emphasized that this plan could be implemented without compromising BC’s strict environmental standards.

The plan also promises that, in collaboration with the private sector, BC will see eight new mines in operation; nine upgrades and expansions to currently operating mines; and, mining permit backlog (Notices of Work) will be reduced by 80 percent within twelve months noting that once the backlog is dealt with, there will be a new sixty day turnaround to process Notices of Work for mines.

 “The mining industry is very encouraged to see government investing in its internal resources which allow private sector economic activity to occur,” said John McManus, Chair of the Mining Association of BC. 

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AME BC NEWS RELEASE: Mineral Explorers Applaud BC Jobs Plan

Vancouver, BC – September 22, 2011 – Today the Association for Mineral Exploration BC (AME BC) applauded the release of Canada Starts Here:  The BC Jobs Plan. In particular, AME BC thanked the provincial government for its commitment of $24 million toward reducing the time it takes to get decisions on approvals and permits for natural resource sectors. This will be done without compromising British Columbia’s world class safety and environmental standards or the requirement to consult with First Nations. The government has stated that once the permit and approval backlog is reduced, the target for turnaround on new “notices of work” for mines will be 60 days.

“Based on high commodity prices, our natural mineral potential, and proximity to Asian markets, BC is experiencing a modern-day gold rush built on safe, responsible and successful exploration,” said Gavin C. Dirom, President and CEO of AME BC. “There are more than 350 mineral exploration projects and 20 major mine projects active in BC. In 2010, we saw a doubling in exploration expenditures, up from $154 million in 2009 to $322 million as well as seeing almost $1.5 billion spent in construction and development of new mines or expansions.  These new mines potentially represent the creation of 10,000 new jobs over the next ten years.” 

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NEWS RELEASE: OSISKO PRESIDENT SEAN ROOSEN NAMED ERNST & YOUNG 2011 QUEBEC ENTREPRENEUR OF THE YEAR (October 7, 2011)

(Montreal, October 07, 2011) During a ceremony held yesterday, Sean Roosen, President and CEO of Osisko Mining Corporation (“Osisko”), was named Ernst & Young’s 2011 Quebec Entrepreneur of the Year. Furthermore, he is among the five individuals to be nominated for the national honor of Canada’s 2011 Entrepreneur of the Year, being announced in Toronto on November 23.

The Quebec Entrepreneur of the Year Award is given annually to an entrepreneur who has distinguished himself by his achievements, not only in terms of business success, but also in terms of socio-economic development within the community.

“I am extremely proud to receive one of Canada’s most prestigious awards”, noted Sean Roosen. “I humbly accept this award on behalf of the entire Osisko team—now counting over 700 employees—who are the ones truly responsible for the success of the Company.”

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Documents detail Mulroney-era efforts to block U.S. asbestos ban – by Gloria Galloway (Globe and Mail – October 19, 2011)

The Globe and Mail is Canada’s national newspaper with the second largest broadsheet circulation in the country. It has enormous influence on Canada’s political and business elite.

Anti-asbestos lobbyists say former Canadian politicians, ambassadors and bureaucrats abandoned their morals when they successfully lobbied two decades ago to prevent the carcinogenic material from being banned in the United States.

Laurie Kazan-Allen of the International Ban Asbestos Secretariat, a group based in Britain, told a news conference Tuesday that, “as a consequence of the legal and political actions mounted by Canadian interest, a further 300,000 tons of Canadian asbestos was used in the United States and vast amounts of asbestos-containing products were incorporated into the United States infrastructure.”

Ms. Kazan-Allen obtained documents from the U.S. Environmental Protection Agency to show that former Conservative prime minister Brian Mulroney lobbied his friend, then-U.S. president Ronald Reagan, in the mid-1980s about the EPA’s plan to ban asbestos.

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Creating Jobs & Prosperity: Canada as a Resource Superpower – Speech by The Honourable Joe Oliver, P.C., M.P. Minister of Natural Resources (October 13, 2011)

This speech was given by The Honourable Joe Oliver, P.C., M.P. Canada’s Minister of Natural Resources  at the Toronto Board of Trade, Toronto, Ontario, October 13, 2011

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Thank you, Carol, for your kind introduction. Good morning, ladies and gentlemen.

I am pleased to be back at the Toronto Board of Trade, which has been such an important organization in representing and generating ideas for the business community in the GTA and beyond.  Toronto is an economic engine with a world-class capital market and banking industry that finances our abundant natural resources and related industries right across the country.  The relationship between our resources and the economy is – not surprisingly – what I want to talk to about this morning.

This summer and fall, I have traveled across Canada and the United States. I co-chaired the federal-provincial Conference on Energy and Mining in Kananaskis. I attended the APEC Conference of Energy and Transportation Ministers in San Francisco a few weeks ago and met with business leaders, legislators and government officials in Sacramento, LA, New York and Washington.  Last week, I visited Washington and Calgary again.

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NEWS RELEASE: Macleod Dixon merges with Norton Rose OR, creating a global energy and mining powerhouse, within Norton Rose Group

www.nortonrose.com

West meets East

Calgary, October 4, 2011 – Macleod Dixon and Norton Rose OR announced today they will be joining forces as of January 1, 2012. The enlarged practice will become Norton Rose Canada, creating a world–leading practice in energy and mining law. With close to 700 lawyers based in Calgary, Montréal, Ottawa, Toronto, Québec, Caracas and Bogotá, Norton Rose Canada will be ranked among the top 3 Canadian legal practices.

This merger will significantly increase Norton Rose Canada’s resources across its six key industry sectors in Canada and in particular in the energy and infrastructure and mining and commodities sectors. Norton Rose Canada will be among a small number of Canadian firms with a leading practice in each of the three main markets in Canada (Calgary, Toronto and Montréal).

John Coleman, Managing Partner of Norton Rose OR said:

“This is about creating a new Canadian powerhouse that can serve clients through its international platform.

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Canada, U.S. feel drag in China slowdown – by Simon Avery (Globe and Mail – October 14, 2011)

The Globe and Mail is Canada’s national newspaper with the second largest broadsheet circulation in the country. It has enormous influence on Canada’s political and business elite.

Commodities, resources take hit as Beijing moves to rein in inflation, develop more sustainable economic model

As China’s leaders apply the brakes to slow the world’s second-largest economy, Canadian and U.S. markets are feeling the jolt.

Copper prices have plunged, as have the values of other commodities reliant on Chinese demand. The recent volatility on global stock markets reflects, in part, concerns about how fast and severe the slowdown in China will be.

North American stocks will be hammered if China’s annual GDP growth should shrink to 5 per cent, says Jurrien Timmer, director of global macro for Fidelity Management & Research Co. and co-manager of the Fidelity Tactical Strategies fund.

While that’s still a robust figure by today’s western standards, it would represent a dramatic decline from the 9.6-per-cent growth that China boasted in the first half of the year.

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Minister Oliver says mine approval process to get better – by Peter Koven (National Post – October 14, 2011)

The National Post is Canada’s second largest national paper.  pkoven@nationalpost.com 

TORONTO – Federal Natural Resources Minister Joe Oliver says improvements to Canada’s endless regulatory approval process for new mines are “achievable” under the government’s current mandate.

Speaking to reporters after a presentation at the Toronto Board of Trade Thursday, Mr. Oliver expressed confidence he can eliminate duplication in federal and provincial reviews of projects, but warned it will be an extremely difficult process.

“We have to work with the provinces, so we can agree on a case-bycase basis whether it makes sense for one or the other to take over the review, or if there’s some way we can work together to avoid duplication,” he said.

One of the biggest frustrations for mining companies in Canada is that project approvals can be delayed for months because the federal and provincial governments are out of sync and are doing the same tasks.

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Mining magnate’s $100M gift launches ‘Canadian Rhodes’ – by Tristin Hopper (National Post – October 14, 2011)

The National Post is Canada’s second largest national paper.

With $100-million — the second-largest endowment to Canadian academia in history — mining magnate Seymour Schulich is inaugurating what he hopes will be the Canadian equivalent to the Rhodes Scholarship.

“It’s about trying to create leaders,” said Mr. Schulich, 71. “If you call people leaders and give them 60 grand, some of them are going to turn into leaders.”

Dubbed the Schulich Leader Scholarships, when fully implemented by 2014 the award will grant $60,000 over four years to students enrolling in science, technology, engineering or mathematics programs.

A noted philanthropist, Mr. Schulich’s name already adorns schools of business, music, medicine and engineering. This time around, he felt it was time to put money into the sciences.

“Business gets enough support, medicine gets enough support, but I haven’t really done a straight science benefaction,” he said.

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No growth in North without respect, Edmonton conference told – by Dave Cooper (Calgary Herald – October 13, 2011)

http://www.calgaryherald.com/index.html

Manpower ‘a major concern’ because of region’s low population and lagging education levels

EDMONTON – With an estimated 30 per cent of the world’s undiscovered natural gas, about 13 per cent of its potential oil and big slice of its diamond production, Canada’s North holds a treasure chest of riches.

But the fast-growing region faces immense challenges that don’t register with most southern Canadians, including climate change, which is melting the ice sheets once used as virtual highways — forcing aboriginal inhabitants and the wildlife they depend on for food to adapt.

Economic opportunities for the small population scattered across the vast region are also significant, but a policy conference Wednesday was told that respect for the land and people of the North is the only way development will be sustainable and successful.

In the Yukon, 11 of 14 First Nations have land-claim agreements, modern treaties that give them considerable clout in economic development. Such arrangements with northern aboriginals now cover 40 per cent of Canada.

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In standoff with Ivanhoe Mines, Mongolia blinks – Brenda Bouw (Globe and Mail – October 7, 2011)

The Globe and Mail is Canada’s national newspaper with the second largest broadsheet circulation in the country. It has enormous influence on Canada’s political and business elite.

VANCOUVER — Mongolia is backing off plans to grab a larger stake of the massive Oyu Tolgoi copper-gold project following warnings from its majority owner, Canada’s Ivanhoe Mines Ltd., that such a move would create mistrust among future international investors.

Statements from government officials put an end to weeks of speculation that the country might seek to prematurely boost its stake in the project.

Investor worry spurred a sharp selloff of shares of Ivanhoe Mines, the project’s 66 per cent owner, as well as Rio Tinto PLC, which owns 49 per cent of the Canadian company.

Oyu Tolgoi is key to economic growth in the country, the officials said, warning of the economic consequences of revising the existing deal that gives the country a 34-per-cent stake in the project. It has the option to increase that ownership to 50 per cent in 30 years.

The Mongolian government and Ivanhoe Mines, alongside its project partner Rio, later put out a joint statement confirming their support for the existing deal signed in 2009.

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