Archive | Canadian Media Resource Articles

Goldcorp Says Peru and Nevada Would Make Portfolio Perfect – by Danielle Bochove (Bloomberg News – May 22, 2018)

https://www.bloomberg.com/

Goldcorp Inc. Chief Executive Officer David Garofalo says he’s happy with his company’s portfolio of assets, but that doesn’t mean he doesn’t have a wish list.

In an ideal world, the company would have an asset in Nevada’s Carlin Trend. “If you’re an Americas-based gold company, you should be there. Barrick and Newmont are there and we should be there,” he said in an interview in Toronto, adding he’d also like to acquire something in Peru. “Those are the two holes in our portfolio geopolitically I’d love to be able to fill in due course.”

Barrick Gold Corp. and Newmont Mining Corp., the two largest producers of the precious metal, both have significant assets in Nevada and mines in Peru. Continue Reading →

Detour Gold looking for new permanent CEO after stumbles at flagship mine – by Niall McGee (Globe and Mail – May 19, 2018)

https://www.theglobeandmail.com/

Struggling junior gold producer Detour Gold Corp. is on the hunt for a new permanent chief executive officer, weeks after its stock got pummelled following a series of bad-news announcements around its flagship Ontario mine.

On Friday, Detour announced that Paul Martin is retiring as CEO and vacating his board seat as of June 1. Michael Kenyon will leave his current role as chairman of the board and take over as CEO on an interim basis. Alex Morrison, currently a director, becomes chair.

The Toronto-based miner expects to announce a permanent replacement for Mr. Martin by early 2019. Detour’s main asset is its Detour Lake open pit mine in Northeastern Ontario, which went into production in 2013. Detour is planning on expanding the mine, but has encountered a number of setbacks lately. Continue Reading →

‘The power of the north actually declined’: Ontario’s newest ridings in the north bring some election hope amid harsh realities – by Wency Leung (Globe and Mail – May 21, 2018)

https://www.theglobeandmail.com/

From his office window, Chief Paul Burke can see the vast, clear sky and the ice breaking up across the Severn River. On a May afternoon, it is -3 degrees Celsius outside and the ground is clear of snow. Many of Mr. Burke’s community members are out on the land, hunting caribou and harvesting geese that are migrating north.

Mr. Burke has ambitious plans for his remote northern Ontario community of Fort Severn, located near the edge of Hudson Bay. He is anticipating the completion this fall of a 300-kW solar farm to reduce residents’ dependence on diesel and firewood, he wants to encourage mineral and gas exploration in the area, and he hopes to develop a tourism industry that draws visitors to see the plentiful polar bears that spend their time on land between mid-July and December.

His vision for this fly-in community has been independent of input from Queen’s Park. In fact, he says, in the two years he has been chief, he has never had any interaction with his MPP, nor any elected provincial official. “There’s never any presence here from anyone,” Mr. Burke says. “You never hear from them. You never hear of them either.” Continue Reading →

The pipeline to the future doesn’t carry the jobs of the past – by Mike Robinson (Troy Media – May 20, 2018)

https://troymedia.com/

The ruckus over the Kinder Morgan project is a good reminder that the economic conditions we once enjoyed are on the way out

While the opinion writers and politicians are venting about expanding the Kinder Morgan pipeline for diluted bitumen to the West Coast, it might help to consider some history.

We didn’t arrive at this shout-fest without making diverse tracks from previous experiences, and most of us are old enough to think back over a few previous decades, or read about circumstances further back still.

My take on this mess starts with two grandfathers from the British lower middle class who didn’t see an employment future in London. So in 1910 they each took a boat to Montreal and hopped on the Canadian Pacific Railway to British Columbia. One got off at Revelstoke, the other in Vancouver. Continue Reading →

Ontario, First Nations take giant step toward reconciliation with revenue-sharing deal – by Ken Coates and Stephen Crozier (Globe and Mail – May 21, 2018)

https://www.theglobeandmail.com/

Ken Coates is a Munk senior fellow, Macdonald-Laurier Institute. Stephen Crozier is vice-president of corporate affairs, IAMGOLD Corporation.

Every once in a while, the ground shifts in the Canadian public-policy landscape. So it was earlier this month, when the Ontario government announced an agreement to share mining and forestry revenue with First Nations. The specific deal was worked out with the Grand Council of Treaty #3, the Wabun Tribal Council and the Mushkegowuk Council.

This transformative development, many years in the making, changes the very foundations of resource development in Ontario and holds the potential to set Indigenous, government and industry relations on a new path.

The situation in Ontario is well known. Many promising resource developments, highlighted by the Ring of Fire in Northern Ontario, have been stalled or slowed by Indigenous opposition. The often-stated position is that there was little reason to pursue developments when the returns to Indigenous communities were small and uncertain. Continue Reading →

Cobalt price: Congo ebola outbreak compounds acute supply fears – by Frik Els (Mining.com – May 20, 2018)

http://www.mining.com/

The price of cobalt has been drifting after hitting near 10-year peaks in March to exchange hands for $91,000 a tonne on Friday. Cobalt is still up nearly fourfold since hitting multi-year lows at the beginning of 2016 as worries about supply of the metal, a crucial element in batteries, combine with expectations of booming demand from the electric vehicle sector.

Supply risks for cobalt are centred on the Democratic Republic of the Congo which is responsible for nearly two-thirds of world output. And the country’s share will only increase over the next five years (see chart).

Fears of disruption from the conflict ridden central African country has intensified after an outbreak of the deadly ebola disease and the possibility of a return to civil war in the run up to long-postponed national election now set for December. Continue Reading →

Britain yet to renew visa of Russian billionaire Abramovich: sources – by Polina Devitt (Reuters U.S. – May 20, 2018)

https://ca.reuters.com/

MOSCOW/LONDON (Reuters) – British authorities, whose relations with Moscow have been strained, are yet to renew Russian billionaire Roman Abramovich’s visa after it expired last month, two sources familiar with the matter told Reuters.

Abramovich, best known in Britain as the owner of Premier League soccer club Chelsea, is in the process of renewing his visa as part of a standard procedure, one of the sources said.

It is taking longer than usual but there is no indication that the visa will not be renewed as there is no refusal or negative feedback, he added. Millhouse, the company that manages Abramovich’s assets, declined to comment. Britain’s Home Office could not be reached for comment. Continue Reading →

Osisko builds critical mass in Quebec – by Trish Saywell (Northern Miner – May 17, 2018)

http://www.northernminer.com/

In the first five months of the year, Osisko Mining (TSX: OSK) released resource estimates for two projects in Quebec while keeping in step with an ambitious drill program that is the largest of its kind in Canada.

Earlier this month, Osisko unveiled its first resource estimate on its 100%-owned Windfall deposit, 115 km east of the town of Lebel-sur-Quevillon. Windfall is one of the highest-grade resource-stage gold projects in Canada.

The company outlined an indicated resources of 2.38 million tonnes grading 7.85 grams gold per tonne for 601,000 ounces of contained gold and inferred resources of 10.61 million tonnes grading 6.7 grams gold for 2.28 million oz. of gold, using a cut-off grade of 3 grams gold per tonne. Continue Reading →

Eritrea ‘poison pill’ complicates miner Lundin’s aspirations: sources – by Nicole Mordant and Susan Taylor (Reuters U.S. – May 17, 2018)

https://www.reuters.com/

VANCOUVER/TORONTO (Reuters) – The weak human rights record of one of Africa’s poorest countries is coming between Lundin Mining Corp and its pursuit of a prized European copper and gold asset. Cash-rich Lundin’s latest run at fellow Canadian miner Nevsun Resources Ltd is designed to bag the Timok project in Serbia, but it had to bring on a partner to pick up Nevsun’s Bisha mine in Eritrea.

That is because Lundin Mining’s board of directors, chaired by billionaire resources tycoon Lukas Lundin, refuses to invest in Eritrea, according to four people familiar with, but not able to speak publicly on, the matter.

They will not own the Eritrean mine “for even one second,” one of the people said. That stance is not necessarily a deal breaker, said an investor who declined to be named. Continue Reading →

‘They actually sold it at a premium’: Nutrien sells stake in Chilean lithium producer for $4.1 billion – by Gabriel Freidman (Financial Post – May 18, 2018)

http://business.financialpost.com/

In a sign of how hot the lithium market is, Canadian fertilizer producer Nutrien Ltd. sold a 24 per cent stake in Sociedad Quimica y Minera de Chile S.A. for US$4.07 billion, at a healthy premium.

The purchaser, China’s Tianqi Lithium Corp., agreed to pay US$65 per share for the Chilean producer, which represented a premium on the US$58 trading price, which surprised some analysts, as antitrust regulators in China and India had required Nutrien — the company formed by the merger of Potash Corp. of Saskatchewan and Agrium Inc. — to sell its stake in SQM as a condition of the deal.

“The price seemed good,” said John Chu, an analyst with Laurentian Bank Securities. “Because Nutrien had given advanced notice that they had to sell it, and because it was such a large block of shares, it was thought that they would have to sell it a discount, and they actually sold it at a premium.” Continue Reading →

Trudeau and Co. losing the fight on carbon taxes – by Lorrie Goldstein (Toronto Sun – May 16, 2018)

http://torontosun.com/

As polling across Canada shows support for carbon pricing plummeting now that it’s a reality as opposed to an idea, Prime Minister Justin Trudeau must be wondering what went wrong? Ditto Ontario Premier Kathleen Wynne.

Last year, with great, self-congratulatory fanfare, she imposed a cap and trade scheme, another name for a carbon tax, on Ontarians. That’s one reason she’s poised to lose her job in the province’s June 7 election, her Liberal government trailing both the Progressive Conservatives and NDP in the polls.

An Ipsos/Global poll released Monday found more than seven in 10 eligible Ontario voters — 72% — believe carbon taxes are just an excuse by government to grab more money from them, with 68% calling them mere symbolism. Continue Reading →

‘Ready and prepared to turn off the taps’: Notley issues stark warning to B.C. as pipeline fight escalates – by Geoffrey Morgan (Financial Post – May 17, 2018)

http://business.financialpost.com/

CALGARY – Alberta Premier Rachel Notley threatened to cut off oil shipments to British Columbia “very quickly” on Wednesday, as her government passed its controversial new law that grants the government sweeping new powers over oil and gas shipments.

Notley said she would use the law, first introduced last month and passed Wednesday, if construction does not begin on Kinder Morgan Canada’s $7.4-billion Trans Mountain pipeline expansion soon.

“Albertans, British Columbians and the rest of Canada should understand that if the path forward for the pipeline through B.C. is not settled soon, I am ready and prepared to turn off the taps,” Notley said Wednesday. Continue Reading →

Playing politics with resource revenue sharing – by Ian Ross (Northern Ontario Business – May 17, 2018)

https://www.northernontariobusiness.com/

Northwestern Ontario municipal leader wants mining, forestry benefits deal for all Northern communities

Resource revenue sharing is on the minds of Ontario’s three provincial leadership hopefuls as they roll through Northern Ontario during the election. Allowing First Nations to benefit from mining and forestry operations on their traditional land has been a contentious and unresolved issue for many years.

The Wynne Liberal government revealed a potential landmark deal – pending their re-election – by announcing that agreements had been signed with three First Nations organizations, representing 32 communities across the North.

Lauding the deals as “the first of their kind,” the Liberals said the partnering First Nations will receive 45 per cent of government revenues from forestry stumpage, 40 per cent of the annual mining tax and royalties from active mines, and 45 per cent from future mines in the areas covered by the agreements. Continue Reading →

Centerra gets $200 million for royalty portfolio and Kemess silver stream – by Cecilia Jamasmie (Mining.com – May 17, 2018)

http://www.mining.com/

Canada’s Centerra Gold (TSX:CG) is selling its subsidiary AuRico Metals’ royalty portfolio and a silver stream on its Kemess project to Triple Flag Mining Finance Bermuda, in a deal valued at $200 million.

The transaction, said the company’s President and chief executive, Scott Perry, is meant to generate cash to continue developing key projects, as well as growing the miner’s pipeline, through the sale of non-core assets. He said the move would also allow Centerra strengthen its balance sheet.

The Toronto-based miner said the deal implied selling AuRico Metals’ royalty portfolio, including net smelter returns royalties on Kliyul, Chuchi and Redton exploration properties, an upfront cash payment of $155 million. Continue Reading →

Time for a serious look at Ottawa audits of anti-oil ‘charities’ – by Terence Corcoran (Financial Post – May 16, 2018)

http://business.financialpost.com/

Canada’s charitable regime is in need of comprehensive review and reform

For more than a decade Vivian Krause, a Vancouver researcher and writer with more determination than the Winnipeg Jets, has been following and documenting the activities of charities that fund opposition to Canada’s oil industry.

Krause has dug into the corners of the so-called charitable activities of a collection of powerful political organizations, funded by U.S. foundations, whose objectives include, among other things, “shutting down” Canada’s oilsands.

Readers of this page will be familiar with Krause’s work. The Girl Who Played with Tax Data lists more than a dozen of her FP Comment reports going back to 2010. Others followed. Continue Reading →