Archive | Canadian Media Resource Articles

Frenzied trading sends Dow down more than 1,100 points, activity halted early on TSX amid technical snag – by David Berman (Globe and Mail – February 28, 2020)

https://www.theglobeandmail.com/

U.S. stocks fell into official correction territory on Thursday amid frenzied trading and mounting concerns over the potential economic and corporate damage caused by the spread of the coronavirus. Meanwhile, the Toronto Stock Exchange halted buy and sell orders early because of a technical problem.

The S&P 500 closed down 4.4 per cent to 2,978.76, erasing a tentative comeback in midday trading. It was the benchmark′s biggest one-day percentage drop since 2011.

The total decline from the index’s intraday high on Feb. 19 is now 12.2 per cent – a record-fast correction, defined as a drop of 10 per cent or more, according to Dow Jones Market Data, using numbers going back to 1980. The Dow Jones Industrial Average fell 1,190.95 points, or 4.4 per cent, to 25,766.64, marking the blue-chip index’s biggest point decline in history. Continue Reading →

The beginning of the end of Canada’s high living standards – by Diane Francis (National Post – February 27, 2020)

https://nationalpost.com/

Nature abhors a vacuum and so does free enterprise and democracies. And Canada is about to show why. This week, Canada’s massive megaproject, Teck Resources’ giant oil sands mine in Alberta, was obliterated — the biggest casualty of the #ShutDownCanada movement that’s been building and hurting the economy and country’s reputation.

The significance is not so much about a single project. It is the beginning of Canada’s irreversible economic decline caused by the anti-enterprise policies of Prime Minister Justin Trudeau’s regime.

This week Canada’s living standards peaked. The absence of smart political leadership, or an understanding as to how the country prospers, has atomized the national interest into thousands of vested, warring interests. Continue Reading →

Hasty development of Ontario’s Ring of Fire could have devastating impacts – by Justina Ray and Cheryl Chetkiewicz (Toronto Star – February 26, 2020)

https://www.thestar.com/

Dr. Justina Ray and Dr. Cheryl Chetkiewicz are scientists with Wildlife Conservation Society Canada who have worked in the far north in Ontario 25 years collectively.

The current wave of protests in support of the Wet’suwet’en is about respecting Indigenous rights, but also about responsibility — our collective responsibility to protect increasingly endangered ecosystems and some of Canada’s most intact natural areas.

Failing to consider the value of such areas — for people, for biodiversity, and for our climate — before making development decisions is increasingly leading to conflict.

We are on the cusp of a similar situation in Ontario, where plans to build roads to the Ring of Fire in the far north are being pursued in a way that similarly ignores the big picture. Continue Reading →

OPINION: To build bridges, not barricades, learn from the Cree Nations of Quebec – by Abel Bosum (Globe and Mail – February 27, 2020)

https://www.theglobeandmail.com/

Abel Bosum is the Grand Chief of the Grand Council of the Crees of Northern Quebec and President of the Eeyou Istchee James Bay Regional Government.

If you’ve been watching the news over the past several weeks, you might have the impression that Indigenous rights and the appetite of non-Indigenous society for resources are irreconcilable, that polarization is inevitable, and that Indigenous and non-Indigenous Canadians are incapable of listening to one another. It doesn’t have to be this way.

The only way to bring down the barricades that separate us is by truly listening to one another. Right now across Canada, when we get word that a barricade is to be going down, even more spring up. The Prime Minister calls for dialogue and patience, and then yields to the lead of premiers. The situation is confusing for anyone trying to find resolve.

For the Cree Nation of Eeyou Istchee, the situation echoes 2002 – which marked the peak of decades of bitter conflict with Quebec. It was a conflict defined by an unfortunately all-too-common threat posed by large-scale resource development to traditional ways of life, based on hunting, fishing and trapping. Continue Reading →

Rio’s $1bn spend to reach zero emissions “not enough” – by Cecilia Jamasmie (Mining.com – February 26, 2020)

https://www.mining.com/

Rio Tinto (ASX, LON, NYSE: RIO) will spend $1 billion over the next five years to reduce its carbon footprint and have net zero greenhouse gas emissions by 2050, but some analysts say the announcement is a minor step towards helping the mining industry achieve climate goals.

Delivering full-year results for 2019, in which the company recorded its highest profit in eight years, chief executive officer Jean-Sébastien Jacques said the world has got to a point where it is necessary to sacrifice growth to meet climate targets.

“The challenge for the world, and for the resources industry, is to continue the focus on poverty reduction and wealth creation, while delivering climate action,” Jacques said. “This will require complex trade-offs.” Continue Reading →

EDITORIAL: The rumours of reconciliation’s death are greatly exaggerated (Globe and Mail – February 27, 2020)

https://www.theglobeandmail.com/

The use of police in British Columbia and Ontario to clear illegal blockades, part of a broader dispute over a pipeline that runs through disputed Indigenous territory, has led to an outbreak of people declaring that “reconciliation is dead.”

That’s not surprising. The Trudeau government turned “reconciliation” into a political slogan; it now finds it thrown back in its face anytime it, or anyone else, makes a decision that doesn’t jibe with the expectations of Indigenous leaders – or non-Indigenous activists claiming to act on behalf of Indigenous Canadians.

Live by the ill-defined word, die by the ill-defined word. What does reconciliation look like? How is it measured? How will we know when it has been achieved? The Liberals lifted the word from the Truth and Reconciliation Commission, but beyond a promise of a “renewed nation-to-nation relationship,” they never defined their terms. Continue Reading →

Uphold the rights of all Indigenous Canadians, not just anti-pipeliners – by Terry Glavin (National Post – February 26, 2020)

https://nationalpost.com/

If Ottawa intends to usurp the rights of all those Aboriginal people who want the pipeline built, then Trudeau should come right out and say so

You’d think the country was convulsing in an apprehended insurrection or something. It isn’t. It is a very big deal, in its way, with tens of thousands of frustrated commuters and ships idled in the harbours and so on.

There’s a lot of public aggravation and a whole lot of shouting and crazy rhetoric. But the flag is still flying on government buildings. People really need to calm down.

So let’s start there, and let’s also remember that while all the roadblock banners and the chanted slogans loudly declare that the point of it all is “Wet’suwet’en solidarity” and “reconciliation” and so on, that doesn’t make it true. Continue Reading →

Canada’s mining jurisdictions no longer among 10 most attractive amid slew of scrapped resource projects – by Kevin Martine (Financial Post – February 26, 2020)

https://business.financialpost.com/

First time in past ten years no province has cracked the top ten on the investment rankings in Fraser Institutes’ survey of mining execs

Global commodity investors are taking note as Canada grapples with cancelled projects and entrenched opposition to the development of its resources.

This was evident in the annual survey of mining executives by the Fraser Institute that shows Canadian provinces are no longer considered among the top ten places in the world to invest for mining. Last year’s survey had four provinces in the top 10.

Saskatchewan was the highest ranked province at 11th, down from 3rd last year, followed by Ontario at 16th, Quebec at 18th and British Columbia at 19th, according to the survey released on Tuesday. This is the first time in the past ten years that no province has cracked the top ten on the investment rankings. Continue Reading →

Lithium price: EVs will be $350bn market in just 15 years – by Frik Els (Mining.com – February 25, 2020)

https://www.mining.com/

The global energy storage market is expected to balloon over the next 15 years, according to a report released by Lux Research.

“The energy storage industry is poised for a massive increase in annual revenue and deployment capacity as key innovative technologies, such as solid-state batteries and flow batteries, reach commercialization,” said analyst Chloe Holzinger, one of the report’s lead authors.

The Boston-based company forecasts a global market of $546 billion in annual revenue by 2035. That’s up from $59 billion last year. Capacity will grow even faster, with annual combined deployment level 3,046 GWh over the next 15 years, up from the current 164 GWh and compound growth of 20% per year. Continue Reading →

Kenney says Alberta will not cede ‘an inch’ of jurisdiction to Ottawa on climate change – by Gary Mason (Globe and Mail – February 26, 2020)

https://www.theglobeandmail.com/

Jason Kenney says Alberta will not cede “an inch” of jurisdiction to the federal government in the fight against climate change, setting the stage for a pitched battle that could have generational consequences for the country.

It’s a clash that could claim the country’s climate strategy, creating uncharted challenges for Prime Minister Justin Trudeau as he struggles to balance the fight against global warming with the pocket-book realities of a resource-based economy.

In an interview with The Globe and Mail, the Alberta Premier said an offer to regulate a cap on heavy emitters in the province is still on the table despite it being tied to federal approval of the Frontier oil sands project, which was shelved by Teck Resources this week. However, Mr. Kenney is linking any new cap-regulation deal to a long list of demands. Continue Reading →

Barrick issues cease and desist notice to AJN over Kibali stake purchase – by Hereward Holland, Jeff Lewis and Helen Reid (Reuters Canada – February 26, 2020)

https://ca.reuters.com/

KINSHASA/TORONTO/JOHANNESBURG (Reuters) – Barrick Gold, the operator of Congo’s biggest gold mine, has issued a cease and desist notice to junior miner AJN Resources as it moves to block its acquisition of a 10% stake in the project, which it says the deal undervalues.

Barrick and AngloGold Ashanti, which each own 45% of the Kibali mine, said they had not been consulted about the acquisition even though the stake’s owner Societe Miniere de Kilo-Moto (SOKIMO) may not transfer or sell its Kibali shares without their approval.

The two companies and the chair of state-owned SOKIMO say AJN’s planned acquisition was prematurely announced to the market, without notifying stakeholders or securing approval from SOKIMO’s board. Continue Reading →

Canada’s cultural elites have seen the enemy — and it is Canadians – by Jonathan Kay (National Post – February 25, 2020)

https://nationalpost.com/

The idea that Indigenous political agitation would lead to Canada’s break-up is not new. The shocking thing now is that the main threat doesn’t actually come from Indigenous peoples

If you’re interested in history, there’s no better podcast than Mike Duncan’s “Revolutions,” which takes listeners through detailed accounts of the great historical upheavals of the last 400 years.

Canada gets scant treatment, of course, since this country never truly witnessed a real revolution. But we do get a significant cameo during Duncan’s 15-episode arc on the American Revolution. And seeing Canada (or, more accurately, what would become Canada) through the eyes of late 18th-century American revolutionaries is instructive.

In America’s northern borderlands, “Canadians” — as we now call ourselves — broadly consisted of three separate groups: Indigenous societies, French Catholics in what would become Lower Canada, and (largely) English-speaking Protestants in what would become Upper Canada. Continue Reading →

Hudbay prepares for next phase of growth – by Mariaan Webb (MiningWeekly.com – February 2020)

http://www.miningweekly.com/

Dual-listed Hudbay Minerals is preparing for the next phase of growth, focusing on mining the high-grade Pampacancha satellite deposit, in Peru, and completing the refurbishment of the New Britannia gold mill, in Canada.

Both projects, CEO Peter Kukielski says, require low capital intensity, but will yield high returns with short paybacks on the invested capital. Hudbay has budgeted $170-million in growth capital for 2020, $80-million of which will be spent at the Manitoba operations, $70-million in Peru and $20-million in Arizona.

The Manitoba spending relates to the New Britannia mill refurbishment, where construction activities are set to start in the second quarter of this year. Continue Reading →

Northern mine cleanups continue; province, feds still divided on cost – by Alex MacPherson (Saskatoon StarPhoenix – February 24, 2020)

https://thestarphoenix.com/

Crews are expected to start assessing Saskatchewan’s first uranium mine, which was staked 100 years ago, this summer.

Saskatchewan’s first uranium discovery was staked a century ago, but it took almost three decades before prospectors gave up attempting to extract iron, copper and gold from the site and turned their attention to its last remaining mineral resource.

Named for the former Royal North-West Mounted Police officer who re-staked the site on the north shore of Lake Athabasca in 1929, the Nicholson mine underwent development in 1949 and sent out its first uranium shipments five years later.

Production halted in 1956 after Consolidated Nicholson Mines Ltd.’s supply contract ended in the face of falling prices. Subsequent efforts to resume mining failed and the remote site was abandoned with little cleanup effort a few years later. Continue Reading →

Contra Guys: This is one gold stock we’re (very patiently) watching closely – by Benj Gallander and Ben Stadelmann (Globe and Mail – February 25, 2020)

https://www.theglobeandmail.com/

It is almost time for PDAC, one of the world’s largest mining shows held annually in Toronto. March 1-4 are the dates, and for investors scouting out resource investments, this is a great place to venture as companies large and small are in attendance and want to make you aware of their wares.

At least one of us has attended almost every annum for more than 30 years, during fat times and lean for gold and commodity prices. When valuations are up, the place is rocking; when down, as one attendee said, “You could shoot a cannon down the aisle and not hit anyone.” With the gold price being reasonably sweet and getting sweeter, 25,000 plus should be in attendance this year.

While we wrote about our success with better than a triple on Alacer Gold in August, Orvana Minerals has proven more problematic for Benj. Purchased just over five years ago at $0.28, it currently trades at $0.22. Continue Reading →