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Equinox Gold buys out Orion for almost US$1B as it readies Greenstone for first gold Colin McClelland (Northern Miner – April 24, 2024)

https://www.northernminer.com/

Equinox Gold (TSX: EQX; NYSE-AM: EQX) is buying partner Orion Mine Finance’s 40% stake in their new Greenstone gold mine in Ontario for US$995 million in cash and shares as it prepares to pour first gold.

The purchase includes US$745 million in cash and 42 million shares valued at US$250 million. It was announced late on Tuesday after Australia’s Gold Road Resources (ASX: GOR) said it was no longer considering buying a stake in Greenstone from Orion. Equinox said it would fund the purchase through a new US$500-million loan and a US$260-million bought-deal equity financing.

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World’s Biggest Energy Traders Are Returning to Metals Markets – by Archie Hunter, Jack Farchy and Mark Burton (Bloomberg News – April 24, 2024)

https://www.bnnbloomberg.ca/

Some of the world’s biggest energy trading companies are returning to metals, years after getting burnt in the notoriously difficult markets. Vitol Group, Gunvor Group and Mercuria Energy Group are among the traders building out their metals teams, as they look to deploy capital generated by record profits.

The shift comes as forecasters turn increasingly bullish on copper, aluminum and other metals, where long-anticipated production shortfalls are starting to take shape. Many commodities houses also see strong links between metals usage and power markets — another growth area for traders.

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Trudeau and Ford unveil Honda’s plan to build four new factories in Ontario – by Robert BenzieQueen’s Park and Rob Ferguson (Toronto Star – April 25, 2024)

https://www.thestar.com/

The Japanese automaker will have an electric vehicle factory and auto assembly plant in a region where they have been making gasoline-powered cars and trucks since 1986.

This Honda accord is worth a cool $15 billion. Prime Minister Justin Trudeau and Premier Doug Ford announced Thursday that Honda will build four new factories in Ontario, producing 240,000 electric vehicles as the Japanese auto giant expands its footprint.

Fuelled by $5-billion in public money, the expansion will create 1,000 new jobs at Honda, which already employs 4,200 people in Alliston, plus thousands of spinoff positions in parts production and construction of the new facilities.

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Gold’s Record-Setting Rally May Have Its Roots in Chinese Frenzy – by Mark Burton, Sybilla Gross and Yvonne Yue Li (Bloomberg News – April 23, 2024)

https://www.bnnbloomberg.ca/

(Bloomberg) — Gold’s record-setting rally this year has puzzled market watchers as bullion has roared higher despite headwinds that should have held it back. With prices sagging this week, the explanation may lie in China.

After weeks of debate about whether a mystery buyer was stoking the rally, several prominent figures in the global gold market are coming to the conclusion that the major new driving force is a legion of fleet-footed retail investors on the Shanghai Futures Exchange.

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LNG exports offer a wealth-creating way to reduce global emissions – by Gwyn Morgan (Financial Post – April 25, 2024)

https://financialpost.com/

Stepping up liquefied natural gas exports would help Asia lower emissions by getting off coal and boost Canada’s economy at the same time

Pierre Poilievre‘s Axe the (carbon) Tax campaign is a spectacular success. But the Conservative party needs its own plan to reduce fossil fuel emissions. Paradoxically, it’s a fossil fuel that provides the answer. Canada’s rich endowment of natural gas offers us the chance to both reduce global emissions and also rescue a Canadian economy ravaged by the Liberal government.

How? By exporting liquefied natural gas (LNG) to China, Japan, South Korea and the other coal-dependent Asia Pacific countries. Switching from coal to natural gas reduces CO2 emissions by 50 per cent while also eliminating the toxic compounds and lung-clogging particulates that shorten the lives of millions living in smog-stricken Asian cities.

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Five Eyes countries working to fight critical minerals dumping, Canada minister says – by Divya Rajagopal (Reuters – April 23, 2024)

https://www.reuters.com/

TORONTO, April 23 (Reuters) – Canada and its Five Eyes Alliance partners are working on put forward a response to tackle the price manipulation of critical metals, Canada’s Finance Minister Chrystia Freeland said on Tuesday.

The U.S., Britain, Canada, Australia and New Zealand have what is called the Five Eyes intelligence sharing network and the finance ministers from these countries met last Thursday for the spring session of the International Monetary Fund (IMF) in Washington.

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Airbus granted reprieve from Canadian sanctions on Russian titanium, sources say – by Steven Chase and Robert Fife (Globe and Mail – April 25, 2024)

https://www.theglobeandmail.com/

Ottawa has granted Airbus a waiver from sanctions targeting Russian titanium that could interfere with its business in Canada, two government sources say. Reports of the decision Wednesday prompted anger from Ukrainian Canadians and criticism from the Official Opposition.

The sanctions in question were only applied by Canada in February this year. Back then, Ottawa announced sanctions on Russia’s VSMPO-AVISMA Corporation, one of the world’s largest producers of titanium.

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BHP makes US$39B Anglo approach to create mining giant – by Thomas Biesheuvel, Dinesh Nair and Crystal Tse (Bloomberg News – April 25, 2024)

https://www.bnnbloomberg.ca/

BHP Group Ltd. proposed a takeover of Anglo American Plc that valued the smaller miner at £31.1 billion (US$38.9 billion), in a deal that would create the world’s top copper producer while sparking the industry’s biggest shakeup in over a decade.

The biggest mining company proposed an all-share deal in which Anglo would first spin off controlling stakes in South African platinum and iron ore companies to its shareholders before being acquired by BHP. The total per-share value of the non-binding proposal was about £25.08, BHP said, a 14 per cent premium to Anglo’s closing share price on Wednesday.

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Copper price surges as investors pile in to looming supply gap – by Kristian Koschany (Bloomberg News – April 19, 2024)

https://www.bnnbloomberg.ca/

Copper prices have risen all week, buoyed by surging investor confidence amidst ongoing concerns over tight supply conditions for the metal. The London Metal Exchange (LME) saw copper prices climb as much as 4.4 per cent this week from Monday’s level.

‘This is the second secular bull market that we’ve seen in copper this century, and it’s just starting now,” said Max Layton, global head of commodities research at Citi. “Investors have been holding off [but] they just can’t afford to hold off anymore. A very large number of [them] have a small to moderate copper position now that they didn’t have six to eight weeks ago.”

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OPINION: Quebec has a lot riding on Rio Tinto’s green-aluminum project – by Konrad Yakabuski (Globe and Mail – April 24, 2024)

https://www.theglobeandmail.com/

Since Rio Tinto bought Canada’s Alcan in 2007, the Anglo-Australian mining giant has been good at making big promises, but slow to fulfill them. This is especially proving to be the case with its plan to produce zero-carbon aluminum.

The Quebec aluminum operations that Alcan built up over more than 80 years until its US$40-billion takeover by Rio Tinto remain among the world’s most profitable. Rio’s eight wholly and jointly owned smelters in the province mostly rely on cheap and emissions-free hydroelectric power from dams that Alcan itself built, providing a competitive and environmental advantage over U.S., Chinese and Russian rivals that use coal-based electricity.

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Chinese Nickel Billionaire Boosts Australian Miner in Indonesia – by Eddie Spence and Alfred Cang (Bloomberg News – April 22, 2024)

https://www.bnnbloomberg.ca/

(Bloomberg) — A little-known Australian company is becoming the Western face of a Chinese nickel behemoth. In under a decade, Nickel Industries Ltd. has gone from a relatively small miner to the world’s sixth-biggest producer of a metal used in products from batteries to stainless steel.

Riding a Chinese-led boom in Indonesia’s nickel sector, it owns or has stakes in five plants in the country that churn out more of the commodity than household names like BHP Group Ltd.

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Honda makes multibillion-dollar deal to build electric vehicle factory in Ontario: sources – by Alex Ballingall and Robert Benzie (Toronto Star – April 23, 2024)

https://www.thestar.com/

Honda has agreed to establish a new, multibillion-dollar electric vehicle operation in Ontario, according to government sources.

OTTAWA — Japanese automaker Honda has agreed to establish a major new, multibillion-dollar electric vehicle operation in Ontario, according to federal and provincial government sources.

The deal is expected to be announced Thursday at Honda’s existing factory in Alliston, north of Toronto, where the company will reveal plans to bring a “massive project” to Ontario for the manufacturing of electric vehicles, batteries and other components, government sources with knowledge of the situation told the Star.

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Canada and allies considering trade measures against China and Indonesia over manipulation of nickel market, Freeland says – by Niall McGee (Globe and Mail – April 24, 2024)

https://www.theglobeandmail.com/

Deputy Prime Minister Chrystia Freeland says Canada and its allies are weighing taking trade action against China and Indonesia in the nickel market, as the two Asian countries tighten their collective grip in the critical mineral.

Indonesia has gone from supplying 7 per cent of the global output of nickel to 55 per cent in the past decade, with much of that new production controlled by China-based mining companies with ties to the authoritarian Beijing government.

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Our celebrity PM is getting attention for all the wrong reasons – by Diane Francis (Financial Post – April 23, 2024)

https://financialpost.com/

Electing high-profile, but incompetent, candidates such as Justin Trudeau and Donald Trump reduced the status of their respective countries on the world stage

In 2015 and 2016, Canadians and Americans both elected an incompetent celebrity who lacked the credentials to govern. Prime Minister Justin Trudeau and former U.S. president Donald Trump both reduced the status of their respective countries on the world stage.

But Trudeau has also damaged Canada’s economy, housing market and health-care system, while increasing taxes and racking up huge amounts of debt, earning him derision from experts and pundits on both sides of the border.

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Canada’s planned capital gains tax hike may choke mining startups, dealmakers say – by Divya Rajagopal (Reuters – April 22, 2024)

https://www.reuters.com/

TORONTO, April 22 (Reuters) – Canada’s capital gains tax hike for wealthy individuals and corporations in last week’s federal budget risks turning away investments from mineral exploration by reducing incentives, the country’s leading stock exchange operator and dealmakers told Reuters.

Prime Minister Justin Trudeau’s Liberal government proposed increasing the share of capital gains subject to taxation to two-thirds for individuals with annual investment profits greater than C$250,000 ($181,752), companies and trusts, as it seeks to raise revenue to fund public programs.

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