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Canadian Media Resource Articles

BC First Nation files ‘urgent’ injunction to halt tailings dam construction at Mount Polley mine – by Amanda Stutt (Mining.com – April 28, 2025)

https://www.mining.com/

A British Columbia First Nation filed on Friday an injunction application on an “urgent basis” in Supreme Court to halt construction to raise the dam at the former Mount Polley gold mine. Xatśūll First Nation government is part of the larger Secwepemc (Shuswap) nation, located in the Cariboo region of the Canadian province.

The Xatśūll First Nation first filed a judicial review on April 15 with the Supreme Court of BC against the province’s minister of mining and critical minerals, the minister of environment and parks, the provincial deputy permitting officer, major mines offices and the Mount Polley Mining Corporation to overturn two provincial decisions authorizing Mount Polley Mining (MPMC) to raise the height of the dam at its tailings storage facility (TSF).

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New Osisko study for Cariboo project lifts NPV, costs – by Frederic Tomesco (Northern Miner – April 28, 2025)

Global mining news

An updated feasibility study for Osisko Development’s (TSXV, NYSE: ODV) Cariboo gold project in British Columbia increases net present value (NPV) by 88% even as estimated capital expenditures climb by more than one-third.

Cariboo’s after-tax NPV now stands at $943 million, up from a 2023 estimate of $502 million, Osisko said Monday in a statement. Projected capital expenditures are pegged at $1.41 billion compared with $1.02 billion previously.

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Canadian gold miner Mandalay agrees to US$358-million takeover by smaller Australian competitor – by Niall McGee (Globe and Mail – April 29, 2025)

https://www.theglobeandmail.com/

Australia’s Alkane Resources Ltd. is buying Canada’s Mandalay Resources Corp. in a US$358-million transaction driven by the contention that bigger is better in the gold industry. Perth-based Alkane and Toronto-based Mandalay hope that, by combining operations, investors will reward the combined company with a “rerate” – a higher stock-market multiple.

Despite record-high bullion prices, many gold miners continue to have difficulty attracting investors. That’s partly owing to the industry’s poor track record, but also the ease at which investors can gain exposure to gold through exchange-traded funds.

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Gates, Bezos-backed critical minerals explorer to ‘go big’ on Congo – report – by Staff (Mining.com – April 27, 2025)

https://www.mining.com/

KoBold Metals, the mining startup backed by Bill Gates and Jeff Bezos, is expanding its footprint into the Democratic Republic of the Congo, with plans to invest billions into the African nation’s large endowment of resources, the Financial Times reported.

Benjamin Katabuka, the country’s newly appointed director general, told the British newspaper that KoBold is looking to “go big” in the DRC, currently the world’s biggest producer of cobalt and the leading copper producer on the continent.

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Miners set to reap rewards of high gold prices but remain cautious on spending – by Ian Bickis (Canadian Press – April 25, 2025)

https://www.thecanadianpressnews.ca/

TORONTO – Record gold prices are translating into higher profits for Canadian producers and excitement about the potential for more growth, though miners remain cautious on spending. Agnico Eagle Mines Ltd. was among the first big producers to report results after a quarter that saw gold top US$3,000 an ounce, while this week it pushed to over US$3,500 an ounce for the first time on U.S. instability fears.

The higher prices led Agnico Eagle, one of the world’s biggest gold producers, to report record adjusted net income of US$770 million for the quarter ending March 31, up from US$377 million last year. “The gold price performance over the past year has been remarkable,” said chief executive Ammar Al-Joundi on an earnings call Friday.

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Barrick is cashing in on gold’s record rally with asset sales – by Jacob Lorinc (Bloomberg News – April 23, 2025)

https://www.bnnbloomberg.ca/

For Barrick Gold Corp., one of the world’s top bullion producers, the precious metal’s blistering rally to record prices is looking like a great opportunity to raise some cash as the company looks to pivot harder into copper mining.

First, the company announced on Tuesday that it’s exiting an Alaskan mining project by selling its 50% stake to billionaire John Paulson and Novagold Resources Inc. for US$1 billion. Meanwhile, Barrick has also signalled more deals on the horizon as it seeks buyers for mines in Africa and North America.

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Kitimat has seen it all – by Nancy Macdonald (Globe and Mail – April 25, 2025)

https://www.theglobeandmail.com/

In this northern B.C. port town, voters used to booms and busts are now caught between both at once

Kitimat’s construction boom is tapering off. The Help Wanted signs that used to decorate businesses are coming down. And hotel rooms in the northern B.C. port city are no longer packed with construction workers, as the process of building a new, $18-billion gas terminal winds down at the harbour.

But judging by the abundance of $80,000 pickup trucks, the local economy is still going gangbusters. Residents here have learned to be cautiously optimistic in the face of economic threat, and also restrained in their enthusiasm when things are looking up. Right now, they’re having to do both at the same time.

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London environmentalists say Ontario’s mining push puts endangered species at risk – by Alessio Donnini (CBC News London – April 26, 2025)

https://www.cbc.ca/news/canada/london/

One environmentalist points to a 2021 audit that said Ontario should do more to protect wildlife

Environmentalists in London and across the province say the Ontario government’s push to cut so-called red tape to speed up the development of mining and construction projects could have dire consequences for endangered species.

Particularly concerning aspects of this push are moves that, according to researcher and environmental activist Brendon Samuels, weaken environmental protections in the name of short-term economic gain.

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[Ring of Fire] This is why Donald Trump really wants to annex Canada – by Laura Osman (The Logic – April 27, 2025)

The Logic

Indigenous communities in the Ring of Fire stand to benefit greatly or suffer dearly in the race for critical minerals. Locals say their opposition to mining is misund

EABAMETOONG FIRST NATION, Ont. — In April, as Canada geese start to fly home from their winter retreat in the U.S., hunters in the Eabametoong First Nation head to the lakes and nearby creeks. As the sun sets over the remote Northern Ontario community, Dave Keeskitay, 40, returns from a hunt along what’s left of the melting ice road on Lornjack Bay. Sillouetted against a cotton-candy sky, he pulls a sled of goose decoys, his rifle slung over his shoulder. He bagged four birds that morning, but had no luck in the afternoon.

For hunters like Keeskitay in the remote communities south of the Hudson and James Bays, the seemingly endless peatlands and boreal forest are a lifeline. But the land that provides food and water to First Nations in the area also sits atop a potential treasure trove of critical minerals and precious metals, commonly known as the Ring of Fire, that could deliver communities here from poverty—or make survival in the region even harder.

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Uranium Spotlight: Eight companies on the radar – by Staff (Northern Miner – April 28, 2025)

https://www.northernminer.com/

Rising electricity demand from new AI-driven technologies and government support for nuclear power as a base load energy source are ramping up interest in uranium. After years of underinvestment, exploration and development companies are racing to find new sources of the nuclear fuel, and put them into production. Below is a list of eight interesting uranium plays to watch.

Anfield Energy

Anfield Energy owns the Shootaring Canyon mill in southeastern Utah, one of only three licensed and permitted conventional uranium mills in the United States. The company’s portfolio of uranium and vanadium projects stretches across Utah, Colorado, New Mexico and Arizona.

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First Nation challenges B.C.’s approval to raise Mount Polley mine tailings dam (CBC British Columbia/Canadian Press – April 15, 2025)

https://www.cbc.ca/news/canada/british-columbia/

The Xatsull First Nation has filed a petition in B.C. Supreme Court

A First Nation in B.C. has filed a legal challenge over the plan to allow the Mount Polley mine to raise its tailings dam a decade after a similar storage site at the mine gave way, creating one of the province’s largest environmental disasters.

The Xatsull First Nation has filed a petition in B.C. Supreme Court requesting a judicial review of the government’s decision to approve the raising of the dam by four metres without “meaningful” conversations with the nation.

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Teck stumbles again at QB2 copper mine, while zinc business outperforms – by Niall McGee (Globe and Mail – April 25, 2025)

https://www.theglobeandmail.com/

Teck Resources Ltd. stumbled once again in its latest quarter, as it encountered more ramp-up problems at its giant QB2 copper mine, while its zinc business fired on all cylinders.

Teck put the high-altitude QB2 mine in the mountains of northern Chile into production in 2023, but the US$8.7-billion project went way over budget. The ramp-up has been difficult, with grade shortfalls and production misses among the early challenges.

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Op-Ed: A credible strategy emerging to secure US critical supply chains – by Dominic Raab (Mining.com – April 24, 2025)

https://www.mining.com/

Dominic Raab is head of global affairs at Appian Capital, and former UK deputy prime minister and foreign secretary.

Amidst the polarized debate over the new US Administration’s trade policy, President Trump has taken a series of measures – from permitting reform to the nascent peace plan for Ukraine – demonstrating a concerted, new, strategic commitment to securing critical minerals supply chains.

The bedrock of the modern digital economy, from EV cars and smartphones to F-35 fighter aircraft, demand for critical minerals has doubled, creating a $320 billion market, and is set to double again by 2030. So too, today’s cutting-edge military hardware, on which our national security rests, depends on rare earths – from drones to submarines.

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N.W.T. government announces tax break, funding for ailing diamond mines (CBC News North – April 22, 2025)

https://www.cbc.ca/news/canada/north/

Measures include ramping up local diamond valuations, temporary property tax relief

The Northwest Territories government has announced several new policies aimed at propping up the territory’s diamond mines. The targeted measures are aimed to provide financial relief to diamond mines while low diamond prices, supply chain disruptions and potential U.S. tariffs wreak havoc on the industry.

Mining is the largest private-sector contributor to the N.W.T.’s economy, with the N.W.T. government saying its three operating diamond mines collectively account for about 20 per cent of the territory’s GDP. All three N.W.T. diamond mines reported losses in 2024, and mining companies called for government support earlier this month.

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Chinese takeover of Vancouver gold miner unlikely to be blocked by government, analyst says – by Naimul Karim (National Post – April 22, 2025)

https://financialpost.com/

In recent years, the government blocked deals involving Chinese companies and Canadian miners developing critical minerals

A Chinese company’s subsidiary is buying a Vancouver-based gold miner for about $581 million amidst rising gold prices, subject to approval by the Canadian government, among others.

Lumina Gold Corp., which is listed on the TSX Venture Exchange, isn’t producing gold yet but is developing the Cangrejos project in Ecuador, which it describes as that country’s “largest primary gold deposit,” based on a study conducted in 2023. The project is being sold to a Singaporean entity of China’s CMOC Group Ltd.

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