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Canadian Media Resource Articles

Gold price sharply down on Trump win, less risk aversion – by Jim Wyckoff (Kitco News – November 6, 2024)

https://www.kitco.com/

(Kitco News) – Gold and silver prices are strongly lower and hit three-week lows in early U.S. trading, following a decisive win by Republican U.S. presidential candidate Donald Trump. The presidential race was not as close as expected and the process won’t be in dispute. So far, no civil unrest has occurred because of the election results.

This is prompting the unwinding of safe-haven long-gold trades. A stronger greenback and higher Treasury yields today are also bearish for gold. December gold was last down $65.60 at $2,684.10 and December silver was down $1.43 at $31.345.

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Jack and Adam Lundin are TNM’s Persons of the Year for 2024 – by Alisha Hiyate (Northern Miner – November 4, 2024)

https://www.northernminer.com/

Sometimes a discovery is so big, it takes generations to discover, define and develop – in order to become a mining district that produces metals for future generations. Over the past two decades, the Lundin Group technical team has found a cluster of giant copper-gold deposits in the Andes – the region that produces 40% of the world’s copper.

Their Vicuña district deposits include Filo Corp.’s (TSX: FIL) Filo del Sol and Lundin Mining‘s (TSX: LUN) Josemaria in San Juan province, Argentina; and NGEx Minerals’ (TSX: NGEX) 69%-owned Los Helados in Chile’s Region III, plus its Lunahuasi discovery in San Juan.

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Quebec Mining Act reform – by Francois Brabant and David Gravel (Canadian Mining Journal – October 29, 2024)

https://www.canadianminingjournal.com/

A breakdown of Bill 63, an act to amend the Mining Act and other provisions

On May 28, 2024, Bill 63, a proposed amendment to the Mining Act, was presented to the National Assembly (Quebec). Bill 63 marks the first significant reform of the Mining Act since 2013 and is deemed by the Ministère des Ressources Naturelles et des Forêts (MRNF) to aim at enhancing transparency, improving land use coordination, providing a better framework for exclusive exploration rights, raising environmental requirements, maximizing the benefits of extracted mineral resources, and increasing overall efficiency for the entire Quebec mineral industry.

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Manitoba eyes speedier approval, more Indigenous involvement in mining sector – by Steve Lambert (Canadian Press – November 4, 2024)

https://www.thecanadianpressnews.ca/

WINNIPEG – The Manitoba government has released a new critical mineral strategy that it says will speed up projects and better involve First Nation communities.

The 24-page document says a new office will be created to guide businesses through the various permitting processes and highlight available incentives. The plan also says the province will develop a revenue-sharing model for mining in collaboration with Indigenous nations.

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Even climate groups think Guilbeault’s emissions cap is dumb – by John Ivison (National Post – November 6, 2024)

https://nationalpost.com/

The existing plan he’s undermining would cut emissions by seven times what the environment minister is proposing

Steven Guilbeault has made clear that he plans to go out with bang, championing a record unsullied by compromise, pragmatism or achievement. The activist environment minister released the draft regulations for a cap on oil and gas emissions on Monday, under the cover of blanket U.S. election reporting.

The minister’s rationale is that regulation is needed because profits in the sector have soared. Alberta Premier Danielle Smith said Guilbeault has a “deranged vendetta against Alberta” and promised to fight the cap in court.

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Opinion – We’re losing the battle to dethrone King Coal – by David Olive (Toronto Star – November 2, 2024)

https://www.thestar.com/

The good news is that the energy transition is well underway. We are electrifying almost everything that was powered by greenhouse-gas emitting fossil fuels. The bad news is that the transition to electricity is largely driven by coal, the dirtiest of fossil fuels and the biggest contributor to climate change.

A quarter of a century after humanity first got serious about global warming at the time of the 1997 Kyoto Protocol, the world this year will burn a record 8.74 billion metric tonnes of coal, according to the Paris-based International Energy Agency (IEA).

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Potash producers sound alarm on losing revenue during lockout at B.C. ports – by Brent Jang (Globe and Mail – November 6, 2024)

https://www.theglobeandmail.com/

Canada’s potash producers are warning that the lockout of unionized supervisors at British Columbia ports could allow rivals such as Russia and Belarus to gain market share.

With commodities such as potash stuck onshore at the Port of Vancouver, bottlenecks are growing in the supply chain. Potash is among the key exports suspended at Neptune Bulk Terminals (Canada) Ltd. in North Vancouver and Pacific Coast Terminals Co. Ltd. in Port Moody.

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Goodbye, Superstack: Vale set to dismantle this Sudbury landmark – by Silvia Pikal (CIM Magazine – October 31, 2024)

https://magazine.cim.org/en/

At 381 metres, the Vale Base Metals—formerly Inco—Superstack, which is part of the company’s Copper Cliff smelter complex, was Canada’s tallest freestanding structure when it was completed in1972. It later lost that distinction to the CN tower, but today it still stands as the tallest chimney in the Western Hemisphere.

After Vale announced in September that work will begin to bring down the Superstack once it finishes dismantling its smaller Copperstack in 2025, people sent in stories to Vale about family members who were part of the construction for the behemoth structure. Locals who feel attached to it are asking: won’t the horizon of Sudbury, a place known to the global mining industry as Nickel City, feel empty once its iconic Superstack comes down?

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Opinion: Can political leaders break the bottleneck in B.C.’s permitting process? – by Michael Goehring (The Orca – October 30, 2024)

https://www.theorca.ca/

Michael Goehring is the president and CEO of the Mining Association of British Columbia.

During the provincial election, both of B.C.’s main political parties emphasized the importance of mining and critical minerals to our economy and climate action. Both parties made solid commitments to expedite B.C.’s mine permitting process.

Governments globally are actively securing critical mineral supplies to support the clean energy transition and meet national security, defence and technology imperatives. Canada, B.C. and other provinces have critical mineral strategies with firm commitments to improve major mine permitting processes.

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Ivanhoe cuts copper forecast on DRC power woes, while Friedland touts new discoveries – by Henry Lazenby (Northern Miner – October 30, 2024)

https://www.northernminer.com/

Ivanhoe Mines (TSX: IVN; US-OTC: IVPAF) on Wednesday reported record third-quarter copper production but cut its full-year guidance by 6%, blaming power outages at its Kamoa-Kakula complex in the Democratic Republic of Congo.

The Toronto-based company lowered the copper guidance to 425,000–450,000 tonnes, from 440,000–490,000 tonnes. The disruptions stemmed from deficient transmission capacity and instability in the DRC’s southern grid, managed by state-owned Société Nationale d’Électricité. Delays in upgrading the Inga II dam’s transmission line and grid bottlenecks at the Kolwezi substation limited reliable power delivery.

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Global Atomic anticipates $295m loan for Dasa project by Q1 2025 – by Staff (Mining.com – October 29, 2024)

https://www.mining.com/

Global Atomic (TSX: GLO) said on Tuesday it anticipates securing a project financing loan from the US development bank by early Q1 2025 to advance its Dasa uranium project in Niger.

The company reported that in recent discussions, the bank confirmed its intention to approve a $295 million debt facility, which would cover 60% of the project’s projected costs. Dasa is the highest-grade uranium deposit in Africa, surpassed only by grades found in Canada’s Athabasca Basin, and is scheduled to achieve commercial production in early 2026.

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Gold Demand Tops $100 Billion as Western Investors Charge In – by Sybilla Gross (Bloomberg News – October 30, 2024)

https://www.bnnbloomberg.ca/

(Bloomberg) — Global gold demand swelled about 5% in the third quarter, setting a record for the period and lifting consumption above $100 billion for the first time, according to the World Gold Council.

The increase — which saw volumes climb to 1,313 tons — was underpinned by stronger investment flows from the West, including more high-net-worth individuals, that helped offset waning appetite from Asia, the industry-funded group said in a report on Wednesday. Buying in bullion-backed exchange-traded funds flipped to gains in the quarter after prolonged outflows.

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Ontario chamber boss bullish on Sudbury, Northern Ontario – by Hugh Kruzel (Sudbury Star – October 28, 2024)

https://www.thesudburystar.com/

‘What is produced here is essential to our economic future,’ Daniel Tisch Echevarría says, referring to the mining sector

Northern Ontario and Sudbury are keys to the province’s economic prosperity, the president and CEO of the Ontario Chamber of Commerce says. Daniel Tisch Echevarría made the observations last week during the 129th annual general meeting of the Greater Sudbury Chamber of Commerce.

“When you sit in Toronto you see a lot of data,” Tisch said. “When asked if businesses across the province are confident in themselves they say yes.

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Opinion: For European automakers, China goes from gift to threat – by Eric Reguly (Globe and Mail – October 31, 2024)

https://www.theglobeandmail.com/

China, the world’s biggest market for just about everything, was a boon for Europe’s biggest car companies, especially the German ones. Many of them formed local joint ventures and made fortunes as wealthy Chinese spurned cheapo domestic brands and snapped up Volkswagens, Mercedes, BMWs and other European and American showroom delights.

As recently as 2020, foreign brands’ share of total Chinese auto sales (gasoline, diesel, hybrid and fully electric) was nearly two-thirds. Today, it’s 37 per cent – and falling. China is no longer the gift that keeps on giving. Homegrown Chinese cars, notably the electric ones, are moving up the quality and value chain fast and sending the foreign nameplates packing.

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‘Green fatigue’ could lead to the R&D we need – by Bjorn Lomborg (Financial Post – October 31, 2024)

https://financialpost.com/

The high-cost climate policies we have now need to be replaced by a search for cheap green fuels the world will switch to voluntarily

As climate policy increasingly drives up living costs with next to no results, voters are becoming wearier of expansive — and expensive — green promises. We can only hope this backlash could lead to better, cheaper and more effective measures.

After dealing with climate activists blocking roads and gluing themselves to airport runways, celebrities flying private jets while telling the rest of us to take the bus, and climate policies that cost the world but deliver little, voters are viewing climate policies with greater skepticism.

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