Canadian Media Resource Articles – Page 325

Canadian divers help find Russian ship that sank 113 years ago – and it could be full of gold – by Tyler Dawson (National Post – July 19, 2018)

July 19, 2018

Reports say there were some 5,500 boxes, containing gold coins and bars, aboard Dmitrii Donskoi that would now be worth $170 billion

It took a couple days of scouring the ocean floor, but a team of Canadian explorers with a Vancouver-based undersea technology firm has helped discover a long lost Russian navy ship, sunk 113 years ago, and, according to the rumours, with billions of dollars of gold aboard.

On Tuesday, the Shinil Group in South Korea announced that over the weekend it had found the Dmitrii Donskoi, a czarist-era Russian cruiser that was scuttled following the Battle of Tsushima in May 1905, a major naval battle during the Russio-Japanese War.

Phil Nuytten, the founder and president of Nuytco Research Ltd., said his team has plenty of experience diving to wrecks, from the Lusitania — sunk by a German U-Boat off the coast of Ireland in the First World War

Detour Gold warns of ‘fire sale’ in clash with Paulson, as analysts speculate on possible buyers (maybe Barrick) – by Gabriel Friedman (Financial Post – July 19, 2018)

July 19, 2018

https://business.financialpost.com/

Paulson & Co., the U.S. hedge fund that won worldwide recognition for its correct bets on the U.S. housing market prior to the global financial crisis, isn’t backing down in its fight against the management of Toronto-based Detour Gold Corp.

On Thursday, Paulson & Co. announced it plans to call a special shareholder meeting by no later than July 28, when it will ask the rest of the company’s shareholders to oust “a majority” of the company’s board of directors.

The announcement followed a contentious exchange between the two companies a day earlier, in which Detour denied receiving any purchase offers, prompting Paulson & Co. to release an email it said the company’s interim chief executive Michael Kenyon sent that appeared to show otherwise. Paulson & Co. said a lawyer representing Detour on Wednesday threatened litigation against the hedge fund.

Rejection of controversial project ‘a pretty hard blow,’ says Yukon miner (CBC News North – July 19, 2018)

July 19, 2018

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

Second application to mine claims near Judas Creek rejected for Yukon miner

Nicolai Goeppel said he’s ready to throw in the towel after his second attempt to operate a placer mine south of Whitehorse was rejected by the Yukon government. “I really don’t know if it’s worth putting any more money and time into it,” Goeppel said.

Goeppel’s initial application for a placer mine in the Judas Creek area was rejected by the government in 2016, largely because of a potential negative impact on the Carcross caribou herd.

His second application reduced the number of claims to be mined from 45 to 15, the period of mining was reduced from 10 years to five years, and the timing of the operations was adjusted to minimize impact on the caribou.

De Beers Canada acquires Peregrine Diamonds, to take over Nunavut diamond project (CBC News North – July 19, 2018)

July 19, 2018

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

De Beers Canada says it plans to take over the company behind the Chidliak diamond mining project in Nunavut. In a Thursday morning news release, the corporation announced it has entered into an approximately $107 million agreement to acquire all outstanding securities of Peregrine Diamonds Ltd. at $0.24 per share.

Peregrine owns and operates the Chidliak diamond exploration project, located 120 kilometres northeast of Iqaluit on Baffin Island.

De Beers Canada, which is headquartered in Calgary, previously declined to invest in the project in 2013 after signing an option agreement with Peregrine the previous year. If it had agreed to the joint venture, it would have invested almost $60 million in Chidliak over five years, operating and having majority interest in the project.

‘Everything is now fair game’: Canada unlikely to be spared from U.S. uranium protections – by Naomi Powell (Financial Post – July 19, 2018)

July 19, 2018

https://business.financialpost.com/

The United States Department of Commerce has launched an investigation to determine if uranium imports threaten national security, raising questions about whether Canadian producers will be exempted from any potential trade restrictions.

The investigation, which opens a new front in U.S. President Donald Trump’s “America First” trade campaign, “will canvass the entire uranium sector from the mining industry through enrichment, defense, and industrial consumption,” the commerce department said.

“Our production of uranium necessary for military and electric power has dropped from 49 per cent of our consumption to five per cent,” said commerce secretary Wilbur Ross. U.S. uranium production fell to 2.4 million pounds in 2017, down 61 per cent over the last decade, according to the U.S. Energy Information Administration.

De Beers Makes Rare Acquisition by Buying Canadian Diamond Mine – by Thomas Biesheuvel (Bloomberg News – July 19, 2018)

July 19, 2018

https://www.bloomberg.com/

De Beers has made a rare acquisition, buying a Canadian company, as the world’s biggest diamond producer seeks to replace closing mines in the country.

The unit of Anglo American Plc agreed to buy Peregrine Diamonds Ltd. for about $81 million, giving it control of the Chidliak diamond resource in northern Canada, the company said in a statement Thursday. De Beers rarely buys assets, partly because it owns some of the best gem mines in the world.

The company has been seeking to increase its exposure to Canada to lessen its dependence on its traditional southern African assets.

Saskatchewan a model for uranium riches – by Josh Healey (Halifax Chronicle-Herald News – July 19, 2018)

July 19, 2018

http://thechronicleherald.ca/

Uranium deposits were first discovered in Saskatchewan in the early 1950s and, from that moment on, the province was Canada’s premier player in the uranium mining industry.

The Athabasca Basin, located in northern Saskatchewan, boasts some of the highest-grade uranium ore in the world. Mining, consequently, is a key industry in this region, which generated the lion’s share of Canada’s 13,330 tonnes of uranium in 2017.

Could Nova Scotia’s uranium deposits offer this kind of economic potential? At this point, given known deposits, a spokesperson from the federal Department of Natural Resources says no.

U.S. to investigate Canadian uranium imports, citing national-security concerns – by Salmaan Farooqui (Globe and Mail – July 19, 2018)

July 19, 2018

https://www.theglobeandmail.com/

The United States will investigate imports of uranium over national-security concerns, raising the prospect of damaging tariffs for Canadian producers of the metal.

U.S. Commerce Secretary Wilbur Ross said on Wednesday that the investigation was prompted by a petition from two U.S. uranium mining companies.

He pointed to a drop in U.S. production of uranium, which is used to power 99 commercial reactors, the U.S. Navy’s nuclear submarines and aircraft carriers, and in the country’s nuclear weapons arsenal.

Fortune Minerals considers putting Saskatoon-area refinery plans on ice – by David Shield (CBC News Saskatoon – July 18, 2018)

July 18, 2018

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

Mining company says businesses are talking about buying ore concentrate straight from proposed mine in N.W.T.

Plans for a controversial refinery project in the RM of Corman Park may be deferred by Fortune Minerals.

For years, the company has been talking about building a mine in the Northwest Territories that could produce ore containing cobalt, gold, bismuth and copper suplhate. The concentrated ore would then be refined at a facility near Langham, Sask., 30 kilometres northwest of Saskatoon.

However, Fortune has now said those plans might be changing. “We’ve been approached by large mining and refining companies with interest in directly purchasing the concentrate that we’d produce in the Northwest Territories,” said spokesperson Troy Nazarewicz. If that happens, the refinery wouldn’t be immediately needed.

Paulson & Co says Detour Gold received buyout interest from ‘major mining company’ – by Niall McGee (Globe and Mail – July 18, 2018)

July 18, 2018

https://www.theglobeandmail.com/

Paulson & Co. says Detour Gold Corp. has been approached by a “major mining company” interested in buying it.

New York-based Paulson, which owns about 5.5 per cent of Detour, is also pressing ahead with its efforts to push for a rehaul of Detour Gold’s board of directors, with the ultimate objective of putting the struggling junior up for sale.

In a press release on Wednesday, Paulson said that Detour’s chief executive officer, Michael Kenyon wrote to the firm and informed it that the junior miner had been approached by a potential acquirer, but that Detour would only sign a confidentiality agreement, if both the company and Paulson, agreed not to push for a rehaul of the board of directors. Paulson said it has no connection with the company in question.

Ontario court quashes gold mining permit over lack of meaningful consultation with First Nation – by Jorge Barrera (CBC News Indigenous – July 17, 2018)

July 18, 2018

https://www.cbc.ca/news/indigenous/

Court says company’s potential Barrick deal drove ministry’s decision to issue exploration permit

A ruling issued Monday by the Ontario Superior Court quashing a gold exploration permit should send a message to the new Doug Ford government that it can’t “bulldoze” its way into the mineral-rich Ring of Fire development, says the chief of Eabametoong First Nation.

The Ontario Superior Court said in the ruling that the Ministry of Northern Development and Mines, under the previous Liberal administration, failed to properly consult with Eabametoong First Nation before it granted a gold mining permit to Landore Resources Canada, a subsidiary of U.K.-based Landore Resources Ltd.

The court found that the ministry “changed course without any explanation” to the First Nation and issued the permit to ensure Landore had it in hand for talks on a potential deal with gold mining behemoth Barrick Gold Corporation.

Should Nova Scotia’s uranium ban be lifted? – by Josh Healey (Halifax Chronicle-Herald News – July 17, 2018)

July 18, 2018

http://thechronicleherald.ca/

For the second time in as many weeks, New Brunswick’s Energy and Resource Development Minister Rick Doucet spread the news: his province welcomes nuclear energy.

“Your government sees energy as a way to grow the economy,” said Doucet of the province’s $10 million dollar investment into a nuclear research cluster.

Companies are taking notice of New Brunswick’s open energy stance as it looks to add to the only nuclear reactor in Atlantic Canada at Point Lepreau. Advanced Reactor Concepts (ARC), an American-based company, recently announced a partnership with the province and an investment of $5 million into research and operations in New Brunswick. They are bringing jobs and industry to the struggling city of Saint John.

Court cancels mining permit after Ontario failed to adequately consult First Nation community – by Gloria Galloway (Globe and Mail – July 18, 2018)

July 18, 2018

https://www.theglobeandmail.com/

A permit for mineral exploration on the traditional territory of a remote First Nation has been cancelled by judges who say the Ontario government and the mining company failed to adequately consult with Indigenous people who hunt and fish in the area.

The decision issued this week by a three-judge panel of the Divisional Court of Ontario’s Superior Court of Justice reinforces the obligation of governments to reach out to First Nations, Inuit and Métis when development could affect their way of life.

The court said Landore Resources Canada will have to complete consultations with the Eabametoong First Nation before a permit can be issued for the company’s claim near Keezhik Lake in Northwestern Ontario.

Nevsun stock climbs 14% on Lundin’s $1.4B offer, but CEO eyes ‘strategic’ alternatives – by Gabriel Friedman (Financial Post – July 18, 2018)

July 18, 2018

https://business.financialpost.com/

Vancouver-based Nevsun Resources Ltd. on Tuesday urged shareholders to ignore a potential $4.75 cash per share hostile takeover offer from Toronto-based Lundin Mining Corp., and the chief executive has already signalled how his company may respond when an actual offer materializes.

In a press release, Nevsun chief executive Peter Kukielski said “several strategic parties” have expressed interest in participating as it seeks to build its copper-gold mine in Serbia, known as Timok, raising the prospect that his company could sell a stake in the asset, or strike a joint partnership with another company, which would complicate Lundin’s takeover offer.

The proposed deal came back into the news after Lundin Mining on Monday announced it intends to bid approximately $1.4 billion for Nevsun, at $4.75 per share, and plans to release a formal offer by the end of the month. In May, Lundin sought to purchase only Timok, and enlisted Euro Sun Mining Inc. to purchase Nevsun’s other main asset, a zinc-copper mine in Eritrea known as Bisha.

[Alexandria Minerals Proxy Fight] How a penny stock miner came to face a multimillion-dollar problem – by Jennifer Wells (Toronto Star – July 18, 2018)

July 18, 2018

https://www.thestar.com/

It’s tough to get anyone to pay attention when you’re running a four-cent stock. But then the name Sprott Inc. shows up. And Institutional Shareholder Services. And Glass Lewis. And Joe Groia, the lawyer. And Navigator, the crisis management firm. And a wagonload of mud slinging. And a full-on proxy fight with a voting deadline of this week.

All of which leads the reasonable person to ask: what the heck is going on here? The company in question: Alexandria Minerals Inc., a penny miner with dreams of gold. The agitator: geologist and ousted CEO Eric Owens, who founded the company more than a decade ago.

Owens found himself turfed from the firm in February four days after he publicly announced his intention to call a shareholder meeting to remove three board members, in what the chairman of the board calls a “costly and distracting proxy fight.”