Canadian Media Resource Articles – Page 337

Comparatively high exploration spending belies sagging discovery rate – S&P Global – by Henry Lazenby (MiningWeekly.com – May 3, 2018)

May 3, 2018

http://www.miningweekly.com/

ANCOUVER (miningweekly.com) – Despite exploration budgets remaining at comparatively high levels in the past decades, geologists have only been able to find a fraction of the gold ounces they discovered in the preceding 18-year period, a new analysis conducted by S&P Global Market Intelligence shows.

The financial information and analytics firm said that despite exploration budgets having declined from the ten-year peak in 2012 to $54.3-billion in the past decade – almost 60% higher when compared with the $32.2-billion spent on gold exploration in the preceding 18 years – only 215.5-million ounces of gold has been defined in 41 discoveries over the most recent ten years, compared with 1.73-billion ounces found in 222 discoveries in the preceding 18 years.

“We have shown in previous research into lead times for gold assets, that it takes about 20 years for an asset to advance from discovery to production.

Kirkland Lake earnings hampered by concerns over sustainability of free cash flow – by Niall McGee (Globe and Mail – May 3, 2018)

May 3, 2018

https://www.theglobeandmail.com/

Concern over the long term sustainability of free cash flow took the shine off an otherwise strong quarterly earnings report from Kirkland Lake Gold Inc., one of Canada’s best performing gold stocks.

On Wednesday, PI Financial Corp. analyst Phil Ker cut his rating to neutral from buy, on fears that hefty capital expenditure requirements at the intermediate mining company over the next few years could hinder free cash flow.

In the first quarter, Kirkland Lake beat estimates, reporting adjusted earnings per share of 25 cents, a penny better than consensus. On a net basis, the company posted a profit of $53.8-million, compared with $13.1-million in the same quarter in 2017. The miner also boosted its quarterly dividend to 3 cents a share from 2 cents, with free cash flow rising 30 per cent year-over-year to $50.2-million.

Northwest Territories economic future ‘grim,’ says report – by Emily Blake (CBC News North – May 1, 2018)

May 2, 2018

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

Mining output expected to drop and unemployment to rise by 2040

The economic future for the Northwest Territories is “grim,” according to the Conference Board of Canada’s newest forecast for all three territories.

According to the independent research group’s report, peak diamond production came last year for the N.W.T and will begin to fall in the coming years. All three operating diamond mines in the territory — Ekati, Diavik and Gahcho Kué — will close by 2034.

“When Ekati closes in 2034, it will be the end of 43 years of diamond mining in the Northwest Territories unless a new mining diamond project sees the light of day,” the report stated.

Chaarat Gold offer to Centerra values Kumtor mine at $800 million – by Cecilia Jamasmie (Mining.com – May 1, 2018)

May 2, 2018

http://www.mining.com/

Chaarat Gold Holdings (LON:CGH) disclosed Tuesday its unsolicited bid for Centerra Gold’s (TSX:CG) Kumtor mine in Kyrgyzstan valued the operation, the Asian country’s largest gold mine, at $800 million (about Cdn $1.025 billion at today’s exchange rate).

The miner, which is developing the Chaarat project in Kyrgyzstan, said the proposed acquisition of Kumtor included $400 million in cash plus the cancellation of the $400 million of Centerra shares currently held by state miner Kyrgyzaltyn in exchange for a 50% direct preferred economic interest in the mine.

Chaarat would own all of the common equity of Kumtor, as well as control over management and operations of the mine. The government, in turn, would hold all of the preferred equity of Kumtor, and be entitled to 50% of the economic benefits from the mine, the firm said.

Federal government takes control of abandoned zinc mine in Yukon – Canadian Press (Financial Post – May 1, 2018)

May 2, 2018

http://business.financialpost.com/

WHITEHORSE — The Federal government has taken control of cleaning up a lead and zinc mine in Yukon, 20 years after the former operators declared bankruptcy and abandoned the site.

Yukon’s abandoned mines director, Stephen Mead, says Indigenous and Northern Affairs Canada officially took the Faro Mine over Tuesday. He says Parsons Corp., the company that has been managing site, has a contract to continue its work until April 2020.

Mead says a two-year, $100-million construction project will begin this summer to better manage water in the area, collecting and treating contaminated water and diverting away clean water.

‘It’s getting to a point where we have too many of these existential crises’: Saskatchewan government renews call for federal solution to transportation woes – by Alex MacPherson (Saskatoon StarPhoenix – April 30, 2018)

May 1, 2018

http://thestarphoenix.com/

Saskatchewan’s energy and resources minister says the federal government should act swiftly to prevent another railway backlog like the one that has plagued the province’s farmers and potash producers this year.

Ottawa should not only pass Bill C-49 — new legislation aimed at improving rail service — but ensure the Kinder Morgan Trans Mountain Pipeline System to B.C. is built, Bronwyn Eyre said Monday in an interview.

“If those two factors were resolved, the railway would be more free and more product could move. It’s getting to a point where we have too many of these existential crises (for) too many sectors,” Eyre said.

‘Political noise’: Canadian miner hopes for business as usual after the Castros’ long rule ends – by Gabriel Friedman (Financial Post – May 1, 2018)

May 1, 2018

http://business.financialpost.com/

‘There’s still lots of ore in Cuba. We fully expect to be in the nickel business in Cuba for many years to come’

After years of paying down debt and restructuring its operations, a new question mark hangs over Toronto-based Sherritt International Corp: whether the leadership change in Cuba will affect its extensive nickel, cobalt and energy operations located within the tropical island nation.

Sherritt refers to itself as Cuba’s largest foreign investor, and derives most of its revenues from operations there.

Now, as Cuba heads into its first full month in a half-century without a Castro in the presidency — having elected Miguel Diaz-Canel on April 19 — Sherritt has much to lose or gain from any changes in policy or economic reform. Publicly, chief executive David Pathe, who visits Cuba at least a half dozen times every year, is playing down the significance of the transition.

Mining Group Sounds Alarm in Canadian Railway Legislation Fight – by Josh Wingrove and Frederic Tomesco (Bloomberg News – April 30, 2018)

May 1, 2018

https://www.bloomberg.com/

A proposed law raising foreign ownership limits in airlines and Canada’s biggest railway carrier is headed back to the Senate, the latest step in a tug-of-war that has the mining sector speaking out.

Prime Minister Justin Trudeau’s government has spent the past year plodding forward with a legislative overhaul that affects major companies like Canadian National Railway Co., Canadian Pacific Railway Ltd., Air Canada and WestJet Airlines Ltd. Senators changed the bill a month ago, giving shippers like farmers and mines more power in disputes with railways.

Transport Minister Marc Garneau will accept some but not all of the changes made and will add tweaks of his own, meaning the proposed law will need to return to the Senate. It’s unclear how long that will take.

How federal caribou protection policies could wreak widespread economic carnage across Canada – by Jesse Snyder (Financial Post – April 26, 2018)

May 1, 2018

http://business.financialpost.com/

Despite spending the better part of his career surrounded by endless stretches of boreal forest, John Unger has almost no first-hand knowledge of the boreal woodland caribou, a species whose survival instincts keep it deep in the woods and away from potential predators.

“I’ve never seen a caribou in my life,” said the chief executive of La Crete Sawmills Ltd., a northern Alberta facility that employs around 100 people and is named after the hamlet it’s located in.

But the naturally reclusive caribou could soon leave a major imprint on northern communities such as La Crete, Unger said, as Ottawa pushes ahead with contentious species protection plans to save threatened herds.

U.S. delays steel, aluminum tariffs for second time; June 1 set as new deadline – by Alexander Panetta (Financial Post – May 1, 2018)

May 1, 2018

http://business.financialpost.com/

CANADIAN PRESS – WASHINGTON — The United States has delayed the imposition of steel and aluminum tariffs for another month, with a late-evening announcement Monday that pushed the internationally contentious issue off to June 1.

The announcement came just before the deadline for the tariffs taking effect and marked the second such delay over an issue that has threatened to spark a global trade war.

The White House said it would pause tariffs for Canada, Mexico and the European Union; would soon announce steel and aluminum agreements with Argentina, Australia and Brazil; and had already reached a deal with South Korea.

Is David Suzuki a science denier? – by Margaret Wente (Globe and Mail – May 1, 2018)

May 1, 2018

https://www.theglobeandmail.com/

Folks in the oil patch are mad as hornets over the University of Alberta’s decision to give an honorary degree to David Suzuki in June. Big donors are threatening to cancel cheques and pull the plug on future contributions.

A petition calling for the university to change its mind has garnered 14,000 signatures. Even the deans of business and engineering have issued anguished letters of apology to distance themselves from the decision.

Are they being too thin-skinned? I don’t think so. The U of A has just given them the middle finger. Mr. Suzuki has compared making a living in the oil sands to profiting off the slave trade.

Canada stock market shutdown pushes investors to explore options – by John Tilak and Fergal Smith (Reuters Canada – April 30, 2018)

April 30, 2018

https://ca.reuters.com/

TORONTO (Reuters) – A rare outage at Canada’s major stock exchanges could dent the credibility of operator TMX Group Ltd (X.TO) and encourage investors to explore alternative trading channels, fund managers and traders told Reuters.

Canada’s stock market suffered a partial shutdown on Friday, forcing TMX to halt trading more than an hour early. TMX has since said the exchanges will resume trading on Monday after “internal technical issues” were resolved.

The outage sent investors to TMX competitors and exchanges in New York that listed Canadian companies, traders said. Some of Canada’s biggest companies – including the likes of Suncor Energy (SU.TO) (SU.N), Enbridge Inc (ENB.TO) (ENB.N) and Barrick Gold (ABX.TO) (ABX.N) – are listed both in Toronto and New York.

Barrick, NovaGold project in Alaska gets key environmental approval – by Cecilia Jamasmie (Mining.com – April 30, 2018)

April 30, 2018

http://www.mining.com/

Barrick Gold (TSX, NYSE:ABX) and NovaGold Resources’ (TSX, NYSE-MKT: NG) proposed gold mine in Alaska has received a long-waited final environmental clearance, granted by the U.S. Army Corps of Engineers, the Canadian miners said Monday.

The Dolin project, one of the world’s largest, highest grade, known gold deposits, is expected to require a $6.7 billion investment from the two owners, which are developing in assets in a 50-50 partnership.

Located in in Southwest Alaska, the proposed mine contains 39 million ounces of gold in the measured and indicated (M&I) resource categories.

Car owners had a sweet ride, but electric cars will end that – by Eric Reguly (Globe and Mail – April 27, 2018)

April 30, 2018

https://www.theglobeandmail.com/

Imagine this line from an updated version of The Blues Brothers: “It’s 106 miles to Chicago. We got a full battery charge, half a pack of cigarettes, it’s dark, and we’re wearing sunglasses.”

Doesn’t quite work, does it? “We got a full tank of gas” was Dan Aykroyd’s line as he and John Belushi fired up their Dodge Monaco in the first movie. Gasoline-powered cars are branded into North American culture, and the idea of an American battery-powered car culture seems absurd.

How did gasoline-fuelled cars become so popular? The United States has about 263 million registered passenger vehicles. The strength and flexibility of the internal combustion engine explains only part of the story.

An inability to be a leader on pipelines will be the ruin of Justin Trudeau – by Conrad Black (National Post – April 28, 2018)

April 30, 2018

http://nationalpost.com/

Canada is a mockery for importing 700,000 barrels of oil a day in eastern Canada while being unable to move oil from Alberta to eastern markets

The issue of pipelines is a key in Canada’s latest crossroads of national seriousness. The country didn’t arise from an anti-colonial revolution, like others in the Americas, or from a unique cultural homogeneity like Norwegians, Finns, Israelis and Czechs.

It was a group of British-settled or occupied territories strung along the American border and hastily put together when the U.S. emerged united at last and with the greatest army and generals in the world after its Civil War, and unencumbered with any affection for the British Empire.

John A. Macdonald, the great and racially tolerant founder of the country, and George-Étienne Cartier and George Brown, conceived the only transcontinental, bicultural, parliamentary confederation in the history of the world, and secured its approval by squabbling colonial legislators in what are now four provinces (Ontario, Quebec, Nova Scotia and New Brunswick), and by the British Parliament.