(Bloomberg) — Vale SA said it will produce more iron ore this year than previously expected, even with prices trading near two-year lows as China’s steel slowdown weighs on the global market.
The world’s No. 2 iron ore supplier said in a Wednesday presentation to investors that it expects to produce 323 million to 330 million metric tons of the steelmaking ingredient this year, compared with a prior forecast of 310 million to 320 million tons.
AngloGold Ashanti (JSE: ANG) (NYSE: AU) (ASX: AGG) is buying Egypt-focused smaller rival Centamin (LON: CEY) in a $2.5 billion (£1.9 billion) stock and cash deal that would see the South African gold miner become the world’s fourth largest producer of the precious metal.
The acquisition hands AngloGold the key Sukari mine in Egypt, which is the country’s largest and first modern gold operation, as well as one of the world’s largest producing mines.
At Goldman Sachs Group Inc., there’s an ESG filter that tells investors to buy coal giant Glencore Plc, and avoid Big Tech staples Microsoft Corp. and Alphabet Inc.
The filter is designed to pick stocks based on how much attention companies pay to recycling, waste management and the re-use of materials and products. The better they do, the higher they score on a metric called circularity. The approach, the latest example of the huge portfolio variations that investors face depending on the ESG screen they use, has shown it can beat the wider market over time, according to Goldman.
https://www.theglobeandmail.com/
Mark Twain, if he were alive today, would likely update his famous refrain to “Lies, damned lies, statistics and politics.” I want to state emphatically that I am not “political,” and this is not one iota an attempt to be “political”.
Being a Canadian resident and citizen, I am not even eligible to vote on November 5th . When I penned something critical of the Democrats a couple of months ago, I received my fair share of hate mail and had some subscribers threaten to cancel their subscription with me. The problem is that politics, markets, and economics are all intertwined, and everything I write is aimed at being analytical rather than judgmental.
Nutrien has developed technology that allows for mining machines to be operated remotely
The potash industry has undergone many changes over the decades in Saskatchewan. It has grown exponentially since it began developing in the 1950s and has continued to expand as global population growth increased the demand for fertilizer, an important component of which is potash.
As that demand has steadily increased, Saskatoon-based Nutrien Ltd., the world’s largest potash producer, has been working to make its operations more efficient while also improving safety.
https://www.thesudburystar.com/
But it will be expensive — perhaps as much as $100 million by 2030, top executive says, as they must be taken down almost brick by brick
Sudbury’s tallest structure is slated to come down, and when it does the moment will be bittersweet not only for residents and workers but even the mining brass who have concluded it can no longer stand. The Superstack “has been with the city for more than 50 years, and there are emotional attachments to landmarks,” acknowledged Gord Gilpin, head of Ontario base metals with Vale.
“It’s internationally recognized with Sudbury, with the company, and with the mining industry.” Many older residents recall when the 1,250-foot cloud-tickler was erected and “we have our own stories of the history behind it,” said Gilpin.
https://www.cbc.ca/news/canada/british-columbia/
Company, mayor hope Quintette Mine will bring huge boost to Tumbler Ridge
After 24 years, a steel-making coal mine in northeastern B.C. has roared back to life. Last week, Conuma Resources received permits from the province giving it the green light to restart operations at a portion of the Quintette Mine, located 20 kilometres south of Tumbler Ridge.
“We were very excited to receive it,” said Conuma Resources CEO Brian Sullivan. “We’re going to spend upwards of $500 million bringing it back into production. It will have a permanent workforce of more than 400 permanent good paying jobs.”
Canada Nickel (TSXV: CNC) says a Canadian government agency might loan it $500 million for its Crawford project in northern Ontario, which could become the world’s largest nickel-cobalt sulphide development. Its shares rose.
Export Development Canada (EDC), which finances and offers other help to domestic companies, sent a letter of intent to Canada Nickel in late August, it said on Friday. It would be combined with $600 million in tax credits expected from Ottawa to help build the C$3.5 billion capex project near Timmins over two stages, the company said.
https://www.theglobeandmail.com/
Canadian billionaire Barry Zekelman isn’t ruling out a takeover of Algoma Steel Group Inc. as he weighs several options after his privately held steel products company recently took an equity stake in the venerable Canadian steel maker.
Chicago-based Zekelman Industries in late July revealed in a 13D filing with the U.S. Securities and Exchange Commission that it amassed a 5-per-cent stake in Sault Ste. Marie, Ont.-based Algoma. Such filings are required for activist as opposed to passive investors. In the filing, Zekelman Industries said it may engage with management and the board, or other shareholders about “potential business combinations, dispositions or other transactions.”
https://www.northernminer.com/
Results from infill drilling at Premium Nickel Resources’ (TSXV: PNRL) past-producing Selebi North mine in Botswana continues to build confidence, less than a month after the company posted an initial resource for the project.
Hole SNUG-24-106 in the South Limb target returned 26.3 metres of 1.09% copper, 1.56% nickel, and 0.08% cobalt from 515.7 metres depth, including 16.1 metres of 1.54% copper, 2.1% nickel and 0.11% cobalt, the company reported Thursday. The infill drilling is aimed at upgrading inferred resources, part of a 20,000-metre underground drill program whose assays weren’t included in the new resource.
Aim-listed Katoro Gold has expanded into uranium exploration with the acquisition of the White Pine uranium project in Ontario, Canada. The acquisition was made through its subsidiary, Katoro Canada, which now holds a 100% interest in the project.White Pine covers an area of 8 036 ha and is located close to the Trans-Canada Highway, about 75 km southeast of the town of Dryden, in the Kenora district of north-west Ontario.
While the project is still in the early stages of exploration, public domain data has indicated the potential for significant uranium discovery at White Pine. Early results include highly anomalous uranium levels in lake sediments collected from the project area.
https://www.canadianminingjournal.com/
The newest gold mine in northern Ontario has the potential to become the biggest in Canada. Iamgold’s Côté Gold open pit mine had its official ribbon-cutting ceremony at the end of May 2024. The company has declared commercial production at its 60%-owned Côté mine in northern Ontario, the company’s third producing gold mine and second in Canada.
This mine will be one of Canada’s largest gold producers with an 18-year mine life. During the first six years of operation, Côté Gold’s output will be 495,000 oz., and over the life of the mine, it will average 365,000 oz. per year. Construction of Côté began in 2020 and was expected to take three years to build. The mine cost $1.9 billion to build.
(Bloomberg) — Indonesia’s government sees nickel prices stabilizing near current levels in the future, as new plants in the world’s biggest producer offset rising demand and keep the market well supplied.
Prices on the London Metal Exchange should hold around $15,000 to $16,000 a ton in the short to medium term, Septian Hario Seto, a deputy at the Coordinating Ministry for Maritime Affairs and Investment, said in a presentation in Bali on Thursday.
(Kitco News) – Gold prices marked another less-than-scintillating string of trading sessions this week, punctuated by a series of moderate highs and lows on both sides of the $2,500 level to ultimately arrive not far from where they began.
Spot gold kicked off the week trading at $2,504.37, before dipping down to $2,490 per ounce during the Asian trading session, and grinding higher to $2,506 through the European and thinly-traded North American session, with most traders observing the Labor Day holiday.
https://www.theglobeandmail.com/
The Globe’s early championing of the region gave way to coverage that sometimes took the tone of reporting on a foreign country
In The Globe’s earliest imaginings, the West was a land of rivers, plentiful game and fertile soil, a “magnificent empire” that lay between the Great Lakes and Rocky Mountains just waiting to be conquered.
“The wealth of 400,000 square miles of territory will flow through our waters, and be gathered by our merchants, manufacturers and agriculturalists,” stated a particularly grandiose 1863 Globe opinion. “Our sons will occupy the chief places of this vast territory, we will form its institutions, supply its rulers, teach its schools, fill its stores, run its mills, and navigate its streams.”
