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Opinion: Now is a good time to add commodity exposure to your portfolio – by Bhawana Chhabra (Globe and Mail – September 12, 2024)

https://www.theglobeandmail.com/

The outlook for commodity markets may be brighter than many investors appreciate, given recent price action and the current state of the global economy. Recession risk is on the rise, to be sure, but for those with longer-term horizons who can look through near-term volatility, our models at Rosenberg Research are saying that now is a good time to add exposure.

From cyclical tailwinds such as a weaker U.S. dollar to depressed investor sentiment and positioning (which are contrarian positives) and structural demand-supply imbalances, there are good conditions for commodities over the medium term.

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China Nickel Tycoon Seeks Growth in US Energy-Storage Market – by Jacob Gu (Bloomberg News – September 10, 2024)

https://www.bnnbloomberg.ca/

(Bloomberg) — Chinese billionaire Xiang Guangda’s battery company is hunting for more US investment opportunities despite mounting geopolitical tension between the world’s economic juggernauts. REPT BATTERO Energy Co., a unit of Xiang’s Tsingshan Holding Group Co., this week opened an office in California, marking its first US outpost.

REPT “is surely giving full respect to the world’s second largest energy storage market,” Chairman Hui Cao said during an interview. Although a specific target hasn’t yet been set, the aim is for the US to “contribute more than 10%” to REPT’s revenue.

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Vale Aims to Boost Iron Ore Output Despite Weakening Prices – by Vanessa Dezem (Bloomberg News – September 11, 2024)

https://www.bnnbloomberg.ca/

(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.

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AngloGold Ashanti to buy Centamin for $2.5 billion – by Cecilia Jamasmie (Mining.com – September 10, 2024)

https://www.mining.com/

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.

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Goldman has a stock model that’s challenging ESG assumptions – by Frances Schwartzkopff (Bloomberg News – September 10, 2024)

https://www.bnnbloomberg.ca/

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.

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Love him or hate him, an economy under Trump should fare better than under Harris – by David Rosenberg (Globe and Mail – September 10, 2024)

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.

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Major potash miner turning to AI and automation to improve operations – by Michael Joel-Hansen (Saskatoon Star Phoenix – September 9, 2024)

https://thestarphoenix.com/

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.

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Taking down Vale stacks in Copper Cliff will be slow and not exciting to watch – by Jim Moodie (Sudbury Star – September 7, 2024)

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.

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Northern B.C. coal mine comes back to life after 24 years – by Hanna Petersen (CBC News British Columbia – September 09, 2024)

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.”

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Canada Nickel may net $500m Ottawa loan for giant Crawford project – by Colin McClelland (Mining.com – September 6, 2024)

https://www.mining.com/

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.

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Canadian billionaire Barry Zekelman weighs his options after amassing equity stake in Algoma Steel – by Niall McGee (Globe and Mail – September 6, 2024)

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.”

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Premium Nickel eyes 2025 prefeasibility at Selebi mine in Botswana – by Blair McBride (Northern Miner – September 2024)

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.

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Katoro Gold expands into uranium exploration through Ontario acquisition – by Darren Parker (Mining Weekly – September 9, 2024)

https://www.miningweekly.com/

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.

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Iamgold’s Côté Gold: A model for modern mining and sustainability – by Tamer Elbokl (Canadian Mining Journal – September 9, 2024)

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.

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Indonesia Sees Nickel Holding Near Current Levels on New Plants – by Eddie Spence (Bloomberg News – September 5, 2024)

https://www.bnnbloomberg.ca/

(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.

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