Canadian Media Resource Articles – Page 431

Wyoming coal counties best positioned to weather declining industry – by Henry Lazenby (MiningWeekly.com – October 4, 2016)

October 5, 2016

http://www.miningweekly.com/

VANCOUVER (miningweekly.com) – In dealing with the decline of US coal mining, western coal-producing states, such as Wyoming, are much better positioned to weather the market shift than their eastern counterparts, such as West Virginia and Kentucky, according to new analysis by Moody’s Investors Service.

Driven by weaker seaborne demand, lower natural gas prices and tighter emissions regulations, coal production is experiencing record declines in the three largest coal producing states.

As the downturn increasingly trickles down to local governments, Wyoming counties are benefiting from greater production levels, more favourable income and poverty indicators, as well as a lower reliance on state severance tax distributions, Moody’s states.

One man’s quest to restore Jordan River salmon; water fouled by old mine – by Amy Smart (Victoria Times Colonist – October 4, 2016)

October 5, 2016

http://www.timescolonist.com/

From atop a steep slope looking down on a narrow portion of the Jordan River, Ken Farquharson points to two saplings making their way out of the crumbly earth near his feet.

The saplings are an unusual shade of yellow-green and they’re the only things growing on land the Ministry of Environment recently confirmed as “high risk.” “See these little ones, they’re not very happy,” Farquharson says.

For the Metchosin resident, cleaning up the toxic site — a former copper mine dump — is vital if salmon are going to return in full force to the Jordan River below. The retired engineer has made it a personal project since 2012 and now, it looks like it might happen: A responsible party has been identified, a site-risk assessment has been conducted and an remediation plan is due by June 2017.

5 abandoned mine sites near Yellowknife undergo environmental assessments – by Curtis Mandeville (CBC News North – October 04, 2016)

October 5, 2016

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

Two years after devolution, it’s still unclear who should be paying for the cleanup

Two years after devolution, the Government of the Northwest Territories is studying five abandoned mine sites around Yellowknife, but one local MLA says action on remediation is moving too slowly.

Environmental assessments are underway, or soon to begin, at five sites: the former Ptarmigan, Tom, Crestaurum, Tin and Burwash mines. Last month the territorial government announced that the Ptarmigan and Tom sites, in particular, would be fenced off to the public throughout September and October.

The intention of the assessments, according to the territorial government, is to figure out how much contamination there is in the soil, sediment, water and building materials of each mine site. It also wants to see if hydrocarbons and metals are migrating off site.

Trudeau replaces pipeline uncertainty with carbon price uncertainty – by Claudia Cattaneo (Financial Post – October 5, 2016)

October 5, 2016

http://business.financialpost.com/

By announcing a hefty price on carbon, Prime Minister Justin Trudeau seems to be moving closer to finally approving an oil export pipeline.

But he is also creating a new problem: His targeted minimum price on carbon emissions is so high, how it will be implemented so unclear, he’s replacing pipeline uncertainty with carbon price uncertainty — hardly the recipe to restore investor confidence in beaten down Canadian oil and gas.

“We already have a highly uncertain policy environment in Canada now, here in Alberta especially with the NDP changes that have come so fast and furious it’s almost historically unrecognizable, and this is yet another dose of uncertainty in an uncertain investment climate,” said Kenneth Green, Calgary-based senior director of natural resource studies at the Fraser Institute.

Save ‘breathtaking’ west Quebec mine from demolition, petition urges – by Trevor Pritchard (CBC News Ottawa – October 04, 2016)

October 5, 2016

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

Tourists have flocked to remote Wallingford-Back Mine over past year, annoying residents

A scenic, off-limits mine in western Quebec that’s seen an influx of visitors over the past year could end up being demolished if a campaign to save it is unsuccessful.

The Wallingford-Back Mine, located approximately 60 kilometres northeast of Ottawa, has become a popular spot for paddlers, ice skaters and explorers, all drawn to its pristine turquoise waters and imposing rock pillars. However, Quebec’s Ministry of Energy and Natural Resources has issued an ultimatum to the regional municipality of Papineau, Que.: either invest money to secure the mine from trespassers, or demolish it.

In response, supporters of the mine launched a petition this weekend calling upon the site to be protected for its “undeniable richness, not only for the Outaouais region, but also for all of Quebec.” The petition had about 1,800 signatures by Monday afternoon.

Cameco and the CRA head to court over potential $2.2-billion tax dispute – by Ian Bickis (Financial Post – October 4, 2016)

October 4, 2016

http://business.financialpost.com/

The world’s largest publicly traded uranium company will clash in court this week with the Canadian Revenue Agency over a potential $2.2-billion tax bill.

At question is whether Saskatoon-based Cameco Corp. set up a subsidiary in low-tax Switzerland and sold it uranium at a low price simply to avoid tax, as the CRA contends. Cameco maintains it was a legal and sound business practice.

For the uranium producer the case presents a serious risk of impact to its bottom line, as the CRA looks to shift an estimated $7.4 billion in foreign earnings between 2003 and 2015 back to Canada.

Trudeau outsmarts opponents on carbon pricing – by John Ivison (National Post – October 4, 2016)

October 4, 2016

http://news.nationalpost.com/

When it was first elected, this Liberal government was like a bull wearing hobnail boots on the climate change file. Now it seems to be creeping toward its targets on cat’s paws.

All provinces and territories will be obliged to set a minimum price of $10 a tonne of carbon emitted in 2018, Prime Minister Justin Trudeau told the House of Commons Monday, rising $10 each year to $50 per tonne in 2022.

“Pollution crosses borders, so all provinces must do their part,” he said. There were nonetheless splutters of outrage from some provincial capitals as he confirmed the federal government will impose a minimum price on provinces or territories that don’t initiate one themselves.

Pro-oil First Nations seek end to pipeline gridlock – by Claudia Cattaneo (Financial Post – October 4, 2016)

October 4, 2016

http://business.financialpost.com/

Environmental movement opponents of proposed pipelines have conveniently cast Canada’s 634 First Nations as a homogeneous block of like-minded partners. What’s not said enough is that many in fact support Canada’s oil and gas sector, are producers themselves or are benefiting from it through business partnerships and revenue sharing, and want to see pipelines move forward.

At a groundbreaking conference in Calgary Monday — entitled the Pipeline Gridlock Conference, a Nation-to-Nation Gathering on Strategy and Solutions — members of Canada’s aboriginal business elite met for the first time to improve dialogue on pipelines and look for ways to support approvals.

Stephen Buffalo, president and CEO of the Indian Resource Council, the conference’s organizer, said the meeting is expected to be the first of many and aims to come up with recommendations for Prime Minister Justin Trudeau.

Goldcorp shuts Mexico gold mine after week-long blockade (Reuters U.S. – October 3, 2016)

October 3, 2016

http://www.reuters.com/

Canada’s Goldcorp Inc (G.TO) said on Monday it was temporarily shutting down operations at its Peñasquito gold mine in Mexico, following a week-long blockade by a trucking contractor to protest the miner’s plans to diversify its local transportation supply chain.

Its shares fell more than 3 percent. The Peñasquito mine in northern Mexico produced 860,300 ounces of gold in 2015, a quarter of Goldcorp’s total output.

The world’s third-biggest gold producer by market value said it did not expect the shutdown at its biggest mine to impact overall production or cost estimates for 2016.

Cameco to court over tax bill (Mining.com – October 3, 2016)

October 3, 2016

http://www.mining.com/

Canada’s biggest uranium producer, Cameco, is set to appear in court on Wednesday to dispute accusations of setting up a subsidiary in Zug, Switzerland for the purpose of avoiding taxes.

Canada Revenue Agency contends whether the Saskatoon-based corporation wanted to dodge its fiscal duties by signing a 17-year agreement in 1999 with its Swiss arm to sell uranium at the fixed price of about US$10 per pound.

The practice is seen as ‘unfair’ given that the price of uranium rose to over US$130 a pound by 2007 and, despite the fact it has been in a steep downward trend ever since, still trades at over US$20 a pound today.

Teck Resources’ rebound staves off debt drama – by Tim Kiladze (Globe and Mail – October 3, 2016)

October 3, 2016

http://www.theglobeandmail.com/

A dramatic rebound in coal prices is giving Teck Resources Ltd. extra breathing room, reducing concerns about its cumbersome debt.

Over six months, the price of premium hard coking coal – one of the key ingredients for steel-making – has more than doubled, and Teck’s share price has jumped a stunning 350 per cent since the start of the year. The miner is one of the commodity’s top producers, along with global giants such as Anglo American PLC and BHP Billiton Ltd.

The recovery hasn’t received much attention. For much of 2016, gold miners have been in focus, with behemoths such as Barrick Gold Corp. dominating headlines because rising bullion prices have made fears about their leverage seem much less pressing.

BNN’s Andrew Bell Interviews Franco-Nevada’s Pierre Lassonde (Business Network News – September 30, 2016)

October 1, 2016September 30, 2016

http://www.bnn.ca/

Franco-Nevada chairman calls Inco takeover ‘an unmitigated disaster,’ 10 years on

This week, we’ve been marking the 10-year anniversary of Inco agreeing to a takeover by Brazil’s Vale. Along with the sale of Falconbridge to Xstrata of Switzerland shortly before, the deal saw the biggest mines in Ontario’s rich Sudbury basin pass into foreign hands.

One of the elder statesmen of Canadian mining told BNN that allowing the sale of the two nickel producers to non-Canadian buyers a decade ago was “a huge political mistake, to let two giant Canadian companies go.”

Pierre Lassonde, chairman of royalty and streaming player Franco-Nevada (FNV.TO 1.56%), said “Australia would have never done that. They would never have let BHP (BHP.N), for example, go. With that, the head office left and the jobs and the research…. I think it has been an unmitigated disaster.”

Kirkland Lake Gold to take over Newmarket Gold in $1-billion deal – by Ian McGugan (Globe and Mail – September 30, 2016)

September 30, 2016

http://www.theglobeandmail.com/

Two gold miners associated with financier Eric Sprott are raising eyebrows with their plans to join forces and create a mid-tier bullion producer that will span Canada and Australia.

Kirkland Lake Gold Inc., which owns mines in northwestern Ontario, said on Thursday that it has struck an all-stock $1.01-billion deal to buy Newmarket Gold Inc., which owns mines in Australia.

The combined company will be known as Kirkland Lake Gold and will be headquartered in Toronto. Based on the values of the existing businesses, it will have a market capitalization of around $2.4-billion and produce more than 500,000 ounces of gold a year from seven mines, the companies said.

LNG approval part of broader Liberal strategy to get more pipelines built – by Michael Den Tandt (National Post – September 30, 2016)

September 30, 2016

http://news.nationalpost.com/

Make no mistake: the federal cabinet’s approval of Malaysian state-owned Petronas’s $36-billion Pacific Northwest liquefied natural gas project is a template for things to come. The Liberals’ longevity in power depends on it — and they know it.

Whether the plan unfolds as designed remains to be seen. But the political reality changes immediately. With New Democrats and Greens hollering “slow down!” and Conservatives shouting “speed up!,” the Liberals are now precisely where they want to be on energy. The opposing lines of attack stand to solidify the government’s position, not hurt it.

It is the fruition of a strategy that dates to 2012, before Prime Minister Justin Trudeau became Liberal leader, when he and his team were casting about for a lever by which to persuade skeptical kitchen-table conservatives in Ontario — yes, there are many such beings, provincial politics notwithstanding — to take him seriously.

Eric Sprott ‘driving the bus’ on Kirkland-Newmarket merger: McCreath (Business Network News – September 29, 2016)

September 29, 2016

http://www.bnn.ca/

Kirkland Lake Gold (KLG.TO) has agreed to join forces with Newmarket Gold (NMI.TO 0.83%) in an all-stock deal worth about $1 billion.

Retail and institutional investors are likely to take a shine to both the deal and the new gold company, according to Andrew McCreath, BNN Markets Commentator and founder of Forge First Asset Management.

“This is a deal that is trying to make a stock more interesting to more shareholders … and also to lower the cost of production of the combined entity with a higher production base,” he said on Thursday.