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Canadian Media Resource Articles

Sale of B.C. coal mines to Glencore was bad deal for Canada: report – by Nelson Bennett (Business In Vancouver – July 22, 2024)

https://www.biv.com/

MiningWatch report question’s Swiss mining giant’s track record

Canadian and British mining watchdogs are criticizing the Trudeau government’s approval of the sale of B.C. steel-making coal mines to Glencore Plc, saying it’s a bad deal for Canada.

On July 4, Canada’s Minister of Innovation, Science and Economic Development, François-Philippe Champagne, approved the sale of 77 per cent of the B.C. metallurgical coal mines (Elk Valley Resources) owned by Teck Resources in the southeastern Kootenays to Glencore plc for $9.5 billion. The sale closed July 11.

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Wall Street is balanced and cautious on gold next week, Main Street remains optimistic about price gains – by Ernest Hoffman (Kitco News – July 19, 2024)

https://www.kitco.com/

(Kitco News) – Precious metals traders rode a roller coaster of optimism and greed higher this week, as markets cemented expectations for a rate cut from the Federal Reserve at their September meeting. But gold prices may have pushed too high too quickly, with the ensuing pullback dragging the yellow metal right back to where it started.

Spot gold opened the week trading at $2,411.65 before moving down to test support near $2,400 per ounce shortly after 3:00 am early Monday morning. This level of support held, and it started the precious metal’s upward climb.

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Boyd, Roosen, Quartermain: It takes grit, invention, luck to make the big time – by Henry Lazenby (Northern Miner – July 17, 2024)

https://www.northernminer.com/

Perseverance, a focus on geology and financial discipline and some good breaks are what’s needed to make a mining titan, some of the industry’s leaders told a conference put on by former Sprott CEO Rick Rule.

Industry legends including Canadian mining luminary Robert Quartermain, Agnico Eagle Mines  chair Sean Boyd, Osisko Development  chair and CEO Sean Roosen, and Vizsla Copper CEO Craig Parry discussed the backstories behind their multibillion-dollar successes.

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Chile copper, lithium mines rattled by 7.4-magnitude quake – by Cecilia Jamasmie (Mining.com – July 19, 2024)

https://www.mining.com/

A 7.4-magnitude earthquake hit northern Chile on Thursday night, 45 km outside San Pedro de Atacama, where the majority of the country’s vast copper and lithium mines are located.

The main quake hit at 9:50 p.m. local time, according to the United States Geological Survey (USGS) and has been followed by at least five aftershocks ranging from 4.2 to 5 magnitude. The seismic activity shook homes and led to power outages, but there have been no immediate reports of injuries or major damage.

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Yukon contemplating seizing control of Eagle mine site as Victoria Gold runs low on storage for contaminated water – by Niall McGee (Globe and Mail – July 19, 2024)

https://www.theglobeandmail.com/

The Yukon government is contemplating seizing control of Victoria Gold Corp.’s Eagle mine site, as doubts grow about the company’s ability to prevent further environmental damage after a catastrophic heap-leach failure last month.

Four million tonnes of cyanide-laced rocks collapsed June 24 at an outdoor heap-leach processing facility at the gold mine in central Yukon. Two million tonnes of material breached the company’s containment zone and elevated levels of cyanide were later found in a water body adjacent to the mine.

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New top soldier warns Canada needs to be ready for ‘the threats that are coming’ (Toronto Star – July 19, 2024)

https://www.thestar.com/

Gen. Jennie Carignan said the military must be ready to face potential threats to Canadian territory within the next five years.

OTTAWA—The shadow of potential war — and the need to avoid it — was invoked early and often at Thursday’s change-of-command ceremony, where Gen. Jennie Carignan became the first woman to take command of the Canadian Armed Forces.

Addressing reporters at the Canadian War Museum, in a large display room packed with forest-green tanks and other war machines, Carignan said the military must be ready to face potential threats to Canadian territory within the next five years.

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US has second-longest mine development timeline in the world, S&P Global says – by Staff (Mining.com – July 18, 2024)

https://www.mining.com/

According to a new report by S&P Global, the United States has the second-longest lead times in the world for developing a new mine.

Mines in the US go from discovery to production in an average of 29 years, longer than in any other country except Zambia (34 years), the consultancy says.

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Anglo’s plan to sell De Beers complicated by diamond output cut – by Thomas Biesheuvel and William Clowes (Bloomberg News – July 18, 2024)

https://www.bnnbloomberg.ca/

(Bloomberg) — Anglo American Plc is looking at more diamond production cuts as the industry continues to struggle, complicating its plan to sell the De Beers unit as part of a radical overhaul of its business.

Anglo announced the restructuring earlier this year as part of a successful rebuttal of a US$49 billion approach from BHP Group, the world’s the biggest miner. That plan centered around exiting diamond mining by spinning off or selling its De Beers unit, separating platinum and selling its coal mines.

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Paladin CEO bullish on clearing national security test on Fission deal, as Ottawa inquires about state-owned China shareholder – by Niall McGee (Globe and Mail – July 18, 2024)

https://www.theglobeandmail.com/

Australia’s Paladin Energy Ltd.is confident its proposed acquisition of Canada’s Fission Uranium Corp. will clear a national security probe, as Ottawa makes enquiries about CGN Mining Co. Ltd., a China-based state-owned deal stakeholder.

Perth-based Paladin last month said it had reached a friendly agreement to buy Kelowna, B.C.-based Fission in an all-stock transaction worth $1.14-billion. Fission is developing the Patterson Lake South (PLS) uranium project in the Athabasca Basin region of Saskatchewan and hopes it will be in production by the end of the decade.

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Sudbury’s Stobie Pit Mine getting new life above ground (CBC News Sudbury – July 17, 2024)

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

Vale has partnered with First Nations, Steelworkers and an operator to start an open-pit mine at old site

What’s old is new. Vale Base Metals announced Wednesday it will start operations at an open-pit mine at the site of the old Stobie Mine in Greater Sudbury.

The $205 million project will be a partnership between Vale, Thiess Mining, United Steel Workers and local First Nations. It’s expected to produce 300,000 tonnes of ore, primarily nickel and copper, by the end of 2024. The previous Stobie Mine operated underground from 1914 to 2017, though it also began as an open pit mine in 1890.

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Gold price sets new high as traders bet on Fed rate pivot – by Staff (Mining.com – July 17, 2024)

https://www.mining.com/

Gold steadied after setting another record on Wednesday as traders upped their bets on Federal Reserve rate cuts while weighing the uncertain political outlook in the US. Spot gold climbed to an all-time high of $2,483.73 an ounce before paring gains. By 12:45 p.m. ET, it had retreated to $2,455.71 an ounce. US gold futures are also down slightly at $2,460.70 per ounce.

Gold rallied as much as 1.9% on Tuesday to surpass a record high set in May as traders piled into bets for more aggressive rate cuts from the Fed amid increasing signs that inflation is cooling toward the central bank’s target.

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Germany’s Scholz Plans Serbia Lithium Deal After Rio Ruling – by Michael Nienaber and Petra Sorge (Bloomberg News – July 17, 2024)

https://www.bnnbloomberg.ca/

(Bloomberg) — German Chancellor Olaf Scholz plans to visit Serbia this week to secure supplies of lithium that are critical for the nation’s energy transition and auto industry, according to people familiar with the matter.

Scholz probably will be in Belgrade on Friday to sign an agreement with Serbia President Aleksandar Vucic and cabinet ministers, the people said, asking not to be identified because the details aren’t final.

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Quebec town leaders, residents unite to decide fate of mine with ties to Pentagon – by Joe Bongiorno (Canadian Press/Montreal Gazette – July 13, 2024)

https://montrealgazette.com/

“We don’t want to have a gigantic open pit mine in the middle of all those lakes and all those people living around them.”

Five Quebec municipalities located by a proposed site for a graphite mine with ties to the Pentagon have created an alliance to accelerate public consultations on the project and pressure the provincial government to listen to what locals have to say.

When Lomiko Metals Inc., a mining company based in Surrey, B.C., announced plans for a mine in the Laurentians to produce graphite — one of the world’s most sought after critical minerals needed for manufacturing electric vehicle batteries — some residents living nearby began protesting against the project, fearing the potential harm to the environment.

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‘Drug Disneyland’ part of lax safety culture in shadow of Victoria Gold accident, workers say – by Blair McBride (Northern Miner – July 17, 2024)

https://www.northernminer.com/

A landslide that’s stopped production at Victoria Gold’s (TSXV: VGCX) Eagle mine in the Yukon may have been inevitable due to the company’s weak approach to safety protocols, current and former employees say.

Individuals who approached The Northern Miner to share their experiences of working at Eagle, told of neglected incidents and repairs, attempts to subvert injury reports and widespread drug and alcohol use in a supposedly dry camp. They asked not to be named to avoid career repercussions.

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Stelco takeover expected to face little pushback from Ottawa, experts say – by Niall McGee (Globe and Mail – July 17, 2024)

https://www.theglobeandmail.com/

Cleveland-Cliffs Inc.’s proposed acquisition of Stelco Holdings Inc. is likely to get the nod from Ottawa, industry experts say. The Cleveland-based steel company on Monday announced it had reached a friendly deal to acquire Canadian steel maker Stelco for $3.85-billion.

Originally called the Steel Company of Canada, Stelco is the biggest steel maker in the country. Founded in 1910, it operates the Lake Erie Works steel plant and Hamilton Works, both in Ontario. Industry Minister François-Philippe Champagne will scrutinize the deal to make sure there are no national security concerns and that it makes economic sense for Canada under a net benefit test.

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