Canadian Media Resource Articles – Page 452

Gold glitters for British investors ahead of referendum – by Paul Waldie (Globe and Mail – June 22, 2016)

June 22, 2016

http://www.theglobeandmail.com/

With a referendum on Britain’s future in the European Union just a day away, British investors are turning to a tried-and-true refuge: gold.

Trading in gold and silver on an online service run by the Royal Mint has increased 32 per cent this month from May, and revenue is up 150 per cent. May was also a big month with trading revenue up 94 per cent from April and 50 per cent from a year ago.

“June 2016 has already been one of the best months to date with an unprecedented increase in revenue, transactions and average order value,” Mint spokeswoman Jenny Manders said in an e-mail. Fears about Brexit are contributing to the surge, she added.

Yarmouth County lithium deposit draws Chinese company – by Paul Withers (CBC News Nova Scotia – June 20, 2016)

June 22, 2016

http://www.cbc.ca/news/canada/nova-scotia/

There is an increased demand for the rare mineral used in electric car batteries and smart phones

A Yarmouth County lithium deposit first staked nearly two decades ago is attracting new interest as demand increases for the rare mineral used in electric car batteries and smart phones.

The deposit — the only one in the Maritimes — triggered a huge bulk sample order from an unidentified Chinese mining company, and hundreds of mineral exploration claims filed in just two days in April.

“It’s the hot commodity now,” veteran prospector John Wightman said. Wightman, who is with Champlain Mineral Ventures, said he and his partners staked the original 1,500 hectare claim near the hamlet of Carleton in 1997. Now they’re watching others jump into the area.

Ottawa to launch full review of environmental assessment process – by shawn McCarthy (Globe and Mail – June 21, 2016)

June 21, 2016

http://www.theglobeandmail.com/

The Liberal government is undertaking a wholesale review of the environmental rules for approving major resource projects, though the current reviews of controversial pipeline proposals will proceed under the existing regime.

The federal announcement came as the City of Vancouver launched a court challenge against the National Energy Board’s review of Kinder Morgan Inc.’s proposed $6.7-billion expansion of the Trans Mountain pipeline to nearby Burnaby, B.C.

In a statement, Mayor Gregor Robertson called the NEB review “flawed and biased,” as city lawyers argued the regulatory panel failed to adequately consult communities along the pipeline’s path and ignored scientific evidence.

Gold supply to drop by 7 pct by 2021 – Newmont CEO – by Michael Allan McCrae (Mining.com – June 20, 2016)

June 21, 2016

http://www.mining.com/

Due to the past price performance of gold, supply is constrained says Gary Goldberg, president and CEO of Newmont Mining. “We see the medium- to long-term as being very good,” said Goldberg in an interview with MINING.com earlier this month talking about gold prices and buying trends in India and China.

“I think you have seen a decrease in supply as there has been less investment in new properties. We are one of the few who are building two brand-new mines: Merian-Suriname and Long Canyon in Nevada. “Overall, we see gold supply dropping by about 7% by 2021.”

Transcript is edited for brevity and clarity.

MINING.com: Who are you.

Gary Goldberg: I am Gary Goldberg. I am the president and CEO of Newmont Mining.

[Archives: Sherritt International History] Marching to a different drum – by Jane Werniuk (Canadian Mining Journal – February 1, 2008)

June 21, 2016

http://www.canadianminingjournal.com/

Sherritt International is a resources company built from the bricks of a Canadian nickel miner, which recently celebrated its 80th anniversary, shown by the timeline in this article.

Sherritt International is a resources company built from the bricks of a Canadian nickel miner, which recently celebrated its 80th anniversary, shown by the timeline in this article. Despite the intervening decades and corporate upheavals, Sherritt is still a nickel company grounded in the strength of its research, technical innovation and operational expertise. But it has become international, and is aggressively focusing on growth in all its business units–metals, coal, power generation, and oil and gas.

In a recent two-hour interview with the company’s president and CEO Jowdat Waheed at its uptown Toronto head office, I learned that Sherritt has decided to get its story in front of the public, which prompted Waheed to invite me to visit the company’s metals, technology and coal offices and facilities in western Canada followed by a trip to see its Cuban assets, all in four days in early February.

U.S. analyst John Tumazos gives a contrarian view on Kirkland Lake Gold – by Barry Critchley (Financial Post – June 21, 2016)

June 21, 2016

http://business.financialpost.com/

John Tumazos is a U.S.-based metals and forest products analyst who has a particular interest in the Canadian gold sector. For many years Tumazos plied his trade on the street — where he was a perennial all-star. For the past few years he has run his own research company — known as Very Independent Research, LLC — where he sells the service to more than 30 institutional investors. He is also an investor in some of the companies that he researches.

Recently he weighed in on Kirkland Lake Gold, which owns five former high-grade mines in the Kirkland Lake, Ont., area and which expects to produce 270,000-290,000 ounces of gold this year. The company recently replaced its chief executive, George Ogilvie, with Tony Makuch who is expected to arrive in a few weeks. In February 2015, Eric Sprott was named chairman.

Tumazos has now downgraded Kirkland Lake, a stock that he owns, to neutral from overweight. He gave two reasons: price appreciation (over the past year the stock is up by 86.90 per cent) and “future direction uncertainties.”

Mayan families’ quest for justice against Canadian mining company HudBay – by Marina Jimenez (Toronto Star – June 18, 2016) (Part 1 of 2)

June 20, 2016

https://www.thestar.com/

EL ESTOR, GUATEMALA—Ribbons of sweat roll down German Chub’s face, as he pushes his wheelchair around his rocky yard, careful not to run over the hens pecking in the dirt or bump into his neighbour’s free-roaming pig.

An illiterate Mayan Q’eqchi’ farmer who grows mangoes and bananas, Chub’s life would be difficult enough in this small, indolent city in eastern Guatemala, where the temperature soars to 38C, even if he weren’t paralyzed, with a bullet lodged in his spine.

Chub maintains a stiff resolve, proudly showing off his ability to saw logs, and even hoist himself into the passenger side of a pickup truck. But life is a struggle. Sometimes he can’t make it to the bathroom in time. Sometimes villagers laugh at his disability. And sometimes he is crying inside, despite the ready smile on his face.

How a Guatemalan murder trial could forever change Canadian overseas mining – by Marina Jimenez (Toronto Star – June 19, 2016) (Part 2 of 2)

June 20, 2016

https://www.thestar.com/

EL ESTOR, GUATEMALA—The murder trial of Mynor Padilla, a former security guard for a mine owned by a then subsidiary of HudBay Minerals Inc., provides a fascinating glimpse into Guatemala’s problematic justice system.

Padilla, 52, is charged with killing Adolfo Ich, a Mayan Q’eqchi’ community leader, and shooting German Chub, a bystander, during a protest on contested land at Fenix nickel mine in El Estor, in eastern Guatemala, on Sept 27, 2009.

These alleged crimes are also at the centre of a series of landmark lawsuits in Ontario Superior Court, where HudBay, a Toronto-based company, faces three negligence claims, launched by Ich, Chub and 12 other Q’eqchi’. The cases are being watched closely by Canada’s mining companies, as it is the first time lawyers are attempting to hold a Canadian company liable for actions of a subsidiary operating overseas.

[De Beers and diamond mining] Eye-opening Attawapiskat documentary a labour of love for Ottawa filmmaker – by Evelyn Harford (Ottawa Citizen – June 17, 2016)

June 20, 2016

After The Last River – Official Trailer from Victoria Lean on Vimeo.

http://ottawacitizen.com/

Nearly eight years ago, Ottawa-raised documentary filmmaker, Vicki Lean, immersed herself into the Attawapiskat First Nation. Three states of emergency later, she came away with a documentary film that exposes the reality of living down stream from an open-pit diamond mine.

After the Last River, which begins a three-day run at the ByTowne Cinema Sunday, delves headfirst into what mineral extraction from the De Beers Victor diamond mine has meant for Attawapiskat. The eye-opening documentary provides an intimate glimpse into the complex issues that underpin systemic poverty and crisis in the remote northern community, situated on the edge of James Bay.

Justin Trudeau’s pipelines predicament: ‘Decisions always about trade-offs’ – by Peter O’Neil (Vancouver Sun – June 16, 2016)

June 17, 2016

http://vancouversun.com/

Prime Minister Justin Trudeau acknowledged Thursday he won’t be able to please all Canadians on the oilsands pipeline issue that has pitted Alberta’s desperate need for an economic boost against intense concerns in B.C. and Quebec.

Trudeau, in an exclusive interview, also refused to say whether his 2015 election commitments would give vetoes to local communities and First Nations who vehemently oppose oilsands pipelines in their midst.

His comments coincided with the release of a new poll showing big differences in regional views towards the idea of transporting hundreds of thousands of barrels a day of diluted bitumen to the Atlantic and Pacific coasts.

Samarco iron ore won’t restart this year – by Frik Els (Mining.com – June 16, 2016)

June 17, 2016

http://www.mining.com/

The Samarco iron ore mine in Brazil – a joint venture Vale (NYSE:VALE) and BHP Billiton (NYSE:BHP) – is unlikely to resume operations before the end of the year.

Samarco Mineracao ceased operations in November following a deadly tailings dam burst. Benedito Waldson, the company’s head of human resources told Reuters the uncertain timing of a new licence from the South American nation’s environment authorities to restart operations “had forced the company to move to lay off over 1,000 workers.”

At 30 million tonnes per year before the disaster Samarco’s pelletizing operations supplied roughly one-fifth of the seaborne trade in the steelmaking raw material that attracts a premium price over iron ore fines and lump ore. Earlier Samarco said that should the mine reopen output would likely be capped at 19 million tonnes per year.

Exclusive: Canada’s Saskatchewan may scrap potash royalty review – minister – by Rod Nickel (Reuters U.S. – June 16, 2016)

June 17, 2016

http://www.reuters.com/

Saskatchewan is considering whether to end a review of its potash royalty system, the economy minister of the Canadian province said, as producers of the crop nutrient struggle with low prices.

The province had said any changes would be revenue-neutral to its treasury, but Potash Corp of Saskatchewan (POT.TO) raised concerns last year when the cash-strapped government took an interim step to boost its revenues.

“Part of the discussion is whether or not we do anything at the moment or whether we hold off on any kind of further discussion,” said Economy Minister Bill Boyd, in a phone interview from Regina on Thursday, adding that the government would probably decide within a week or two whether to end the process.

UPDATE 1-Glencore plans to sell option in Falco’s Horne gold project-sources – by Freya Berry and Barbara Lewis (Reuters U.S. – June 16, 2016)

June 16, 2016

http://www.reuters.com/

Glencore is planning to sell its option in a gold mine owned by Falco Resources, two sources familiar with the situation said on Thursday, as the mining group and commodities trader presses ahead with asset sales.

London-listed Glencore has appointed BofA Merrill Lynch to sell the 65 percent option in the Horne 5 gold project in Quebec, the sources said, and potential buyers have been contacted.

Falco has calculated that the undeveloped Horne 5 deposit could have a net present value (NPV) of about $667 million, assuming a gold price of $1,250 an ounce and certain currency exchange conditions, according to its website. Spot gold was up 1 percent at $1,303.91 an ounce at 1148 GMT on Thursday.

Alaska group raises international concerns in Ottawa over B.C. mine operations – by Bruce Cheadle (Vancouver Sun – June 16, 2016)

June 16, 2016

http://vancouversun.com/

Ottawa — A delegation from Alaska says it is time to enforce the century-old Boundary Waters Treaty between Canada and the United States when it comes to northern British Columbia mining activity. The group is in Ottawa this week seeking to enlist federal help in stopping B.C. copper and gold mines from polluting the headwaters of key salmon rivers that flow from Canada into Alaska.

They’re also pushing the U.S. State Department to refer the matter to the International Joint Commission, which was created under the 1909 Boundary Waters Treaty to help resolve disputes along internationally shared waters.

Frederick Otilius Olsen, an indigenous tribal vice-president from Kassan, Alaska, says the catastrophic failure of the Mount Polley mine tailings dam in 2014 was a “huge wake up call” that galvanized concerns over what he sees as British Columbia’s lax mining regulations.

Barrick Gold Corp needs to consider buying big assets again – J.P. Morgan – by Jonathan Ratner (Financial Post – June 16, 2016)

June 16, 2016

http://business.financialpost.com/

Barrick Gold Corp. needs to “think big” when it comes to acquisitions, with a new report suggesting now is the time to refill its project pipeline to avoid steep production declines in the coming years.

“Barrick is the world’s largest gold miner and – like a supertanker – has to move early to avoid bad outcomes,” John Bridges at J.P. Morgan told clients on Thursday.

The analyst noted that while Barrick’s improving share price could allow it to buy some smaller miners, it also needs to look for large mines, albeit ones that don’t add too much stress from an operational perspective.

“Now is probably the time to think about reserve replacement,” Bridges said, noting that roughly a third of Barrick’s reserves are at projects with no current mine building plans.