Canadian Media Resource Articles – Page 495

Why 2015 will go down as a year to forget for North American coal miners – by Peter Koven (National Post – November 21, 2015)

November 23, 2015

The National Post is Canada’s second largest national paper.

Plenty of coal industry insiders have spoken out about the collapse of the business in the United States. But nobody does it with quite the same fervor as Robert Murray.

“We have the worst president the United States has ever had in its history,” said the founder and chief executive of Ohio-based Murray Energy Corp., one of the largest coal producers in the U.S.

“He has stacked the government with hundreds of thousands of bureaucrats who are on a regulatory rampage (against coal) that are carrying out the desires of those who got him elected,” Murray said in an interview.

First Nations, province co-operating in mining – by Martin Cash (Winnipeg Free Press – November 19, 2015)

November 20, 2015

http://www.winnipegfreepress.com/

EFFORTS by the province and some Manitoba First Nations to work together in the mining industry are beginning to bear fruit.

Two years ago, the province established a mining council made up of representatives of First Nations, industry and government officials.

The goal was to help smooth what had been a rocky relationship between the provincial mining branch and exploration and development companies and the First Nations whose resource lands were being affected by mineral exploration and development.

Lucara shares surge on discovery of 1,111-carat diamond – by Ian McGugan (Globe and Mail – November 20, 2015)

November 20, 2015

The Globe and Mail is Canada’s national newspaper with the second largest broadsheet circulation in the country. It has enormous influence on Canada’s political and business elite.

Lucara Diamond Corp.’s stock soared by as much as 37 per cent after the Vancouver miner said it had unearthed the biggest diamond to be found in more than a century.

The 1,111-carat, gem-quality stone is slightly smaller than a tennis ball. It was dug out of Lucara’s Karowe mine in Botswana.

The diamond, the second-largest in history, is one of several giant finds that the company has recently uncovered. Lucara, part of the mining and energy group headed by Lukas Lundin, also reported it had found an 813-carat stone that ranks as the sixth-largest ever discovered.

Agnico Eagle is the world’s most-resilient gold miner – by Danielle Bochove (Bloomberg/Globe and Mail – November 20, 2015)

November 20, 2015

The Globe and Mail is Canada’s national newspaper with the second largest broadsheet circulation in the country. It has enormous influence on Canada’s political and business elite.

Agnico Eagle Mines Ltd. is emerging as the winner in the race to shield profit from slumping gold prices. Since gold began a more than 40-per-cent plunge from a 2011 peak, the miner’s gross margins have narrowed by just 1.9 per cent thanks to expansions and a strengthening U.S. dollar.

For every dollar of gold Agnico Eagle sold last quarter, 49 cents (U.S.) was gross profit, little changed from four years ago when gold touched $1,900. That’s the best performance among 15 major producers tracked by Bloomberg, whose margins compressed by an average 64 percent.

Has China peaked? – by Michael Auslin (National Post – November 20, 2015)

November 20, 2015

The National Post is Canada’s second largest national paper.

The annual Halifax International Security Forum will convene on Nov. 20, bringing together some of the finest military and strategic thinkers in the Western world for a three-day conference. In the run-up to the event, the National Post is presenting four essays that describe the challenges, and opportunities, facing the West today.

At a dinner at the Halifax International Security Forum in 2013, a table of experts and interested participants, including former Australian prime minister Kevin Rudd, had a spirited discussion on an unconventional theme: “Peaking China.”

Even two years ago, the idea that China would not be forever rising was a fringe concept.

Marxipedia, your tax dollars at work – by Peter Foster (National Post – November 20, 2015)

November 20, 2015

The National Post is Canada’s second largest national paper.

When Joe Oliver was Natural Resources Minister in the Harper government, he identified “foreign-funded radicals” as obstructions to Canadian resource development. He was pilloried for speaking the truth. Imagine if any government-funded organization had given out millions of dollars to study those sources of foreign funds?

There would have been political and academic outrage, cries of “witch hunt” and “muzzling.” Well, the muzzle is now off, and foreign-funded radicals have nothing to fear.

They are seated at the right hand of power, radical funding has been repatriated, and the anti-corporate witch hunt can begin in earnest right here in Canada with local funding.

Vale to shut Manitoba nickel smelting, refining in 2018 – by Rod Nickel (Reuters U.S. – November 19, 2015)

November 19, 2015

http://www.reuters.com/

Nov 19 Brazilian miner Vale SA will close its nickel smelting and refining operations in the western Canadian province of Manitoba in 2018, but will continue mining and milling despite the plunge in the price of nickel, a company official said on Thursday.

Vale, the world’s biggest nickel producer, will cease smelting and refining in Thompson, Manitoba, once work is complete to allow it to produce and ship nickel concentrate from its mill, said Mark Scott, Vale’s director of mining and milling in Thompson.

Smelting and refining operations were originally scheduled for closure this year, until the company struck an agreement with workers and Canada’s environment department to keep them running until as late as 2019.

Teck enduring worst financial squeeze since the recession – by Brent Jang (Globe and Mail – November 19, 2015)

November 19, 2015

The Globe and Mail is Canada’s national newspaper with the second largest broadsheet circulation in the country. It has enormous influence on Canada’s political and business elite.

VANCOUVER — Teck Resources Ltd. is facing its worst financial squeeze since the recession, forcing the company to retrench during a mining industry slump that has hammered coal exports from Canada.

Vancouver-based Teck is cutting 1,000 jobs and lowering its semi-annual dividend to only 5 cents a share as it seeks to corral expenses amid depressed commodity prices.

The diversified mining company will eliminate the jobs at its offices and operations worldwide through layoffs and attrition, representing almost 10 per cent of its current work force.

Oil sector girds for harsh winter as energy slump continues – by Jeff Lewis (Globe and Mail – November 19, 2015)

November 19, 2015

The Globe and Mail is Canada’s national newspaper with the second largest broadsheet circulation in the country. It has enormous influence on Canada’s political and business elite.

CALGARY — The oil patch is getting ready to hibernate.

A darkening commodity outlook for 2016, combined with uncertainties over major pipeline proposals and the looming threat of more stringent environmental rules imposed by governments in Edmonton and Ottawa, is undermining confidence in the sector, setting the stage for deeper cutbacks as companies map out spending plans for next year.

Suncor Energy Inc. late on Tuesday unveiled a bigger budget for 2016, but the company trimmed its production forecast and warned it could chop spending if oil prices continue to sink.

Teck cuts 1,000 jobs, dividend to reduce costs (Canadian Press/Toronto Star – November 18, 2015)

November 18, 2015November 18, 2015

The Toronto Star has the largest circulation in Canada. The paper has an enormous impact on federal and Ontario politics as well as shaping public opinion.

The reduction in spending will include $350 million of capital spending cuts and deferrals and $300 million of operating cost savings.

VANCOUVER — Mining company Teck Resources Ltd. is cutting 1,000 jobs around the world through a combination of layoffs and attrition as part of a plan to reduce spending next year by $650 million.

The Vancouver-based company said the layoffs will include senior management and brings its total job cuts over the past 18 months to roughly 2,000 positions.

Precious metal streaming companies looking to team up to tackle bigger deals – by Peter Koven (National Post – November 18, 2015)

November 18, 2015

The National Post is Canada’s second largest national paper.

Overwhelmed by the sheer volume of opportunities available in volatile commodity markets, precious-metal “streaming” companies are looking to team up to take on large acquisitions that they might not be able to readily afford on their own.

Randy Smallwood, chief executive of Silver Wheaton Corp., said he thinks the streaming firms will be doing syndicated deals within the next year.

“It is something we’ll have to consider more as our capital capacity has been reduced by some of the acquisitions we’ve made recently,” he said.

De Beers seeks First Nation exploration support – by Tanya Talaga (Toronto Star – November 18, 2015)

November 18, 2015November 18, 2015

The Toronto Star has the largest circulation in Canada. The paper has an enormous impact on federal and Ontario politics as well as shaping public opinion.

A De Beers Canada team from is visiting Ontario’s remote Weenusk First Nation, seeking community support to conduct diamond exploration work.

An exploration team from De Beers Canada was expected to be in northern Ontario’s remote Weenusk First Nation on Tuesday, to seek community support to conduct diamond exploration work.

Weenusk First Nation, or Peawanuck, is a small community of nearly 400 people, 1,400 km north of Toronto, on the shores of the Winisk River.

CP’s $28.4-billion bid a ‘substantial’ premium for Norfolk investors: CEO – by Eric Atkins (Globe and Mail – November 18, 2015)

November 18, 2015

The Globe and Mail is Canada’s national newspaper with the second largest broadsheet circulation in the country. It has enormous influence on Canada’s political and business elite.

Canadian Pacific Railway Ltd. has released the letter it sent to Norfolk Southern Corp.’s chief executive officer outlining the proposed $28.4-billion (U.S.) takeover of the Virginia-based railroad.

In the letter dated Nov. 9, CP says the cash-and-stock offer of $46.72 a share and 0.348 in stock is a “substantial” premium to form a combined company that will be able to achieve more than $1.8-billion in cost savings “over the next several years.”

Gold Sinks to 5.5-Year Low Amid Rallying Stock Markets, Strong U.S. Dollar – by Jim Wyckoff (Kitco News – November 17, 2015)

November 18, 2015November 17, 2015

http://www.kitco.com/

(Kitco News) – Gold prices dropped to a 5.5-year low Tuesday, pressured in part by rallying U.S. and world stock markets early this week. Traders and investors have reckoned the terror attacks in Paris are not going to influence their trading decisions–at least not at this time.

The “risk-on” mentality in the market place Tuesday was bearish for the safe-haven gold market, as monies flowed into the competing asset class: equities. The other bearish element working against the precious metals recently is the rally in the U.S. dollar index, which on Tuesday hit a seven-month high.

February Comex gold was last down $14.30 at $1,069.80 an ounce. March Comex silver was last down $0.072 at $14.18 an ounce.

Is mining innovation an oxymoron? – by Nathan Stubina (Northern Miner – November 17, 2015)

November 17, 2015

The Northern Miner, first published in 1915, during the Cobalt Silver Rush, is considered Canada’s leading authority on the mining industry.

Newspapers are replete with articles denouncing the dearth of innovation in the mining sector. While we may argue about the causes – the sector’s capital intensive nature, the people who work in mining, etc. — most people will agree that the mining industry appears to be innovating at a much slower pace than other industries.

I believe that most of us are clear on why we need to innovate. The mining industry is facing many difficult challenges: lower grade ores, smaller deposits, increasing power costs, tighter margins, faltering capital markets, political risks, increased social demands, higher taxes, etc.

An example of the type of complex challenges we face: Mining executives frequently ask their engineers what the “carbon footprint” of a new process will look like – a question unheard of 30 years ago.

Nowadays, questions about water and power requirement don’t start with: ‘how much does it cost?’