Canadian Media Resource Articles – Page 511

Wales: Brecon Beacons is spectacular, but what sets this national park apart is its human history – by Amanda Ruggeri (Globe and Mail – August 13, 2015)

August 24, 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.

BRECON BEACONS, WALES – When our tour guide, a former miner, tells us that we’ll be descending 90 metres into the earth, no one in the group seems anxious. When we strap on headlamps – necessary accoutrements for navigating the lightless caverns far below – everyone takes it in stride.

But when he tells us we have to empty our pockets of anything with a battery, a few of us look surprised. “Sparks can come off watches or batteries because of the gases down there,” he explains. “You can’t bring anything like that down there.” Depositing my mobile phone in the bag he offers, I think to myself: Gases? What did I sign up for?

On the surface, much of this part of southern Wales is what you would expect, and hope, from a Welsh landscape: rolling hills and wild moors, market towns and crumbling castles. The area is dominated by Brecon Beacons, a 1,350-square-kilometre national park that twists with 225 km of rivers and peaks with mountains up to 886 metres tall. Sheep amble across bright-green hills, their coats splashed with blue and red.

B.C. mines minister hopes to soothe Alaskan fears after Mount Polley spill – by Tamsyn Burgmann (Canadian Press/CTV News – August 23, 2015)

August 24, 2015

http://www.ctvnews.ca/business/

VANCOUVER — British Columbia’s mines minister says he’s aiming to ease Alaska residents’ fears that their region could be harmed by a disaster similar to the Mount Polley accident in the province’s Interior.

Bill Bennett met with mining representatives in Alaska last November, four months after a tailings dam burst and spilled 24 million cubic metres of waste into area waterways, including salmon-bearing rivers.

However, Alaskans living downstream from northwestern B.C. mines said Bennett ignored their worries about the potential for mining pollution flowing their way in the event of another catastrophe.

A year after the August 2014 spill, Bennett said he’s taking the lead from state officials who have arranged dozens of meetings with conservation groups and tribal associations.

Oil nears longest losing streak since 1986 as markets fall in worst bloodbath of the year – by Marc Jones (National Post/Reuters – August 21, 2015)

August 21, 2015

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

LONDON — World stock markets tumbled towards their worst week of the year on Friday and commodities got another kicking, as more alarming data from China sent investors scurrying to the safety of bonds and gold.

The data from China showed its giant manufacturing sector slowing at the fastest pace since the depths of the financial crisis in 2009, confirming the worries about its health that have preying on economist’s minds for months.

Emerging market assets took another hammering and oil prices were on track for their longest losing streak since 1986, as fears of a China-led deceleration in global growth gripped sentiment.

“The market is stuck in a relentless downtrend,” said Robin Bieber, a director at London brokerage PVM Oil Associates. “The trend is down — stick with it.”

China’s woes continued to roil commodities. Oil resumed its downward trend. U.S. crude was at a more than 6-year low, on track for its eight straight weekly decline as it slipped 0.5 per cent to $40.85. Brent nudged $46 a barrel.

Big (Rotting) Apple – by Kip Keen (Mineweb.com – August 21 2015)

August 21, 2015

http://www.mineweb.com/

For some miners and resource equities, trading in New York is no longer an option.

HALIFAX – Simply put, low share prices amidst the deep and protracted rout in commodities and mining shares are forcing delistings in New York, or at least raising the spectre of delisting, at an accelerating pace.

Two leading exchanges – the NYSE MKT and the NYSE – house numerous mining and exploration companies, many of which are cross-listed in Toronto or elsewhere.

For Canadian-listed resource companies especially, going to list in New York became increasingly popular during the raging bull market in commodities in the mid to late 2000’s and early 2010’s. Suddenly there was a much greater appetite for resource investing in America.

But in recent months flagging share prices of many of these companies has forced many companies to leave, or chose to leave, given stringent regulations in New York.

Twilight over COP 21 – by Peter Foster (National Post – August 21, 2015)

August 21, 2015

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

If wind and solar were uneconomic when oil was $100 a barrel, they are wildly uneconomic now

A decade ago, Houston investment banker Matt Simmons (since deceased) received a too-respectful hearing from a bunch of Harvard alumni in Toronto for his theories about “peak oil.” His take, outlined in his book “Twilight in the Desert,” was that the Saudis, the world’s largest producers, had been lying about their reserves, which were on the point of catastrophic decline.

He predicted oil prices would hit $200 a barrel by 2010 (all prices in US$). His “solution” was Soviet levels of control of people’s lives. Simmons confirmed that peaksters neither understand nor like markets, which he described as a “500-pound wrecking ball.”

Canada acquired its own peak fanatic in the shape of Jeff Rubin, sometime chief economist at CIBC, who provided further proof that anti-consumerist moralism could quickly drain all traces of Economics 101 from even a professional’s noggin.

In the fall of 2007, Rubin predicted $100-per-barrel oil, and sure enough, oil soon hit $100. In January of 2008 he was predicting $150 oil within five years.

Fine tuning Barrick – by Kip Keen (Mineweb.com – August 20, 2015)

November 5, 2015August 20, 2015

http://www.mineweb.com/

A subtle shift in analyst perspective on the gold producer.

Broadly of course, Barrick’s stock has been pummeled by the bearish gold market that relatively speaking, tends to punish, and conversely reward, miners far more than the yo-yo-ing gold price. But more specifically, Barrick has also been punished, harder than some, for its past failings in acquisitions, strategies and appetite for debt.

This has made for one of those perversions of the market, at least in very simplistic terms, where in recent years Goldcorp, more the market darling, has exceeded Barrick by market cap despite Goldcorp doing half the production and the fact Barrick has longer life assets. As it stands, it is C$16.4 billion to C$12 billion Goldcorp market cap versus Barrick.

In evening out that playing field, Barrick’s John Thornton, Executive Chairman, has some ways to go. But he may be starting to make a little headway.

With much fanfare (at least from Barrick) the company outlined its back to the future strategy earlier this year. It’s a story of cuts and tweaking of management to, it’s hoped, increase efficiencies at operations. It’s also a story of mine sales and debt reduction.

Oil producers brace for more cost-cutting ‘pain’ as prices threaten to fall below $40 – by Yadullah Hussain (National Post – August 20, 2015)

August 20, 2015

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

Oil’s price plunge to $40 prices this week will force producers to contemplate more cost-cutting measures at a time of great austerity.

The decline continued Thursday with futures sliding as much as 1.4 per cent in New York, trading near US$40 a barrel, after losing 4.3 per cent on Wednesday.

West Texas Intermediate for September delivery, which expires Thursday, declined as much as 59 cents to $40.21 a barrel on the New York Mercantile Exchange, and traded at $40.30 at 11:30 a.m. London time. The contract slid $1.82 to $40.80 on Wednesday, the lowest close since March 2009. The more-active October futures lost 59 cents to $40.68.

The plunge began Wednesday after the U.S. Department of Energy slashed US$6 off its average oil price estimate this year to US$49 per barrel, citing increases in global oil inventories.

“We get down to US$40 level, companies will have a hard time just to sustain their businesses,” Kyle Preston, analyst at National Bank Financial Inc. said in an interview.

Why Ontario should look west, not east, for hydro power – by Wil Tishinski (Globe and Mail – August 20, 2015)

August 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.

Will Tishinski is former vice-president of power supply planning (retired) for Manitoba Hydro.

It was recently reported that Ontario is looking to buy power from Newfoundland and Labrador. This is the wrong direction. Ontario should be looking westward to Manitoba, which is more accessible.

Manitoba currently receives 75 per cent of its electricity requirements from the Nelson River, which has an ultimate capacity of 6,000 megawatts. Only half of that potential is developed today. To meet its own needs, Manitoba will build the generating sites incrementally, with the last plant being constructed perhaps 50 years down the road.

It makes more sense to develop the unharnessed 3,000 MW now and to share at least half that with Ontario. The entire block of power could be transmitted by direct-current transmission to a converter station near Dryden, Ont.

Opinion: Put the brakes on mineral development – by Stewart Phillip and Rob Sanderson (Vancouver Sun – August 19, 2015)

August 20, 2015

http://www.vancouversun.com/

Grand Chief Stewart Phillip is president of the Union of B.C. Indian Chiefs. Rob Sanderson is second vice-president of Central Council of the Tlingit and Haida Indian Tribes of Alaska and co-chair of the United Tribal Transboundary Mining Work Group.

This month marks the one-year anniversary of the Mount Polley tailings dam failure, Canada’s worst mining disaster.

That catastrophe in central British Columbia, which unleashed 24 million cubic metres of mine contamination into nearby lakes and waters, served as a wakeup call for everyone who values clean water, wild salmon, fishing and tourism, and ways of life intrinsically tied to pristine lands.

For First Nations and Alaska Native tribes, in particular, Mount Polley was a lightning rod. The disaster brought us together as never before. Alaskans have a clear stake in what’s happening in neighbouring B.C.; at least 10 large mines in the transboundary region have the very real possibility of tainting Alaska’s downstream waters and the billion-dollar seafood and tourism industries these rivers sustain. More so, these developments have the potential to harm our shared rivers, our coastal waters, and the salmon our cultures rely on.

Eldorado Gold shares slump on Greek mining halt (CBC News Business – August 19, 2015)

August 19, 2015

http://www.cbc.ca/news/business/

Relations between Vancouver-based Eldorado and the leftist Greek government have been testy

Shares of Eldorado Gold slid in Wednesday trading following reports that the Greek government is temporarily halting production at the company’s operations in northern Greece.

Reuters quoted Greek Energy Minister Panos Skourletis as saying Eldorado had “violated some terms.” He provided no elaboration.

“We are recalling the technical studies, which will result in the halting of operations at Skouries and part of operations in Olympiada,” Skourletis said, referring to two of the company’s mine sites.

According to the Associated Press, documents released by the ministry say the violations concern a project to build a copper and gold processing plant, including not carrying out certain tests on the flash smelting process proposed for use. According to the decision, the suspension will be lifted if the company resubmits the necessary documentation and meets the requirements within a year.

Wabush pensioners angry about prospect of reduced incomes – by Terry Roberts (CBC News Newfoundland – August 18, 2015)

August 19, 2015

http://www.cbc.ca/news/canada/newfoundland-labrador/

Former mine workers fearful of a hit if Cliffs Natural Resources winds up Canadian operations

Retired workers at the now closed Wabush Mines in Labrador West say they are facing a cut in their pension incomes as their former employer, U.S-based Cliffs Natural Resources, goes through the bankruptcy protection process for its Canadian operations.

More than 100 former workers filed into the Catholic church in Wabush Monday for an information session with pension experts from the provincial government, which oversees the Pensions Benefits Act.

The closed-door meeting lasted nearly three hours into Monday evening, and was described as a tense, emotional affairs as retirees sought answers about the fate of their pensions.

Ron Barron, who worked 27 years at the mine prior to its closure in 2014, said there’s a growing level of frustration, and people want answers.

Friedland: Mining companies ‘priced for Armageddon’ – by Lesley Stokes (Northern Miner – August 18, 2015)

August 19, 2015

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

VANCOUVER — The vanguard executive chairman of Ivanhoe Mines (TSX: IVN; US-OTC: IVPAF), Robert Friedland, took to the stage at the Sprott Natural Resource Symposium in Vancouver in late July, and delivered a relaxed speech discussing why he believes copper is set to rebound in two to three years.

“The further you push the price down, the higher it’ll bounce,” he said, predicting that higher environmental standards in China may strengthen the demand for copper, in tow with other “green” metals such as zinc, platinum and palladium.

He said that China will “try very hard” to double its growth to 6% or 7% through sustainable development, but he’s dubious whether the current world supply will match the metal needed to clean China’s air and fertilize its soils.

He describes many of the great copper mines as “little old ladies, kept on life support and waiting to die,” whereas others are so low grade “they’re practically mining air” and kept alive by favourable currency exchange rates.

When copper bites – by Kip Keen (Mineweb.com – August 19, 2015)

August 19, 2015

http://www.mineweb.com/

When does push become shove as prices of the commodity continue to fall.

HALIFAX – The spot price of copper continues to fall, dropping below $2.30/lb Tuesday and approaching levels that clearly puts pressure on smaller, higher cost and debt-laden producers. But the ongoing rout also raises red flags for larger producers who will feel the pinch on profits, if not mining operations, if the price falls much further.

To be sure, as the copper price stands, the majors and intermediates do not face an existential threat to their balance sheets, or to most operations, as many still produce with basic cash costs a fair bit lower than $2/lb. Glencore, an important copper producer, reported 2014 cash costs at $1.46/lb.

Freeport McMoRan Copper & Gold, one of the more leveraged major copper producers, last reported cash costs of $1.85/lb, for example. And like other miners with operations outside the U.S., they benefit from the strengthening of the dollar, weakening ex-U.S. currencies and, as the case may be, cheaper energy prices.

But there is no escaping the fact dramatically falling prices tarnish copper as a profit center.

[Canadian Election] Confronting the Aboriginal question – by Irvin Studin (National Post – August 19, 2015)

August 19, 2015

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

The second, growing risk, concerns Canada’s ability to exploit natural resources
and to deliver on major infrastructure projects of national consequence. Growing
lack of clarity on the Crown’s duty to consult and fiduciary requirements,
regular threats of litigation and extremely long turnaround times will make
governments and industry alike increasingly diffident in betting on Canadian
resources and undertaking large-scale national building projects. (Irvin Studin)

Irvin Studin is editor-in-chief and publisher of Global Brief magazine, and president of the Institute for 21st Century Questions.

Apart from the recent Liberal announcement in Saskatoon on First Nations education, the Aboriginal question has not yet really entered the lexicon of the federal election. It should very soon, as it’s by far the most complex and consequential one for Canada today and for the foreseeable future.

What is the Aboriginal question that our leaders must address? On the one hand, it is about how to lift Canada’s indigenous people from the posture of being the losing parties — strategically speaking — in Canadian history to one of being co-equals in Canadian governance this century. On the other hand, it is about ensuring that the Canadian state remains coherent and governable, even as this transition to Aboriginal co-equality takes place.

Toronto-Waterloo corridor could be Canada’s own Silicon Valley – by Iain Klugman and Kevin Lynch (Globe and Mail – August 19, 2015)

August 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.

But it takes more than geography and statistics to build an innovation ecosystem
capable of driving national productivity and growth. It requires an incredibly
intensive interplay among world-class university research, targeted government
support for technology development, industry R&D, venture capital and astute
early adopters of the newly created technology. (Iain Klugman and Kevin Lynch)

Iain Klugman is CEO of Communitech. Kevin Lynch is vice-chair of Bank of Montreal.

Each September, thousands of new students stream into Ontario’s universities, carrying their clothes, books and increasingly global ambitions. The question for Ontario and Canada is: Where will those ambitions ultimately take them?

If they are technically brilliant, entrepreneurial and highly motivated, as many of our graduates are, Silicon Valley will beckon – and it has only a little to do with the California weather.

With a population of just more than three million, the single corridor between San Francisco and San Jose has the greatest concentration of high-tech jobs in the United States; is the headquarters for technology companies with billions in sales and trillions in market capitalization;