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Canadian Media Resource Articles

New York Copper Market Tightens Again, Piling Pressure on Shorts – by Mark Burton and Jack Farchy (Bloomberg News – June 19, 2024)

https://www.bnnbloomberg.ca/

(Bloomberg) — Spot copper prices are again trading at a steep premium to later-dated futures in New York, putting fresh pressure on holders of short positions after a historic squeeze last month.

The July-delivery Comex copper traded at a 7.4 cent-per-pound premium to the September contract, in a condition known as backwardation that typically signals a supply shortage. The spread traded in an unprecedented 29.25-cent backwardation last month, putting huge pressure on commodity traders and investors with short positions in the July contract.

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More than minerals: Why mid-stream capacity is key to Canada’s industrial future – by Ian M. London(Northern Miner – June 19, 2024)

https://www.northernminer.com/

Ian M. London is executive director of the Canadian Critical Minerals & Materials Alliance (www.c2m2a.org).

Canada boasts of its rich history and continued success in mining, metallurgical and chemical processing, advanced manufacturing, strong trade relations north-south and east-west, access to clean energy and its commitment to sustainability.

While these strengths lay the foundation for Canada to succeed in a rapidly changing economy driven by the global energy transition, they’re not enough. The looming challenge is how can industry, governments, communities and investors lever and translate these capabilities and aspirations to fulfill Canada’s promise?

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Indigenous groups in Washington, Alaska call for the right to consult on B.C. mining projects – Nathan Vanerklippe (Globe and Mail – June 19, 2024)

https://www.theglobeandmail.com/

Native Americans in Washington and Alaska who want status as aboriginal peoples of Canada are considering legal action against the government of British Columbia, after the province said it would create a consultation process on mining and industrial projects for U.S.-based groups that is separate from that held with Canadian groups.

The B.C. Environmental Assessment Office, in letters earlier this year to the Southeast Alaska Indigenous Transboundary Commission, or SEITC, and the Lummi Nation, said it is working on a policy to consult Indigenous groups based outside of Canada that “will be different from that taken with B.C. First Nations.”

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4 First Nations sign deal with Ontario to build roads near Ring of Fire – by Liam Casey (Canadian Press/Global News – June 18, 2024)

Youtube Video From Office of the Premier of Ontario

https://globalnews.ca/

Four First Nations have signed a deal with Ontario for new roads, other infrastructure projects and skills training as the province lays a foundation for plans to mine the mineral-rich Ring of Fire region.

The province said Animbiigoo Zaagi’igan Anishinaabek, Aroland First Nation, Ginoogaming First Nation and Long Lake #58 First Nation will see their roads that connect to the provincial highway system fortified and renewed.

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Ottawa, Saskatchewan Research Council step in to prevent sale of Canadian rare earth metals to Chinese buyer – by Niall McGee (Globe and Mail – June 18, 2024)

https://www.theglobeandmail.com/

The federal government and the Saskatchewan Research Council (SRC) are stopping Canadian rare earth metals from falling into the hands of a Chinese buyer, after facing backlash from critics who argued that allowing the deal to proceed was antithetical to Canada’s critical minerals policy.

Australia-based Vital Metals Ltd. in December announced it was selling its stockpile of rare earths that were mined at the Nechalacho Project in the Northwest Territories to China’s Shenghe Resources Holding Co. Ltd.

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Tensions with First Nations threaten to delay nuclear waste facility – by Matthew McClearn (Globe and Mail – June 17, 2024)

https://www.theglobeandmail.com/

The eight-reactor Bruce Nuclear Generating Station, on the eastern shore of Lake Huron, ranks among the world’s largest nuclear power plants. With four more in the early planning stages, it might become larger still. But for the Saugeen Ojibway Nation (SON), behind its engineering grandeur lies a painful history – which it has described as one “of exclusion.”

Its people were not consulted before the plant’s construction during the 1970s and 80s, which resulted in quantities of radioactive waste stored within what they regard as their traditional territory. Nor did they see many of the economic benefits that flowed to neighbours.

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Sprott explains the new copper supercycle – by Staff (Canadian Mining Journal – June 13, 2024)

https://www.canadianminingjournal.com/

The following is an abridged version of the copper supercycle as explained by Sprott in its current monthly report.

A new copper supercycle is emerging, built on several rising geopolitical and market trends, including electrification, national security concerns, environmental policy, supply constraints and deglobalization. In combination, these are a powerful catalyst for copper demand.

The prior commodities supercycle that started two decades ago was driven by China rejoining the global economy, leading to mass industrialization and the urbanization of hundreds of millions of people. The current copper supercycle is far more global in reach, has many more demand sectors, and is entwined with the national security of many countries.

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Gold looks good again next week as both Wall Street and Main Street turn bullish – by Ernest Hoffman (Kitco News – June 14, 2024)

https://www.kitco.com/

(Kitco News) – After last week’s price action was dominated by Friday’s news from China and the employment report, precious metals markets were squarely focused on inflation data and the Federal Reserve’s interest rate path this week.

After kicking off the week trading at $2,293.70 per ounce during the Sunday evening Asian session, spot gold broke above the $2,300 level about two hours before the North American market open, and that level held throughout the rest of the week’s roller coaster ride.

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Orano at Risk of Losing Niger Uranium Mine Sought by Russia – by Katarina Höije (Bloomberg News – June 15, 2024)

https://www.bnnbloomberg.ca/

(Bloomberg) — Orano SA could lose the right to mine uranium at one of the largest deposits in the world by June 19 after Niger rejected the French nuclear company’s plan for developing the asset.

The move comes as Russia’s seeks to take over mining assets in the West African country controlled by the French company, Bloomberg reported on June 3. Niger’s Paris-allied president was overthrown in a coup last July, the latest in a string of military takeovers in the region that has seen strongmen spurn ex-colonial power France and forge closer ties with Moscow.

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The Big Nickel scandal of 1916 – by John Sandlos (Canadian Mining Journal – June 16, 2024)

https://www.canadianminingjournal.com/

In 1854, the land surveyor A.P. Salter noticed the needle on his compass wiggle in strange way, a signal that the bedrock on which he stood contained a huge deposit of nickel (one of the few ferromagnetic minerals that affects the orientation of old-school magnetic compasses).

Owing to its remoteness, Salter’s discovery was ignored at the time and soon forgotten. The construction of the Canadian Pacific Railway through the Sudbury basin in the early 1880s brought an influx of newcomers and a transportation link to the region.

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Federal minister bullish on Greater Sudbury’s future – by Jim Moodie (Sudbury Star – June 12, 2024)

https://www.thesudburystar.com/

Jonathan Wilkinson says city in a position to provide critical minerals but also process them to help make batteries for electric vehicles

The Nickel City is in a great position to benefit from the push for greener transportation, not only by supplying the ingredients for batteries but also by hosting plants to process them, according to Canada’s energy and natural resources minister.

“For a community like Sudbury, which is an historic mining town, I think that critical minerals are an enormous opportunity,” said Jonathan Wilkinson during a visit to the city on Monday. “It’s an opportunity for mining, yes, but it’s also an opportunity for great manufacturing jobs.

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Former Air Canada manager wanted in gold heist to turn himself in, lawyer says – by Katie Nicholson (CBC News Toronto – June 14, 2024)

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

Simran Preet Panesar wanted in connection with multi-million dollar airport robbery

The former Air Canada manager wanted on a Canada-wide warrant for his alleged role in the largest gold heist in Canadian history is preparing to turn himself in, according to his lawyer.

Simran Preet Panesar is wanted on charges including theft over $5,000 in connection with the April 2023 theft of more than $20 million in gold from Toronto’s Pearson International Airport. Panesar is “very confident in the Canadian justice system,” his lawyer, Greg Lafontaine said in a statement to CBC News. “When this prosecution is over, he will have been absolved of any wrongdoing.”

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Nevada Copper shareholders face loss of investment as Elliott Investment circles to provide emergency bankruptcy funding – by Niall McGee (Globe and Mail – June 12, 2024)

https://www.theglobeandmail.com/

Nevada Copper Corp. shareholders are poised to lose their entire investment, with the struggling Canadian miner seeking bankruptcy protection, and hoping to secure emergency financing from U.S. hedge fund Elliott Investment Management.

The Vancouver-based company has struggled for years to ramp up production at its Pumpkin Hollow copper mine in Nevada. Earlier this year, the company told investors it was a going-concern risk and was running a dangerously high debt load against a dwindling cash position. As of the end of March, Nevada Copper held only US$300,000 in cash, had a working-capital deficit of US$115.4-million, and total debt of approximately US$262-million.

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As affordability crisis hits home, growing majority of Canadians deem oil and gas critical to economy – by Chris Varcoe (Calgary Herald – June 12, 2024)

https://calgaryherald.com/

Almost three-quarters of Canadians consider oil and gas to be important to the country’s economy today

Despite a polarized energy debate and a torrent of criticism toward the oil and gas sector, Canadians’ opinion about the industry’s importance isn’t eroding like a sandcastle facing shifting tides. In fact, it’s growing stronger.

During a keynote address to open the Global Energy Show in Calgary on Tuesday, well-known pollster Nik Nanos says the data is clear: more Canadians are supporting the industry, as “meat and potato” issues such as affordability, jobs and inflation hit home.

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Researchers get $5M to find nickel, other metals, in Sudbury mine waste – by Staff (Sudbury Star – June 10, 2024)

https://www.thesudburystar.com/

The idea is they can be used to help make batteries for electric vehicles while reducing the environmental impact of tailings areas

A research arm of Laurentian University will get $5 million to find ways of recovering nickel, cobalt and copper from mine waste in Sudbury that can be used to make batteries for electric vehicles. Jonathan Wilkinson, the federal minister of Energy and Natural Resources, made the announcement in Sudbury on Monday.

The money will go to the Mining Innovation Rehabilitation and Applied Research Corp – or MIRARCO – based at Laurentian University.

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