The mining industry in Chile, the world’s top copper producer and second-largest lithium producer, will need more than 34,000 new workers by 2032, according to a study released this week.
The report by the CCM-Eleva Alliance, a joint initiative between the Mining Council and Fundacion Chile, analyzed workforce trends and challenges of 27 mining and supplier companies in the country, representing 96% of the sector.
https://www.northernontariobusiness.com/
Highland Copper in the running for US$50-million development grant
A Canadian company with a copper mine project in northern Michigan is in the running for a substantial subsidy from the State of Michigan.
Highland Copper Company announced the Michigan Economic Development Corporation has proposed a US$50-million grant for its Copperwood mine project in the Upper Peninsula. The money would come from the Strategic Site Readiness Program. But it’s not a done deal. Final approval still has to come from the state’s Application Committee in both the Michigan legislature’s house of representatives and senate.
Known today for their vast resources of copper ore, the Little Burro Mountains of Grant County were first famous for their deposits of turquoise. For countless generations, until interrupted by non-Indigenous visitors, Native Americans operated shallow mines to extract the decorative blue-green stone.
The name of the first white man to discover turquoise here is unknown, but it is said that anyone who entered the area before the early 1870s was never seen alive again. The Apache were thought to blame. But by 1879, prospectors had staked out workable claims and, perhaps due to safety in numbers, were less prone to disappearing. The turquoise found here, just a dozen or so miles southwest of Silver City, was judged to be at least equal with the stones from the best mines in Persia — and good enough to gift President McKinley during his tour of New Mexico in 1901.
KoBold Metals, a California-based metals exploration company backed by billionaires including Bill Gates and Jeff Bezos, said it has discovered a vast copper deposit in Zambia.
The rare discovery of a large-scale copper deposit could help in the global race to secure a supply of materials critical to the energy transition. Copper is in high demand due to its use in renewable energy and electric vehicles.
https://www.northernontariobusiness.com/
Clean Air Metals on the hunt for ‘distressed’ mineral projects in northwestern Ontario
It’s a lousy financing environment in junior mining, but Thunder Bay’s Clean Air Metals sees a strategic opportunity to go big. The owners and mine developers of the Thunder Bay North palladium-platinum project are out to enlarge its mineral holdings and are scanning the North for acquisition targets and partnership deals.
Northwestern Ontario is the place to be, the company said in a recent news release. Given the significant nickel, copper and palladium group metals showings, it “remains one of the best places in the world to explore for this suite of metals.”
Forced shutdown of $10-billion mine signals to companies: invest in rule-of-law countries only
Canada’s First Quantum Minerals, sixth largest copper producer in the world, has learned the hard way: a US$10-billion mining project can be cancelled after several years in operation with the support of several successive governments.
In December, the Panamanian government ordered the closing of FQM’s Cobre Panamá mine, which produced 350,000 tonnes of copper in 2022. This represents 1.5 per cent of global copper supply and five per cent of Panama’s GDP, neither a trivial number.
The ranks of the most valuable mining companies in the world were throughly scrambled in 2023 as governments intervened, lithium and nickel prices tumbled, gold hit records and a new listing went ballistic.
At the end of 2023, the MINING.COM TOP 50* ranking of the world’s most valuable miners reached a combined $1.42 trillion, up a healthy, if far from spectacular $48.7 billion over the course of 2023. Mining’s top tier is also worth $330 billion less than in March 2022.
Metal and mineral markets are volatile at the best of times – the nickel, cobalt and lithium price collapse in 2023 was extreme but not entirely unprecedented. Rare earth producers, platinum group metal watchers, iron ore followers, and gold and silver bugs for that matter, have been through worse.
https://www.globalminingreview.com/
White Cliff Minerals Limited has announced that it has received a positive conformity determination for its licences from the Nunavut Planning Commission (NPC) for the high-grade Coppermine project.
This critical regulatory approval marks a major step in the permitting process and allows the company to now appoint contractors for 2024 exploration initiatives and complete the logistical planning phase. This approval also ensures that any proposed activities align with regulatory expectations and underscores White Cliffs’ demonstrable commitment to responsible resource development with local, territorial, and federal stakeholders.
Falco Resources (TSXV: FPC) has entered into an operating license and indemnity agreement (OLIA) with Glencore Canada allowing Falco to use part of Glencore’s lands. Falco intends to develop and operate its wholly owned Horne 5 copper-zinc mine at Rouyn-Noranda, Quebec.
The agreement includes the creation of a technical committee consisting of two nominees from Glencore and two from Falco to ensure that operations of Glencore’s Horne copper smelter are not adversely affected. A similar strategic committee will also be created. Glencore will appoint one nominee to Falco’s board of directors.
https://www.theglobeandmail.com/
Barrick Gold Corp. ABX-T is disputing an account by a Panamanian official about an alleged meeting between one of its executives and First Quantum Minerals Ltd. in Panama to discuss a possible buyout deal. Vancouver-based First Quantum said this week it is considering a range of merger and acquisition options as it attempts to stem the financial damage caused by the closing of its giant Panama copper mine.
Ebrahim Asvat, a former adviser with the Panamanian government, told The Globe and Mail on Thursday that Juana Barceló, president of Barrick’s Pueblo Viejo operations in the Dominican Republic, was in Panama in early January, and met with people at First Quantum.
https://www.theglobeandmail.com/
First Quantum Minerals Ltd. FM-T is considering a range of merger and acquisition options as it attempts to stem the financial damage caused by the closing of its giant Panama copper mine.
The Vancouver-based copper miner said in a release it is considering the sale of some of its smaller operations, as well as potentially selling stakes in its large mines. First Quantum has already been approached by at least one major mining company interested in pouncing as its stock flounders. First Quantum’s share price has fallen by more than two-thirds since last summer.
https://www.miningnewsnorth.com/
It is hard to decide what to get more excited about at American West Metals Ltd.’s Storm Copper project in Nunavut – the abundance of near surface high-grade copper mineralization with the potential to be upgraded to a direct shipping ore, or the much larger yet still high-grade sediment-hosted copper orebody being unveiled under the zones being outlined on the surface.
Together, these zones on the Storm Copper project on Somerset Island in Canada’s Arctic offer a potential supply of the copper being demanded by a world transitioning to clean energy.
Panama’s Supreme Court has unanimously rejected a government copper contract with a Canadian company, triggering an ongoing ripple effect. On the surface, it may bode poorly for the renewable energy cause. However, after a little more digging — no pun intended — it may be a net plus for developing countries.
Raw materials such as copper, cobalt, and lithium are central to the renewable energy revolution — the construction of everything from windmills and solar panels to electric vehicle batteries. But producers dig for the natural resources in poorer countries while conglomerates potentially get rich by building high-value end products.
Grupo Mexico is among several firms considering bids to buy a Spanish copper mine from First Quantum Minerals Ltd., as the Canadian metals producer seeks to bolster its balance sheet after its flagship mine in Panama was ordered to shut down.
First Quantum initiated a process to sell its Las Cruces mine in southern Spain in December after the sudden closure of the Cobre Panama mine left the company facing financial uncertainty, according to people familiar with the matter, who asked not to be identified discussing confidential information. Las Cruces, one of First Quantum’s smallest operations, is valued at less than US$1 billion, the people said.
https://www.canadianminingjournal.com/
QC Copper and Gold (TSXV: QCCU) has updated the resource estimate for its Opemiska project to Over 1.88 billion lb. of copper and 915,000 oz. of gold. The project is located in the Chapais-Chibougamau district of Quebec.
The pit-constrained measured and indicated resource is 87.3 million tonnes grading 0.77% copper (0.93% copper equivalent), containing 1.49 billion lb. copper, 762,000 oz. of gold, and 762,000 oz. of silver. The pit-constrained inferred resource is 9.8 million tonnes at 0.48% copper (0.59% copper equivalent), containing 104 million lb. copper, 55,000 oz. of gold, and 689,000 oz. of silver. A cut-off of 0.15% copper equivalent was used in this estimate.
