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First Quantum faces ‘shocker’ in Panama as president calls referendum on Cobre Panama contract – by Niall McGee (Globe and Mail – October 31, 2023)

https://www.theglobeandmail.com/

First Quantum Minerals Ltd.’s ability to continue operating in Panama is uncertain, after the country’s president called a referendum over a recently approved contract for the Canadian company’s Cobre Panama mine.

The government of Panama signed the new 20-year Cobre Panama contract into law just over a week ago, after reaching a tentative agreement with the Vancouver-based miner earlier in the year. The deal would result in First Quantum paying drastically higher Panamanian taxes.

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Panama calls referendum on First Quantum copper mine contract – by Michael McDonald and Thomas Biesheuvel (Bloomberg News – October 29, 2023)

https://www.bnnbloomberg.ca/

The future of one of the world’s biggest and newest copper mines has been cast into doubt after Panama’s government said it will hold a referendum on the project as it attempts to quell mass unrest.

The Cobre Panama mine, built and operated by Canada’s First Quantum Minerals Ltd., has become a political flash-point in the Central American country. President Laurentino Cortizo, seeking to appease opponents of the mine, said Sunday that a national vote would be held on Dec 17. on whether to revoke the company’s license.

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Mining almost done at Sudbury’s Nickel Rim South Mine – by Harold Carmichael (Sudbury Star – October 27, 2023)

https://www.thesudburystar.com/

Workers will be transferred to other Glencore operations in the city

The last scoop load of nickel/copper ore is expected to be hoisted to the surface at Nickel Rim South Mine sometime in late March as the mine goes into care and maintenance mode. By then, most of the Skead-area mine’s employees will have been reassigned to other Glencore Sudbury Integrated Nickel Operations (Sudbury INO), such as the Craig/Onaping Depth Project.

As of his week, the mine was down to 250 employees as the process has already started. “(The mining) coming to an end,” said Gary Potts, director of Nickel Rim South, during an interview at a community open house on Thursday at the Skead Recreation Centre. “It’s gone three years longer than originally forecast.”

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Copper mine protests roil in Panama – by Michael Fox (The World.org – October 26, 2023)

https://theworld.org/

The government approved a new contract with the mine late last week. Since then, protests have rippled across Panama, and people are afraid they could bring the country to a standstill.

Thousands of protesters in Panama have blocked roads and shut down major portions of the Pan-American Highway this week over a Supreme Court decision to fast-track a contract with a copper mining company.

Cobre Panamá is a massive copper mine owned by First Quantum Minerals that has been in production since 2019. In 2021, the Supreme Court declared the government contract with the mine unconstitutional for not living up to stipulations that it serves the “public good.” Panamá has been renegotiating a new contract over the last two years, attempting to provide greater environmental benefits to the state.

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Cornish Metals starts dewatering UK tin mine – by Cecilia Jamasmie (Mining.com – October 26, 2023)

https://www.mining.com/

Cornish Metals (LON, TSX-V: CUSN) has kicked off work to dewater a past-producing tin mine at its South Crofty project in southwest England.

The Canadian miner said that water pumped from the old mine will be treated at its newly-built $8.5 million plant, at a rate of up to 25,000 cubic metres per day. It will then be released into the Red River, which meets the sea at Godrevy in St Ives Bay.

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As Teck weighs offers for coal business, likelihood of regulatory approval a factor – by Amanda Stephenson (CTV News/Canadian Press – October 24, 2023)

https://bc.ctvnews.ca/

The head of Teck Resources Ltd. says he will only accept a bid for the company’s steelmaking coal business if he feels confident Canadian regulators will approve the transaction. Jonathan Price, CEO of Canada’s largest diversified mining company, made the comments on Tuesday as part of an update on Teck’s ongoing efforts to separate its base metals business from its steelmaking coal unit.

Price said the Vancouver-based company continues to evaluate offers put forward by prospective buyers of its coal business with the hope of making a decision before the end of the year. While he said he is pleased with the level of outside competition the process has generated, Price said regulatory clearance will be a crucial factor.

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First Quantum’s 20-year deal on Cobre Panama is now official – by Staff (Mining.com – October 23, 2023)

https://www.mining.com/

First Quantum Minerals (TSX: FM) says the law governing the mining concession for its Cobre Panama copper mine was passed and published in the Official Gazette of Panama on Oct. 20. Thus ends a period of uncertainty that began last year for the company.

The Panamanian government last December ordered First Quantum to halt operations at Cobre Panama amid disagreements during contract negotiations, which later broke down. Talks eventually resumed and the parties reached an agreement in March.

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Old mining camp mineral-rich, but ‘we need an operator’ – by John Chilibeck (Hamilton Spectator/Daily Gleaner – October 23, 2023)

https://www.thespec.com/

New Brunswick politicians are not getting all that excited about a new drilling and exploration program in the Bathurst area, despite the hint it could one day become a mining powerhouse again.

New Brunswick politicians are not getting all that excited about a new drilling and exploration program in the Bathurst area, despite the hint it could one day become a mining powerhouse again.

On Monday, Canadian Metals Inc. announced exploration plans on multiple properties near the old Bathurst Mining Camp where zinc, copper and lead were mined for more than a half century up until 2013. The historical operations enriched Bathurst and created scores of jobs.

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Codelco to buy Lithium Power for $244 million – by Cecilia Jamasmie (Mining.com – October 18, 2023)

https://www.mining.com/

Chilean state-owned copper miner Codelco, the world’s largest copper producer, has reached a deal with Lithium Power International (ASX: LPI) to buy the Australian producer of the battery metal for A$385 million ($244 million).

The deal reached by the parties, which have been involved in negotiations for weeks, involves a cash offer of 0.57 Australian dollars per LPI share.

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Canada should be prepared to scrutinize African copper mine sale, mining veteran says – by Steven Chase (Globe and Mail – October 18, 2023)

https://www.theglobeandmail.com/

A veteran of Canada’s mining industry is warning Ottawa should be prepared to scrutinize the sale of a massive African copper mine with an ownership structure that includes a company incorporated in British Columbia. The Khoemacau copper mine in Botswana is valued at as much as US$2-billion. As many as three Chinese companies with state ties or owners are reportedly in the running to bid for the copper deposit.

Khoemacau Copper Mining is wholly owned by Cuprous Capital Ltd., which has its registered office in Vancouver and was incorporated in B.C. in 2012. Cuprous, in turn, is 88.1 per cent owned by U.S. private equity firm Cupric Canyon Capital LP, a company majority owned by funds managed by London-based Global Natural Resources Investments, and 11.9 per cent by Resource Capital Fund VII LP.

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Glencore to shut Australia’s Mount Isa copper mines in second half of 2025 – by Nausheen Thusoo (Reuters – October 17, 2023)

https://www.reuters.com/

Oct 18 (Reuters) – Mining giant Glencore (GLEN.L) said on Wednesday it was set to close its copper operations at Mount Isa mines in Queensland, Australia by the second half of 2025.

The decision followed studies and reviews that it is not possible to further extend the life of the underground mines, the Swiss miner and trader said.

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US DOI draft study poses further setback for Alaska’s Ambler road project – by Staff (Mining.com – October 16, 2023)

https://www.mining.com/

The proposed 211-mile transportation corridor for accessing untouched mineral deposits in northwestern Alaska, also known as the Ambler road project, will likely cause harm to wildlife and disruptions to local communities, according to the latest environmental review by the Biden administration.

In a draft supplemental environmental impact statement (SEIS) released on Friday, the U.S. Department of the Interior found that as many as 66 communities whose subsistence-style living activities could be affected. Nearly half of those could face significant impacts because of the road, the agency added.

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Exclusive: Miners seek partners for copper assets as M&A heats up – by Clara Denina, Divya Rajagopal and Julian Luk (Reuters – October 11, 2023)

https://www.reuters.com/

LONDON, Oct 11 (Reuters) – A flurry of copper mining deals are being lined up for the next six to 12 months, industry sources said, as producers seek to spread the soaring cost of new projects for the metal key to the energy transition.

The capital needed to develop new mines has shot up some 50% to between $3 billion-$4 billion on average in recent years, fuelled by declining ore grades, stricter environmental requirements and rising labour costs.

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Inside the battle over the Ring of Fire in northern Ontario – by Liam Casey (CP24 – October 10, 2023)

https://www.cp24.com/

On a rock-covered beach in the heart of the Ring of Fire in northern Ontario, Alex Moonias gazes east, then north. All he sees is undisturbed land, water and air. Some 100 kilometres from where he stands, the province plans to build a road as part of its pledge to mine the area, which is said to be rich in metals needed for electric vehicle batteries.

Moonias, an elder from Neskantaga First Nation, and many in his community see the provincial government’s ambitions for the Ring of Fire as an existential threat to their way of life. “Mother Earth is hurting,” the 70-year-old says. “If a big needle is pushing into your body, how would you feel?”

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Canadian miner appoints Chinese firm despite Ottawa’s curbs against ‘non-like-minded’ nations – by Naimul Karim (Financial Post – October 3, 2023)

https://financialpost.com/

Ottawa’s policy of preventing Chinese companies from investing in Canadian-owned critical minerals projects may be put to test after a Vancouver-based miner appointed a Chinese firm to help it sell either all or a portion of a copper project it owns in Ecuador.

Solaris Resources Inc., which is listed on the Toronto Stock Exchange and has a market cap of around $800 million, appointed Beijing-based China International Capital Corp. Ltd. to assist in “fielding and evaluating the merit” of proposals it has received from parties interested in its Warintza copper project in southeast Ecuador.

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