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Hudbay’s ‘enhanced’ Copper World prefeasibility gets mixed reviews – by Henry Lazenby (Mining.com – September 11, 2023)

https://www.mining.com/

Hudbay Minerals’ (TSX: HBM; NYSE: HBM) updated prefeasibility study for the first phase of its Copper World project in Arizona has improved its economics and extended the mine life compared with a June 2022 preliminary economic assessment. However, the study, released Friday, drew mixed reactions from experts, mainly due to increased operating costs and cautious permitting approaches.

The Copper World PFS highlights show a project with lower up-front capex, a streamlined flowsheet, flexible modular construction optionality, and higher early-year grades which are positives for the project.

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The baptism by fire of Teck’s new boss, Jonathan Price, who wants to put Canada on the critical metals map – by Eric Reguly (Globe and Mail – September 9, 2023)

https://www.theglobeandmail.com/

On a warm afternoon in early September in London, Bernard Looney, the boss of BP, one of the world’s top oil companies, and a colleague sat down on wooden bench in St. James’s Square park, a patch of green Georgian loveliness near Buckingham Palace. They were enjoying the sunshine.

Moments later, another chief executive, Jonathan Price of Teck Resources Ltd. Canada’s biggest diversified mining company, strolled into the small park, where a Globe and Mail photographer was waiting to take photos of him, and found himself next to Mr. Looney. The two men, who both have offices overlooking the park, greeted each other and shook hands for the first time.

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Mining company loses bid to revive Minnesota copper, nickel project – by Clark Mindock (Reuters – September 7, 2023)

https://www.reuters.com/

Sept 7 (Reuters) – A U.S. judge has rejected a bid by a subsidiary of Chilean mining company Antofagasta Plc(ANTO.L) to restore canceled mineral leases for a proposed $1.7 billion Minnesota copper and nickel mine, which the Biden administration had blocked over concerns it could pollute a major recreational waterway.

U.S. District Judge Christopher Cooper in Washington, D.C., on Wednesday dismissed Twin Metals’ 2022 lawsuit, which challenged the U.S. Interior Department’s decision earlier that year to cancel leases for an underground mine near the Boundary Waters Canoe Area Wilderness. The project would have been one of the biggest U.S. sources of metals needed to build electric vehicle batteries and other clean energy technologies.

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First Quantum’s copper deal with Panama in jeopardy as protesters take to the streets – by Nathan Vanderklippe (Globe and Mail – September 8, 2023)

https://www.theglobeandmail.com/

A hard-won Canadian copper mining contract in Panama has become the target of protests and legal denunciations as it nears the final steps to finalization.

Panama’s National Assembly has begun consideration of a contract law for First Quantum Minerals Ltd.’s Cobre Panama mine, which would end a lengthy period of uncertainty for the Vancouver-based company and formalize a royalty structure that promises hundreds of millions of dollars a year for Panama, establishing a new economic pillar alongside the country’s namesake canal.

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Northern Dynasty updates Pebble PEA, adds southern access route – by Cecilia Jamasmie (Mining.com – September 6, 2023)

https://www.mining.com/

Northern Dynasty Minerals (TSX: NDM)(NYSE: NAK) published on Wednesday an updated preliminary economic assessment (PEA) for its Pebble copper project, which includes an infrastructure plan for a “southern route” access to the proposed mine in Alaska.

The Canadian miner said the independent technical report reviews cost and price estimates to reflect current economic volatility, providing production, financial and cost estimates for a proposed 20-year, 180,000 tonnes per day open pit operation.

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Almost there’: Ring of Fire talks expected between Ottawa, First Nations this fall – by Naimul Karim (Financial Post – September 05, 2023)

https://financialpost.com/

Representatives expected to meet this month to discuss conditions to guide regional assessment

Long-delayed plans to mine the mineral-rich Ring of Fire region in Ontario have taken a step forward as representatives from First Nations and the federal government are expected to meet this month to discuss conditions to guide a regional assessment.

The regional assessment will include large studies to determine the environmental impact of large-scale development in the region. Currently, about 18 First Nations from the area are creating a structure for the assessment, which will form the basis for discussions with the government.

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Rio Tinto-First Quantum JV to develop massive copper project in Peru – by Cecilia Jamasmie (Mining.com – August 29, 2023)

https://www.mining.com/

Rio Tinto (ASX, LON: RIO) and First Quantum Minerals (TSX: FM) have formed a joint venture that will focus on moving to development the La Granja copper project in Peru, described by the new partners as one of the world’s largest undeveloped deposits of the metal.

After paying $105 million to Rio Tinto, First Quantum now owns a 55% stake in the project and has become its operator. The Canadian miner has committed to further invest up to $546 million into La Granja, part of which will be used to complete a feasibility study over the next two to three years.

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Copper trapped between old and new super-cycles – by Andy Home (Reuters – August 23, 2023)

https://www.reuters.com/

LONDON (Reuters) -Copper may be poised to embark on a new energy transition super-cycle but it is currently struggling to escape the gravitational pull of the old Chinese super-cycle. China has been the core driver of copper pricing over the last two decades as the country built new cities and rolled out the infrastructure needed to power them.

Booming domestic demand for industrial metals was coupled with rising exports of manufactured products as China became the world’s workshop. The twin engines of China’s previous spectacular growth are now stuttering as a property bubble deflates at home and high inflation weakens demand for its products abroad.

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Ecuador’s Tense Vote Also Threatens to End Mining, Oil Projects – by Stephan Kueffner and James Attwood (Bloomberg News – August 15, 2023)

https://www.bnnbloomberg.ca/

(Bloomberg) — While investors are focused on Ecuador’s tumultuous presidential election, two other measures on the ballot in the Aug. 20 vote will also shape the country’s financial future.

Ecuadorians are expected to vote in favor of referendums to order the closing of a major oil field and restrict gold and copper mining, potentially leaving the government with a large hole in its budget. The initiatives are taking place alongside a presidential race that was thrown into chaos last week when one of the leading candidates was assassinated while campaigning.

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Codelco Turns to New CEO as Debt Piles Up at Top Copper Producer – by James Attwood and Valentina Fuentes (Bloomberg News – August 14, 2023)

https://www.bnnbloomberg.ca/

(Bloomberg) — Codelco will name its third CEO in a year in the coming weeks as Chile’s state-owned copper company struggles to turn around a slump in output and earnings. With debt at $19 billion and rising, the stakes are getting higher for bondholders.

Production has hit the lowest in a quarter century, costs have surged and ore grades keep on falling, jeopardizing its status as the world’s No. 1 producer. That’s sent debt metrics to the worst in years despite copper prices staying more than 20% above the average of the last decade.

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Investment Canada Act amendment could complicate Glencore’s pursuit of Teck – by Naill McGee (Globe and Mail – August 14, 2023)

https://www.theglobeandmail.com/

A proposed amendment to the Investment Canada Act could complicate Glencore PLC’s takeover ambitions around Canadian miner Teck Resources Ltd. Last fall, federal Industry Minister François-Philippe Champagne announced a series of changes to the Investment Canada Act that aim to toughen oversight over proposed acquisitions of domestic companies by foreigners.

The changes include requiring acquirers to give Ottawa early notification of their intent to buy Canadian companies, extending the time period for national security reviews, and increasing financial penalties for those who don’t comply with the rules.

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Magna Mining planning to reopen Crean Hill mine near Sudbury (CBC News Sudbury – August 8, 2023)

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

The former Crean Hill mine operated from 1900 to 2002 before being closed

A Sudbury, Ont. mining company is setting its sights on reviving the Crean Hill mine for further exploration. Magna Mining Inc. acquired the mine in 2022. It recently completed a preliminary economic assessment on the mine, and the results of the study indicated the potential for more mineral production.

“What has been shown by the drilling that was done prior to Magna is there’s still a lot of resources left in the ground, a lot of nickel, a lot of copper, a lot of precious metals,” said Jason Jessup, CEO of Magna Mining.

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Glencore holds back US$2B for Teck Resources as payouts drop – Thomas Biesheuvel (Bloomberg News – August 8, 2023)

https://www.bnnbloomberg.ca/

Glencore Plc underlined its continued interest in a deal with Teck Resources Ltd. by holding back US$2 billion for a potential purchase of the Canadian miner’s coal business — cash it would otherwise have returned to shareholders.

Glencore disclosed the new deals war chest in its first-half results Tuesday, as it joined rival miners in reporting a steep drop in profits after a retreat in commodity prices combined with a return to more normal trading conditions, following 2022’s wild swings.

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Mongolia looks to rise out of China and Russia’s shadow – by Ishaan Tharoor (Washington Post – August 7, 2023)

https://www.washingtonpost.com/

In the last week of June, Mongolian Prime Minister Luvsannamsrain Oyun-Erdene went to Beijing. He met Chinese President Xi Jinping at the Great Hall of the People and came away with a raft of agreements deepening economic and trade ties with his southern neighbor.

But around the same time, Mongolian officials in the capital Ulaanbaatar met with Jose Fernandez, the U.S. undersecretary of state for economic growth, energy and the environment, and signed a memorandum of understanding to collaborate on cultivating a supply chain of critical minerals and rare earth elements — resources that are key to the world’s clean energy transition and plentiful in Mongolia.

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Magna Mining sees 15-year mine life in reviving former Inco mine – by Staff (Northern Ontario Business – July 31, 2023)

https://www.northernontariobusiness.com/

Sudbury nickel junior miner posts preliminary economic assessment for pit and underground operation

Sudbury’s Magna Mining has tabled an economic and technical report to bring a former Inco nickel mine back into production. The exploration outfit and would-be mine developers released a preliminary economic assessment (PEA) showing strong mineable economics on its Crean Hill Project located in the southwest corner of the Sudbury Basin. A PEA is an initial report on what a mine operation could look like.

In the company’s evaluation of the property, Crean Hill has the potential for a 15 to 19-year mine life depending upon the mineral processing scenario they eventually choose, and bring it online at a “modest” cost.

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