Arizona has many historical mining properties that have produced gold, fluorspar, vanadium and uranium. These minerals have proven vital to many industries during times of war and peace.
The state also has iron ore deposits found in its central parts, including the banded-iron formation northwest of Prescott composed of quartz-hematite-magnetite rock formed from oxygenated ocean water 1.7 billion years ago.
(Bloomberg) — The fate of the biggest mining deal in more than a decade lies in the hands of a Canadian magnate who built a fortune on copper and coal.
Norman Keevil Jr., 85, is the controlling shareholder of Teck Resources Ltd., a mining company he built with his father nearly six decades ago. Today, the Vancouver-based firm produces copper and zinc from a handful of mines scattered across the Americas, and steelmaking coal from lucrative operations in Canada.
https://www.theglobeandmail.com/
Canadian mining companies have a long history of selling out to foreign buyers, but this past week one man with unique powers to fight back drew an indelible line in the sand.
Taking a fiercely nationalistic stand against Glencore PLC’s US$23.1-billion proposed takeover of Teck Resources Ltd., controlling shareholder Norman B. Keevil told The Globe and Mail that the big Swiss miner can hike its price all it wants, but he will not play ball. “Canada is not for sale,” he said.
https://www.theglobeandmail.com/
Peter Munk would be thigh-slapping proud of Norman B. Keevil, the chairman emeritus of Teck Resources: the last big diversified mining company standing in the graveyard of Canadian mining companies.
Mr. Keevil (“Norm” to his friends and colleagues) is the son of Norman Bell Keevil, the prospector who, over a century ago, used a gold discovery in northern Ontario to launch what would become an international player in copper and zinc, with a market value of $30-billion.
https://www.theglobeandmail.com/
Sumitomo Metal Mining Co., a major holder of Teck Resources Ltd.’s super-voting Class A shares, is refusing even to take a meeting with Glencore PLC to discuss the Swiss mining giant’s unsolicited takeover proposal for Teck. Sumitomo and the Keevil family jointly control Teck’s Class A shares that carry 100 votes each. Unless both are on board with Glencore’s US$23.1-billion takeover proposal, it can’t move forward.
Earlier in the week, Keevil family patriarch Norman B. Keevil told The Globe and Mail that he had no interest in allowing Vancouver-based Teck to be sold to Glencore, no matter what the price.
Teck-Glencore clash represents contrast in strategies for confronting energy transition
Teck Resources Ltd. had a novel rationale for rejecting Glencore Plc‘s US$23-billion takeover proposal this week: the Vancouver-based miner said the Swiss commodities giant was too dirty and Teck’s leaders didn’t want Glencore’s commitment to fossil fuels rubbing off on the long-term value of the company.
As chief executive Jonathan Price put it in a press release, Glencore’s thermal coal assets and oil trading would “negatively impact the value potential of Teck’s business.”
(Bloomberg) — Teck Resources Ltd.’s public rejection of a $23 billion offer from Glencore Plc has fired the starting gun on three weeks of drama for the Swiss commodities giant to keep its proposal alive.
Glencore isn’t actually trying to buy any Teck shares yet. There would be little point, after the company’s controlling investor — Canadian mining patriarch Norman Keevil — made clear he’s not interested in selling. Instead, the future of Glencore’s proposal for now depends on convincing Teck’s shareholders to reject the company’s own plan to split into two, at a vote scheduled for April 26.
Glencore to continue wooing shareholders, despite board saying no to merger
Glencore, the Swiss mining and commodities trading giant, is not taking no for an answer from Teck Resources on a US$23 billion merger proposal that Teck’s board of directors publicly rejected this morning.
Glencore is still hoping that Teck’s wider shareholder base and Norman Keevil – a key stakeholder — will consider the offer before an April 26 special meeting, at which Teck’s shareholders are to approve a schism that will split Teck into two companies – one for its metallurgical coal business and one for its metals business – and phase out its dual class structure.
An international team of researchers ran chemical and isotopic analyses of copper artifacts from southern Africa and discovered new cultural connections among people living in the region between the 5th and 20th centuries.
In a paper published in the journal Plos One, the researchers explain that people in the area between northern South Africa and the Copperbelt region in central Africa were more connected to one another than scholars previously thought.
(Bloomberg) — Mines in the biggest copper-producing nation are struggling just as demand for the wiring metal is expected to accelerate in the shift away from fossil fuels.
Chile, which accounts for a quarter of the world’s mined copper, posted its lowest monthly production in six years on Friday. Hours later, state-owned behemoth Codelco said its output woes of 2022 will only get worse this year as it strives to tap new areas of its aging deposits after decades of underinvestment.
https://www.northernontariobusiness.com/
Offtake agreement will send Generation Mining’s copper concentrate for processing in Quebec
Generation Mining, the developers of a proposed open-pit mine near Marathon, has secured an international mining company to be the buyer of its copper concentrate. An offtake term sheet has been finalized with Glencore International AG.
According to the term sheet, Glencore will purchase an average of 50 per cent of the future mine’s total copper concentrate. The polymetallic copper concentrate also contains palladium, platinum, gold, and silver. The concentrate from Marathon will head to Glencore’s Horne smelter in Rouyn-Noranda, Que. for further processing.
MISSOULA, Mont. — A University of Montana Ph.D. student set out to study superfund cleanup in Anaconda, and her conversations with residents often turned to the smelter stack in town. Megan Moore interviewed residents and looked into how memories can offer more insight into mining legacies and cleanup. She found that in Anaconda, people often talked about the 585-foot smelter stack, which closed in 1980.
“I think there’s a tension between some community members about the stack, and that’s something that came through in our interviews and surveys. But what really was important was that people are very connected to it, often in different ways, but it’s something that should be paid attention to here in Anaconda and in other communities,” Moore told NBC Montana.
LONDON, March 27 (Reuters) – Funds have dumped their bets on higher copper prices as the turbulence triggered by the collapse of Silicon Valley Bank continues to roil financial markets. Early-year enthusiasm for copper as a proxy for China’s re-opening from stringent lockdown has succumbed to the contagious fear spreading from the banking sector to other risk asset classes.
The investment community has turned net short of CME copper for the first time in five months, while funds have cut their long exposure on the London Metal Exchange (LME). Investors’ negativity towards Doctor Copper contrasts with the bullish headlines generated by the FT Commodities Global Summit.
Chile’s government said it is open to further amend a controversial mining royalty bill expected to enter into force on next year, following mounting criticism of its impact on the industry’s competitiveness.
Finance Minister Mario Marcel said after the bill approval by the mining commission of the Senate, miners have requested certain modifications that do not alter the proposed law, but which could be included during the legislative stage.
https://www.northernontariobusiness.com/
Canadian mine developer wants to fast-track two Northern Michigan deposits into production on Superior’s south shore
A Quebec exploration company is making moves toward developing a copper mine in the Upper Peninsula of Michigan. Highland Copper has two deposits situated at the base of the Keweenaw Peninsula, on the south shore of Lake Superior, and is looking to fast-track them into production in the next few years.
In laying out its strategy last week, the Longueuil, Que.company said it will decide by early 2024 whether to greenlight construction of its Copperwood Project, the first and smaller of its two deposits.
