Twitter

Nickel

Massive deal with Saudis will help Vale fund nickel, other mining projects – by Darren MacDonald (CTV News Northern Ontairo – July 31, 2023)

https://northernontario.ctvnews.ca/

Vale Base Metals (VBM) Ltd. has signed deals worth $3.4 billion with two Saudi Arabian-owned entities as the company works to develop its base metals operations as a separate entity. The agreement will help Vale fund billions of capital projects in the base metals unit planned across its global holdings. The base metals unit is focused on increasing production of minerals needed for the conversion of the auto industry from gas-powered to electric vehicles.

“This strategic partnership will fast-track VBM’s expected US $25-$30 billion capital program over the next decade,” Vale said on its website in announcing the agreement.

Read more

Vale Base Metals confirms partial sell-off to Saudis and the US – by Len Gillis (Sudbury.com – July 29, 2023)

https://www.sudbury.com/

Analysts say deal is part of a Vale strategy to grow value of its nickel and copper holdings ahead of electric vehicle demand .

Vale has confirmed it is selling off part of its newly formed Vale Base Metals unit in two separate agreements.

Ten per cent of the company going to Saudi Arabia’s Mining Co (Ma’aden) and the Saudi Public Investment Fund (PIF), and three per cent being sold to U.S. investment firm Engine No. 1. The entire deal is valued at $3.4 billion according to a report from Reuters.

Read more

The Mining World Turns to Saudi Cash for Critical Metal Supply – by Thomas Biesheuvel and Jacob Lorinc (Bloomberg News – July 30, 2023)

https://www.bnnbloomberg.ca/

(Bloomberg) — A $2.6 billion deal announced last week has set the stage for a potentially landmark shift in the metal and mining investment landscape: the arrival of Saudi Arabia as a pivotal player. The agreement with Vale SA gives the kingdom a 10% slice in one of the world’s crucial suppliers of nickel and copper — essential metals needed to decarbonize.

It’s also held other talks, including with Barrick Gold Corp. about investing in a big Pakistan copper mine, according to people familiar with the matter. Speaking privately, executives at top miners said the value of Thursday’s deal made clear that the Saudis are ready to splash cash around.

Read more

Vale Base Metals preparing to sell part of the company to Saudis – by Len Gillis (Northern Ontario Business – July 26, 2023)

https://www.northernontariobusiness.com/

Reports say Vale poised to sell 10 per cent stake with nickel and copper production on the rise

International and Sudbury nickel miner Vale is ready to sell off 10 per cent of its base metals division to Saudi Arabia, according to reports in the business media.

The Wall Street Journal, Reuters and BNN Bloomberg have reported that the Saudi Arabia Public Investment Fund (PIF) is regarded as the leading bidder to acquire a stake in Vale SA’s multibillion-dollar nickel and copper operations. Vale Base Metals is headquartered in Toronto, and is one of the world’s largest producers of responsibly sourced nickel, copper, cobalt and platinum group metals, said the company website.

Read more

Tanzania unlawfully expropriated Ntaka Hill nickel project, tribunal finds, awards miner $109m – by Amanda Stutt (Mining.com – July 18, 2023)

https://www.mining.com/

Indiana Resources (ASX: IDA) announced Tuesday that its dispute with the United Republic of Tanzania, which was the subject of arbitration through the International Centre for Settlement of Investment Disputes, part of the World Bank, has been settled, with $109.5 million awarded to the company.

The Tribunal delivered the award on July 14 and unanimously found that Tanzania had unlawfully expropriated the Ntaka Hill nickel project on January 10, 2018 in breach of the UK-Tanzania Bilateral Investment Treaty.

Read more

Leaders of northern First Nations rally at Queen’s Park against Ontario’s mining push – by Kris Ketonen (CBC News Thunder Bay – July 20, 2023)

https://www.cbc.ca/news/canada/thunder-bay/

First Nations Land Defence Alliance urges halt to mining exploration on traditional lands

People from five northern First Nations rallied outside Queen’s Park on Thursday to call for a halt to provincial mining explorations on traditional lands, saying the Ontario government has not fulfilled its obligation to consult.

Leaders of Kitchenuhmaykoosib Inninuwug, Wapekeka, Neskantaga, Grassy Narrows and Muskrat Dam First Nations — members of the First Nations Land Defence Alliance — were among those who gathered outside the Ministry of Mines building in Toronto.

Read more

Doug Ford says this mining region is a top priority. Ottawa doesn’t necessarily agree – by Alex Ballingall, Tonda MacCharles and Kristin Rushowy (Toronto Star – July 12, 2023)

https://www.thestar.com/

Federal Natural Resources Minister Jonathan Wilkinson cast doubt on hopes for a mining bonanza in Ontario’s “Ring of Fire,” saying there are better projects that can be developed easier in areas closer to existing infrastructure.

OTTAWA—Federal Natural Resources Minister Jonathan Wilkinson cast doubt on hopes for a mining bonanza in Ontario’s “Ring of Fire,” saying there are better projects that can be developed easier in areas closer to existing infrastructure.

It’s the latest sign the Trudeau government isn’t yet convinced the region in the province’s vast, environmentally sensitive northern peatlands is the best place for new mining, even as it tries to make Canada an international powerhouse in critical minerals needed to power the global shift to a greener, low-carbon economy.

Read more

The EV battery gold rush is here. Here’s how Canada can access its untapped resources. – by Virginia Heffernan (MACLEAN’S Magazine – July 10, 2023)

https://macleans.ca/

“If Canada can find a way to sustainably mine and supply metals to EV manufacturing hubs in North America, the country will be spinning green gold”

Canada’s EV sector is booming. In 2022, GM Canada opened the country’s first full-scale EV manufacturing plant in Ingersoll, Ontario. The federal government is offering billions of dollars in subsidies to Volkswagen and Stellantis to build EV battery plants in the province.

More than 86,000 EVs were registered in Canada in 2021, compared to around 19,000 in 2017. Battery charging infrastructure is improving rapidly too: Telus and the Australian EV company Jolt announced plans to build 5,000 charging stations in five years across Canada.

Read more

Battles brewing as Ontario, Canada push Ring of Fire mining to boost EV plan – by Colin D’Mello & Isaac Callan (Global News – July 8, 2023)

https://globalnews.ca/

The lawyer representing a number of First Nations communities opposed to the Ford government’s plans for the Ring of Fire is cautioning that the province’s long-term electric vehicle battery manufacturing strategy might be a “fool’s errand.”

Premier Doug Ford agreed to enter into a pact with the federal government to offer hefty subsidies to companies that choose to build lithium-ion batteries for electric vehicles in Ontario, seen as the next frontier in the province’s auto manufacturing strategy. Both governments have poured billions into packages to tempt car makers to set up in the province.

Read more

Former Sudbury mining leader is back on board with Vale – by Len Gillis (Sudbury.com – July 7, 2023)

https://www.sudbury.com/

The appointment of Mark Cutifani as chair of the newly formed Energy Transition Metals Board with Vale Base Metals takes effect this month

A well-known former Sudbury mining executive is back in the news and is taking on a new role as chair of the newly formed Energy Transition Metals Board with Vale Base Metals, which calls itself one of the world’s largest producers of responsibly-sourced nickel, copper, cobalt and platinum group metals.

Mark Cutifani was previously chief operating officer (COO) at CVRD Inco, but he left Sudbury in 2007 to become chief executive officer (CEO) of AngloGold Ashanti, and then became CEO of mining giant Anglo American, one of the largest mining companies on the planet.

Read more

Pure-play nickel company Lifezone Metals rises on NYSE debut – by Staff (Mining.com – July 6, 2023)

https://www.mining.com/

Battery metals development company Lifezone Metals (NYSE: LZM) debuted on the New York Stock Exchange on Thursday following the business combination between special purpose acquisition company GoGreen Investments and Lifezone Holdings.

The transaction netted the company gross proceeds of $86.6 million, including approximately $70.2 million from a private investment in public equity and the receipt of approximately $16.4 million of cash from GoGreen’s trust account, net of redemptions.

Read more

Forrest makes a ‘whatever it takes’ bet on clean nickel – by Brad Thompson (Australian Financial Review – July 5, 2023)

https://www.afr.com/

Billionaire Andrew Forrest is rewriting history in nickel-rich Western Australia, returning to the scene of his biggest career heartbreak as the owner of Mincor Resources. He is willing to invest “whatever it takes” to become a global force in nickel via his private investment vehicle, Wyloo Metals, in a sector where BHP leads the way in terms of Australian output.

Dr Forrest famously backed Anaconda Nickel in the late 1990s, building it up from nothing before things went badly wrong at the Murrin Murrin mine out in bush near Leonora. He lost some skin and reputation before exiting as chief executive in 2001.

Read more

Glencore moves to take full control of PolyMet, developer of Minnesota copper-nickel mine – by Steve Karnowski (Associated Press – July 3, 2023)

https://apnews.com/

MINNEAPOLIS (AP) — Swiss commodities giant Glencore moved Monday to take full ownership of PolyMet Mining, a company that’s developing a copper-nickel mine in northeastern Minnesota with one of Canada’s largest miners, Teck Resources.

Glencore already owns 82% of PolyMet Mining and has long been the project’s main financial backer. It offered Monday to pay around $71 million to raise that stake to 100%, which would take St. Paul-headquartered PolyMet private. Glencore’s proposal represents around a 167% premium over PolyMet’s closing stock price on Friday, and shares surged on the news in Monday’s trading.

Read more

Column: Court case shines a harsh light on London Metal Exchange – by Andy Home (Reuters – June 25, 2023)

https://www.reuters.com/

The first part of the London Metal Exchange’s (LME) courtroom drama is over after three days of legal argument at London’s Royal Courts of Justice. The LME, owned by Hong Kong Exchanges and Clearing, now awaits judgment on whether its cancellation of nickel trades on March 8 last year was lawful.

US-based hedge fund Elliott Associates and market maker Jane Street Global Trading (Jane Street) argue its action was unlawful and are demanding $472 million in damages. The 146-year-old exchange contends it was justified in closing the market and cancelling trades because $19.7 billion of margin calls would otherwise have triggered a “death spiral” of member defaults.

Read more

Saudi’s PIF emerges as lead bidder for $2.5 billion Vale base metals stake – by Staff (Mining.com – June 20, 2023)

https://www.mining.com/

Saudi Arabia’s Public Investment Fund (PIF) is leading the bid to acquire a $2.5 billion stake in Vale’s nickel and copper operations, Bloomberg News reported on Tuesday.

The report said PIF might strike the deal for a roughly 10% stake through a joint venture it set up in January with Ma’aden, citing people with knowledge of the matter.

Read more