Nickel – Page 98 – Republic of Mining

BNN Reporter Andrew Bell Interviews Royal Nickel CEO Mark Selby About the Quebec Dumont Nickel Project (July 6, 2015)

July 6, 2015

http://www.bnn.ca/ Toronto-based Business News Network (BNN) is a Canadian cable television specialty channel. BNN airs business and financial programming and analysis. BNN reporter Andrew Bell hosts the Commodities program. From aluminum to zinc and everything in between, BNN highlights the hot world of commodities and the companies that produce them, including interviews with mineral and …

RUSSIAN HEARTLAND: Cossacks on the run to protect nature – by Marc Bennetts (Politico – July 5, 2015)

July 6, 2015

http://www.politico.eu/

In Russia’s fertile Black Earth region, eco-activists struggle to protect their communities from a state-backed nickel-mining project.

NOVOHOPYORSK, Russia — It’s almost midnight when I arrive in the town of Novokhopyorsk, located deep in the bucolic heart of central Russia’s Black Earth region, so-called for its famously fertile soil. The curtains in a nearby home twitch as I step out of the car — late-night visitors are a rare sight in the rural community.

Surrounded by lush countryside and rolling fields, Novokhopyorsk, population 6,380, has become the unlikely setting of what is arguably modern Russia’s most stubborn protest movement.

The Kremlin may have quashed the mainly middle-class political demonstrations that rocked Moscow in 2011 and 2012, but environmental issues are stirring dissent in Russia’s heartland, creating new problems for the authorities as the war in Ukraine rumbles on and economic instability rises.

Wallbridge Mining reports promising find near Capreol – by Staff (Sudbury Star – July 3, 2015)

July 3, 2015

The Sudbury Star is the City of Greater Sudbury’s daily newspaper.

Wallbridge Mining Company says it has uncovered what it is calling massive sulfide nickel-copper and platinum group metals mineralization on one of its Sudbury properties.

“The Parkin properties have high quality near-surface exploration targets and also have significant potential at depth evident from the presence of a surface resource and a past producing mine, as well as significant mineralization intersections at depth in the Milnet 1500 Zone,” Marz Kord, president and CEO of Wallbridge, said in a release.

“We are working to attract new partner financing to advance the Parkin properties and in the meantime we add value by further exploration on the properties.” The Parkin properties are located north of Capreol.

Wallbridg said the properties (Parkin, Milnet, CBA Parkin, and Parkin East) cover a 9.4-km strike length of the Parkin Offset dyke, which hosts nickel, copper, and platinum group metals mineralization, including:

Fickle nickel stocks poised for a comeback – by Trevor Hoey (Australian Financial Review – July 1, 2015)

June 30, 2015

http://www.afr.com/

Nickel takes the prize for being the most volatile of the base metals and while it is hovering around the low point of where it has traded since 2004 it seems to have finally found a base.

Nickel takes the prize for being the most volatile base metal, and while it is hovering around the low point of where it has traded since 2004, when the mining boom started to gain traction, it does seem to have found a base in the vicinity of $US5.70 a pound.

Analysts at UBS noted last week London Metals Exchange’s (LME) nickel inventory stood at about 460,000 tonnes and that over the past two weeks stocks had eased a total of 12,000 tonnes in 11 straight days of declines.

The broker also said cancelled warrants could potentially be a lead indicator of physical metal demand. A substantial increase in April imports from China strengthens nickel’s macroeconomic case.

UBS is forecasting a significant increase in price in 2016 and sees the current sub-$US6 a pound price as representing good value.

Environmental groups pressure Dayton to wade into debate on copper, nickel mine in Minnesota (Associated Press/Minneapolis Star Tribune – June 29, 2015)

June 29, 2015

http://www.startribune.com/

ST. PAUL, Minn. — Environmental advocates trying to stop a proposed copper-nickel mine in northeastern Minnesota launched an ad campaign on Monday aimed not at the company behind the project but at Gov. Mark Dayton, hoping to persuade the Democrat to require stronger environmental protections.

The latest environmental review of PolyMet Mining Corp’s open-pit mine, released by the Department of Natural Resources last week, did little to assuage concerns of a coalition of environmental groups called Mining Truth, despite finding that the mine likely wouldn’t significantly impact water quality. In a statewide ad expected to begin airing this week, the group shows video of a massive spill of mining waste in Canada and calls on Dayton to reject the mine’s waste storage system they say could result in a similar accident in Minnesota.

“Future generations will be cleaning up the mess left behind,” said Aaron Klemz, a spokesman for the group, referring to the site of the 2014 spill in Canada.

Last week’s report was the latest in a decade-long review for PolyMet’s project, which would be Minnesota’s first copper and nickel mine and could add hundreds of jobs in a region wracked by recent layoffs at iron ore mining operations.

Two-Month Low Nickel Prices Continue to Slide Further Amid Nickel Glut – by Anne Lu (International Business Times – June 25 2015)

June 26, 2015

http://www.ibtimes.com.au/

A jump in nickel stockpiles has brought the metal to a two-month low as production continues to outstrip consumption, especially in China, the world’s biggest consumer of nickel. According to London Metal Exchange (LME) data, inventories rose 0.6 percent to 461,436 metric tonnes on Monday, its biggest gain in two weeks. Nickel for delivery in three months settled at US$12,410 [$16,000] a tonne — the lowest price since April 20.

“More metal continuing to show up in LME warehouses points to the fact that maybe the underlying demand isn’t as strong, and that has bearish implications,” Mike Dragosits, a senior commodity strategist at TD Securities, said in an interview with Bloomberg.

Analysts think that nickel prices still have further to fall, with many investors looking to get out of their positions at the earliest sign of a nickel rally. Many investors who were lured into nickel during the metal’s rally in early 2014 didn’t get out fast enough when the slide began, so they are lightening their positions every time the metal rallies, keeping a ceiling on the price.

Prices surged to 50 percent from January to mid-May 2014 as Indonesia, then the world’s top nickel exporter, banned exports of the metal, leading many analysts and investors believing that global nickel stockpiles are soon to be depleted.

Royal Nickel gets green light from Quebec for its Dumont mine (Canadian Press/CBC News Montreal – June 25, 2015)

June 26, 2015

http://www.cbc.ca/news/canada/montreal

Mine in northwestern Quebec will initially produce 52,000 tonnes of ore per day

Royal Nickel is hoping to begin construction early next year on one of Canada’s largest base metal mines after receiving the green light Thursday from the Quebec government.

The Dumont project in Abitibi in northwestern Quebec is expected to cost an initial US$1.2 billion and produce 52,000 tonnes per day of ore that is a key ingredient of stainless steel.

The total project will cost US$3 billion over the mine’s 33-year life, including US$900 million that will double its output in five years and US$900 million in ongoing capital upgrades.

Chief executive Mark Selby said the mine will be one of the world’s largest nickel mines and will benefit the region’s economy. The concentrate will be exported primarily to Europe and Asia.

Nickel price expected to rise: Economist – by Carol Mulligan (Sudbury Star – June 26, 2015)

November 5, 2015June 26, 2015

The Sudbury Star is the City of Greater Sudbury’s daily newspaper.

The low nickel prices that prompted First Nickel Inc. to halt underground ramp development and consider shuttering its Lockerby Mine are expected to increase, but not dramatically, by the end of the year, says an economist.

Nickel was selling for US $5.80 on the London Metal Exchange earlier this week, and Patricia Mohr is forecasting it could rise to a profitable $8.75 in 2016.

Mohr is vice-president of economics and commodity market specialist at Scotiabank. The below-$6 price of nickel isn’t a profitable level, although it might cover cash costs or production at Canadian mines because we have “fairly low-cost nickel mines in Canada,” said Mohr.

“But it’s not sufficient to cover full break-even costs including depreciation and so, it’s a low price for nickel.”

FNI president and chief executive officer Thomas Boehlert blamed the decisions his company was forced to make on nickel selling below $6 a pound.

NEWS RELEASE: Royal Nickel Receives Main Environmental Permit for Dumont Project

June 25, 2015

http://www.royalnickel.com/

Commencement of Mine Construction Targeted for Early 2016

TORONTO, June 25, 2015 /CNW/ – Royal Nickel Corporation (“RNC”) (TSX: RNX) announced today that it has received the Certificate of Authorization for the Dumont Nickel Project from the Quebec Ministry of Sustainable Development, Environment and the Fight Against Climate Change. This authorization is the most significant permit for mining projects in Quebec and positions Dumont to proceed to construction upon completion of financing.

Mark Selby, President and CEO, commented, “The Certificate of Authorization is the most important milestone achieved to date for the Dumont project. Following the appointment of Swedbank as advisors for our contemplated US$600 million senior bond financing, we expect to build on this positive momentum in the coming months. Our objective is to complete the capital raising phase of the project in a timely manner to allow us to begin construction activities by early 2016.”

Once constructed, Dumont will be one of Canada’s largest base metal mines and will make significant contributions to the Quebec economy as a long-term and low-cost producer of nickel concentrate. Dumont is expected to employ an average of over 500 people in the Abitibi region over a 33-year project life.

RPT-COLUMN-Knives out for nickel despite bullish supply signals – by Andy Home (Reuters India – June 24, 2015)

June 25, 2015

http://in.reuters.com/

(Reuters) – The knives are out for nickel.

Analysts at some of the biggest commodity banks have been slashing their price forecasts for the stainless steel input over the last few days amid a welter of negative comment.

“We now see little prospect of a sustainable nickel price or stainless stocking upturn ahead of the July/August holiday period,” Citi said.

“Fundamentals of this small, high-value metal market are subdued for now: global inventories are high/rising (+25 percent of global supply); regional premia are soft; stainless steel prices are in decline,” Morgan Stanley chimed in.

JPMorgan is “more comfortable with $10,000 nickel” than it is with prices at $17,000 a tonne. Ouch!

In part, this collective price downgrade is a simple reflection of nickel’s underperformance so far this year. At a current $12,900 per tonne, three-month metal on the London Metal Exchange (LME) is down 13 percent since the start of January.

Vale Looks to Sell Up to 30% of Metals Unit in Possible IPO – by Juan Pablo Spinetto (Bloomberg News – June 24, 2015)

June 24, 2015

http://www.bloomberg.com/

Vale SA, the world’s largest nickel producer, is considering selling about 25 percent to 30 percent of its base metals business in an initial public offering.

Work on the transaction continues, although the Rio de Janeiro-based miner will only proceed if nickel and copper prices reach “appropriate” levels, Investor Relations Director Rogerio Nogueira said in Sao Paulo Wednesday.

“We have the vision of doing this IPO to create value,” he said. “It was never thought as a way of getting cash.”

Vale, whose iron-ore business has been buffeted by a 50 percent price collapse since late 2013, may hold the base metals offering in two tranches as it seeks to unlock value at a time of rising profit and output after years of operational setbacks. Vale hired Canadian law firm Stikeman Elliott LLP for the possible IPO, people with knowledge of the matter said earlier this month.

While Nogueira declined to give a valuation for the base metals business during his presentation, Chief Financial Officer Luciano Siani said in a Bloomberg Television interview in December that it may be worth $30 billion to $35 billion.

Vale Said to Hire Canada’s Stikeman Elliott for Base Metals IPO – by Juan Pablo Spinetto and Scott Deveau (Bloomberg News – June 17, 2015)

June 17, 2015

http://www.bloomberg.com/

Vale SA, the world’s top nickel producer, hired Canadian law firm Stikeman Elliott LLP to help it prepare for a possible initial public offering of its base metals business, three people with knowledge of the appointment said.

The Rio de Janeiro-based company probably will choose bank advisers in the coming months as it considers the IPO, said the people, who asked not to be named because the matter is private. The sale is subject to a nickel-price recovery, they said.

In December, Vale told investors in New York that it was considering selling a minority stake in its base metals operations, the largest generator of revenue after iron ore, to boost cash. Vale forecasts increased profit and output from the operations, which is based on a 2006 takeover of Inco Ltd., after years of setbacks including strikes in Canada, design defects at Brazil plants and a New Caledonia acid spill.

Vale declined to comment on IPO advisers.

Michelle Di Rocco, a Stikeman Elliott spokeswoman, didn’t respond to e-mails and voice messages seeking comment. The Toronto-based firm also advised Vale in the Inco takeover.

PolyMet environmental review decision still months away – by John Myers (Duluth News Tribune – June 9, 2015)

June 10, 2015

http://www.duluthnewstribune.com/

State and federal regulators did not meet their goal to have a revised environmental review document on the proposed PolyMet copper mine near Hoyt Lakes completed by early spring, but it should be ready this summer.

A final decision on whether the environmental review, now underway for nearly a decade, is “adequate” is now expected by the end of 2015.

That was the word this week from Tom Landwehr, commissioner of the Minnesota Department of Natural Resources, who said state and federal regulatory agencies are “very close” to making the document available to other agencies and, under open records laws, to the public.

The DNR, U.S. Army Corps of Engineers and U.S. Forest Service have been poring over 58,000 public comments made on the Supplemental Draft Environmental Impact Statement that went public in 2013.

It was by far the most comments ever received on a project in Minnesota, and in some cases the issues raised required the agencies, consultants and PolyMet to rerun computer models and make other technical changes in the proposal.

Tough times at First Nickel in Sudbury – by Carol Mulligan (Sudbury Star – June 10, 2015)

June 10, 2015

The Sudbury Star is the City of Greater Sudbury’s daily newspaper.

First Nickel had no choice but to stop developing an underground ramp at its Lockerby Mine because of low nickel prices and large worldwide stockpiles of nickel.

Before the end of the year, the company’s board of directors may have other tough decisions to make.

FNI president and chief executive officer Thomas Boehlert said continuing ramp development wasn’t economically viable because the company was spending millions on it. For now, FNI will continue to mine nickel and copper on and above the 6,800-foot level of the mine.

Boehlert expects that ore will be mined out by some point in the third quarter of this year, although he said FNI will prolong that for as long as it can based on nickel prices and the company’s production rate , “with safety being the No. 1 objective, particularly during this period of time.”

It is almost inevitable FNI will have to place the mine on care and maintenance or even close the operation, remove the buildings and reclaim the site. Mining companies are required by law to present plans to government for how they would decommission a mine and how much it will cost to do so before they begin operation.

NEWS RELEASE: First Nickel Discontinues Lockerby Mine Ramp Development

June 8, 2015

TORONTO: June 8, 2015. First Nickel Inc. (“First Nickel”, “FNI” or the “Corporation”) (TSX: FNI) announces the discontinuation of underground ramp development at its Lockerby nickel/copper mine, located in the Sudbury basin in Ontario (“Lockerby”).

As disclosed in the Company’s filings for the first quarter of 2015, considering low nickel prices and production levels of the Lockerby mine, the Company has evaluated a range of options from continuing the current operating plan at Lockerby to discontinuing ramp development and mining only the ore remaining on and above the 6800-foot level. Primarily as a result of continued weakness in nickel prices, the Company has decided to discontinue ramp development at this time.

The remaining economic ore on and above the 6800-foot level is expected to be mined out in the third quarter of 2015, at which time the mine will either be put on care and maintenance or closed. The accounting implications of this change will be reflected in the Company’s interim financial statements for the second quarter of 2015, which will be filed in early August.

Mr. Thomas M. Boehlert, President and CEO of FNI, commented, “Our employees at Lockerby have worked long and hard to make the mine a success.