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Saskatchewan Mining

Saskatchewan releases plan to advance small modular nuclear reactors – by Taz Dhaliwal and Connor O’Donovan (Global News – March 28, 2022)

https://globalnews.ca/

The Saskatchewan provincial government, along with the governments of Ontario, New Brunswick and Alberta, has announced a strategic plan outlining a path towards the use of small modular nuclear reactors (SMRs), which it hopes can advance SaskPower’s goal of achieving net-zero greenhouse gas emissions by 2050.

Currently, 76 per cent of electricity in Saskatchewan is generated by fossil fuels, according to the province. “Saskatchewan will not make a final decision on whether it will be building an SMR for several years but SaskPower has been working diligently on planning work to help inform that decision,” SaskPower Minister Don Morgan said at a Monday morning press conference.

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Inside the ultrasecretive exit of CEO Mayo Schmidt from Nutrien after eight months – by Niall McGee and Jeffrey Jones (Globe and Mail – March 19, 2022)

https://www.theglobeandmail.com/

Nutrien Ltd. cut ties with chief executive officer Mayo Schmidt after a culture clash over his imperious leadership style, his sluggishness in getting things done and friction involving his chief of staff, according to three sources.

The exit of Mr. Schmidt in January after only eight months on the job shocked investors in the world’s biggest fertilizer company, which lost more than $2-billion in market value after the news dropped. Nutrien did not explain why Mr. Schmidt was stepping down, and analysts criticized the company for being opaque.

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Nutrien to boost potash production by 1 million tonnes amid worries about food security – by Kevin Carmichael (Financial Post – March 18, 2022)

https://financialpost.com/

Affordable fertilizer will be key to increasing the supply of food if fewer acres are to offset a harvest that excludes Russia and Ukraine

Nutrien Ltd., the world’s biggest maker of fertilizers, pledged to do its part in fighting global food inflation, stating overnight on March 16 that it will increase potash production by “almost” one million tonnes in the second half of 2022, pushing total production this year to about 15 million tonnes.

The announcement comes amid serious worry that Russia’s invasion of Ukraine will cause a spike in hunger in places such as Egypt and Iran, and economic stagnation in richer countries like Canada.

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Why Nutrien ripped higher as Russia’s attack stirs fertilizer fears – by Michelle Zadikian (BNN Bloomberg – March 11, 2022)

https://www.bnnbloomberg.ca/

Fertilizer stocks have been on a tear as crop prices have surged and investors fear the global potash inventory crunch could get worse in the wake of Russia’s attack on Ukraine.

As the world’s biggest potash producer, Nutrien Ltd. could have a chance to capitalize on growth opportunities in the market, but analysts agree it could take time for that to materialize.

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Nutrien sees long-lasting disruption to fertilizer market from Russian invasion – by Cecilia Jamasmie (Mining.com – March 2, 2022)

https://www.mining.com/

Canada’s Nutrien (TSX, NYSE: NTR), the world’s largest potash miner, sees supply shortages of fertilizer getting worse due to the ongoing and escalating Russian invasion of Ukraine, two of the world’s top fertilizer producers.

Interim chief executive Ken Seitz, who took the helm in January after the sudden resignation of Mayo Schmidt, told a BMO Capital conference that Russia’s invasion could result in prolonged disruptions to the global supply of potash and nitrogen crop nutrients.

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Russia-Ukraine Tensions Spur Fears of Fertilizer Shortages, Food Price Hikes – by Jen Skerritt and Elizabeth Elkin (Bloomberg News – February 23, 2022)

https://www.bnnbloomberg.ca/

(Bloomberg) — More price hikes for fertilizer — and consequently, food — are on the horizon as escalating tensions between Russia and Ukraine add to fears of global shortages.

Russia is a low-cost, high-volume global producer for all major fertilizers, and it’s the world’s second-largest producer after Canada of potash, a key nutrient used on major commodity crops and produce. The conflict in the region could disrupt trade flows. U.S.-based Mosaic Co., a major fertilizer producer, warned of shortages in a call with analysts Wednesday.

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Nutrien predicts banner year ahead as global uncertainty sends potash soaring – by Gabriel Friedman (Financial Post – February 18, 2022)

https://financialpost.com/

Fourth-quarter revenue beats expectations amid record potash sales

Nutrien Ltd., the world’s largest potash producer, reported fourth-quarter revenue that beat analyst expectations, and predicted 2022 would be another banner year for its two main businesses, fertilizer and farm retail.

The Saskatoon-based agricultural behemoth said on Feb. 17 that it quickly ramped up production and sold a record 13.6 million tonnes of potash in 2021 as demand reached record levels and prices soared amid supply constraints and uncertainty around the effect of sanctions imposed on Belarus, a major producer.

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As nuclear rises again, its second act is in doubt – by Niall McGee (Globe and Mail – February 15, 2022)

https://www.theglobeandmail.com/

The uranium industry is in the early stages of a second act as some countries turn to nuclear power to help reduce their carbon footprints, but skepticism abounds about how long its moment in the sun will last.

Cameco Corp. last week announced plans to ramp up uranium production at its massive McArthur River mine in northern Saskatchewan. The company mothballed the mine in 2018 amid a prolonged uranium slump precipitated by the meltdown of the Fukushima power plant in Japan.

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Sask. uranium company Cameco to restart McArthur River mine and Key Lake mill this year – by David Shield (CBC News Saskatoon – February 9, 2022)

https://www.cbc.ca/

550 workers were laid off when mining complex closed in 2018

A Saskatchewan-based uranium company is planning to restart operations at a mining operation that has been shut down for just over four years.

On Wednesday, Cameco announced its plans to restart the McArthur River mine site and Key Lake mill sometime in 2022. Uranium ore from the mine, which is about 630 kilometres northeast of Saskatoon, is processed at the mill, which is about 570 kilometres northeast of Saskatoon.

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‘The smart move is to buy it and break it up’: Speculation mounts as BHP examines Nutrien – by Gabriel Friedman (Financial Post – January 29, 2022)

https://financialpost.com/

Don Bilson inadvertently waded into a minor Canadian political maelstrom over foreign investment when he dashed off a 250-word note on Jan. 19 suggesting Australia’s BHP Group Ltd. may want to buy Saskatoon-based Nutrien Ltd.

“I made an offhand remark,” the head of event-driven research at Gordon Haskett Research Advisors in New York told the Financial Post, “and, for some reason, the Canadian press thought I put a national jewel in play.”

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Foreign takeover rumour of Sask. potash company Nutrien a non-starter, says prof – by Jason Warick (CBC News Saskatoon – January 20, 2022)

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

Speculation rose following the departure of Nutrien’s CEO in early January

More than 11 years after a failed takeover, Australian mining giant BHP could once again have its eyes on Saskatoon-based Nutrien, the world’s largest fertilizer maker.

Don Bilson, head of event-driven research at New York-based Gordon Haskett Research Advisors, made the suggestion this week in an interview with Bloomberg.

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‘Unexpected twist’ at high-flying Nutrien as second CEO resigns in less than a year – by Gabriel Friedman (Financial Post – January 4, 2022)

https://financialpost.com/

Nutrien Ltd. lost its second CEO in a year after the company said Tuesday its chief executive Mayo Schmidt had resigned and left the company, but provided no reason for the departure.

“The Nutrien Board of Directors will … search to select a long-term leader that will take the company into its next phase,” Russ Girling, chair of the board, said in a press release. Girling said the company would consider internal and external candidates, but did not elaborate on what he meant by “next phase.”

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Minister celebrates ‘beautiful irony’ of lithium brine in Sask. – by Arthur White-Crummey (Regina Leader Post – November 9, 2021)

https://leaderpost.com/

Saskatchewan’s energy minister celebrated the first targeted lithium well drilled in Saskatchewan at a Tuesday event where she said the element is “having a moment” that can help the province diversify its mineral sector.

“I just held a jar of the first lithium carbonate produced here in the province of Saskatchewan out of 400-million-year-old lithium brine water,” Energy and Resources Minister Bronwyn Eyre told media gathered at a Prairie Lithium facility in Emerald Park, just east of Regina.

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BHP to spend $7.5-billion on Saskatchewan potash mine as it quits oil – by Andrew Willis (Globe and Mail – August 18, 2021)

https://www.theglobeandmail.com/

The world’s largest mining company, BHP Group Ltd., signalled its future is focused on sustainable industries by committing $7.5-billion to a massive Saskatchewan potash project while exiting the oil and gas business.

On Tuesday, Melbourne, Australia-based BHP announced it is moving forward with the Jansen mine, mothballed for several years after more than $5-billion of development spending, and it will begin shipping potash in 2027. The project will create 3,500 construction jobs and permanent work for 600 employees.

BHP also announced it will spin out its energy business to Australia’s Woodside Petroleum Ltd., creating one of the world’s largest independent oil and gas companies. BHP shareholders will receive Woodside shares that give them a 48-per-cent stake in the energy company.

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Uranium demand rising while supply remains uncertain: Cameco – by Andrea Jennetta (S&P Global – July 29, 2021)

https://www.spglobal.com/

Demand for uranium is growing at the same time supply is becoming less certain, said Cameco President and CEO Tim Gitzel July 28.

“Since 2011, about 1.6 billion pounds of uranium have been consumed in reactors, and only about half of that or 800 million pounds have been placed under long-term [utility] contracts,” Gitzel said in a second-quarter earnings call. “This has led to a growing wedge of uncovered uranium requirements,” he said.

“We’re also seeing increased demand for uranium from financial funds and junior uranium companies,” Gitzel said.

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