Archive | United States Mining

NEWS RELEASE: Newmont and Goldcorp Successfully Create World’s Leading Gold Company (April 18, 2019)

DENVER–(BUSINESS WIRE)–Newmont Goldcorp Corporation (NYSE: NEM, TSX: NGT) (Newmont Goldcorp or the Company) today announced the successful conclusion of its transaction combining Newmont Mining Corporation and Goldcorp Inc. to form the world’s leading gold business.

The resulting company features an unmatched portfolio of assets, prospects and talent. This portfolio includes long-life operations and profitable expansion and exploration options in some of the world’s most favorable mining jurisdictions. Newmont Goldcorp will also offer investors the highest annual dividend and the largest Reserves and Resources per share among senior gold producers.

“We’ve met our goal to become the world’s leading gold business, and we’ll maintain that position by executing our winning strategy,” said Gary J. Goldberg, Chief Executive Officer. “That strategy focuses on constantly improving safety and efficiency at our current operations while we continue to invest in expansions and exploration to fuel next generation production. An equally important part of that strategy is to meet stakeholders’ expectations by continuing to lead the sector in value creation and sustainability performance.” Continue Reading →

Hissing snakes and ‘predatory schemes’: How the fight for Hudbay Minerals descended into name-calling – by Gabriel Friedman (Financial Post – April 17, 2019)

https://business.financialpost.com/

So far, investors appear to love the fight

The battle for the future of one of Canada’s oldest mining companies, Hudbay Minerals Inc., has spilled into the courtroom, and turned into a mud-slinging contest as the company and one of its largest shareholders lash out at each another.

So far, investors appear to love it: The company’s stock has nearly doubled in the past six months, soaring from $5.17 on Oct. 1 to $10.01 on the Toronto Stock Exchange near close on Tuesday.

That surge began the same day mining-focused private equity firm Waterton Global Resource Management, which controls 12 per cent of Hudbay’s shares and has been leading a campaign to replace most of the board and the chief executive, filed a lawsuit accusing the company of depicting it as “snakes” in a circular sent to other investors. Continue Reading →

Newmont shareholders back Goldcorp takeover; deal expected to close later this quarter – by Niall McGee (Globe and Mail – April 12, 2019)

https://www.theglobeandmail.com/

Newmont Mining Corp. shareholders have voted resoundingly in favour of the company’s US$10-billion acquisition of Vancouver’s Goldcorp Inc., removing the last major obstacle to one of the biggest deals ever in the gold sector.

Shareholders on Thursday voted more than 98 per cent in favour of the transaction. A week ago, Goldcorp shareholders also voted in favour of the deal.

The transaction, expected to close later this quarter, means Colorado-based Newmont will bypass Toronto’s Barrick Gold Corp. and take the triple crown as biggest gold company in the world by market value, production and reserves. Continue Reading →

Why let mining companies rip up public land like it’s 1872? – by Tim Palmer and Char Miler (Los Angeles Times – April 12, 2019)

https://www.latimes.com/

Photographer and writer Tim Palmer is the author of 19 books about rivers, including “Field Guide to California Rivers.” Char Miller teaches environmental history at Pomona College and is author of “Not So Golden State: Sustainability vs. the California Dream.”

What if communications today were governed by a law passed before the telephone was invented? Or if transportation were guided by federal policy made before there were cars?

That’s exactly the type of anachronism in play regarding America’s key law governing the extraction of hard-rock minerals, such as gold, silver and copper, on public land. The Mining Act of 1872, which President Ulysses S. Grant signed, still sanctions destructive practices on what amounts to one-third of the country’s acreage and 46% of California’s.

It can create toxic plumes and moonscape rubble in national forests, national monuments and Bureau of Land Management holdings that many regard as their favorite places on Earth. That’s one reason why pressure is mounting to change this antiquated 19th century legislation. Continue Reading →

Democrats: Why not just end mountaintop removal coal mining? – by Lesley Clark (McClatchydc.com – April 9, 2019)

https://www.mcclatchydc.com/

WASHINGTON: Coal production across Appalachia could be shuttered by a push to halt all new mountaintop removal mining operations until the health effects have been investigated, the Kentucky Coal Association warned lawmakers on Tuesday.

But the cautionary note did little to slow Democrats, who held the first federal hearing on whether the surface coal mining operation contributes to an elevated risk of birth defects, cancer and premature death among residents living near large-scale Appalachia surface coal mines.

“Should we just be banning all mountaintop removal mining?” Rep. Alan Lowenthal, D-California, asked of the controversial practice that often involves blasting apart steep slopes to expose buried seams of coal. Continue Reading →

Vancouver-based Goldcorp swallowed up in deal to create world’s largest gold miner – by Gabriel Friedman (Financial Post – April 11, 2019)

https://business.financialpost.com/

Assets across the Americas, Africa and Australia

In a sign of the changes sweeping Canada’s gold mining sector, control of one-time darling Vancouver-based Goldcorp Inc. transferred south of the border on Thursday.

Shareholders of Colorado-based Newmont Mining Inc. voted to approve a US$10 billion purchase of Goldcorp, creating the largest gold company in the world with a market capitalization of roughly US$29 billion.

Analysts have long predicted there would be consolidation in the gold industry and the merger was first announced in January, just weeks after Toronto-based Barrick Gold Corp. completed its US$6 billion acquisition of Randgold Resources Ltd. Continue Reading →

Newmont Bondholder Revolt May Put Barrick on Hook for Debt – by Molly Smith and Danielle Bochove (Bloomberg News – April 10, 2019)

https://www.bloomberg.com/

Barrick Gold Corp. could find itself partially liable for $600 million in additional debt if some Newmont Mining Corp. bondholders have their way.

The creditors are trying to block an amendment Newmont is seeking for a large tranche of notes associated with its operations in Nevada, according to people with knowledge of the matter. The change would prevent liability for those bonds from shifting to Barrick after the companies’ recently announced joint venture in the state is completed.

A majority of holders of Newmont’s $600 million of bonds due 2035 have organized and submitted their rejection to the proposed change, the people said, asking not to be identified as the discussions are private. Continue Reading →

EPA agreement will allow cobalt mining at lead remediation site near Fredericktown, Mo. – by Jim Salter Associated Press (St. Louis Post-Dispatch – April 3, 2019)

https://www.stltoday.com/

ST. LOUIS • An old Missouri lead mining site that has been a dormant nuisance for decades may soon get new life, thanks to its vast reserves of a metal vital for use in electric vehicle batteries.

The Environmental Protection Agency on Wednesday announced an agreement allowing a division of Missouri Cobalt LLC to implement a cleanup plan at the Madison County Mines site near Fredericktown. It will remain on the Superfund list, but the cleanup allows reuse for cobalt mining.

It isn’t clear how long the cleanup will take or when mining will resume. Missouri Cobalt CEO Michael Hollomon declined comment. Lead was mined at the site for decades until the early 1960s. The lead waste left behind resulted in the Superfund designation in 2003. Continue Reading →

‘Mine 9,’ movie about a coal mine entrapment, opens Friday (Associated Press/Bradenton Herald – April 8, 2019)

 

https://www.bradenton.com/

CHARLESTON, WEST VIRGINIA: A film whose chilling theme is known all too well by residents of coal producing states — an entrapment inside an Appalachian mine — opens in theaters this week.

“Mine 9” debuts Friday in West Virginia, Kentucky, North Carolina, Ohio, Tennessee and Virginia. It’s expected to roll out nationwide starting next week, news outlets reported.

New Martinsville, West Virginia, native Eddie Mensore wrote, produced and directed the film, which takes place deep inside a coal mine where nine miners with a limited oxygen supply are trapped after a methane explosion. Continue Reading →

Is Wyoming the next Appalachia? – by Bob LeResche (Casper Star Tribune – April 6, 2019)

https://trib.com/

Wyoming’s Powder River Basin has produced the lion’s share of America’s thermal coal over recent decades. At its peak, coal directly employed nearly 7,000 workers and another 16,000 related jobs. Clearly, since the late 1970s Wyoming’s coal economy has been a boon to her citizens.

But markets changed, management miscalculated and the corporations that grew the Powder River Basin economy began to fail. In 2015-2016, the three largest mining companies in Wyoming — Alpha, Peabody and Arch — filed Chapter 11 bankruptcies.

In late 2018, another large company, Westmoreland, filed. And at this writing, the last of the big miners, Cloud Peak, is on the verge of throwing in the towel. They have granted their executives the usual “retention” bonuses, eliminated retiree health care and pensions, hired a financial adviser and been delisted from the New York Stock Exchange. Continue Reading →

Exclusive: United States sets sights on China in new electric vehicle push – by Ernest Scheyder (Reuters U.S. – April 5, 2019)

https://www.reuters.com/

(Reuters) – U.S. government officials plan to meet with executives from automakers and lithium miners in early May as part of a first-of-its-kind effort to launch a national electric vehicle supply chain strategy, according to three sources familiar with the matter.

While Volkswagen AG, Tesla Inc and other electric-focused automakers and battery manufacturers are expanding in the United States and investing billions in the new technology, they are reliant on mineral imports without a major push to develop more domestic mines and processing facilities.

China already dominates the electric vehicle supply chain. It produces nearly two-thirds of the world’s lithium-ion batteries – compared to 5 percent for the United States – and controls most of the world’s lithium processing facilities, according to data from Benchmark Minerals Intelligence, which tracks prices for lithium and other commodities and is organizing the Washington, D.C., event. Continue Reading →

Goldcorp shareholders approve US$10-billion acquisition by Newmont – by Niall McGee (Globe and Mail – April 5, 2019)

https://www.theglobeandmail.com/

Goldcorp Inc. shareholders have voted decisively in favour of the company’s US$10-billion acquisition by Newmont Mining Corp., removing one more roadblock in what would be one of the biggest deals in the history of the gold sector.

Shareholders met in Vancouver on Thursday with more than 97 per cent voting in favour. The threshold for a successful outcome was at least two thirds of votes cast.

On April 11, Newmont shareholders will weigh in on the transaction in what will be the final major hurdle. Goldcorp shares rose by 1.8 per cent on Thursday to close at $15.63 apiece on the Toronto Stock Exchange. Continue Reading →

West Virginia’s Trying to Revive Coal, but One Miner Isn’t Convinced – by Will Wade (Bloomberg News – April 4, 2019)

https://www.bloomberg.com/

West Virginia is dangling tax incentives for coal miners in an attempt to revive operations in the heart of Coal Country. At least one miner, Contura Energy Inc., isn’t swayed just yet.

Contura runs 23 surface and underground mines in the state, and incentives signed into law last week haven’t yet persuaded the company to open more, Chief Executive Officer Kevin Crutchfield said.

“We’ve got a pretty solid plan for West Virginia as we look ahead with the projects that we’ve already announced,” he said Wednesday in a call with analysts, adding that the company would rather “look at projects on their own merits.” Continue Reading →

Wrestle mania: inside the Goldcorp-Newmont-Barrick mega deal – by Heidi Vella (Mining Technology – April 2, 2019)

https://www.mining-technology.com/

As Newmont Mining continues to proceed with its $10bn takeover deal of gold-miner Goldcorp, in a shock move, rival Barrick Gold instigated a hostile $18bn takeover bid of Newmont. Heidi Vella takes a look at the potential combinations and their possible impact on the North American gold mining sector.

As 2019 kicked-off, Colorado-based Newmont and Canadian-based Goldcorp announced the two companies had struck a deal to merge, in a move that would see them become one of the biggest mining firms in the world. The following month, the firms’ consolidation overcame its first hurdle after it was approved by both Canadian and Korean regulators.

However, in a surprise move in February, Newmont received an acquisition proposal from Canadian-based mining behemoth Barrick – one of the largest gold mining companies in the world. Continue Reading →

Century-old silver mines are long gone. But tainted tailings are still polluting Park City. Now the feds are suing to clean up the Superfund site. – by Nate Carlisle (Salt Lake Tribune – March 26, 2019)

https://www.sltrib.com/

What are now world-class ski runs used to be profitable mountainsides where 19th-century miners dug silver out of the dirt and mud.

The materials left over from that mining and processing are called tailings, and a lot of them were dumped into Silver Creek — the stream that runs from the south side of Park City northeast to Wanship. The federal government has had plans to clean up the tailings and the poisonous chemicals that come with them.

The plan has stalled, partly because United Park City Mines Co. hasn’t followed through on a 2014 agreement to scrub the biggest tailings site and owes the federal government for work that has been done, according to a lawsuit filed Monday in federal court. The U.S. Department of Justice is asking a judge to order the mine company to pay what it owes and declare the company liable for future cleanup costs. Continue Reading →