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Glencore-backed nickel miner fails to secure financing after rising costs – by Harry Dempsey (Financial Times – April 15, 2024)

https://www.ft.com/

Horizonte Minerals looking at sale of Brazilian nickel mine as investors fear Indonesia is flooding the market

Glencore-backed Horizonte Minerals has failed to secure financing to complete its nickel mine in Brazil following soaring costs and rising investor concern that Indonesia is flooding the market for the electric vehicle battery and steelmaking ingredient.

The London-listed group said in a statement on Monday that it was now exploring a sale, liquidation, or raising financing at the subsidiary level, following an 87 per cent increase in the estimated cost to build the Araguaia nickel mine, to more than $1bn.

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More investors push Glencore to keep coal post-Teck deal – by Clara Denina and Simon Jessop (Reuters – March 22, 2024)

https://www.reuters.com/

LONDON, March 22 (Reuters) – A growing group of Glencore investors are keen for it to keep mining coal instead of spinning out the soon-to-be enlarged unit, with one eye on its financial outlook and another on the environmental benefits of keeping the fuel in-house.

Echoing a demand last week by activist Tribeca Investment Partners, investors said the polluting fossil fuel would be a lucrative option – for a decade or two at least – even as it is phased out in favour of renewable energy.

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OPINION: Coal is dead, or at least was, according to the ESG crowd. Long live coal – by Eric Reguly (Globe and Mail – March 16, 2024)

https://www.theglobeandmail.com/

For the resources industry, the trick to meeting ESG standards was pretty simple: sell your dirty fuels, especially coal. If you did, investors who cared about the health of the planet would love you, and your company’s valuation would go up.

The formula seemed solid a few years ago, and a big number of mining giants sold or spun off their coal assets. Canada’s Teck Resources was the latest to pursue the black-to-green transition with the sale, announced last year but not yet approved by Ottawa, of its metallurgical coal business to Switzerland’s Glencore.

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Entire Aussie industry on the brink amid China move – by Jamie Seidel (News.com.au – February 29, 2024)

https://www.news.com.au/

The commodity is meant to be the answer to the green revolution but it’s on the brink of collapse and Australia is in the firing line. Analysts believe up to half of the world’s nickel mines are unprofitable at current prices. And those prices are unlikely to change anytime soon. That has profound implications for Australia’s multinational miner, BHP.

While nickel is only a minor component of its overall portfolio, the “Big Australian” had high hopes for the critical mineral’s future. It’s a key ingredient in advanced batteries and high-efficiency electric motors. And both are crucial in the race to limit the impact of CO2-induced climate change.

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Glencore News Release: Raglan opens new mine (February 27, 2024)

NUNAVIK, QC, Feb. 27, 2024 /CNW/ – Raglan Mine is pleased to officially inaugurate Anuri Mine, from its Sivumut mining project, which has been under development for over ten years. This event marks an important milestone in the pursuit of its mining operations in Nunavik and highlights its ongoing commitment to the local communities that welcome its operations.

Anuri is one of the largest mining investments in Quebec in the last decade. It is anticipated that it will lengthen Raglan Mine’s life of operations for at least 20 years.

“We expect that our mining activities, initially forecast to last 25 years, will be significantly extended thanks to the Anuri mine. This is a huge success for our 1,400 employees, our Inuit partners and our business partners,” says Pierre Barette, Vice President.

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Quebec opposition attacks the CAQ on copper smelting plant’s future (Canadian Press/CTV News Montreal – February 14, 2024)

https://montreal.ctvnews.ca/

Opposition parties in Quebec City are urging the government to react to reports that Glencore is considering closing the Horne smelter if investments to meet air quality targets are too high.

Horne smelter issue in Rouyn-Noranda is once again taking a political turn after Radio-Canada revealed that Glencore’s board of directors was due to meet shortly to decide on the smelter’s future, despite the fact that the estimated cost of reducing arsenic emissions has risen by 50 per cent.

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Glencore to Sell Stake in Struggling New Caledonia Nickel Mines – by Eddie Spence and Mark Burton (Bloomberg News – February 12, 2024)

https://www.bnnbloomberg.ca/

(Bloomberg) — Glencore Plc plans to sell its stake in a nickel mine and a processing plant on the islands of New Caledonia following a dramatic slump in prices.

The world’s top commodity trader will seek to sell its 49% stake in Koniambo Nickel SAS, according to a statement from KNS. The company would begin “without delay” to suspend operations at its ferronickel plant while a new investor is found.

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Sudbury researcher predicts late 2024 construction for bio-mining innovation centre – by Ian Ross (Northern Ontario Business – January 31, 2024)

https://www.northernontariobusiness.com/

MIRARCO Mining Innovation CEO confident on capital investment arriving for mine waste tech centre

A Canadian expert in the field of bio-mining hopes to break ground on a Centre for Mine Waste Technologies in Sudbury by the end of this year.

Nadia Mykytczuk, president of MIRARCO Mining Innovation, said she’s following an “aggressive timeline” in seeking to construct a $38-million innovation centre when she spoke before the provincial standing committee on finance and economic affairs in Sudbury, Jan.30, as part of the government’s 2024 pre-budget public hearings.

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Glencore licenses Horne 5 operations to Falco Resources – by Staff (Mining.com – January 24, 2024)

https://www.mining.com/

Falco Resources (TSXV: FPC) has entered into an operating license and indemnity agreement (OLIA) with Glencore Canada allowing Falco to use part of Glencore’s lands. Falco intends to develop and operate its wholly owned Horne 5 copper-zinc mine at Rouyn-Noranda, Quebec.

The agreement includes the creation of a technical committee consisting of two nominees from Glencore and two from Falco to ensure that operations of Glencore’s Horne copper smelter are not adversely affected. A similar strategic committee will also be created. Glencore will appoint one nominee to Falco’s board of directors.

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‘No recent discussions’ on Sudbury mining merger, says Vale operations boss – by Ian Ross (Northern Ontario Business – January 15, 2024)

https://www.northernontariobusiness.com/

Gord Gilpin says companies discussing ‘strategic alternatives’ are part of ‘normal course of business’

Vale’s head of Ontario base metal operations, Gord Gilpin, is tamping down media speculation of a potential merger with Glencore, its crosstown mining neighbour in Sudbury.

Gilpin issued a Jan. 12 notice to its employees — Clarification of Synergy with Glencore — that it’s business as usual and no talks are underway.

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New push to combine Glencore, Vale mining assets in the Sudbury basin – by Darren MacDonald (CTV Northern Ontario – January 11, 2024)

https://northernontario.ctvnews.ca/

The news service Reuters is reporting that the long dreamed of merger of Vale and Glencore mining assets in Sudbury basin could happen this year. “Talks for a Sudbury tie-up have been on and off since 2006, when annual savings were put at more than $500 million, with a number of options being touted for the mining and processing operations in the area,” the Reuters story said(opens in a new tab).

Brazil-based Vale purchased the former Inco for $19.6 billion in 2006. Talk of combining efforts in the area have surfaced from time to time, and an official with the company raised the issue recently, according to the Reuters story.

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Teck ditches coal, flags lower copper output in Chile – by Cecilia Jamasmie (Mining.com – January 4, 2024)

https://www.mining.com/

Teck Resources (TSX: TECK.A, TECK.B) (NYSE: TECK) has kissed coal goodbye after closing the sale of its minority stake in steelmaking coal operations to Japan’s Nippon Steel Corp. and South Korean steelmaker Posco.

Nippon Steel now has a 20% interest in Teck’s coal business, known as Elk Valley Resources. In exchange, the Japanese firm gave up its prior 2.5% stake in one of Teck’s coal operations and has paid $1.7 billion in cash.

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March: Updates on critical mining in northern Ontario – by By Norm Tollinsky (Canadian Mining Journal – December 21, 2023)

https://www.canadianminingjournal.com/

When George Pirie, Ontario’s mines minister, closes his eyes and imagines what a resurgent northern Ontario mining industry will look like five years from now, he might see new nickel mines in Sudbury and Timmins, a battery industrial park in Cobalt, haul trucks transporting nickel concentrate on the recently completed road from the Ring of Fire, and multiple lithium mines and processing facilities in northwestern Ontario.

It is a good bet that much of the scenario will indeed materialize. The drills are confirming that the resources are there, the environmental assessments are progressing, and meetings with battery manufacturers and the automobile industry are resulting in offtake agreements.

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Glencore’s prized Canadian coal mines come with rising environmental scrutiny – by Nia Williams and Divya Rajagopal (Reuters – December 14, 2023)

https://www.reuters.com/

Dec 14 (Reuters) – A Glencore-led (GLEN.L) consortium’s successful $9 billion bid for Teck Resources’ (TECKb.TO) steelmaking coal unit could face tougher environmental clean-up obligations, as water pollution from the mines comes under increasing scrutiny in the U.S. and Canada.

Canada’s Environment Minister Steven Guilbeault told Reuters that Ottawa and Washington are close to requesting a study of selenium contamination from Teck’s Elk Valley mines in southeast British Columbia.The research would be carried out by International Joint Commission (IJC), a bi-national organization set up under the 1909 Boundary Waters Treaty between the U.S. and Canada to prevent and resolve disputes over shared waters.

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Glencore’s ties to Sudbury run deep. So is its future here – by Hugh Kruzel (Sudbury Star – December 2, 2023)

https://www.thesudburystar.com/

Top company official tells chamber of commerce deep mining is the key to Glencore’s future operations in Sudbury

The man who leads Glencore’s Sudbury operations told the city’s business leaders this week that his company remains committed to this region, Canada and mining. Peter Xavier, a company vice-president, acknowledged that Glencore Sudbury’s Integrated Nickel Operations will soon close its Nickel Rim South mine, but that should not be a surprise.

Nickel Rim South Mine will close in late March as it goes into care and maintenance mode. The Skead-area mine’s employees will be reassigned to other Glencore operations in Sudbury, such as the Craig/Onaping project. “Mines have a life,” Xavier told the 128th annual general meeting of the Greater Sudbury Chamber of Commerce. “We all know mining one site is finite.

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