https://northernontario.ctvnews.ca/
A spokesperson for Glencore Canada said Tuesday the company will close its Kidd Creek Mine near Timmins at the end of December 2026.
Alexis Segal, head of communications for Glencore Canada, told CTV News the decision comes after a 2021 study found there was no way to extend the life of the mine. “It’s already the deepest base metal mine in the world,” Segal said. There was no way to safely and economically mine deeper, forcing Glencore to close.
Major diversified miners including Rio Tinto, BHP Group & Glencore are feeling the pressure of a slowdown in global economic growth and declining commerce
Some of the world’s biggest mining companies are struggling to balance investor expectations for hefty returns against the necessity of paying a premium to acquire pure-play copper companies. The challenge comes as global demand for the metal drives valuations to new heights, reports Reuters.
Major diversified miners, including Rio Tinto, BHP Group, and Glencore, are feeling the pressure of a slowdown in global economic growth and declining commodity prices. These factors have led to a significant decrease in their share prices, ranging from 10% to 15% this year.
At Goldman Sachs Group Inc., there’s an ESG filter that tells investors to buy coal giant Glencore Plc, and avoid Big Tech staples Microsoft Corp. and Alphabet Inc.
The filter is designed to pick stocks based on how much attention companies pay to recycling, waste management and the re-use of materials and products. The better they do, the higher they score on a metric called circularity. The approach, the latest example of the huge portfolio variations that investors face depending on the ESG screen they use, has shown it can beat the wider market over time, according to Goldman.
https://www.thesudburystar.com/
‘There is a lot of interest from US companies here,’ Baxter Hunt says
Visiting dignitaries are always asked why they are in Sudbury. This week, The Sudbury Star met with Baxter Hunt, US Consul General, during his multi-day tour of the area. Hunt had met Greater Sudbury Mayor Paul Lefebvre at PDAC in Toronto earlier this year. Lefebvre invited him to visit.
“I promised him I was going to get up here soon,” said Hunt, who started in this role in the fall of 2023. It is a three-year assignment. Back in July, the Hunt family drove up to Lake Temagami. He called the area “spectacular” and since he has heard of Killarney, he seems keen to experience more of the north.
Glencore (LON: GLEN) scrapped on Wednesday plans to separate its coal division, which it had announced following its acquisition of assets from Teck Resources last year (TSX: TECK.A, TECK.B)(NYSE: TECK), as shareholders opposed the move.
The Swiss miner and commodities trader said in November it would merge Teck’s steelmaking coal business with its own coal assets, after which it would demerge the combined unit.
https://www.nationalobserver.com/
A Swiss-based mining company with a sketchy foreign business record that won approval to take over Teck Resources’ B.C. coal mines has MPs from multiple parties and environmental groups up in arms.
François-Philippe Champagne, federal Minister of Innovation, Science and Economic Development, approved mining giant Glencore’s $12.3-billion takeover of Teck Resources’ coal mines — called Elk Valley Resources — on July 4.
(Bloomberg) — The world’s biggest miners are back in serious dealmaking mode and Teck Resources Ltd. is taking center stage.
The Canadian miner, which has exited its coal business with a sale this month to Glencore Plc, is drawing attention from across the industry because of its attractive copper assets, as the biggest names position for the next wave of activity in the wake of BHP Group’s failed bid for Anglo American Plc.
MiningWatch report question’s Swiss mining giant’s track record
Canadian and British mining watchdogs are criticizing the Trudeau government’s approval of the sale of B.C. steel-making coal mines to Glencore Plc, saying it’s a bad deal for Canada.
On July 4, Canada’s Minister of Innovation, Science and Economic Development, François-Philippe Champagne, approved the sale of 77 per cent of the B.C. metallurgical coal mines (Elk Valley Resources) owned by Teck Resources in the southeastern Kootenays to Glencore plc for $9.5 billion. The sale closed July 11.
https://www.cbc.ca/news/canada/british-columbia/
Teck Resources said it expects to receive $9.5 billion from the sale, excluding closing adjustments
The last hurdle in Teck Resources Ltd.’s years-long effort to off-load its coal mining business and become purely a metals producer is cleared after the federal government approved the sale of the operation to Swiss commodities giant Glencore.
In a statement posted Thursday, Industry Minister François-Philippe Champagne said the green light comes with “strict” conditions and represents a “much narrower” transaction than Glencore’s hostile takeover attempt of Teck last year.
MELBOURNE, June 20 (Reuters Breakingviews) – Coal is doomed, or so the energy thesis goes. Many banks, insurers and investors have backpedalled from or abandoned the carbon-belching fossil fuel, prompting companies that excavate it to complain they cannot get mainstream or affordable financing.
One corner of the industry, however, is burning strongly: the coking, or metallurgical, variety used to make steel. For sellers, it’s a diamond underneath the growing pile of mining M&A. Buyers, however, are in a race against low-emissions alternatives to justify their strategies.
https://www.northernontariobusiness.com/
Stakeholders champion city as leader in critical minerals production
The Sudbury Basin has been a mining hotspot for more than a century, but as demand grows for critical minerals like nickel, there’s never been a more exciting time for the industry than right now.
That’s according to Gord Gilpin, the director of Ontario operations for Vale Base Metals, who led off a Sudbury-themed panel discussion at the BEV In Depth: Mines to Mobility conference May 30 at Cambrian College.
(Bloomberg) — A heated competition for copper among some of the biggest commodity traders is creating opportunities for miners to negotiate favorable terms ranging from huge upfront payments to extra-long contracts.
Recent moves by cash-flush energy traders including Mercuria Energy Group Ltd. to expand in metals — a market long dominated by Glencore Plc and Trafigura Group — are raising tensions and sparking a scramble for contracts, at a time when the industry is already facing an unprecedented supply squeeze in copper ore.
Glencore Plc will start consulting with shareholders on the future of its coal business as soon as its deal to buy Teck Resources Ltd.’s mines closes later this year. Crucially, Glencore said that should the majority of shareholders support keeping its coal mines, the company will not proceed with a vote.
Glencore’s coal business is one of its most profitable units, driving record returns in recent years, and the plan to exit the fossil fuel and list a new company in New York represented a major strategic pivot under current boss Gary Nagle.
Commodities group Glencore (LON: GLEN) is studying an approach for Anglo American (LON: AAL) two sources said, a development that could spark a bidding war for the 107-year old mining company.
Glencore has not yet approached Anglo, one of the sources said. The discussions are internal and preliminary at this stage and may not result in an approach, the source added. “We do not comment on market rumour or speculation,” a Glencore spokesperson said.
https://www.thesudburystar.com/
John Caruso is a Sudbury businessman and a concerned citizen.
Canada and Ontario are willing to sell off our non-renewable resources with little concern for the host community
There is something wrong with this picture: As our city moves toward some historic investments in quality-of-life assets, concerns are being raised regarding long-term debts being incurred and their impact on residential taxes.
I strongly believe that the planned investments in a new event centre and cultural hub at Tom Davies Square are critical investments in our ability to attract and retain population and economic growth.
