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First Quantum weighs asset sales as Cobre Panama shutdown takes toll – by Niall McGee (Globe and Mail – January 17, 2024)

https://www.theglobeandmail.com/

First Quantum Minerals Ltd. FM-T is considering a range of merger and acquisition options as it attempts to stem the financial damage caused by the closing of its giant Panama copper mine.

The Vancouver-based copper miner said in a release it is considering the sale of some of its smaller operations, as well as potentially selling stakes in its large mines. First Quantum has already been approached by at least one major mining company interested in pouncing as its stock flounders. First Quantum’s share price has fallen by more than two-thirds since last summer.

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Surging exchange stocks pile the pressure on nickel – by Andy Home (Reuters – January 17, 2024)

https://www.reuters.com/

LONDON, Jan 17 (Reuters) – Nickel was the worst performer among the London Metal Exchange’s (LME) base metals last year by some margin as the market priced in a wave of new Indonesian supply.

Indonesia’s mined production rose by 29.2% year on year in the first 10 months of 2023, according to the International Nickel Study Group. Nickel demand is rising fast thanks to its use in electric vehicle batteries but nowhere near the pace of supply growth.

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Lithium Venture in Chile in Talks with EV Firms to Invest in Mine Project – by James Attwood (Bloomberg News – January 17, 2024)

https://www.bnnbloomberg.ca/

(Bloomberg) — A joint venture valued at $1.5 billion to $2 billion that wants to become Chile’s third lithium producer is in talks with investors to bankroll its project.

Simco Lithium, owned by a Singaporean investment fund and a Chilean business group, is exploring the sale of a non-controlling stake, said Sebastian Yang, a board member representing the Simbalik fund. While the around $600 million project is too small to appeal to major mining firms, there is interest from battery and electric-vehicle makers.

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Bigger Storm Copper brewing in Nunavut – by Shane Lasley North of 60 Mining News – January 18, 2024)

https://www.miningnewsnorth.com/

It is hard to decide what to get more excited about at American West Metals Ltd.’s Storm Copper project in Nunavut – the abundance of near surface high-grade copper mineralization with the potential to be upgraded to a direct shipping ore, or the much larger yet still high-grade sediment-hosted copper orebody being unveiled under the zones being outlined on the surface.

Together, these zones on the Storm Copper project on Somerset Island in Canada’s Arctic offer a potential supply of the copper being demanded by a world transitioning to clean energy.

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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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Conservative leader promises to speed approvals for new mines – by Jim Moodie (Sudbury Star – January 2024)

https://www.thesudburystar.com/

Pierre Poilievre also says Sudbury and its minerals have a big role to play in providing clean energy

Pierre Poilievre took advantage of the bracing conditions in Sudbury on Saturday to stress his plan for cheaper heating bills, as well as take some shots at his main political rival, who recently returned from a vacation in Jamaica.

“While Justin Trudeau flies around in a taxpayer-funded private jet, burning fuel and passing greenhouse gases into the atmosphere, he punishes people for heating their homes,” said the Conservative leader, against the backdrop of an Axe the Carbon Tax billboard on Lorne Street. “He is a high-tax, high-carbon hypocrite.”

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These Ontarians rely on roads made of snow and ice. But what happens when winter is too warm? – by Joy SpearChief-Morris (Toronto Star – January 15, 2024)

https://www.thestar.com/

Winter roads crucial for getting supplies to First Nations communities

OTTAWA — Higher than normal winter temperatures are sparking concern among remote First Nations communities in northern Ontario that rely on winter roads made of ice and snow to transport food, fuel and building supplies.

The Nishnawbe Aski Nation, which represents 49 First Nations communities across the province, includes 29 communities that depend on winter roads. As of Jan. 8, it said only one road was fully open to traffic — leaving some to use roads that haven’t been officially opened, and others scrambling to make their own snow.

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Ravensthorpe nickel mine to cut 30 per cent of workforce as mining suspended amid weaker metal prices – by Jarrod Lucas (Australian Broadcasting Corporation – January 15, 2024)

https://www.abc.net.au/

The owner of the Ravensthorpe nickel operation on Western Australia’s south coast says it will suspend mining and cut 30 per cent of its 420-strong workforce. Canada’s First Quantum Minerals has today announced the changes in response to weaker metal prices — the second casualty in as many weeks for WA’s once-booming nickel industry.

Nickel is a key ingredient in stainless steel and lithium-ion batteries, but prices have fallen more than 40 per cent in the past year.

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Alamos Gold to acquire Quebec-focused junior Orford Mining in all-share deal – by Bruno Venditti (Northern Miner – January 15, 2024)

https://www.northernminer.com/

Alamos Gold (TSX: AGI; NYSE: AGI) announced on Monday that it will acquire Quebec-focused junior Orford Mining (TSXV: ORM) in an all-share transaction valuing the company at $24 million or 10¢ per share.

Alamos already owns 27.5% of the company’s shares. If the acquisition is approved by Orford shareholders at a meeting scheduled for March, they will receive 0.005588 of an Alamos share for each Orford share held.

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De Beers Cuts Diamond Prices to Revive Sales – by Thomas Biesheuvel (Bloomberg News – January 15, 2024)

https://www.bnnbloomberg.ca/

(Bloomberg) — De Beers made big cuts to its diamond prices as the world’s top producer tries to revive gem sales after the market ground to a halt last year.

The industry almost came to a complete standstill in the second half of 2023 as the two biggest miners all but stopped supplies in a desperate attempt to stem a collapse in prices. While those efforts helped the market to pick up a bit, it’s unclear how much appetite trade buyers currently have.

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Poland plans to set end date for coal power – by Kate Abnett (Reuters – January 15, 2024)

https://www.reuters.com/

BRUSSELS, Jan 15 (Reuters) – Poland plans to set an end date for coal-fuelled power, the country’s Secretary of State for Climate Urszula Zielinska said on Monday, marking a shift from the previous government’s stance on climate change.

Poland’s October 2023 election ended eight years of Law and Justice (PiS) party rule, and led to a new government that Zielinska said was increasing environmental efforts – including a phase out date for coal power.

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Panama’s High Court Prizes Ecosystems Over Copper Mining. The Impact? – by Ken Silverstein (Forbes Magazine – January 15, 2024)

https://www.forbes.com/

Panama’s Supreme Court has unanimously rejected a government copper contract with a Canadian company, triggering an ongoing ripple effect. On the surface, it may bode poorly for the renewable energy cause. However, after a little more digging — no pun intended — it may be a net plus for developing countries.

Raw materials such as copper, cobalt, and lithium are central to the renewable energy revolution — the construction of everything from windmills and solar panels to electric vehicle batteries. But producers dig for the natural resources in poorer countries while conglomerates potentially get rich by building high-value end products.

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Merger talks about the Sudbury mining camp long overdue, says industry watcher – by Ian Ross (Northern Ontario Business – January 12, 2024)

https://www.northernontariobusiness.com/

Stan Sudol sees synergies and cost savings if Glencore and Vale form mining joint venture in the Sudbury basin

Vale Base Metals chairman Mark Cutifani’s remarks this week to Reuters new agency about a pursuing a business combination between his company and Glencore in the Sudbury basin has mining analyst Stan Sudol wondering, “What took them so long?”

The Sudbury-raised and Toronto-based owner of the Republic of Mining website is a keen observer of the global nickel industry and of the Sudbury camp. Now is the “perfect time” for a business combination between Sudbury’s two largest miners, and one that’s long overdue, he said.

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Canadian Mining Hall of Fame celebrates industry-making feats of five new inductees – by Blair McBride (Northern Miner – January 12, 2024)

https://www.northernminer.com/

The Canadian Mining Hall of Fame (CMHF) held its 36th annual induction ceremony on Jan. 11 at the Metro Toronto Convention Centre, welcoming five new honourees, and bringing total membership up to 208. The celebration, attended by 720 people, was hosted by Northern Miner Group president Anthony Vaccaro. Full bios of all the inductees are available here.

From office workers to standard-makers

The first new members of the night were William E. Roscoe and John T. Postle, joint inductees whose eight decades of combined work formed the system of mining consulting and standards development the industry now relies on. Roscoe, an exploration geologist by training and Postle, a mining engineer, had both developed their own careers in mining before they first met in 1967, at Cominco’s Wedge mine in New Brunswick.

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World’s biggest uranium miner warns of shortfall just as nuclear demand takes off – by Mark Burton (Financial Post/Bloomberg – January 12, 2024)

https://financialpost.com/

The setback adds to a list of supply challenges that have helped to catapult spot uranium prices to 15-year highs

Kazatomprom, the world’s biggest uranium miner, warned that it’s likely to fall short of its production targets over the next two years, adding another risk to supply as demand for the nuclear fuel rebounds.

The London-listed company, which is controlled by Kazakhstan’s government via its sovereign wealth fund, said on Friday that shortages of sulfuric acid and construction delays at newly developed deposits are creating production challenges that could persist into 2025. It will outline the likely impact on output in a trading update by Feb. 1, it said.

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