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Rising risk of regime change blunts reaction to oil and gas emissions cap – by Theo Argitis (Financial Post – December 19, 2023)

https://financialpost.com/

After October 2025 at the latest, the Conservatives could be in the position to reverse many of the Liberals’ policies

It’s fair to say that corporate Canada has been less than enthusiastic about Prime Minister Justin Trudeau’s proposed plan to cap greenhouse gas emissions in the nation’s oil and gas sector. Responses to the announcement, which was made Dec. 7, ranged from outright rejection (Canadian Chamber of Commerce) to skeptical (Pathways Alliance) to, at best, silence.

This may or may not have been a surprise to Trudeau and his two top lieutenants driving the policy, Natural Resources Minister Jonathan Wilkinson and Environment Minister Steven Guilbeault.

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Japan’s Nippon Steel to buy U.S. Steel in a $14.9 billion deal (CNBC.com – December 18, 2023)

https://www.cnbc.com/

Japan’s Nippon Steel clinched a deal on Monday to buy U.S. Steel for $14.9 billion in cash, prevailing in an auction for the 122-year-old iconic steelmaker over rivals including Cleveland-Cliffs and ArcelorMittal.

The deal price of $55 per share represents a whopping 142% premium to Aug. 11, the last trading day before Cleveland-Cliffs unveiled a $35-per-share, cash-and-stock bid for U.S. Steel. It is a bet that U.S. Steel will benefit from the spending and tax incentives in President Joe Biden’s infrastructure bill.

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Why North American electric vehicle mandates are destined to fail – by Julio Mejia and Elmira Aliakbari (Toronto Star – December 19, 2023)

https://www.thestar.com/

It’s not clear that sufficient capacities will be available to produce enough EVs to achieve the mandates being imposed on Canadians and Americans, nor is it clear consumers are willing to spend their own money to purchase them.

According to reports, the Trudeau government will soon unveil regulations meant to phaseout the sale of new internal combustion vehicles and compel Canadians to buy zero-emission vehicles. The Biden administration is also mandating a similar shift.

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Struggling nickel sector ‘disappointed’ by critical minerals snub – by Peter Ker and Brad Thompson (Australian Financial Review – December 18, 2023)

https://www.afr.com/

The boss of Andrew Forrest’s private mining company says nickel’s omission from Australia’s expanded critical minerals list is “disappointing” at a time when weak prices for the battery metal are endangering “hundreds” of Australian mining jobs.

Wyloo Resources boss Luca Giacovazzi issued the warning on the same day the federal department of industry warned of more “downward pressure” on nickel prices in 2024 because Indonesian miners were poised to oversupply nickel markets for years to come.

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Michael Sabia’s grand plan to make Quebec a green-energy powerhouse – by Nicolas Van Praet (Globe and Mail – December 16, 2023)

https://www.theglobeandmail.com/

The Sabia blueprint will see Hydro-Québec spend as much as $185-billion to transform the province’s energy landscape from now until 2035

The village of La Romaine sits on the northern flank of the Gulf of St. Lawrence in a wind-swept place that the Innu people call Unamen Shipu, or “ocher earth” – a reference to the red colour seen on the banks of the nearby Oloman river snaking upland. Some 400 kilometres north-east of Sept-Îles, it’s reachable only by air and water except during the coldest months, when the government carves out a snow road to nearby communities. Locals like to say it’s their winter freedom.

It’s here, in this reserve of 1,200 Innu inhabitants, that Hydro-Québec chief executive Michael Sabia landed on a Wednesday in late November. Greeted at the community’s political offices, Mr. Sabia shared a lunch of caribou and traditional bread with local leaders and later spoke of his desire to rectify the past and make the Unamen Shipu Innu partners in the nearby Lac-Robertson power station, built on their territory in the early 1990s without any compensation. He handed a letter to the community’s former chief that apologized for the affront.

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EU sets critical mineral goals, but faces struggle to hit them – by Philip Blenkinsop (Reuters – December 18, 2023)

https://www.reuters.com/

BRUSSELS, Dec 18 (Reuters) – The European Union has set targets to dig up, recycle and refine lithium, cobalt and other metals it needs for its green transition, but a shortage of new money, crippling energy costs and local opposition could put them beyond reach.

The bloc will likely need to find ways to trim demand, find substitute materials and forge partnerships that break China’s stranglehold on mineral supplies. The Critical Raw Materials Act (CRMA), due to enter force in early 2024, says the bloc should mine 10%, recycle 25% and process 40% of its annual needs of 17 key raw materials by 2030.

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Greenstone Gold mine offers glimpse into commissioning process – Austin Campbell (Northern Ontario Business – December15, 2023)

https://www.northernontariobusiness.com/

After recently announcing construction is 96 per cent complete at the Greenstone Gold mine, the mine is looking to ramp up hiring, with a focus on local employment.

GREENSTONE — Things are set to heat up quite soon for the Greenstone Gold mine project just outside of Geraldton. Equinox Gold, the Vancouver-based gold producer that acquired Premier Gold in 2020 along with their interest in the mine project, recently announced that construction at Greenstone Gold mine is 96 per cent complete and that pre-commissioning activities are well underway.

Development of the mine project is a joint venture between Equinox Gold and Orion Mine Finance. The mine is set to pour its first gold in the first half of 2024.

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Gates, Bezos-backed KoBold Metals in four-continent quest for lithium – by Cecilia Jamasmie (Mining.com – December 14, 2023)

https://www.mining.com/

KoBold Metals, backed by a coalition of billionaires including Bill Gates and Jeff Bezos, has launched a four-continent search for deposits of lithium, the coveted metal used in batteries that power electric vehicles and high-tech devices.

The California-based startup, already working on opening a new copper-cobalt mine in Zambia, will deploy the latest technology to search for lithium in South Korea, Canada, the United States, Australia and Africa, it said in the statement.

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Gina Rinehart looks to life beyond the rivers of cash from iron ore – by Brad Thompson (Australian Financial Review – December 14, 2023)

https://www.afr.com/

The mining magnate, crowned The Australian Financial Review Business Person of the Year, is recognised for her preparedness to take big bets and the role she’s played in shaping Australia’s economy.

Wesfarmers boss Rob Scott is an unabashed fan of billionaire mining magnate Gina Rinehart and her achievements in business and contributions to philanthropic and community causes. Rinehart, says Scott, is “the driving force behind one of Australia’s largest and most successful private companies, which has created thousands of jobs and billions of dollars of value to the community”.

He adds: “She is ambitious for Australia and our key export industries and is investing to make a difference. “Many people would not appreciate the extent and generosity of Gina’s philanthropic and community support, but it is substantial, and her support of many of our Olympic athletes is remarkable.”

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Bolivia Takes a Key Step in Long Road to Tapping Vast Lithium Riches – by Sergio Mendoza and James Attwood (Bloomberg News – December 15, 2023)

https://www.bnnbloomberg.ca/

(Bloomberg) — Bolivia is cutting the ribbon on its first industrial-scale lithium plant, the dawn of what it hopes will be an export boom of the battery metal that could bring it back from the brink of economic crisis. It’s going to be a long road though.

In a ceremony Friday on the world’s largest salt flat, President Luis Arce will open the $100 million lithium carbonate facility, designed to churn out 15,000 metric tons a year to fuel electric vehicles in the global shift away from fossil fuels.

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Canada faces declining EV interest, report shows, despite push to boost sales – by Sean Previl (Global News – December 11, 2023)

https://globalnews.ca/

As Canada continues its work towards net-zero carbon emissions, including through its mandate for at least 20 per cent of car sales to be electric vehicles (EVs) by 2026, a new report showing a declining interest in the products is raising questions whether that goal is doable.

On Monday, AutoTrader.ca released its 2023 top search data into some of the most popular vehicles searched on their marketplace this year and while it showed a rise in popularity of trucks, the number showing an intent to purchase an EV has declined from one year prior.

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Alberta hit with $10.8-billion lawsuit by coal companies over policy changes – by Emma Graney (Globe and Mail – December 13, 2023)

https://www.theglobeandmail.com/

Five coal companies are suing Alberta for a combined $10.8-billion, claiming the government’s coal policy reforms have cost them billions in lost investment and potential revenues and have made mining the land they leased all but impossible.

At the same time, the government and the Alberta Energy Regulator are facing questions about why an Australian company was allowed to apply for exploration licences to pursue a potential coal mine at Grassy Mountain when a joint federal-provincial regulatory panel rejected an application for the same site in 2021. The regulator is still assessing the new applications, submitted by Northback Holdings Corp., but critics are pushing the government to do more to boost environmental protections.

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Report: Russia has laundered $2.5 billion of African gold since February 2022 – by Martin Fornusek (Kyiv Independent – December 12, 2023)

https://kyivindependent.com/

The Kremlin has laundered $2.5 billion of African gold since the start of the full-scale invasion of Ukraine, according to a report by an international group of researchers and human rights activists published on Dec. 12.

Russia’s illicit activities and ties to authoritarian regimes in Africa have been under the public eye for years. Russian mercenaries on the continent, whose operations help to fill Moscow’s coffers, have been repeatedly accused of human rights abuses against local populations.

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The best way to invest in gold: An insider secret for non-criminals – by Stuart Kirk (Financial Post/Financial Times – December 13, 2023)

https://financialpost.com/

Commentary: Here’s how the experts buy gold rings and bracelets for less than the scrap price

There was lots of humming and huffing in our household this week after gold prices hit a record high recently. Not that I can afford even the smallest memorial coin. But my wife is a jeweller, so we have skin in the game. I rarely comment on gold. When journalists do, insane end-of-worlders leap from their bunkers to scream abuse. Fiat money is a sham. Governments can’t be trusted. Zombies are coming.

And the yellow metal isn’t the most expensive ever. After adjusting for inflation, its peak was July 2020, with real prices on a downward path since. But loads of readers suddenly want to know more about gold — so here goes.

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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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