Uranium Mines Dot Navajo Land, Neglected and Still Perilous – by Leslie MacMillan (New York Times – March 31, 2012)

http://www.nytimes.com/

CAMERON, Ariz. — In the summer of 2010, a Navajo cattle rancher named Larry Gordy stumbled upon an abandoned uranium mine in the middle of his grazing land and figured he had better call in the feds. Engineers from the Environmental Protection Agency arrived a few months later, Geiger counters in hand, and found radioactivity levels that buried the needles on their equipment.

The abandoned mine here, about 60 miles east of the Grand Canyon, joins the list of hundreds of such sites identified across the 27,000 square miles of Navajo territory in Arizona, Utah and New Mexico that are the legacy of shoddy mining practices and federal neglect. From the 1940s through the 1980s, the mines supplied critical materials to the nation’s nuclear weapons program.

For years, unsuspecting Navajos inhaled radioactive dust and drank contaminated well water. Many of them became sick with cancer and other diseases.

The radioactivity at the former mine is said to measure one million counts per minute, translating to a human dose that scientists say can lead directly to malignant tumors and other serious health damage, according to Lee Greer, a biologist at La Sierra University in Riverside, Calif.

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Rio Tinto CEO says iron ore demand still strong in Asia – by Vicky Validakis (Australian Mining – May 4, 2015)

http://www.miningaustralia.com.au/home

Rio Tinto CEO Sam Walsh says commodity markets must remain open as debate continues to rage over his company’s iron ore strategy.

Speaking in Seoul, Walsh said when the commodity cycle became tough, there was a temptation to turn inward.  “But we must keep our minds and our markets open,” Walsh said.

“There is a temptation to be parochial, to believe that artificial and temporary barriers will alleviate the pain of awkward transition — when to the ­contrary, being parochial may delay necessary change or amplify the response required.

“We can see such requests and pleas for new barriers, from some in government and some in business.”

While Walsh did not tie his comments directly to iron ore or the company’s Pilbara mines, they came at the same time FMG’s chairman Andrew Forrest had another go at Rio for its plans to ramp up production.

With iron ore prices down to around $US57 a tonne, major miners BHP and Vale announced revised plans to limit some production.

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Green Fire (American Mining Themed Movie – 1954)

http://en.wikipedia.org/wiki/Main_Page

Green Fire is a 1954 Eastmancolor MGM movie directed by Andrew Marton and produced by Armand Deutsch, with original music by Miklós Rózsa. It stars Grace Kelly, Stewart Granger, Paul Douglas and John Ericson.

Plot[edit]
Rugged mining engineer Rian Mitchell (Stewart Granger) discovers a lost emerald mine in the highlands of Colombia, which had last been operated by the Spanish conquistadors. Rian is a man consumed by the quest for wealth. However, he has to contend with local bandits and a savage jaguar.

Taken to recuperate at the plantation home of local coffee grower Catherine Knowland (Grace Kelly) and her brother Donald (John Ericson), Rian manages to charm Catherine.

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Asarco Incorporated History (1899 – 1991) – International Directory of Company Histories

For a large selection of corporate histories click: International Directory of Company Histories

ASARCO Incorporated is a world leader in the production of nonferrous metals, including copper, lead, zinc, silver, and gold. Among the mines operated by ASARCO or its associated companies are the Mission and Ray open-pit copper mines in Arizona; the Silver Bell Mine in Arizona; the Continental Mine in Montana; four zinc mines near Knoxville, Tennessee; the West Fork and Sweetwater lead mines in Missouri; the zinc, lead, silver, and gold mine at Leadville in Colorado; the Troy silver-copper mine in Montana; and two silver mines in Idaho, at Galena and Coeur. Processing facilities operated by ASARCO include copper smelters in Hayden, Arizona, and El Paso, Texas; a copper refinery in Amarillo, Texas; a lead smelter in East Helena, Montana; and a lead refinery in Omaha, Nebraska.

In 1990 ASARCO and its associated companies in Australia, Mexico, and Peru accounted for 12% of free-world mine production of copper, 14% of silver, 14% of lead, and 9% of zinc. Through its subsidiaries, ASARCO is heavily involved in the manufacture of specialty chemicals for electroplating, metal finishing, and electronics applications.

In addition to processing the products of its own mines, ASARCO acquires ore from other companies, either to process for a fee or to process and then sell on the open market. Consumers encounter these refined metals in many forms, including zinc in the form of flashlight batteries, copper in the form of car radiators, lead in the form of automotive batteries, and silver in the form of coatings on photographic film. ASARCO has entered into hazardous-waste recycling as well.

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Sudbury Steelworkers ratify new contract with Vale (Sudbury Star – May 1, 2015)

The Sudbury Star is the City of Greater Sudbury’s daily newspaper.

United Steelworkers locals 6500 and 6200, representing production and maintenance employees in Sudbury and Port Colborne, have voted to accept a new five-year contract, Vale announced Friday.

The new agreement takes effect on June 1. When the polls closed earlier today, 76.7% of members in Sudbury and 87% of members in Port Colborne had voted in favour of the new five-year deal.

“We are extremely pleased with the outcome,” Mitch Medina, Vale’s lead negotiator, said in a release. “A new five-year agreement, delivered a month before the old contract expires, points to a maturing in our labour relations. By the time the new contract expires in 2020 we will have enjoyed an unprecedented full decade of labour peace.”

The new five-year deal contains improvements in contract language, wages, benefits and pensions. USW Locals 6500 and 6200 represent 2,800 production and maintenance employees in Sudbury and Port Colborne.

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Vale ups stakes in iron ore war – by Stephen Bartholomeusz (The Australian – May 1, 2015)

http://www.theaustralian.com.au/

Of far greater consequence to Rio Tinto, BHP Billiton and Australia than Andrew Forrest’s complaints about their volume and cost-driven iron ore strategies is what the “other” major seaborne producer does in response to the crash in iron ore prices.

They might be encouraged by the commentary that accompanied Vale’s first-quarter results overnight.

The Brazilian group is the larger of the three major seaborne iron ore producers and is in the midst of an ambitious and expensive ($US17 billion) program to increase its production by 40 per cent, to almost 460 million tonnes a year from last year’s 327 million tonnes.

As with all the other producers, Vale is slashing costs to try to dampen the impact of the dive in iron ore prices and was able to proclaim that, for the first time in its history, cash costs were less than $US20 a tonne. A significant component of the $US13 a tonne reduction in cash costs was a 20 per cent, or $US4.50 a tonne, fall in freight costs.

Vale has traditionally been competitive with Rio (RIO) and BHP (BHP) in production costs and its ore is generally of higher quality. Its disadvantage has been distance from China and the impact that freight costs have had on its landed costs.

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Company announces amidst protests that Mount Polley mine could restart in months – by Dirk Meissner (Canadian Press/Brandon Sun – April 30, 2015)

http://www.brandonsun.com/

VICTORIA – The open-pit, gold-and-copper mine hit by a devastating tailings pond breach that caused an environmental disaster in central British Columbia could be operating safely and near full capacity within months, the company has announced.

Steve Robertson, vice-president of corporate affairs at Imperial Metals Corp., (TSE-Ill), said Wednesday that more than 50 per cent of Mount Polley’s 370 employees would be back at work if the Vancouver-based company is granted a permit to restart operations.

“If we get a permit approving the restart of the mine in June, it’s going to take a few weeks, but within a few weeks we would be able to be up and running,” he said. “What we’re proposing is a modified restart.”
Robertson said the startup phase would not be full speed.

He said 276 people were employed doing restoration in March, but those numbers are fluctuating.

Environmental and aboriginal groups say they will oppose any decision that allows Mount Polley, blamed for spilling 24-million cubic metres of silt and water into nearby lakes and rivers last August, to resume operations.

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Rio Signals Ready to Step Up on Dealmaking as Market Bottoms – by David Stringer (Bloomberg News – May 1, 2015)

http://www.bloomberg.com/

With the mining sector seen nearing the bottom of the cycle, Rio Tinto Group signaled to analysts it’s ready to resume mergers and acquisitions.

The company is prepared to look for a deal if it can secure the right asset at the correct valuation and win investor backing, Morgan Stanley said after an analysts’ meeting this week with Chief Financial Officer Chris Lynch.

An acquisition would be Rio’s first since 2012, according to data compiled by Bloomberg. As asset valuations get pushed lower, larger producers may be changing their attitude toward deals, according to Argo Investments Ltd.

“If they can buy tier-one assets at valuations that are closer to the bottom of the cycle, then that’s not a stupid thing to do,” said Jason Beddow, chief executive officer of Argo Investments, which manages about A$5 billion ($4 billion) in Australia and holds Rio shares.

The value of completed mining deals fell in 2014 to $51.3 billion, the lowest annual total in 10 years, according to data compiled by Bloomberg.

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Barrick Gold hires BlackRock fund manager to help with turnround – by James Wilson (Financial Times – May 1, 2015)

http://www.ft.com/intl/companies/mining

Barrick Gold, the world’s largest gold producer by output, is hiring one of the UK mining sector’s best known fund managers as part of executive chairman John Thornton’s push to improve the struggling company.

Catherine Raw is joining Barrick’s leadership team from BlackRock, the asset manager, where she was co-head of its largest mining fund and highly critical of the performance and strategy of most of the world’s largest gold miners. The sector needed “to start seeing some really painful decisions being made”, Ms Raw said in December.

Barrick has shaken up its top ranks since Mr Thornton, a former Goldman Sachs banker, took over as executive chairman last year from founder Peter Munk. The Canadian miner has come under fire from investors after three consecutive years of net losses driven largely by writedowns on misfiring projects and acquisitions.

Mr Thornton — who pledged to review Barrick’s management pay policy after it was rejected at an advisory vote at this week’s annual shareholder meeting — has repeatedly said the company needs to do a better job of allocating investment to projects.

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Church of England Dumps Coal as Fossil-Fuel Divestment Gains – by Thomas Biesheuvel (Bloomberg News – May 1, 2015)

http://www.bloomberg.com/

It appears coal mining isn’t God’s work. The Church of England will dump its holdings in coal and oil-sand producers and has ruled out backing companies with exposure to the most polluting fossil fuels, joining the movement that wants investors to help fight climate change.

The church’s investment arm said on Thursday that it will sell its 12 million-pound ($18.3 million) coal and tar sands investments. The church also vowed not to invest in any business that gets more than 10 percent of its revenue from the fuels, ruling out companies including Peabody Energy Corp. and Suncor Energy Inc.

The move by the church, created by Henry VIII’s split from the Roman Catholic Church in the 16th century and still headed by the Queen, is a victory for environmental activists seeking to stigmatize oil and coal companies in the way South Africa and tobacco companies have previously been targeted.

“Climate change is already a reality,” said the Reverend Richard Burridge, deputy chair of the church’s ethical investment advisory group. “The church has a moral responsibility to speak and act on both environmental stewardship and justice for the world’s poor who are most vulnerable to climate change.”

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Chile: Copper bottomed – by Henry Sanderson (Financial Times – April 27, 2015)

http://www.ft.com/intl/companies/mining

Facing higher costs and lower prices, copper producers are being asked to improve their environmental record

Black flags hang from the doors of the one-storey red brick houses in Caimanes, a village that lies in the hills north of Santiago on the course of the Pupio stream. The banners are the most obvious sign of a bitter environmental protest against a nearby dam, which holds waste from a copper mine — one of Chile’s largest — high up in the Andes.

Last November, a group of up to 150 villagers took matters in to their own hands and blocked access to the dam for 75 days, as the mine ground out copper — used in everything from smartphones to wiring on construction sites in China.

The campaigners felt confident: the previous month Chile’s Supreme Court had ruled that the London-listed mining company Antofagasta — majority owned by the Luksics, one of the country’s richest families — should either demolish the dam or come up with a plan to allow water to flow into the town.

“We deserve respect, it should not just be the mining company doing what it wants,” says Juan Olivares, vice-president of the committee for the defence of Caimanes, as he plans the group’s next move in the small green-painted room that serves as its headquarters.

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Goldcorp Inc shareholder’s back company on “say on pay” – by Peter Koven (National Post – May 1, 2015)

The National Post is Canada’s second largest national paper.

TORONTO – After shareholders approved Goldcorp Inc.’s “say on pay” resolution at its annual meeting on Thursday, chairman Ian Telfer fired off a zinger at the proxy advisory firm that recommended against it.

“The ‘Glass Lewis’ is half empty, not half full,” he quipped, referring to Glass Lewis & Co. “Because 90 per cent of shareholders ignored their advice.”

Glass Lewis also advised shareholders to vote against the executive compensation packages at Barrick Gold Corp. and Yamana Gold Inc. And in both cases, an overwhelming majority of investors rejected those plans at annual meetings this week.

But it appears the Glass Lewis recommendation on Goldcorp got little to no traction, as 89 per cent ofshareholder votes were in favour of the company’s compensation plan. Chief executive Chuck Jeannes told reporters after the meeting in Toronto that he was “thrilled” with the result, which is non-binding.

“I was disappointed in the Glass Lewis recommendation. I don’t think it made sense because it was based on a comparison of our financial results with companies outside our sector,” he said.

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COLUMN-Gold equities may be better bet than physical metal – by Clyde Russell (Reuters U.S. – May 1, 2015)

http://www.reuters.com/

LAUNCESTON, Australia, May 1 (Reuters) – While the price of gold has meandered in a narrow range this year, gold equities have improved somewhat and an analysis of relative performance suggests they may have further to rally.

Spot gold ended Thursday’s trade at $1,183.85 an ounce, largely unchanged from $1,183.55 at the end of 2014, as the precious metal battles the competing influences of a firmer dollar and concerns over a Greek exit from the euro zone.

However, major gold miners have shown some improvement, with the S&P TSX Global Gold Index gaining 14 percent so far this year.

The Toronto Stock Exchange-based index groups together the world’s top gold producers, including No.1 Barrick Gold Corp , which is up 20.5 percent this year in U.S. dollar terms, and No.2 Newmont Mining Corp, which has gained 40 percent.

The No.3 producer, Johannesburg-listed AngloGold Ashanti , is up 32 percent since the start of the year in dollar terms. These are impressive gains for the top gold miners, especially given the steady price of the precious metal.

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Agnico digs deeper in Val d’Or – by Robert Gibbens (Montreal Gazette – May 1, 2015)

http://montrealgazette.com/

North America’s deepest gold mine, in northwestern Quebec, may soon get deeper. The LaRonde mine 56 kilometres west of Val d’Or, with a depth of 3.1 kilometres, could reach 3.7 kilometres in the latest development initiative by operator Agnico Eagle Ltd.

If the deep-level operation is successfully developed, the mine will have enough reserves to last an additional decade, to 2034, the company said.

Chief executive Sean Boyd, a 22-year Agnico veteran, has an engineering team working on the new 3.7-kilometre target level, seeking higher-grade ore and lower production costs to help LaRonde deal with bullion prices around the present $1,200 U.S. an ounce. Most of LaRonde’s ore now comes from the deeper levels.

Boyd told analysts Friday Agnico is working to extend LaRonde’s reserve base by targeting the 3.7-kilometre level and it has two drill holes under way. Drilling late last year added 444,000 ounces to LaRonde’s indicated reserves.

“We have a big exploration program underway this year in Canada and the LaRonde project is part of our long-term strategy,” he said.

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