Twitter

Tin (British Mining Movie – 2015)

 

http://www.tinmovie.com/

SYNOPSIS

In the winter of 1890 a windswept troupe of actors arrives in a small town, perched on cliffs above the Atlantic. Dragging with them a cartload of scenery and an emaciated pianist, they have come to give a performance of Beethoven’s opera “Fidelio”.

The inhospitable, granite-grey town is in crisis: its once-glorious tin mine, upon which everyone’s livelihood has depended for generations, is on its last legs.

As these different worlds collide, the actors find melodrama spilling over into everyday life and discover that they are not the only ones who survive by appearing to be something they are not.

The actor-manager’s business acumen proves no match for local cunning and she is misled into investing in the mine. When it unexpectedly yields up new treasures, any notion of fair play is abandoned.

Read more

Fox News uses input from New York Times reporter (!) for ‘Clinton Cash’ piece – by Erik Wemple (Washington Post – April 23, 2015)

http://www.foxnews.com/

http://www.washingtonpost.com/

Earlier this week, MSNBC’s Rachel Maddow devoted considerable time to examining the agreements of major media outlets with Peter Schweizer, the author of “Clinton Cash,” a soon-to-be-released book highlighting overlaps between the work of the Clinton Foundation and Hillary Clinton’s tenure as secretary of state.

No surprise, said Maddow, that Fox News would be partnering with such an author, who advised Sarah Palin and assisted the George W. Bush White House with speechwriting. Some surprise, said Maddow, that a news org like the New York Times would strike an exclusive agreement with Schweizer.

Now for an even bigger surprise: Not only did the New York Times work with Schweizer; it also worked directly with Fox News! See the segment below, in which New York Times investigative reporter Jo Becker provides input for the report of Fox News host Bret Baier on a “bombshell rocking the Clinton campaign.”

Read more

UPDATE 3-Barrick will not suspend copper mine as Zambia backs down on royalties – by Chris Mfula (Reuters U.S. – April 23, 2015)

http://www.reuters.com/

LUSAKA, April 23 (Reuters) – Barrick Gold Corp, the world’s biggest gold producer, said on Thursday it will not suspend operations at its Lumwana open-pit copper mine in Zambia now that the country’s government has reduced mining royalties.

Zambia’s cabinet set the royalty tax rate for open-pit and underground mining at 9 percent on Monday. The corporate income tax rate will be 30 percent and the mineral processing tax rate will be 35 percent when the law takes effect on July 1.

“We appreciate the leadership and engagement of President (Edgar) Lungu and the government of Zambia on this matter,” Barrick Co-President Kelvin Dushinsky in a statement. “While Lumwana still faces challenges, in light of the government’s recent announcement we intend to continue operations at this time” The changes are yet to be approved by the parliament in Africa’s second-largest copper producer, but are expected to receive support from the assembly.

Zambia decided in January to increase royalties for open pit mines to 20 percent from 6 percent and raise rates for underground mines to 8 percent from 6 percent. The move rattled unions and mining companies and forced the government to review the plan.

Read more

How Putin’s Russia Gained Control of a U.S. Uranium Mine – by William Kennedy and Andy Hoffman(Bloomberg News – April 23, 2015)

http://www.bloomberg.com/

Since 2013, the nuclear energy arm of the Russian state has controlled 20 percent of America’s uranium production capacity.

Rosatom’s acquisition of Toronto-based miner Uranium One Inc. made the Russian agency, which also builds nuclear weapons, one the world’s top five producers of the radioactive metal and gave it ownership of a mine in Wyoming.

The deal, approved by a committee that included then Secretary of State Hillary Clinton, also followed donations from Uranium One’s Canadian chairman to the Clinton Global Foundation, the New York Times reported on Thursday.

In an interview with Bloomberg News, Ian Telfer, the former Uranium One chairman and current chairman of Goldcorp Inc., said he pledged a donation of $3 million to the Clinton charity in March 2008, “when it was never contemplated that at some point in the future the Russian government would become a major shareholder of Uranium One.”

Why did the Russian government want Uranium One? Russia is only the world’s sixth-largest uranium miner, but has a huge nuclear fuel industry. Rosatom had built that business partly by processing uranium from Soviet warheads decommissioned under the so-called megatons-to-megawatts agreement signed with the U.S. in 1993.

Read more

Local mining magnates drawn into American political arena – by Nelson Bennett (Business Vancouver – April 24, 2015)

http://www.biv.com/

Vancouver mining magnates Frank Giustra and Goldcorp Inc. (TSX:G) chairman Ian Telfer made generous donations to former U.S. president Bill Clinton’s charitable organization at a time when the company they built was acquiring assets in Russia and the U.S., according to the New York Times.

The story suggests the donations may have helped Giustra and Telfer conclude deals that eventually resulted in the Canadian mining company, Uranium One, being acquired by the Russia’s Rosatom State Atomic Energy Corp. It suggests former Secretary of State Hillary Clinton might have had a hand in approving the deal.

Several major U.S. media outlets have weighed in, saying there appears to be little, if any, evidence that Hillary Clinton would even have had knowledge of the deal.

Neither Telfer nor Giustra deny making donations to the Clinton Foundation, but insist there was no lobbying on their behalf from either Bill or Hillary Clinton as a result of the donations.

Telfer told Business in Vancouver that the timelines don’t line up to support the suggestion that Hillary Clinton – former U.S. Secretary of State – would have even been in a position to help his company. Telfer is the former chairman of Uranium One.

Read more

Up to $1 trillion in gold is held by temples in India. Now Modi wants them to monetize this vast hidden wealth – by Rama Lakshmi (Washington Post/National Post – April 24, 2015)

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

MUMBAI — Workers for the centuries-old Shree Siddhivinayak Temple here spent hours unpacking gold coins, heavy wedding necklaces and lustrous pendants from a closely guarded “strong room.” By the time gold-buyers began mingling with worshippers at the sweltering sanctuary on Tuesday, the jewelry auctioneers were ready.

“This is not a regular gold coin that you would buy from a gold shop — it contains the Lord’s blessing,” a temple board member said, holding up a tiny coin, probably left by a devotee years ago. It eventually sold for four times its face value.

Wealthy Hindu temples such as this one are repositories for much of the $1 trillion US worth of privately held gold in India — about 22,000 tons, according to an estimate from the World Gold Council. In 2011, one temple in south India was found to have more than $22 billion in gold hidden away in locked rooms rumoured to be filled with snakes. Another has enough gold to rival the riches stashed at the Vatican, experts said.

But little of it is contributing to the Indian economy, and now Prime Minister Narendra Modi’s government is looking to monetize India’s vast hidden wealth. In coming weeks, the government plans to begin a program that will allow temples to deposit their gold into banks to earn interest and circulate in the economy, rather than sit idle in musty vaults. The gold, officials said, would be melted down and sold to jewellers.

Read more

NEWS RELEASE: Cree Nation congratulates the International Uranium Film Festival for a successful inaugural event in Quebec

QUEBEC CITY, April 24, 2015 /CNW/ – As the 2015 International Uranium Film Festival draws to a close today, the Cree Nation extends its congratulations and appreciation for a successful inaugural event in Quebec. Over 50 films from around the world were screened in Quebec City and Montreal over the 10 days of the festival, each telling a different story about the impact of uranium mining and the risks of the nuclear age. The Grand Council of the Crees (Eeyou Istchee) was the major partner for this year’s festival, which drew some serious star power, with Quebec superstar Karine Vanasse and Hollywood actor/environmentalist Ed Begley, Jr. in attendance for the opening gala on April 15, 2015.

“From the very beginning of the Cree Nation’s fight against uranium development on our land, we have maintained that once Quebecers learned the true facts about uranium, they would stand with us,” said Grand Chief Matthew Coon Come. “We have seen that the more people learn about uranium and the nuclear chain, and the more we listen to the stories of those who have been affected by this industry, the more we are convinced that the risks brought by uranium are simply unacceptable, both today and for future generations. We have been honoured to host the International Uranium Film Festival in Quebec.”

The Cree Nation’s stand against uranium development began in 2008 when junior mining company Strateco Resources applied to the Quebec Government to pursue the Matoush advanced uranium exploration project, located on the family hunting grounds of the Cree Nation of Mistissini. The Government of Quebec has since denied the required permit for the Matoush project, due largely to its lack of social acceptability amongst the Cree Nation.

Read more

Snow Lake return to mining would surprise resident – by Jonathon Naylor (Flin Flon Reminder – April 23, 2015)

http://www.thereminder.ca/

Hudbay has additional processing in mind, not mining, with its planned purchase of the long-idle New Britannia gold mine in Snow Lake.

The deal, worth as much as US$17.3 million, is expected to close next week, giving Hudbay a mill, a former mine and dozens of unsurveyed mineral claims.

Rob Winton, vice-president, Manitoba Business Unit for Hudbay, said the transaction adds potential flexibility to processing options at its Lalor mine near Snow Lake.

“The timing of this acquisition works well as the current Lalor mine plans [have] us accessing gold ore in future years,” he said. “Having the capability to maximize gold recovery of these ores is the opportunity this purchase presents.”

The purchase, announced late last week, will give Hudbay two Snow Lake area mills capable of serving Lalor: the Stall Lake concentrator and the New Britannia mill. That raises questions around the company’s previously announced plan to build a new state-of-the-art mill at Lalor.

Read more

Clinton, Giustra push back against New York Times’ Uranium One story – by Michael Allan McCrae (Mining.com – April 23, 2015)

http://www.mining.com/

Hillary Clinton and Frank Giustra both released statements claiming that the New York Times failed to prove any connections between the Clinton Foundation and the purchase of Russian assets.

Today the New York Times profiled Uranium One and gifts to the Clinton Foundation. Spokesman for Hillary Clinton, Brian Fallon, called the story wrong.

“Relying largely on research from the conservative author of Clinton Cash, today’s New York Times alleges that donations to the Clinton Foundation coincided with the U.S. government’s 2010 approval of the sale of a company known as Uranium One to the Russian government. Without presenting any direct evidence in support of the claim, the Times story — like the book on which it is based — wrongly suggests that Hillary Clinton’s State Department pushed for the sale’s approval to reward donors who had a financial interest in the deal. Ironically, buried within the story is original reporting that debunks the allegation that then-Secretary Clinton played any role in the review of the sale.

The Times’ own public editor has taken issue with the paper’s arrangement with the author of Clinton Cash, saying, “The Times should have been much more clear with readers about the nature of this arrangement” and “I still don’t like the way it looked.” It certainly doesn’t look any better that the lead Times reporter appeared in a taped interview for a Fox News documentary attacking the Clintons on this matter prior to receiving our responses to her questions.”

Read more

[Mining death inquiry] Muck shocked Sudbury mining veteran – by Carol Mulligan (Sudbury Star – April 24, 2015)

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

Mark Bardswich has worked for Vale for 20 years, but had never been to Stobie Mine until late the night of June 8, 2011.

The operations control centre supervisor at Vale’s Totten Mine, he’s a long-time member of Ontario Mine Rescue, an organization that trains and equips volunteers to respond to mine accidents and disasters.

Bardswich was awakened about 10:45 p.m. June 8, and called to an incident at Stobie Mine. He got there by 11:30 p.m. and met with other mine rescuers.

He was told three people were missing and unaccounted for. Bardswich was assigned captain of a second rescue team, and by the time it got to the 3,000-foot level, he knew two men were involved and the body of one had been recovered. Bardswich moved along the level toward the No. 7 ore pass, through sticky mud.

“Looking around, I couldn’t believe it,” Bardswich testified at the fourth day of the inquest into the deaths of Jason Chenier and Jordan Fram. The men were killed by a run of muck at the 3,000 level of Stobie Mine near the No. 7 ore pass about 9:45 p.m.

Read more

Jim Doak, Canadian mining executive, found dead in Mongolia (CBC News Business – April 24, 2015)

http://www.cbc.ca/news/business

Chairman of Khan Resources was well-known Bay Street personality and frequent BNN commentator

The Canadian Press – A published report says Jim Doak, a well-known Bay Street personality who regularly appeared as a commentator on business channel BNN, has died while on business in Mongolia.

The Globe and Mail, citing sources, said Doak, 59, who was chairman of uranium exploration and development company Khan Resources, was found dead Thursday morning in a hotel room.

The public relations officer for the Police Authority of Mongolia confirms the death of an unidentified Canadian man on the 16th floor of the Blue Sky hotel in Ulan Bator. The officer said a preliminary autopsy found there was no foul play but added that a final autopsy report would be available in four days.

The federal government confirmed that a Canadian has died in Mongolia, but would not provide details. A Foreign Affairs spokesman said consular officials were in contact with authorities to gather more information.

Read more

NDP NEWS RELEASE: CONSERVATIVE BUDGET COMPLETELY IGNORES RING OF FIRE

OTTAWA – (April 23, 2015) While NDP Mining critic Claude Gravelle (Nickel Belt) and NDP Special Advisor to the Ring of Fire Howard Hampton were visiting communities involved in the Ring of Fire development, the Conservatives presented a budget that offers nothing to get shovels in the ground and the project started.

“The Ring of Fire is an incredible opportunity to invest in good sustainable jobs for the middle class in Northern Ontario,” said Gravelle. “Northern Ontarians want this project and the Ottawa Conservatives simply won’t listen.”

Not only does Budget 2015 make no mention of Northern Ontario, it fails to allocate any funding for the Ring of Fire.

“This is a project that will benefit not just Northern Ontarians, but the province for generations to come,” said Hampton. “The Conservatives must sit down with First Nations, the Province of Ontario and Northern communities and get moving on the Ring of Fire.”

Tom Mulcair and the NDP are committed to continuing to build relationships across Northern Ontario and supporting the development of the Ring of Fire.

Read more

Company Document: Barrick’s new compensation plan rewards long-term performance

http://www.barrick.com/

ISS and Glass Lewis have recommended voting against Barrick’s Say on Pay proposal. We have received considerable support for our compensation system in other quarters, and we want to explain the system in general and the way in which we apply it to the Executive Chairman’s compensation in particular.

Barrick’s new leadership has designed a compensation system that restores the culture that drove the company’s initial success and ensures a focus on creating long-term value. We talked to current long-term owners and companies outside of our peer group. We weighed the critique of short-term stock-based compensation by influential author and former dean of the Rotman School of Management, Roger Martin, in his groundbreaking work Fixing the Game.

We considered McKinsey & Company’s finding that more than 50% of a typical company’s value is created by activities that will take place three or more years in the future. And we considered the findings of a recent survey in the Financial Analysts Journal that reported 78% of executives would improve quarterly earnings even if their actions destroyed long-term value. As Dominic Barton and Mark Wiseman, two of Canada’s most respected business leaders on the world stage, recently argued in the Financial Times:

“The biggest financial rewards should be reserved for managers who deliver long-term value, not just a quick pop in the stock.” They noted that on average, 74% of fund managers are compensated in cash, tied to outperforming an annual stock market benchmark.

Read more

UPDATE 2-CPPIB joins chorus against Barrick’s executive pay structure – by Euan Rocha (Reuters U.S. – April 24, 2015)

http://www.reuters.com/

(Reuters) – The Canada Pension Plan Investment Board, the country’s largest pension fund manager, on Friday joined other investors opposing Barrick Gold Corp’s executive compensation schemes, arguing the company’s pay awards were “outsize” and unrelated to performance.

Toronto-based CPPIB said it plans to come out against the advisory vote on executive compensation that Barrick will be having at its annual shareholder meeting next week.

It also said it plans to withhold support from Brett Harvey, one of Barrick’s board members and the chair of its compensation committee. CPPIB own roughly 8.1 million Barrick shares, or less than a percent of the company’s outstanding stock.

“We continue to be concerned with the company’s practice of granting outsized awards on a largely discretionary basis, which we believe is inconsistent with the governance principle of pay-for-performance,” said CPPIB in a statement.

Last week, two smaller Canadian pension funds, the British Columbia Investment Management Corp (BCIMC) and the Ontario Teachers’ Pension Plan Board, said they plan to withhold support from Barrick’s entire board in light of their concerns with Barrick’s executive compensation package.

Read more

Walter Curlook was Mining’s Green Pioneer – by Cynthia Macdonald (University of Toronto Magazine – Spring 2015)

http://www.magazine.utoronto.ca/

The engineer, inventor, Inco executive and U of T prof is remembered for his boundless passion, spirit and energy

Nickel is a metal that’s both strong and remarkably versatile. These two qualities also describe Walter Curlook: an engineer, executive, community leader and teacher whose extraordinary career was forged not just in and around the nickel mines of his native Sudbury, but in work that took him around the world.

Curlook (BASc 1950, MASc 1951, PhD 1953), who died October 3 at the age of 85, rose meteorically through the ranks at Inco Ltd: from research metallurgist to top executive at a time when the company stood atop the world in nickel production. Curlook himself invented more than a dozen process patents: even at the highest administrative level, he remained an engineer at heart.

“He was an executive, but he also got right down in the labs and contributed directly to technical development,” says Prof. Doug Perovic of materials science and engineering. “He insisted on staying close and keeping his ear to the ground; he just worked so hard.”

He also pioneered environmental responsibility in the mining industry. “Under his leadership, Inco was always progressive in the environmental area,” says colleague Mansoor Barati. A $600 million sulphur dioxide abatement program, completed in 1993, was described as the largest environmental project ever completed by the industry.

Read more