Republic of Mining

New environmental review offers critical view of Taseko mine proposal – by Canadian Press (Globe and Mail – November 1, 2013)

November 1, 2013

The Globe and Mail is Canada’s national newspaper with the second largest broadsheet circulation in the country. It has enormous influence on Canada’s political and business elite.

VANCOUVER — A new environmental study into Taseko Mines Ltd. billion-dollar New Prosperity mine proposal in British Columbia says it would pose “several significant adverse environmental effects“

Taseko’s proposal received provincial approval in 2010 but the federal government rejected the original plan, which would have drained a lake of cultural significance to First Nations for use as a tailings pond.

Taseko then submitted a new plan for the site in the Chilcotin region 550 kilometres northeast of Vancouver and said it would save Fish Lake and prevent contamination from groundwater seepage from a tailings pond that it would instead locate several kilometres away.

The Canadian Environmental Assessment Agency report released Thursday said Taseko has underestimated the volume of water that would leave a tailings storage facility and there was “considerable uncertainty” regarding Taseko’s contingency plan for water treatment.

NEWS RELEASE: TASEKO ISSUES STATEMENT ON REVIEW PANEL REPORT

November 1, 2013

November 1, 2013, Vancouver BC – Taseko (TSX: TKO; NYSE MKT: TGB) today issued the following statement in response to the Canadian Environmental Assessment Agency federal Review Panel report on the proposed New Prosperity Gold-Copper project in the Cariboo-Chilcotin region of British Columbia:

The 323 page Review Panel report is detailed and we will be examining and considering its full content over the coming days.

Taseko is committed to protecting Fish Lake, and fish habitat, and we strongly disagree with the panel’s findings related to the potential impact on the water quality, fish and fish habitat of Fish Lake. Taseko will challenge these findings as they contradict best practices in place around the world today and expert opinion and analysis.

The report in most respects agrees with our assessment that there would not be significant adverse effects. The risks are modest and the social and economic benefits are enormous. The local governments and many citizens of the region made this very clear throughout the panel process.

With any major project there will be different views and some trade-offs, but we are confident the federal government can and will approve this project.

Barrick Gold Corp to raise more than US$3-billion in share sale, shelve Pascua-Lama mine – by Peter Koven (National Post – November 1, 2013)

November 1, 2013

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

Barrick Gold Corp. has launched a monster US$3-billion equity offering in an effort to repair its debt-laden balance sheet. The move was announced late Thursday afternoon, just hours after the Toronto-based miner said it is suspending construction of the troubled Pascua-Lama project.

“Both actions will radically improve Barrick’s balance sheet, which had become the major overhang to its outlook,” Deutsche Bank analyst Jorge Beristain wrote in a note.

Barrick shares were down more than 6% at US$18.15 in early trading Friday. It is the third largest bought deal in Canadian history, according to Financial Post data, and follows months of speculation that Barrick would tackle its debt load. The company is carrying US$15.4-billion of debt, much of it tied to the disastrous $7.3-billion takeover of Equinox Minerals Ltd. in 2011.

As gold prices declined this year, servicing that debt became more of a burden and pushed Barrick into action. The company plans to use at least US$2.6-billion of the proceeds from the offering to repay debt.

SA GDP could have gained if mining had grown like peers – Cutifani – by Forecaster Ecosa (Mineweb.com – November 1, 2013)

November 1, 2013

http://www.mineweb.com/

Mining should have raised South Africa’s GDP annual growth rate by 1% if it had grown at the same rate as its peers, says Mark Cutifani.

JOHANNESBURG, SOUTH AFRICA – Mining should have raised SA GDP annual growth rate by 1% if we had grown at the same rate as our mining peers, Anglo American CEO Mark Cutifani said on Thursday at the Fourth Enterprise Development Conference in Midrand.

“If mining had grown over the last seven years like our peers, instead of contracting, we would be heading the country towards the 5,4% growth target of the National Development Plan (NDP). A growing mining industry will be vital in creating an environment for sustainable employment growth and rising living standards, inclusive economic development and improving the country’s competitiveness. Mining has been, and remains, the bedrock of the South African economy, but we want to make it once again the engine of the South African economy,” he said.

Real value added in the mining sector peaked in 2005 on an annual basis, but then dropped by 9.8% in the subsequent seven years. In the second quarter 2013 it contracted by 5.6% compared with the first quarter on seasonally adjusted annualised basis.

Timmins shows us how to do the job – by Brian MacLeod (Sudbury Star – November 1, 2013)

November 1, 2013

The Daily Press is the city of Timmins broadsheet newspaper.

Where is one of the bastions of entrepreneurial growth in Ontario outside of Toronto?

Why, it’s the sprawling municipality of Timmins. And a sprawling municipality it is. With 2,979 square kilometres of land, it’s one of the largest geographic municipalities in Canada, larger than a dozen GTA municipalities combined. It’s the city with a history of fur trading and mining, and more recently, of Sherry Tremblay, Canada’s Most Perfect Woman over 30, as named by the Canada’s Perfect Pageant.

And, of course, it’s the home of Shania Twain.

A Canadian Federation of Independent Businesses (CFIB) survey has put Timmins eighth in Canada for the last couple of years among mid-sized cities for its entrepreneurial zeal. The report on the subject by Ted Mallett, vice-president and chief economist of the CFIB, notes a few things worthy of note for municipalities bent on attracting jobs.

Most importantly, spend more time looking inward. While entrepreneurs are typically mobile, communities are rooted, so an entrepreneurial city needs to harness its own people’s strength.

South African mine strikes doing little to lift platinum – by Jan Harvey (Reuters – November 1, 2013)

November 1, 2013

http://ca.news.yahoo.com/

LONDON (Reuters) – Given that South Africa is the source of 75 percent of the world’s platinum supply, the fact that prices have responded so little to strike action there this year has surprised investors.

Prices barely reacted to news on Thursday that the hardline AMCU union had declared a wage dispute with Lonmin, raising the possibility of an industry-wide strike that could hit half of global output.

Five years ago, the threat of production cuts in South Africa was the primary force driving platinum prices to record highs at $2,290 an ounce. But times have changed. Even after last year’s deadly wildcat strikes, when more than 50 people were killed in the platinum sector, prices rose only briefly. The following quarter, they fell nearly 15 percent.

Earlier this year, a two-week strike at major producers Anglo American Platinum, which the company said cost it 44,000 ounces of lost output, was accompanied by a 2 percent drop in platinum prices.

Northern summit to be held in Timmins – Wayne Snider (Timmins Daily Press – November 1, 2013)

November 1, 2013

The Daily Press is the city of Timmins broadsheet newspaper.

TIMMINS – Ontario cabinet ministers will converge on Timmins in early December to meet with Northern leaders. On Thursday, Northern Development and Mines Minister Michael Gravelle announced plans to host a Northern Leaders’ Forum on Dec. 6 in Timmins. The meeting will involve municipal, Aboriginal, business, industry and education leaders from across the North.

The main topic for discussion will be how best to implement the provincial government’s Growth Plan for Northern Ontario.

“Our government first released the Growth Plan as a blueprint for job creation and economic development throughout Northern Ontario,” Gravelle said. “Since its release, we have seen communities, organizations, and Aboriginal groups achieve some amazing things that have unequivocally proven my belief in the strength and resilience that we all share as Northerners.

“I am very pleased that our government is able to fulfil the request of the Northern Ontario Large Urban Mayors (NOLUM) and bring together key government ministers and community and Aboriginal leaders from across Northern Ontario to renew momentum and drive forward the next phase of the Growth Plan.”

Troubled Barrick launches $3 billion stock sale – by Lisa WRight (Toronto Star – November 1, 2013)

November 1, 2013

The Toronto Star has the largest circulation in Canada. The paper has an enormous impact on federal and Ontario politics as well as shaping public opinion.

The world’s largest gold mining company has decided to suspend construction of a mine that straddles the border between Chile and Argentina.

Barrick Gold Corp. announced one of Canada’s largest stock sales Thursday right after it shelved indefinitely its prized Pascua-Lama gold and silver project on the border of Chile and Argentina in a double-whammy to its already withering share price.

The TSX halted trading on the world’s largest gold company at 4:15 p.m. after Barrick announced it seeks to raise $3 billion in cash to reduce debt and strengthen a damaged balance sheet that has been under fire lately by increasingly disgruntled shareholders.

Shares of the cash-strapped Toronto miner – which has seen its share price cut in half over the last year — had fallen another 6 per cent earlier in the day as investors learned construction is now suspended on of one of the richest, untapped gold deposits in the world.

New Prosperity mine would have ‘adverse environmental effects,’ panel finds – CBC News British Columbia (October 31, 2013)

November 1, 2013

http://www.cbc.ca/bc/

Review Board panel says mine would negatively impact water quality, fish habitat and local First Nations

The Federal Review Panel released its long-anticipated report on the proposed New Prosperity copper-gold mine on Thursday night, concluding the mine “would result in several significant adverse environmental effects.”

The report specifically says that the mine would negatively impact water quality, fish and fish habitat in Fish Lake, land and resource use, and the cultural heritage of two First Nations directly impacted by the proposal.

Additionally, the panel found that the mine would have a “significant adverse cumulative effect” on the south Chilcotin grizzly bear population without considerable mitigation measures in place.

This is the second time the project has been reviewed by a federal panel. In 2010, the original proposal from Taseko Mines Ltd was found to have significant environmental shortfalls and was rejected by the Ministry of Environment.

NEWS RELEASE: Season six of SYTYKM begins — today

April 5, 2015November 1, 2013

This article was provided by the Ontario Mining Association (OMA), an organization that was established in 1920 to represent the mining industry of the province.

The Ontario Mining Association officially launched season six of its high school video competition So You Think You Know Mining (SYTYKM) today. New features of the competition this year include an additional award category and an increase in available prize money to $40,000 from $36,500.

The new Teachers’ Choice Award carries a $2,500 prize for the video receiving the most votes from educators. Every teacher who votes will be eligible for a random draw to win $1,000 to acquire audio-visual equipment for their schools. “We want to make SYTYKM a little more exciting and innovative each year,” said OMA President Chris Hodgson. “The success of SYTYKM would not be possible without the interest and support of dedicated teachers across the province. The new award is a way to recognize the vital role of teachers in the SYTYKM program.”

The award for the Best Overall video will be $5,000 and most other Oscar-type award categories carry $2,500 cash prizes for winners. While the competition opens today, the deadline for submitting two to three minute videos – or a 30-second commercial – on the benefits of mining is 11:59 p.m. on Friday, March 21, 2014.

AFRICA INVESTMENT-OPEC-style platinum cartel a pipe-dream – by Ed Stoddard (Reuters U.S. – May 16, 2013)

November 1, 2013

http://www.reuters.com/

(PLEASE NOTE DATE OF THIS POSTING!)

JOHANNESBURG – May 16 (Reuters) – South Africa is the Saudi Arabia of platinum with steroids thrown in.

But Pretoria could never manipulate the platinum price the way the Middle Eastern kingdom can influence oil’s and talk of a platinum cartel, perhaps along the lines of the Organization of the Petroleum Exporting Countries (OPEC), is a pipe-dream.

The world’s top platinum producers, South Africa and Russia, agreed to attempt to cope with excess supplies of the metal through a memorandum of understanding signed in March during the BRICS emerging market powers meeting in Durban.

South Africa’s mines minister Susan Shabangu spoke of “balancing” rather than “controlling the market” while still expressing concern about oversupply and prices. Confusingly, Russian officials said influencing prices was not the aim.

If not, then what would be the ultimate aim of cooperation between the platinum powerhouses, especially if one of the parties’ stated goals is to “balance” the market?

Unearthing the Possibilities [Women and Mining] – by Ashley Milne-Tyte (Women of Influence – August 26, 2013)

November 1, 2013

https://www.womenofinfluence.ca/

(PLEASE NOTE DATE OF THIS POSTING!)

Considering that women weren’t even allowed underground at Canadian mines 40 years ago, the strides we’ve made into the industry — sometimes up to the C-suite — are to be celebrated.

When Barb Courte started working with her husband in the mining industry 18 years ago, his associates made clear this was no place for a woman — not the drill sites, not the office, not the mining conventions. This was a man’s world. Courte’s husband Garry ran a drilling company, and boring through the earth looking for minerals, because of the sheer physicality of the job, attracts tough, burly men — with attitudes to match.

Many didn’t want her around. “If I was talking to a man [at work], they’d spread the rumor I was having an affair,” she says. “I still to this day experience [problems] being a woman in this industry, but I’m such a smartass I turn it around with humour.” Several years ago she attended a mining convention and spotted a man who had been gossiping about her behind her back. She sat down next to him. “He turned his back on me. I said, ‘How many contracts do you have to bid on? He said ‘none.’ I said, ‘Well I’ve got 10, because I’m better looking.’ ”

Klobuchar, Franken co-sponsor ‘critical minerals’ bill in Senate – by John Myers (Duluth News Tribune – October 31, 2013)

October 31, 2013

http://www.duluthnewstribune.com/

WASHINGTON — U.S. Sens. Amy Klobuchar and Al Franken joined 15 of their colleagues Tuesday introducing legislation to encourage mining of “critical minerals” across the U.S.

The Minnesota Democrats joined senators on both sides of the aisle, all from mining states, on the bill called the “Critical Minerals policy Act of 2013.”

The Senate bill requires the Interior Secretary to maintain a list of 20 minerals and elements designated as critical to the nation. It would amend the National Materials and Minerals Policy, Research and Development Act of 1980 to establish a method of tracking and forecasting the nation’s “critical mineral demand, supply and other market dynamics” to allow “informed actions to be taken to avoid supply shortages, mitigate price volatility and prepare for demand growth and other market shifts.”

The 40-page bill stops short of identifying what specific critical minerals might be. Klobuchar said her support comes from doing what is best for the state and country regarding the mineral supply.

US Steel ends 103 years of steelmaking in Hamilton – by Meredith MacLeod (Hamilton Spectator – October 30, 2013)

October 31, 2013

http://www.hamiltonnews.com/

Hopes that Hamilton’s U.S. Steel blast furnaces will fire up again have burned out, along with more than a century of steel production at the plant.

The announcement Tuesday that U.S. Steel will permanently cease making iron and steel in Hamilton has been feared since the company idled the mills in October 2010. The final blow came when CEO Mario Longhi told investors Tuesday those operations will wrap up Dec. 31.

“Decisions like this are always difficult, but they are necessary to improve the cost structure of our Canadian operations,” he said. Tuesday’s announcement does not affect rolling, coating and finishing operations, along with coke making, according to Pittsburgh-based U.S. Steel.

Forty-seven non-union jobs will be lost, but company spokesperson Courtney Boone said it would try to move staff into other positions. That leaves approximately 600 members of United Steelworkers Local 1005 and about 228 salaried positions at the Hamilton plant.

Barrick to Suspend Work on Pascua-Lama to Conserve Cash – by Liezel Hill (Bloomberg News – October 31, 2013)

October 31, 2013

http://www.bloomberg.com/

Barrick Gold Corp. (ABX) will temporarily suspend construction at its $8.5 billion Pascua-Lama mine on the Argentina-Chile border as the world’s largest producer of the metal tries to conserve cash after prices slumped.

Work on the project, located more than 12,000 feet (3,657 meters) up in the Andes mountains, was already partially halted amid a water dispute. All activity except that needed for environmental protection and regulatory compliance will cease, Barrick said today in a statement. It said a restart depends on future costs, gold prices and the regulatory and legal outlook.

Barrick has come under pressure after gold prices fell 21 percent this year and its debt increased. The Toronto-based company, led by Chief Executive Officer Jamie Sokalsky, has explored cash-raising options ranging from a strategic equity investment to a sale of a stake in its copper business, people with knowledge of the matter said yesterday.

The company also has considered the sale of an equity stake or an interest in Pascua-Lama to state-backed Chinese investors, the people said. Barrick has struggled with the mine, its sole mine-construction project, amid ballooning costs, delays and environmental challenges.