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Industry’s reckoning: Why are world’s top miners at the Vatican? – by Eric Reguly (Globe and Mail – September 10, 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.

To bastardize a famous quotation from the bible, it may be easier for a camel
to pass through the eye of a needle than a mining boss to enter the kingdom of
god. With a little more good behaviour from the mining companies, that may
change. (Eric Reguly – Globe and Mail – September 10, 2013)

The CEOs of some of the world’s top mining companies did not come to the Vatican to pray, see Pope Francis or traipse through the sweltering halls of the Vatican Museums. They came to discuss ways to make their industry a bit less devilish and you have to give the Vatican credit for all-star drawing power. Any mining conference would have been envious of the guest list.

Saturday’s “day of reflection with the mining industry,” which was organized by the Pontifical Council for Justice and Peace, the Vatican department that deals with earthly matters such as promoting humans rights, included the CEOs of Anglo American, Rio Tinto and Newmont Mining. Those three men alone represented companies with well more than $100-billion (U.S.) in market value. The chairmen, presidents or senior executives of dozens of other companies, ranging from AngloGold Ashanti to African Rainbow Minerals, made the pilgrimage too.

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Hedge fund urges breakup of Barrick Gold to boost stock price – CBC News Business (September 9, 2013)

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

A small, U.S. hedge fund wants to break up Canadian mining giant Barrick Gold, saying its collection of mining assets is spread out over too broad of a geographic area, which has led to a disappointing shareholder return.

Mike Morris, co-founder of Two Fish Management, which is exposed to Barrick Gold through its options holdings, has written to Barrick CEO Jamie Sokalsky and other board members recommending that the North and South American assets of the mining company be split from the African and Australian Pacific holdings.

“Each distinct business unit has unique political environments, geologies, operating costs, reserve profiles, profitability, capital intensities and growth prospects,” he says in the letter.

Barrick Gold’s stock has fallen by nearly 50 per cent in the past year, as the gold mining company took massive writedowns and cut its dividend. The price of gold has been falling, but in addition, Barrick’s gold production per share fell 28 per cent from 2003 to 2012, Morris said.

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Start-up problems delay production from Cameco’s Cigar Lake mine into 2014 – by By Lauren Krugel (Canadian Press/Montreal Gazette – September 9, 2013)

http://www.montrealgazette.com/index.html

SASKATOON – Cameco Corp. says its long-delayed Cigar Lake uranium mine in Saskatchewan won’t begin producing until early 2014 because of some glitches it encountered during the start-up process.

The company had expected to produce 300,000 pounds of milled uranium this year, but on Monday said it will be unable to meet that target. The Cigar Lake mine — delayed several times in recent years due to flooding and other technical issues — is 97 per cent complete and had been close to finally starting up.

“When a mine is being commissioned, issues are going to come up and Cigar Lake is no exception,” CEO Tim Gitzel told a conference call.

“While we’re not happy with these delays, we have to keep in mind that Cigar Lake is a long-term project that we expect to last for many, many years. It is an important source of what will be low cost production for Cameco and a key component of our strategy to increase annual production to 36 million pounds by 2018.”

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Standing up to big gold – by Roxana Olivera (United Church Observer – June 2013)

http://www.ucobserver.org/

A fight pitting Indigenous Peruvians against a multinational mining company highlights the real cost of the global boom in precious metals

n July 3, 2012, Peruvian police opened fire on a public demonstration in the Andean town of Celendin, killing four protesters. José Sánchez was shot in the throat; Eleuterio García in the chest; Faustino Silva in the head. César Medina — the youngest among the dead at only 16 years old — was also shot in the head. Dozens more were seriously injured, and several arrested without cause. They were among 3,000 people rallying against the Minas Conga, a proposed gold mine that threatens to contaminate their community’s water supply.

The government immediately called a state of emergency in Celendin and two other provinces, suspending civil liberties and mobilizing riot police and soldiers to the region. But the very next morning, police and soldiers again fired at unarmed anti-Conga demonstrators in the nearby town of Bambamarca, this time killing Joselito Vásquez, 26, and injuring and arresting several others.

News of the violence sparked indignation in Peru and abroad. Amnesty International and Human Rights Watch, along with a host of other human rights groups, condemned the brutality, calling for a thorough investigation.

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Massive mine proposed at Oak Flat, sacred tribal land – by Emily Bregel (Arizona Daily Star – September 8, 2013)

http://azstarnet.com/

The planned Rosemont Copper Mine just south of Tucson isn’t the only mining controversy in Arizona. It isn’t even the biggest.

About 100 miles north of Tucson, Resolution Copper Mining wants to build a mine in Superior, a town of 2,800 people, that could yield 1 billion pounds of copper a year. That’s more than four times the projected output for Rosemont Copper’s planned mine in the Santa Rita Mountains, which would produce an estimated 243 million pounds of copper annually.

Resolution — owned by mining giants U.K.-based Rio Tinto and Australia-based BHP Billiton — says the mine would create 1,400 jobs and generate $61 billion over its 40-year lifespan, plus construction and clean-up time. It would extract enough copper to meet 25 percent of U.S. demand.

“If you can imagine five Super Bowls in Superior every year for 60 years, that’s the level of economic boost and economic activity this mine is going to generate,” said Andrew Taplin, Resolution Copper Mining’s project director since October 2012. But the project would also permanently alter an outdoor destination popular with Southern Arizonans. At the Oak Flat campground, five miles east of Superior, stone picnic tables are shaded by centuries-old oak trees.

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The promise of a sunrise industry – by Joel Netshitenzhe (The Sunday Independent – September 8 2013)

http://www.iol.co.za/sundayindependent [South Africa]

The 2013 Mining Lekgotla presented a unique opportunity for various stakeholders in the industry – mining companies, trade unions, mining communities and the government – to reflect on the state of the South African mining sector.

Taking place after the adoption of the National Development Plan (NDP) and during the month of the first anniversary of the Marikana tragedy, the lekgotla was an important forum to discuss not only measures required to prevent a recurrence of that tragedy; but also to identify a long-term path for the sector. As is expected across the economy, the time has come to develop Mining Vision 2030, as a contribution to the realisation of NDP objectives.

What are some of the major issues that the industry needs to take into account in this regard?

The NDP economic storyline includes such issues as the infrastructure programme, development of manufacturing, Green Economy opportunities and mass employment in agriculture. Critically, it acknowledges that there is no other sector in South Africa that contains possibilities to spur all these efforts than mining.

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Timna copper mines dated to King Solomon era – by Aaron Kalman (The Times of Israel – September 8, 2013)

http://www.timesofisrael.com/

Radiocarbon dating of olive pits shows site was active during 10th century BCE, backing up Biblical account

New archaeological finds, including date and olive pits, have backed up the biblical narrative according to which the Timna copper mines in the south of Israel were active during the reign of King Solomon, around the 10th century BCE.

The findings — based on the radiocarbon dating of material unearthed at a new site in Timna Valley in the Arava Desert, and released last week by a team led by Tel Aviv University’s Dr. Erez Ben-Yosef — overturn a consensus that had held sway among archaeologists for several decades.

After the unearthing of an Egyptian temple from the 13th century BCE in 1969, most archaeologists believed that the site had been built and was operated by the ancient Egyptians. Before that find, the area was called “King Solomon’s Mines,” as a result of digs by archaeologist Nelson Glueck who found pottery shards from the 10th century BCE and said the copper mines were active during the time of the ancient Israelite kingdom.

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Lights! Camera! Über promoter Friedland launches Ivanhoe Pictures – by Dorothy Kosich (Mineweb.com – September 9, 2013)

http://www.mineweb.com/

Will Ivanhoe Mines’ Robert Friedland match Frank Giustra’s success as a producer/film distributor?

RENO (MINEWEB) – After losing control of his Ivanhoe Mines to Rio Tinto, billionaire Robert Friedland is rebounding with a non-mining venture, Ivanhoe Pictures, a motion picture and television financing and production company.

Announced at Toronto’s Film Festival, Ivanhoe Pictures has been launched by Friedland, Greene Street President and Co-Founder John Penotti, and Ray Chen, founder and chairman of Beijing Premiere Media Company. Initially, the company will bridge production opportunities in America and Asia with a focus on China, India, Korea and Japan. The company will also pursue English and local language films in a number of global markets.

Friedland will serve as chairman of the company, Penotti as CEO, and Chen as executive vice president.

Through Ivanhoe Capital, Friedland was a key investor in Sina.com, the largest Chinese Chinese-language online infotainment web portal. Ivanhoe also provided the founding venture capital for U.S.-based Sirus Satellite Radio, which has evolved into SiriusXM radio.

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NEWS RELEASE: Ivanhoe Pictures Launched as a New Finance and Production Company

September 08, 2013 11:38 ET

HOLLYWOOD, CALIFORNIA and BEIJING, CHINA–(Marketwired – Sept. 8, 2013) – International financier Robert Friedland, producer John Penotti and Beijing-based media veteran Ray Chen have launched Ivanhoe Pictures, a motion picture and television financing and production company.

Ivanhoe Pictures will finance and produce film and television projects that have broad appeal to a global audience. Initially, the company will bridge production opportunities in America and Asia, focusing on China, India, Korea and Japan. Beyond that, the company will pursue English and local language films in a variety of global markets.
Ivanhoe Pictures will be based in Hollywood, California, with offices in Beijing and New York. Mr. Friedland is Chairman of the new company, Mr. Penotti is Chief Executive Officer and President and Mr. Chen is Executive Vice President.

Mr. Friedland is recognized in the business worlds of finance, venture capital and mineral resources. Through his principal interests, held through Ivanhoe Capital Corporation, Mr. Friedland has participated in financing a broad range of initiatives in more than 50 countries during the past 25 years. He was an initial, key investor in Sina.com, the largest Chinese-language online infotainment web portal. Ivanhoe provided the founding venture capital for U.S.-based Sirius Satellite Radio, which went on to build SiriusXM into the world’s most successful digital satellite radio service.

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Gabriel Resources seeks Romanian clarification on key gold mine – by Bertrand Marotte (Globe and Mail – September 9, 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.

Gabriel Resources Ltd. is frantically trying to confirm statements by Romanian Prime Minister Victor Ponta and other ministers regarding rejection of a draft bill allowing the company to build Europe’s largest gold mine.

The Canadian mining company said Monday that it is “urgently seeking confirmation of the actual statements made and clarification of the impact on the proposed permitting of the Project.”

Media reports on Monday quoted Mr. Ponta as saying that the Rosia Montana gold-and-silver project in a small Romanian town is “case closed” after a week of protests by environmentalists and citizens throughout the country concerned over the use of cyanide in the extraction process.

The project, which Gabriel has been pursuing since the late 1990s, would also involve the razing of four mountains to allow for a giant open pit mine. Backers of the project say the mine would help boost the economically deprived region of northwest Romania and create much-needed jobs.

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NEWS RELEASE: Ontario Mining Association – Interest in global mine rescue event expands

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 interest from around the world in the sixth International Mine Rescue Body (IMRB) conference being hosted in Ontario this Fall continues to expand. Registration for the event has now surpassed 200 delegates from 22 different nations — both numbers are higher than originally anticipated.

The symposium portion of the event will be held in Niagara Falls from October 5 to 10, 2013 and the field trip component will be held in Sudbury from October 10 to 13. The IMRB conference is being hosted by the Canadian Association of Chief Inspectors of Mines, Canadian mine rescue organizations – including Ontario’s — and the Canadian mining industry in general. Several Ontario Mining Association members are participating in and supporting the conference and field trip.

“We have 37 presentations covering a wide range of mine rescue topics from every corner of the world,” reports Alex Gryska, Director Mine Rescue for Workplace Safety North in Ontario. He advises that people can still participate in the symposium and field trips through the late registration route.

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Uruguay Prepares for Iron Rush – by Inés Acosta (Inter Press Service – August 26, 2013)

http://www.ipsnews.net/

The legal framework for large-scale mining is being prepared in Uruguay, a country where mining has never played an important role in the economy but which could become the world’s eighth largest producer of iron ore.

MONTEVIDEO, Aug 26 2013 (IPS) – A bill that would regulate large-scale mining operations is making its way through Uruguay’s two houses of parliament, despite a lack of political consensus and vocal opposition from environmental organisations and other sectors of civil society.

The proposed legislation, submitted by the executive branch and backed by the ruling Frente Amplio (FA) or Broad Front coalition, declares that large-scale mining would serve the “public interest”. But critics charge that the bill was drafted to serve the interests of the Aratirí project planned by the Indian mining group Zamin Ferrous, aimed at the production of 18 million tons of iron ore annually, with a promised investment of three billion dollars.

Opposition to these plans by environmentalists, farmers and other residents of the areas that would be affected by the mining operations is becoming increasingly louder. In the last demonstration against large-scale mining in Uruguay, held on May 10, more than 10,000 participants marched down 18 de Julio Avenue, the main thoroughfare in downtown Montevideo.

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Australia’s new government aims to re-boot mining boom – by James Grubel (Reuters U.S. – September 8, 2013)

http://www.reuters.com/

CANBERRA – (Reuters) – Australia’s incoming conservative government promised to re-boot a stalled mining boom and revive an appetite for investment on Sunday after leader Tony Abbott swept into office on a platform to scrap a mining tax and run a stable administration.

Abbott’s Liberal-National Party coalition ended six years of often turbulent Labor Party rule and three years of minority government, winning a majority of more than 30 seats in the 150-seat parliament at Saturday’s national elections. It was Labor’s worst result since 1934.

Abbott, a former student boxer, Rhodes scholar and trainee priest, began his first day as prime minister elect with a dawn bike ride with friends around his home on Sydney’s northern beaches, before meeting government and ministry officials. “People expect the day after an election an incoming government will be getting down to business. That’s what I’ll be doing today,” Abbott told reporters.

Abbott, who was backed by media owner Rupert Murdoch and his Australian newspapers, takes office as Australia’s economy adjusts to the end of a mining investment boom, with slowing government revenues and rising unemployment.

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From potash powerbroker to Minsk prison, the cost of crossing Belarus – by Polina Devitt (Reuters Canada – September 8, 2013)

http://ca.reuters.com/

MOSCOW (Reuters) – Vladislav Baumgertner has the fluent English, Western business degrees and meteoric career that typify Russia’s young executive elite, but the boss of Uralkali, the world’s largest potash producer, is now more in need of Soviet-era survival skills.

For two weeks Baumgertner, 41, has been held in a dank Stalin-era Belarusian cell, facing up to 10 years in jail on charges of abusing power and seeking gain at the expense of Belarus while chairman of a joint venture cartel, Belarusian Potash Company (BPC), which until last month controlled Russian and Belarusian exports of the fertilizer ingredient.

Belarus, which has long bridled at what it believes is Uralkali’s aim to take over its own producer Belaruskali, was angered by Uralkali’s abrupt exit from BPC last month, a move likely to lower prices, hit a key source of hard currency and hurt Belarus’s rickety economy.

The Belarusian Investigative Committee has not provided details on the charge, though among comments it made at the time of Baumgertner’s arrest are allegations that he and others at BPC provided discounts on product to some buyers without telling the Belarusians, redirected ships to take Uralkali product instead of Belaruskali’s, and cancelled some BPC contracts, promising partners a Uralkali alternative at lower prices.

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Wisconsin governor, Chippewas battle over open pit mine plan – by Carol Pogash (U.S.A. Today – September 8, 2013)

http://www.usatoday.com/

ODAHAN, Wis. — While laughing children bob in kayaks along the sandy shores of Lake Superior, their somber parents hunch over picnic tables talking about their wild rice, their water, their fish and their way of life. Members of the Bad River Band of Lake Superior Tribe of Chippewa Indians worry about what is to become of their lake, a life source for their people.

Gov. Scott Walker, his fellow Republicans and the governor’s onetime enemies, labor unions, are championing a $1.5 billion open pit mine planned for the Bad River watershed, six miles from the reservation in the pristine Penokee Hills of northern Wisconsin.

On Aug. 30, six Chippewa tribes of Lake Superior sent President Obama a letter requesting the Department of the Interior prepare litigation to protect the wetlands, fisheries, waters and wildlife from mining. The mining area is honeycombed with 70 miles of rivers and streams that flow north into Lake Superior, which the tribes say would be threatened.

This March, Walker signed a bill streamlining the approval process and easing environmental regulations for the proposed open pit iron ore mine, in which wide swaths of earth are removed to extract minerals. The issue playing out in Wisconsin is being repeated elsewhere.

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