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Can $300M save Fish Lake and B.C. mining? – by Terence Corcoran (National Post – October 20, 2011)

The National Post is Canada’s second largest national paper.  Terence Corcoran is the editor and columnist for the Financial Post section of the National Post.

First Nations appear to threaten B.C. mining over Taseko’s Prosperity mine

The benefits of mining to Canada are well known. A news story in the Financial Post Tuesday suggests the industry’s contribution to the national economy may be too well known, even taken for granted, to the point where nobody much cares if $11-billion worth of GDP growth is blown away in a protracted battle with First Nations groups and environmentalists over Taseko Mines’ gold and copper project in British Columbia.

At the centre of the project, near Williams Lake, some 400 kilometres north of Vancouver, sits Fish Lake, a small 118-hectare body of water. Call it the $300-million lake. That’s the amount of money Taseko Mines has anted up to preserve Fish Lake in response to a Canadian Environmental Assessment Agency (CEAA) claim that the destruction of the lake was grounds for killing the Prosperity mine. At $300-million, or $3-million per hectare, Fish Lake is likely more valuable than Lake Tahoe.

In a 250-page panel review last July, the CEAA could find few problems with Taseko’s open-pit mine project, a $1-billion investment that would create thousands of jobs over a 24-year operating period.

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Taseko floats second plan for B.C. site – by Peter Koven (National Post – October 19, 2011)

The National Post is Canada’s second largest national paper.  pkoven@nationalpost.com 

TORONTO  – The economic benefits appear to be massive. Now the main question is whether the federal government will approve it this time.

Nearly a year after Ottawa rejected Taseko Mines Ltd.’s Prosperity project in central British Columbia, the company is highlighting a third-party economic study that shows the proposed mine would increase real gross domestic product in Canada by $11-billion over the next two decades, while creating an estimated 71,000 jobs.

The study, prepared by the Centre for Spatial Economics, also suggests government revenue would rise by $9.8-billion over the life of the mine, and the B.C. population would grow by an estimated 5,400.

“It just shows you the kind of economic impact one mine can have. It’s unreal,” Taseko chief executive Russell Hallbauer said. Prosperity, 125 kilometres southwest of Williams Lake, is already one of the most controversial mining projects in Canadian history, well before any shovel has been put into the ground.

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NEWS RELEASE: Taseko’s New Prosperity Mine Would Increase Real GDP by $11 Billion, Add 71,000 Jobs over 20 years, New Study Reveals

October 18, 2011, Vancouver, BC- A new comprehensive economic study of Taseko Mines’ (TSX: TKO; NYSE Amex: TGB) (“Taseko”) proposed $1.5 billion New Prosperity Gold Copper Project located in British Columbia reveals that the project would provide a significant economic stimulus to the economy, and create thousands of new jobs for Canada over its 20 year mine life.

Using a macroeconomic model of the British Columbian economy, The Centre for Spatial Economics (C4SE), who has previously developed Canadian Department of Finance fiscal forecasts, reviewed the New Prosperity Project, starting with the 2013 construction phase and ending with the anticipated 2036 closure of the mine. The conclusions of the report suggest long term contributions to national, provincial and regional economies, including a significant increase in federal and provincial revenues and sustained job growth.

On June 6th, 2011, Taseko Mines responded to an invitation by the Federal government of Canada to submit a revised proposal for the development of its Prosperity Gold and Copper deposit in BC. New Prosperity, the company’s revised plan, includes an additional $300 million in capital investment to limit the mines environmental impact, notably the preservation of Fish Lake.

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Premier Clark’s best move speeding up approvals for dozens of new mining projects – Vancoucer Sun Editorial (Vancouver Sun – October 11, 2011)

The Vancouver Sun, a broadsheet daily paper first published in 1912, has the largest circulation in the province of British Columbia.

Premier Christy Clark’s pledge recently to accelerate approvals for mining projects is a rare ray of light in the gloom of economic stagnation.

With weak GDP growth, fiscal deficits, slumping stock markets, high household debt and a slight improvement in personal disposable income for much of the past decade, the prospect of eight new mines opening and another nine expanding by 2015 should prove a game-changer for British Columbia.

These projects are expected to create 1,800 new, well-paid jobs in communities where good jobs are hard to find. The average annual wage in mining last year was $108,100, income that will support families and local businesses and provide tax revenue for government to spend on what people say matters to them, namely health care and education. Besides jobs on and under the ground, mining supports auxiliary jobs in Vancouver and other urban centres where the financing, accounting, regulatory and legal work are done.

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Canada Starts Here: The BC Jobs Plan Speech – by British Columbia Premier Christy Clark (Sept/22/11)

This Speech was given to the Vancouver Board of Trade on September 22, 2011

Check against delivery

Thanks, Dave, for the introduction.

I’d like to acknowledge my caucus members in attendance, as they stand up – please give them a warm round of applause. Iain Black is here today as well.

And most importantly I want to acknowledge all the job creators in the room and that’s you.

You know, my grandfather was a member of the trade delegation that went to Japan with this Board of Trade in 1954. I found this wallet of his from the trip when I was cleaning out some boxes in my garage a couple months ago. He worked for a B.C. small business, Nelson Brothers Fisheries. He was the production manager and he went on this trade mission that flew through Anchorage, Alaska and then on to Japan.

The whole point was to reach out to open new markets and create new jobs in British Columbia. I am really proud he did that, and that the Board of Trade had the foresight to lead that mission in the 1950s. Fifty-seven years later, I am standing here before the same organization to talk about the same thing – new markets, new opportunities and good jobs for families.

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NEWS RELEASE: MINING ASSOCIATION OF BC WELCOMES NEW “CANADA STARTS HERE: THE BC JOBS PLAN”

22 September 2011 – Vancouver – The Mining Association of BC commends the provincial government’s Canada Starts Here: The BC Jobs Plan released today. 

Of particular importance to the BC mining sector, the BC jobs Plan proposes a commitment of almost $24 million to natural resource ministries with a goal of reducing the time it takes to get decisions on approvals and permits. The Premier emphasized that this plan could be implemented without compromising BC’s strict environmental standards.

The plan also promises that, in collaboration with the private sector, BC will see eight new mines in operation; nine upgrades and expansions to currently operating mines; and, mining permit backlog (Notices of Work) will be reduced by 80 percent within twelve months noting that once the backlog is dealt with, there will be a new sixty day turnaround to process Notices of Work for mines.

 “The mining industry is very encouraged to see government investing in its internal resources which allow private sector economic activity to occur,” said John McManus, Chair of the Mining Association of BC. 

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AME BC NEWS RELEASE: Mineral Explorers Applaud BC Jobs Plan

Vancouver, BC – September 22, 2011 – Today the Association for Mineral Exploration BC (AME BC) applauded the release of Canada Starts Here:  The BC Jobs Plan. In particular, AME BC thanked the provincial government for its commitment of $24 million toward reducing the time it takes to get decisions on approvals and permits for natural resource sectors. This will be done without compromising British Columbia’s world class safety and environmental standards or the requirement to consult with First Nations. The government has stated that once the permit and approval backlog is reduced, the target for turnaround on new “notices of work” for mines will be 60 days.

“Based on high commodity prices, our natural mineral potential, and proximity to Asian markets, BC is experiencing a modern-day gold rush built on safe, responsible and successful exploration,” said Gavin C. Dirom, President and CEO of AME BC. “There are more than 350 mineral exploration projects and 20 major mine projects active in BC. In 2010, we saw a doubling in exploration expenditures, up from $154 million in 2009 to $322 million as well as seeing almost $1.5 billion spent in construction and development of new mines or expansions.  These new mines potentially represent the creation of 10,000 new jobs over the next ten years.” 

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Blog with Sudbury connection named one of mining’s best – by Sudbury Northern Life Staff (October 19, 2011)

http://www.northernlife.ca/

A Canadian mining blog with a Sudbury connection has chosen as one of the world’s top 10 industry-related blogs.

Mining IQ put RepublicOfMining.com in eighth place on its top ten list of the world’s top mining industry blogs. RepublicOfMining.com is owned and operated by Stan Sudol, a man who now calls Toronto home, but who is a native of Sudbury.

Australia-based Mining IQ, a mining guide and international learning and communications portal, put RepublicOfMining.com on its list of Top 10 Mining Blogs, one of only two Canadian sites to be included.

The publication highlighted the blog’s strong mission statement and the variety of categories readers can choose from, creditting Sudol for his “enlightened approach”.

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McGuinty mulls cabinet choices [MNDMF Minister??) – Thunder Bay Chronicle-Journal Editorial (October 20, 2011)

The Thunder Bay Chronicle-Journal is the daily newspaper of Northwestern Ontario.

PREMIER Dalton McGuinty will announce the makeup of his new cabinet today. The election took its toll on both former ministers and Liberal strength and this will likely be reflected in a leaner front bench.
Some ministers would appear to remain locks on their portfolios and Michael Gravelle at Northern Development is surely among them. If not, then who?

Seeking a third term with sinking pre-election popularity back in the summer, a number of ministers declined to run again. Most notable among those was Sandra Pupatello, the former economic development and trade minister, who said she needed new challenges after 16 years at Queen’s Park. One of McGuinty’s most impressive ministers, it would not be surprising to see her seek the party leadership when the premier steps down as expected before the next election.

McGuinty also lost other high-profile politicians prior to the vote, including ministers Monique Smith, Gerry Phillips, David Ramsay and Steve Peters, who was speaker.

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Quadra FNX outlines [Sudbury] Victoria Mine plans – by Mike Whitehouse (Sudbury Star – October 20, 2011)

The Sudbury Star is the City of Greater Sudbury’s daily newspaper.  mwhitehouse@thesudburystar.com

One of Sudbury’s oldest, most storied and most prolific mines is about to be reborn. Victoria Mine near Worthington is likely the largest new mineral deposit found in Sudbury in a generation and will be hard to beat, say Quadra FNX officials.

Appearing before city council Wednesday, Pat Lewis, Quadra’s manager of business relations, said the $750-million, seven-year new mine development represents a significant expansion of Su dbury’s mining infrastructure.

Though Quadra is Sudbury’s third largest miner, it is increasingly becoming a major international player, Lewis said.

In addition to the three projects it already has in Sudbury -Levack Morrison, McCreedy West and Podolsky, all leased from Vale — Quadra is developing the $2.5-billion Sierra Gorda project in Chile.

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[Timmins mining] Summit explores Aboriginal potential- by Ryan Lux (Timmins Daily Press – October 20, 2011)

The Daily Press, the city of Timmins newspaper. Contact the writer at news@thedailypress.ca.

With Northern Ontario’s mining sector poised to takeoff, the region’s First Nations are preparing to get on board.

Staff at the Nishnawbe Aski Development Fund (NADF) are organizing the first summit to introduce mining corporations to First Nation communities whose traditional territories sit on valuable ore.

“There’s been a lot of chatter surrounding mining over the past couple years and I think there’s a sense among First Nations communities of a need to empower themselves to benefit from resource development,” said NADF’s marketing and communications director Ade Sekudo.

“Our communities are looking to leverage their rich resource base to fund sustainable economic growth.” While miners have been clawing ore out of the Canadian Shield in the North for more than a century, Sekudo explained there is now a greater urgency felt by First Nations to reap some of the industry’s benefits.

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Newfoundland community interested in Sudbury mining suppliers – by Northern Ontario Business staff (October 17, 2011)

Established in 1980, Northern Ontario Business  provides Canadians and international investors with relevant, current and insightful editorial content and business news information about Ontario’s vibrant and resource-rich North. Ian Ross is the editor of Northern Ontario Business ianross@nob.on.ca.

The Long Harbour Development Corp. in Newfoundland wants to import the expertise of Sudbury’s mining supply and services companies.

The community is the site of Vale’s $3-billion hydromet processing facility, currently under construction, and it will process nickel sulphide concentrate from Vale’s Voisey Bay Mine in Labrador. The development corporation wants to identify suppliers so when the facility goes into production in 2013, they are ready to meet the supply and services requirements.

“I am a matchmaker,” said Joe Bennett, executive director of the Long Harbour Development Corp. “I want to take advantage of the experience of the suppliers in Sudbury and see if we can create a marriage between organizations in Newfoundland who might want to do a joint venture, or partnership, or sub-office, with someone who is already experienced in dealing with Vale on the supply side and hopefully get a leg up.”

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NEWS RELEASE: Agnico-Eagle’s Goldex mine to suspend production during investigation and remediation of water inflow and ground stability issue; book value of Goldex to be written off (Oct/19/2011)

Stock Symbol:   AEM (NYSE and TSX) 

(All amounts expressed in U.S. dollars unless otherwise noted)

TORONTO, Oct. 19, 2011 /CNW/ – Agnico-Eagle Mines Limited (“Agnico-Eagle” or the “Company”) announced today that it is suspending mining operations and gold production at its Goldex mine in Val d’Or, Quebec effective immediately.  This decision follows the receipt of an opinion from a second rock mechanics consulting firm which recommended that underground mining operations be halted until the situation is investigated further.

While the Company continues to assess the situation, it appears that a weak volcanic rock unit in the hangingwall of the Goldex deposit has failed.  This rock failure is thought to extend between the top of the deposit and surface.  As a result, this structure has allowed ground water to flow into the mine.  This water flow has likely contributed to further weakening and movement of the rock mass.

“Considering the safety of the Company’s employees, and the integrity of the mine’s infrastructure and that of the surrounding area, the decision was made to stop production indefinitely” said Sean Boyd, Vice-Chairman and CEO.

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NEWS RELEASE: OSISKO PRESIDENT SEAN ROOSEN NAMED ERNST & YOUNG 2011 QUEBEC ENTREPRENEUR OF THE YEAR (October 7, 2011)

(Montreal, October 07, 2011) During a ceremony held yesterday, Sean Roosen, President and CEO of Osisko Mining Corporation (“Osisko”), was named Ernst & Young’s 2011 Quebec Entrepreneur of the Year. Furthermore, he is among the five individuals to be nominated for the national honor of Canada’s 2011 Entrepreneur of the Year, being announced in Toronto on November 23.

The Quebec Entrepreneur of the Year Award is given annually to an entrepreneur who has distinguished himself by his achievements, not only in terms of business success, but also in terms of socio-economic development within the community.

“I am extremely proud to receive one of Canada’s most prestigious awards”, noted Sean Roosen. “I humbly accept this award on behalf of the entire Osisko team—now counting over 700 employees—who are the ones truly responsible for the success of the Company.”

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PM’s big oil ‘no-brainer’ an emotional issue in U.S. – by Tim Harper (Toronto Star – October 19, 2011)

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.

OTTAWA – The Conservative government — along with TransCanada Pipelines and the Alberta oil sands — are at risk of being dragged somewhere they don’t want to be.

The politics surrounding the giant Keystone XL pipeline means Stephen Harper and his cabinet have become major players in an issue that is becoming increasingly emotional, an issue that is becoming a political dilemma for U.S. President Barack Obama.

Opponents of the pipeline are determined to make it an issue in the presidential election. Obama has promised a decision by year’s end on the $7 billion, 2,700-kilometre pipeline that would ship Canadian oil from Alberta to the Gulf of Mexico, traversing six U.S. states.

The Conservatives didn’t set out to become a player in the 2012 U.S. presidential election. They have been doing what governments are supposed to do.

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