Republic of Mining

OPINION: Teck’s strategic errors helped make it prey – not predator – by Eric Reguly (Globe and Mail – April 22, 2023)

April 21, 2023

https://www.theglobeandmail.com/

When I graduated from high school, I did not have enough money to go to university. I needed to make a lot of bucks pretty fast and wanted a bit of an adventure, too. So I became a miner. My first job was at a Falconbridge open-pit copper mine near Ignace, in the wilds of Northwestern Ontario.

The second was at an underground Inco nickel mine in Thompson, Man. It was dangerous work, and, over a year, I made what seemed like a fortune to me, enough to pay for a degree from the University of Western Ontario. I graduated largely debt-free.

Trove of 1,000-year-old Viking coins unearthed by young girl in Denmark – by Sarah Do Couto (Global News – April 21, 2023)

April 21, 2023

https://globalnews.ca/

When most people go metal detecting, they typically find a few dimes, pop cans and if they’re really lucky, a lost piece of jewelry. An unnamed young girl in Denmark found much more than that when she unearthed a hoard of nearly 300 silver coins believed to be over 1,000 years old while using a metal detector in a cornfield last autumn.

The coins, as per the Historical Museum of North Jutland in Denmark, were discovered close to the Fyrkat Viking fortress site near the town of Hobro, in northwestern part of the country.

Chile to nationalize its lithium industry – by Cecilia Jamasmie (Mining.com – April 21, 2023)

April 21, 2023

https://www.mining.com/

Chile’s President Gabriel Boric announced on Thursday night his government would nationalize the country’s lithium, applying a model in which the state will partner with companies to develop the local industry.

The long-awaited policy in the world’s second-largest producer of the battery metal includes the creation of a national lithium company, Boric said on national television. State copper giant Codelco, the world’s No.1 producer of the metal, will be initially in charge of signing up partners for new contracts.

Australia seeks Japan’s help to be critical minerals ‘superpower’ – by Michael Smith (Australian Financial Review – April 21, 2023)

April 21, 2023

https://www.afr.com/

Tokyo | Australian critical mineral producers say Japan offers crucial capital and a growing market for their products at a time when the federal government is promoting investment from “like-minded” countries instead of dominant player China.

A delegation of Australian critical minerals companies visiting Tokyo this week said they were optimistic about Japan’s ability to replicate the huge investments it has made in Australian gas and iron ore over the decades, but they also warned it was pointless trying to compete with China.

‘We need to do a better job’ promoting sector, say mining execs – by Lindsay Kelly (Northern Ontario Business – April 21, 2023)

April 21, 2023

https://www.northernontariobusiness.com/

Industry panel discusses changing face of mining during 2023 Mining Health and Safety Conference

As mining companies brainstorm ideas on how to attract new workers to the industry, one thing is clear: the sector has an image problem. “People want jobs that are historically different than what the mining industry would portray,” said Don Duval, the CEO of Sudbury’s NORCAT.

In consultations with mining executives in recent years, Duval said discussions have increasingly turned to how companies can use cutting-edge technology — not to boost productivity and performance, but how to entice top talent to come work for them.

Indigenous leaders say Saskatchewan ‘woke up a sleeping giant’ by overstepping on critical minerals – by Kevin Philipupillai (Hill Times – April 20, 2023)

April 21, 2023April 21, 2023

https://www.hilltimes.com/

Indigenous leaders are looking to the courts and to the federal government to uphold their rights over critical minerals following recent provincial assertions of control, but a former Liberal staffer says this is not a fight the federal government should be wading into.

The Biden administration’s April 12 vehicle emissions standards announcement, which put a U.S. government-sized thumb on the scale in favour of electric vehicle production, added to the existing pressure to approve and launch critical minerals mines in Canada to supply key materials for electric vehicle batteries. But the race to develop these resources has exacerbated tensions between provinces and the Indigenous nations on whose traditional territory the resources are located.

N.W.T. rare earth mine owner halts construction of processing plant citing depressed market Social Sharing – by Francis Tessier-Burns (CBC News North – April 20, 2023)

April 21, 2023

https://www.cbc.ca/news/canada/north/

The final cost of the plant has grown from $20 million to $60 million

Mere months after a visit from Prime Minister Justin Trudeau promoting the importance of critical minerals, Canada’s only rare earth mineral mining project is stopping the construction of its processing plant in Saskatchewan.

In a recent news release, Vital Metals, owner of the N.W.T.’s Nechalacho mine project, said the current scale of operations at its North T pit “will not achieve positive cash flow from the project.” Now the company is looking for new funding sources and partners “to potentially build a sustainable business model for the Saskatoon business.”

Global resources shark Glencore must understand the world is no longer for sale – by Jeffrey Sonnenfeldand Steven Tian (Fortune Magazine – April 20, 2023)

April 21, 2023

https://fortune.com/

In Hollywood, the characters of heroes and villains are usually cleanly defined–but the business world is generally more nuanced. However, the predatory campaign against Teck, the responsible North American mining company producing critical minerals such as copper and zinc that are vital to decarbonization and EV supply chains, by the scandal-ridden, short-sighted Glencore trading shop is the exception to the rule.

Glencore’s history begins with Marc Rich, who launched a shadowy business culture of tax fraud, sanctions evasion, bribery, and support for the cruelest autocratic regimes in the world, keeping Iran afloat during the 1979 hostage crisis and continuing right through their ongoing dealings with Putin’s brutal regime.

Columbian “Blood coal” complaint filed against European energy companies – by Annabel Cossins-Smith (Mining Technology – April 20, 2023)

April 21, 2023

https://www.mining-technology.com/

A group argues that European energy companies have failed to take action to address human rights violations despite knowledge of abuses in the Columbian coal mining production chain.

Alleged victims of human rights abuses by the Columbian coal industry on Thursday filed an OECD complaint against several European energy companies, alleging their complicity in human rights abuses.

Victims of the coal industry in Columbia, submitted the complaint to the National Contact Point for the OECD Guidelines in The Hague, Netherlands. The guidelines are recommendations addressed by governments to multinational enterprises operating in or from adhering countries.

Teck-Glencore saga has Canada’s mining executives bemoaning parade of foreign takeovers – by Gabriel Friedman (Financial Post/Brantford Expositor – April 21, 2023)

April 21, 2023

https://www.brantfordexpositor.ca/

Can Canada lead a global mining boom without any prominent global miners?

Swiss commodities giant Glencore PLC‘s unexpected bid to absorb Vancouver-based Teck Resources Ltd. is forcing Canada’s mining sector and government to confront an existential question: can this country lead a global mining boom without any prominent global miners?

Prime Minister Justin Trudeau’s government has repeatedly emphasized that it sees Canadian miners as essential players in the energy transition and Canada’s future economy. Last year, it published the country’s first critical minerals strategy and it has expanded tax credits for critical minerals exploration.

Copper industry warns of looming supply gap without more mines – by Ernest Scheyder (Reuters – April 20, 2023)

April 21, 2023

https://www.reuters.com/

SANTIAGO, April 20 (Reuters) – The world’s appetite for copper to build most electronic devices will exceed supply over the next decade and imperil climate targets unless dozens of new mines are built, executives and analysts said this week at a key industry conference.

The forecast lays bare the growing tension over where and how the world can procure metals for the green energy transition, including copper, one of the best electrical-conducting metals that is widely used in motors, batteries and wiring.

Ottawa matches U.S. with up to $13-billion in subsidies to land Volkswagen EV battery plant – by Adam Radwanski (Globe and Mail – April 21, 2023)

April 21, 2023

https://www.theglobeandmail.com/

The federal government will provide Volkswagen with up to $13-billion in production subsidies for the new electric-vehicle battery plant it plans to build in St. Thomas, Ont. – nearly double the estimated $7-billion cost of construction.

Ottawa’s backing, which also includes about $700-million in additional support for nearer-term capital costs, is by far the most generous subsidy that Canada has ever provided to an automaker for locating a factory here.

Chile Unveils Public-Private Model to Share Vast Lithium Riches with Mining Industry – by James Attwood (Bloomberg News – April 20, 2023)

April 21, 2023

https://www.bnnbloomberg.ca/

(Bloomberg) — Chile delivered its long-awaited lithium policy late Thursday, giving the state a majority stake in all new contracts and sending shares in the two current producers in the South American nation — SQM and Albemarle Corp. — tumbling.

While the government will respect existing arrangements with the two companies, both would move to the state-controlled model once contracts expire in 2030 and 2043, respectively. Alternatively, they could opt to give up a majority stake in their operations before then. SQM shares were down a record 20% at 3:35pm in New York, while Albemarle lost 10%.

Major gold heist at Pearson, movie plot turns reality in GTA – by Brian Lilley (Toronto Sun – April 20, 2023)

April 20, 2023

https://torontosun.com/

At this point, investigators don’t know who stole the gold

It’s the kind of stuff movies are made of — a robbery from a supposedly secure facility, a huge amount of gold now missing and a mystery about who is behind it. Except this isn’t the script of a movie, it’s something that happened at Canada’s biggest airport this week.

Peel Regional Police have enlisted the help of the RCMP following a massive gold heist at Pearson airport. Earlier this week, someone made off with 3,600 pounds of gold being moved through the airport. Pearson is often used to move gold mined in Ontario to customers around the world.

Timmins’ newest gold mine started operations Easter Monday – by Nicole Stoffman (Timmins Daily Press – April 18, 2023)

April 20, 2023

https://www.timminspress.com/

Gowest seeking local diamond drillers for exploration planned for later this spring

Gowest Gold’s Bradshaw Mine, 42 kilometres north of Timmins, began operations on April 10. The company’s president Dan Gagnon shared the news at a luncheon hosted by the Timmins Chamber at the Porcupine Dante Club on Tuesday.

“We are the new mine in Timmins,” said Gagnon, adding that the mine will produce 200 tonnes of gold ore a day (from which gold is extracted) this year at 5.6 grams of gold per tonne of ore, and ramp up to 1,300 tonnes a day by its third year.