Republic of Mining

Gold price soars on renewed banking fears after Fed Chair Powell fails to calm markets – by Anna Golubova (Kitco News – May 4, 2023)

May 4, 2023

https://www.kitco.com/

(Kitco News) The gold market rallied as banking sector turbulence intensified despite Federal Reserve Chair Jerome Powell’s attempt to calm the markets. Comex gold hit new record highs of $2,085.40 overnight, with June Comex gold futures last trading at $2,062.70, up 1.26% on the day.

Banking fears escalated Thursday on contagion risk within the U.S. regional bank space. PacWest Bancorp, a regional bank, was reportedly looking at various strategic options, including a sale. Following the news, the bank’s shares tumbled more than 41% Thursday.

Temiskaming refiner links with Indigenous partner to build a battery recycling supply chain – by Ian Ross (Northern Ontario Business – May 4, 2023)

May 4, 2023

https://www.northernontariobusiness.com/

Electra Battery Materials and Three Fires Group are on the hunt to find a southern Ontario site for waste battery shredding plant

Temiskaming refinery operator Electra Battery Materials is partnering with an Indigenous regional economic development group to establish a battery waste shredding plant in southern Ontario.

Electra signed a memorandum of understanding (MOU) this week with the Three Fires Group to form a joint venture focused around the recycling of lithium-ion battery waste. The proposed plant would feed black mass material to Electra’s refinery in northeastern Ontario where the valuable minerals would be recovered and sold back into the market.

Why is Ottawa playing games in the takeover fight for Teck Resources and the future of the critical minerals we need? – by David Olive (Toronto Star – May 4, 2023)

May 4, 2023

https://www.thestar.com/

The federal government’s likely blocking of the foreign takeover of Teck Resources, writes David Olive, would achieve nothing for Canada’s goal to increase production of the materials we need to decarbonize our economy.

There is a growing likelihood that Ottawa will block the foreign takeover of Teck Resources Ltd., a diversified mining company based in Vancouver. But that would achieve nothing for Canada in our goal to increase production of critical minerals to decarbonize economies in the fight against climate change.

What is required of Canada is that we extract more critical minerals from the ground. And that we build more processing facilities — refineries, smelters, and the like — to turn those minerals into the refined components that go into smartphones, electric vehicles (EVs), wind turbines, solar panels, and upgraded electricity grids.

Barrick CEO Bristow rails against Ottawa’s interference in Canadian mining industry – by Niall McGee (Globe and Mail – May 4, 2023)

May 4, 2023

https://www.theglobeandmail.com/

Barrick chief executive officer Mark Bristow is refusing to shut the door on accepting new investment from state-controlled Chinese companies, and questioned the move by Canada and the U.S. to clamp down on such investment in the North American mining sector.

Last year, in an effort to bolster the domestic critical-minerals industry, the federal government said it would not allow any more investment by China, except on exceptional grounds, owing to national-security concerns.

“We need a Team Canada” – by Ailbhe Goodbody (CIM Magazine – May 03, 2023)

May 4, 2023

https://magazine.cim.org/en/

The CIM Convention’s third morning panel brought together industry experts to discuss the challenges and opportunities of the decarbonization of mining

Promoting “Brand Canada” or “Team Canada” could help the Canadian mining industry demonstrate its best practices in environmental, social and governance (ESG) when setting up a domestic supply chain for critical minerals, according to panellists at the general session on decarbonization and investment/financing that took place at the 2023 CIM Convention and Expo in Montreal on May 3.

The panellists were Belinda Labatte, CEO of Lomiko Metals; Richard Wells, partner, finance at Kinterra Capital; Milla Craig, founder, president and CEO of Millani Inc.; and Paul Gruner, CEO of Tahltan Nation Development Corporation (TNDC). The moderator was Angelina Mehta, general manager, joint ventures at Rio Tinto Aluminium.

Fraser Institute News Release: Saskatchewan 3rd most attractive jurisdiction worldwide for mining investment; Newfoundland & Labrador and Quebec also in global top (May 4, 2023)

May 4, 2023

https://www.fraserinstitute.org/

VANCOUVER, British Columbia, May 04, 2023 (GLOBE NEWSWIRE) — Saskatchewan remains Canada’s top-rated jurisdiction for mining investment, according to the Annual Survey of Mining Companies released today by the Fraser Institute, an independent, non-partisan Canadian public policy think-tank.

Nevada is the top-ranked jurisdiction worldwide for mining investment in this year’s survey, followed by Western Australia.

“The Fraser Institute’s mining survey is the most comprehensive report on government policies that either encourages or discourages mining investment, and Saskatchewan remains not only the top choice in Canada, but third overall globally,” said Elmira Aliakbari, director of the Fraser Institute’s Centre for Natural Resource Studies and co-author of the study.

UPDATE 1-Rio Tinto under ‘immense pressure’ to develop US copper project (Reuters – May 4, 2023)

May 4, 2023

https://www.reuters.com/

MELBOURNE, May 4 (Reuters) – Rio Tinto Ltd is under “immense pressure” from the U.S. government to develop its Resolution copper project in the United States, given the copper it holds accounts for a quarter of all U.S. reserves, its chair Dominic Barton said on Thursday.

Copper is vital for the transition to green energy but the project in Arizona is opposed by all of the state’s tribal councils, including the San Carlos Apache because it would destroy a heritage site of religious significance.

The Rising Chorus of Renewable Energy Skeptics – by Andrew Nikiforuk (The Tyee – May 2, 2023)

May 4, 2023

https://thetyee.ca/

The green techno-dream is so vastly destructive, they say, ‘we have to come up with a different plan.’

“Sometime during this century, it is highly likely that worldwide depletion of natural resources will force an entire reorganization of social and economic structures, perhaps violently.” — Walter Youngquist, ‘Our Plundered Planet’

We are going to have to dramatically downsize the dream of a future in which we replace 150-year-old fossil fuel infrastructure with “clean energy” by 2050. That’s the message in a number of recent important reports and books. They underscore a number of problems with the renewables illusion, including the complexity of the task, the toxicity of rare earth mining and the scarcity of critical minerals.

Why China Is Investing in Africa’s Green Energy Future – by Kate Bartlett (Voice of America – May 3, 2023)

May 4, 2023May 4, 2023

https://www.voanews.com/

JOHANNESBURG — A wind farm in Namibia and a floating solar farm on Zimbabwe’s massive Kariba Dam are among the new green energy projects Chinese companies are looking at investing in this year after Beijing pledged to help African countries address their energy problems with renewable sources rather than fossil fuels.

“Chinese overseas renewable energy investments aim to deliver China’s international climate commitments of accelerating the energy transition away from fossil fuels in Africa, China’s largest trading partner,” Lei Bian, a policy fellow at the The London School of Economics and Political Science, told VOA.

Steel & Coal: 10 Historic Mining Towns To Visit In Nevada – by Melody Beck (The Travel – May 2, 2023)

May 3, 2023

https://www.thetravel.com/

Nevada is a land of contrasts – from the glittering lights of the Las Vegas Strip to the serene beauty of Lake Tahoe. But beyond the flashy casinos, there lies a rich mining history waiting to be explored. The history of mining in Nevada is extensive, with the presence of many historic mining towns still standing today, which give visitors a glimpse into Nevada’s past.

From the famous Comstock Lode to lesser-known but equally fascinating sites, Nevada’s mining towns are worth exploring. The following are ten of Nevada’s most historic mining towns, each of which has a distinctive past and allure. Whether tourists are interested in learning about the state’s mining past or simply looking for a fun day trip, these old Nevada mining towns are sure to impress.

Teck needs to figure out how to transition out of the coal business – by Eugene Ellmen (Corporate Knights – May 3, 2023)

May 3, 2023

https://www.corporateknights.com/

It has been an intense few weeks for Teck Resources, as Canada’s largest diversified mining company faces an existential fork in the road. With a takeover lurking in the wings, the company must now figure out how to transition out of its 20-million-tonnes-a-year coal business.

The proposed takeover of Vancouver-based Teck, a company recognized as a sustainability leader, by Swiss mining giant Glencore PLC, a company saddled with a history of human rights, bribery and environmental problems, has attracted the attention of Prime Minister Justin Trudeau. The government is looking at the deal “very, very carefully,” he told Bloomberg last week.

Indigenous company says battery recycling could ease mining tensions between First Nations, Ontario – by Naimul Karim (Financial Post – May 3,2023)

May 3, 2023

https://financialpost.com/

Three Fires Group says recycling may eliminate need for mining and disturbing lands

An Indigenous company that inked a deal with a Toronto-based miner to recycle battery metals said a greater emphasis on recycling could help alleviate tensions related to mining claims between Ontario and First Nations.

Three Fires Group, a company that represents a number of First Nations in southwestern Ontario including Caldwell First Nation, the Chippewas of Kettle and Stony Point First Nation, agreed May 2 to supply Electra Battery Materials Corp. with “black mass,” an industry term for expired lithium-ion batteries that have been shredded and have had their casings removed.

Chile’s new lithium policy a boon for other producers – by Cecilia Jamasmie (Mining.com – May 3, 2023)

May 3, 2023

https://www.mining.com/

A decision by the world No. 2 lithium producer Chile to tighten control over the key battery metal sector has left many in the industry wondering what the announced state-led public-private model will look like and who, if anyone, will benefit from it.

The lack of specifics on how much ownership the government will demand from companies and the pushback President Gabriel Boric could face when trying to create a national lithium company, add to the uncertainties Chile’s new policy has created.

Thunder Bay geologist earns industry honour – by Staff (Northern Ontario Business – May 2, 2023)

May 3, 2023

https://www.northernontariobusiness.com/

Dr. Peter Hollings has spent his career growing understanding of Lake Superior geology

A Lakehead University professor is being acknowledged for his work fostering a greater understanding of the geology of the Lake Superior region. Dr. Peter Hollings, a long-time geology instructor and researcher at the Thunder Bay school, has received the Goldich Medal Award from the Institute on Lake Superior Geology.

The non-profit professional society serves as a forum for the exchange of geological ideas and scientific data, and the promotion of better understanding of the geology of the Lake Superior region.

Ray Dalio: The U.S. and China are on ‘the brink of an economic resources war’ – by Anna Golubova (Kitco News – May 01, 2023)

May 3, 2023

https://www.kitco.com/

(Kitco News) The U.S. and China are on the brink of war, billionaire and Bridgewater’s founder Ray Dalio warned in a letter he penned on LinkedIn. “We are on the brink of an economic resources war,” the founder of the world’s largest hedge fund wrote last week. And the two nations are beyond “the ability to talk,” he said.

Dalio pointed out that the two nations are close to a sanctions war and/or military war. And even though neither side wants a conflict, one is pretty probable. “A) each side is very close to the other’s red lines, b) each side is using brinksmanship to push the other at the risk of crossing each other’s red lines, and c) politics will probably cause more aggressive brinksmanship over the next 18 months,” Dalio wrote.