Republic of Mining

First Quantum facing shutdown of giant Panama mine in a matter of weeks, as tax dispute escalates – by Niall McGee (Globe and Mail – Febuary 7, 2023)

February 7, 2023

https://www.theglobeandmail.com/

Panama’s maritime authority is crimping First Quantum Minerals Ltd.’s efforts to ship copper out of the country, as the big Canadian copper miner faces the prospect of shutting down its giant Panamanian mine in a matter of weeks.

Late last year, Panama’s government ordered the Cobre Panama mine to close after the Central American country fell out with First Quantum over terms of a new fiscal agreement. The site had remained open pending an appeal with the Ministry of Commerce and Industries.

The role of biotechnology in mining and minerals – by Madiha Khan and Steve Gravel (Canadian Mining Journal – January 11, 2023)

February 7, 2023

https://www.canadianminingjournal.com/

As the global demand for metals continues to grow year over year, the need for intensive mining is showing no signs of slowing down. In fact, some reports project that production of battery metals is expected to increase by 500% by 2050. This unprecedented demand is also being met by a two-fold supply problem; the slow speed of new mining operations coming on-line and the general problem of world-wide low ore grades that has surfaced over the last few decades.

The global market needs to grapple with these problems and producers need to find ways to extract metals quickly and cheaply while still adhering to environmental, social, and governance (ESG) responsibilities which have become critical guiding principles of late. One burgeoning area of technology that is potentially valuable in solving some of these issues is biotechnology.

Mammoth gold miner in the making after Newmont’s $17bn bid for Newcrest – by Cecilia Jamasmie (Mining.com – February 6, 2023)

February 7, 2023

https://www.mining.com/

Newmont Mining (NYSE: NEM)(TSX: NGT), the world’s largest gold producer, is seeking to build a global gold superpower by approaching Australia’s no.1 miner of the yellow metal, Newcrest Mining (ASX, TSX: NCM), with a $17 billion takeover offer.

If successful, the deal would be one of the biggest in Australian history, though initial feedback from analysts and shareholders suggests that Newmont will have to improve its bid.

Like Musk, nickel-rich Indonesia has high electric vehicle ambitions – by Fransiska Nangoy, Gayatri Suroyo and Bernadette Christina (Reuters – February 6, 2023)

February 7, 2023

https://www.reuters.com/

JAKARTA, Feb 6 (Reuters) – Armed with the world’s largest reserves of nickel and a ban on the export of nickel ore, Indonesia is making itself indispensable for the electric vehicle industry, which uses the metal extensively.

In just three years, Indonesia has signed more than a dozen deals worth more than $15 billion for battery and electric vehicle production in the country with manufacturers including Hyundai Motor (005380.KS), LG Group (003550.KS) and Foxconn (2317.T).

US mine production value rises 3.8% to $98 billion in 2022 — USGS – by Staff (Mining.com – February 2, 2023)

February 3, 2023

https://www.mining.com/

US mines produced approximately $98.2 billion in nonfuel mineral commodities in 2022, an estimated $3.6 billion (~3.8%) increase over the 2021 revised total of $94.6 billion, the US Geological Survey announced Thursday.

This information comes from the 28th annual USGS Mineral Commodity Summaries report released January 31 by the USGS National Minerals Information Center.

Gold’s massive $50 daily drop is just a ‘speed bump’ in the 2023 outlook but be aware of more profit-taking next week – analysts – by Anna Golubova (Kitco News – February 3, 2023)

February 3, 2023

https://www.kitco.com/

(Kitco News) The gold market saw significant losses Friday as the precious metal dropped $50 on the day following a shockingly solid employment report out of the U.S. The U.S. economy added a staggering 517,000 jobs in January as the unemployment rate dropped to 3.4% — the lowest level since 1969. This took many by surprise as market consensus calls were looking for just 185,000 new positions.

On top of that, the U.S. service sector beat expectations in January, rising to 55.2% after a contraction in December, according to the latest data from the Institute of Supply Management (ISM).

Nebraskans Are Sitting on Strategic Metals. Is Mining a Patriotic Duty? – by Dionne Searcey (New York Times – February 2, 2023)

February 3, 2023

https://www.nytimes.com/

ELK CREEK, Neb. — In this rural part of Nebraska, county-board agendas include moratoriums on solar farms and some residents scowl when they pass the handful of wind farms that have sprouted. But the idea of a new mine that could help power the transition to renewable energy has received broad support.

The tenor of these quiet flatlands, where deer bounce across gravel roads and neon sunsets scream across the long horizon, would change dramatically if mining for metals like niobium, scandium, titanium and rare earths begins.

Glencore’s 2022 cobalt production up, along with oil, nickel, ferrochrome – by Martin Creamer (MiningWeekly – February 1, 2023)

February 3, 2023

https://www.miningweekly.com/

JOHANNESBURG (miningweekly.com) – Mining and marketing company Glencore produced 40% more cobalt last year, along with 16% more oil, 5% more nickel and 1% more ferrochrome.

Although coal production of 110-million tonnes was 6.7-million tonnes higher, on a like-for-like basis, overall group coal production fell by 7%, primarily owing to wet weather challenges and an extended community blockade in Colombia, where Glencore now owns 100% of Cerrejón.

Canada needs to move quickly on production of critical minerals, IEA says – by Marieke Walsh and Emma Graney (Globe and Mail – February 2d, 2023)

February 3, 2023

https://www.theglobeandmail.com/

Canada needs to quickly ramp up production of critical minerals and play a global leadership role to defend against energy security crises triggered by countries that use fossil fuels as a weapon, said the head of the International Energy Agency.

During a government-organized panel discussion in Ottawa Wednesday, Fatih Birol warned that the energy shortages currently gripping Europe could be repeated as the world transitions to cleaner fuels, if Western countries do not increase the availability of rare earth minerals and develop friendlier sources of them.

U.S. Seeks to Tighten Rules on Russian Diamonds – by Rob Bates (JCK Online – February 2, 2023)

February 3, 2023

JCK Online

As Russia’s invasion of Ukraine enters its second year, the United States is looking to tighten its regulations on Russian diamonds—and eliminate the rule that allows the importation of Russian-mined diamonds cut and polished elsewhere.

Belgian officials who spoke with Politico last week said that the European Union and United States hope to develop a “‘watertight’ traceability system” for diamonds as a way to limit Russian gems.

First Nations forge alliance as Ontario’s rush for critical minerals sparks alarm – by Naimul Karim (Financial Post – February 2, 2023)

February 3, 2023

https://financialpost.com/

Calling on Premier Doug Ford to end ‘free entry system’ for miners into their territories

Canada’s recent push to speed up mining permits and boost exploration for minerals such as lithium and nickel, needed to feed the growing demand for electric vehicles, have led to concerns among some First Nations that the Ontario government is providing miners with “easy access” to their homelands without proper consent.

Leaders of Ontario’s Kitchenuhmaykoosib Inninuwug (KI), Wapekeka, Neskantaga, and Asubpeeschoseewagong Anishinabek (Grassy Narrows) First Nations whose combined homelands cover about 60,000 square kilometres — about 100 times bigger than Toronto — formed an alliance this week to confront what they call an “attack” by Ontario on their communities.

Ontario First Nation hires outside firm to investigate 28-year boil water advisory – by Olivia Stefanovich (CBC News Politics – February 3, 2023)

February 3, 2023

https://www.cbc.ca/news/politics/

Neskantaga has lived under a boil water advisory longer than any other First Nation

A northern Ontario First Nation that has lived under a boil-water advisory for nearly three decades has hired an outside consultant to find out once and for all what ails the community’s water system.

Neskantaga First Nation, roughly 450 kilometres north of Thunder Bay, Ont., is marking a grim milestone this month — 28 years under a boil water advisory, longer than any other First Nation.

Staking rush puts northwest Indigenous communities on the defensive – by Ian Ross (Northern Ontario Business – February 2, 2023)

February 3, 2023

https://www.northernontariobusiness.com/

Four First Nations call for an end to free entry prospecting in Ontario

Four Indigenous communities in northwestern Ontario and the Far North are forming a “land defence alliance” to stop an “incursion” by prospectors and exploration companies on their traditional lands.

Kitchenuhmaykoosib Inninuwug (KI), Wapakeka, Neskantaga and Asubpeesschoseewagong Anishnabek (Grassy Narrows) signed a Mutual Cooperation Agreement, Jan. 31, to protect their collective lands and waters. It’s response to “mounting concerns about encroachment” by the mining industry.

Copper’s Fight for Critical Mineral Status Gets Political Push – by Jacob Lorinc (Bloomberg News – February 2023)

February 3, 2023

https://www.bnnbloomberg.ca/

(Bloomberg) — Some of the biggest names in copper have found high-ranking political allies to support their efforts to get the wiring metal added to a list of minerals deemed critical to the US.

Senator Kyrsten Sinema, an Independent from Arizona, sent a letter with other lawmakers on Thursday urging Interior Secretary Deb Haaland to “revisit and reconsider the designation of copper as a critical mineral.”

Column: Analysts wary of base metals after China recovery rally – by Andy Home (Reuters – February 1, 2023)

February 3, 2023

https://www.reuters.com/

LONDON, Feb 1 (Reuters) – Base metals have enjoyed a strong start to the year, the London Metal Exchange (LME) index rising by 9.4% over the course of January on high hopes for China’s post-COVID reopening.

However, analysts are cautious that China’s recovery may not live up to bullish expectations and that prices have got ahead of themselves, judging by the latest Reuters base metals poll.