Ecuador-focused SolGold (LON, TSX: SOLG) said on Thursday its chief executive and managing director, Darryl Cuzzubbo, had left the company effective immediately, after less than a year in the top job.
The former BHP executive’s departure comes just two days after the company unveiled a $50 million royalty financing deal to advance its giant Cascabel copper-gold project in Ecuador.
https://www.northernminer.com/
Less than a year after the federal government approved the takeover of Neo Lithium by China’s Zijin Mining without a full national security review under the Canada Investment Act, it has signalled an entirely new approach to Chinese investment in Canada’s critical minerals sector.
The Minister of Innovation, Science and Industry, François-Philippe Champagne and Natural Resources Minister Jonathan Wilkinson issued new guidelines on Oct. 28 regarding foreign investment in the sector, which is key to Canada’s competitiveness in a future low-carbon global economy. Had they been in place at the time of the Neo Lithium takeover, which closed in January this year, it’s probable — if not 100% certain — that the deal would have been rejected.
https://www.theglobeandmail.com/
Turquoise Hill Resources Ltd. is indefinitely postponing the shareholder vote on the proposed $4.2-billion takeover of the company by Rio Tinto PLC as Quebec’s top securities regulator, the Autorité des marchés financier (AMF), studies whether a backdoor deal Rio cut with dissident shareholders is legal.
“The AMF considers the transaction as currently structured to raise public interest concerns,” Montreal-based Turquoise Hill said in a release on Wednesday.
Ottawa has just shown tangible resolve in declaring Canada off-limits to Chinese ownership of Canadian critical minerals. These are minerals essential to the production of electric vehicles (EVs), cellphones, laptop computers, and power from alternative energy technologies.
It’s by no means certain that this recent prohibition is in Canada’s interests. More on that later. Last week, Ottawa ordered Chinese companies to divest their ownership in three junior mining firms based in Canada. The firms plan to develop lithium deposits in Canada, Argentina and Chile.
Global action is needed to ensure there are sufficient supplies of minerals required to build renewable energy generation assets, the vice chairman of S&P Global and energy markets expert Daniel Yergin has warned, because without them the cost of zero emission projects will soar.
Mr Yergin said that while the goal of reaching net zero by 2050 or earlier is clear, there remains significant uncertainty about how countries will achieve this, and less clarity still on the volume of minerals and materials that will be needed to build assets such as solar panels and wind turbines.
Indigenous Nations are awaiting the ruling of the Bad River Band v. Enbridge trial, which will be critical in determining the fate of Enbridge’s dangerous and decaying pipeline — Line 5. Line 5 is a 70-year-old, ill-maintained crude oil pipeline that the Canadian government continues to support despite the significant threat it poses to Indigenous rights, Canada’s freshwater supply, and the environment.
In two separate court cases — Bad River Band v. Enbridge and the State of Michigan v. Enbridge — Canada has supported Enbridge by invoking a 1977 pipeline treaty as a means to keep the pipeline open.
Nov 7 (Reuters) – Mosaic Co (MOS.N) on Monday became the latest fertilizer maker to miss third-quarter profit estimates, hurt by damage from Hurricane Ian and cooling prices of crop nutrients.
Prices of nutrients such as phosphates and potash have cooled from the near record highs they touched earlier this year as farmers cut back on fertilizer use to rein in costs.
The World Gold Council (WGC) is urging bullion miners to implement more consistent, systematic planning and wider collaboration, including closer engagement on risks with local communities, to deal with climate-related challenges.
In its Gold and climate change: Adaptation and resilience report, the gold industry’s leading trade body identifies key physical climate-related vulnerabilities of the sector. It also outlines a range of adaptation strategies to support the industry in managing the associated risks.
Thieves allegedly gained access to a secret code and other details and changed the delivery location, pulling off a remarkable international heist
In January 2020, a Quebec trucking company received an email with a secret code and instructions: It was to pick up US$10 million in silver ingots from a Montreal railyard, and take the valuable cargo to a warehouse.
The email had all the necessary information — the weight of the cargo, the correct container number and the secret code — so the silver was driven out of CN’s Montreal rail lot and to a LaSalle, Ont., warehouse.
Lithium exploration companies react to Canada ordering Chinese investors out
A junior exploration company in the critical minerals space says it is considering its legal options in response to the Canadian government ordering one of its investors to divest from the company.
Ultra Lithium Inc. (TSX-V: ULT) is one of two B.C.-headquartered companies that has Chinese investors ordered to divest their equity positions in the Canadian companies, based on national security concerns over control over critical minerals.
Copper has an outstanding importance in the race to reach net-zero greenhouse gas (GHG) emissions by 2050. Massive amounts of copper will be required to wire the technologies needed to transition the world away from fossil fuels but, according to a report released by S&P Global titled “The Future of Copper,” the supply gap created by the increasing demand for the critical mineral might be too wide to fill.
According to the study, copper demand is expected to grow from 25 million tonnes in 2022 to 50 million tonnes by 2035. This could lead to a potential supply gap as large as 9.9 million tonnes, 20 per cent of the required copper to meet the energy transition goals. Electric vehicles, solar power, wind power, all require copper to function.
https://www.northernontariobusiness.com/
Many bidders could show interest in shuttered Red Lake mine should court approve sales process
Pure Gold Mining could have the ‘For Sale’ sign out for its Red Lake mine as early as Thursday. The insolvent Vancouver gold company, now under creditor protection, heads to a B.C. court Nov. 9 to petition for the sales process to begin immediately of its underground mine, processing mill and 4,600 hectares of gold property.
According to recent court documents, the company is asking for a stay of proceedings until Jan. 27, 2023 and permission to start the sales and investment solicitation process (SISP). National Bank Financial will be the sales agent.
https://www.northernminer.com/
Magna Mining (TSXV: NICU) says its first resource for its Denison nickel, copper and platinum group metals project in Ontario’s Sudbury basin shows “significant potential.”
Magna is exploring the restart of a past-producing underground mine and the development of an open-pit operation to the site, also known as Crean Hill. As well, Magna owns the advanced-stage Shakespeare, a similar project in the same region. Denison’s indicated resource for both underground and open pit totals more than 31 million tonnes, Magna said.
(Bloomberg) — As world leaders gather at the United Nations climate summit in Egypt this week, another international meeting is underway in Jamaica to decide the fate of the planet’s oceans.
The UN-affiliated International Seabed Authority is convening in Kingston to fast-track regulations that could allow the mining of fragile and biodiverse deep sea ecosystems for valuable metals as soon as 2024.
https://www.canadianminingjournal.com/
Archer Exploration (CSE: RCHR) has announced its fully subscribed $10 million private placement offering, previously announced in October.
The offering will consist of 4.5 million in non flow-through units of Archer at a price of $0.66; about 4.2 million flow-through units at a price of $0.75 unit; and 2.9 million charity flow-through units at a price of $1.38 each. Aggregate gross proceeds of the offering are expected to be at least $10.1 million.
