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Canada ‘watching closely’ as Biden pressed to fix Inflation Reduction Act ‘glitches’ – by James McCarten (Canadian Press/Moose Jaw Today – December 5, 2022)

https://www.moosejawtoday.com/

WASHINGTON — Prime Minister Justin Trudeau said Monday that Canada will be “watching closely” as the United States responds to complaints from Europe about the North American protectionism built into President Joe Biden’s signature climate change initiative.

Biden received an earful from French President Emmanuel Macron about “super aggressive” climate incentives in the Inflation Reduction Act — incentives that favour manufacturers in Canada and Mexico, as well as the U.S.

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Congo: Russian Mercenaries Seek Gold And Diamonds (Strategy Page – December 8, 2022)

https://www.strategypage.com/

In CAR (the Central African Republic) Russian mercenaries appear to have gone into the blood diamond business. Since 2018 Russia has acknowledged it has military trainers and mercenaries in the CAR. The Russian mercenary Wagner Group operates in the country.

A private security company associated with Wagner, Sewa Security Services, is also in the CAR. There is evidence that Sewa Security Services is linked to two companies suspected of exploiting gold and diamond mines in the CAR. Investigators assert that one of the companies, Diamville, is an “alias for Wagner ” in the CAR.

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Critical Mineral Access is a Serious National Security Risk – by Bob Dees (Defense Post – December 6, 2022)

The Defense Post

Critical and rare earth minerals are used in a wide range of military applications, from communications equipment and precision-guided weapons to night-vision goggles and stealth technology.

A major part of ensuring America’s national security is addressing dangers before they cause real harm. While threats are sometimes obvious, others often go overlooked and don’t receive the attention they deserve. That’s the case with access to critical minerals such as lithium, nickel, copper, and cobalt.

These elements are essential for making modern technologies, and securing their supply chain should be a top priority.

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UK approves 1st new coal mine in decades, sparking anger – by Jill Lawless (Associated Press – December 8, 2022)

https://apnews.com/

LONDON (AP) — Britain’s Conservative government on Wednesday approved the U.K.’s first new coal mine in three decades, a decision condemned by environmentalists as a leap backwards in the fight against climate change.

Hours earlier, the government had reversed a ban on building new onshore windfarms in Britain. Opponents called that announcement a cynical attempt to offset criticism of the mine decision.

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Canada promises to toughen up scrutiny of foreign investment, citing national security fears – by Steve Chase and Niall McGee (Globe and Mail – December 8, 2022)

https://www.theglobeandmail.com/

The Canadian government is proposing to toughen scrutiny of foreign takeovers, citing national security concerns, just weeks after its new Indo-Pacific policy identified China as an “increasingly disruptive” power.

“The world has vastly changed in the last few years,” Innovation Minister François-Philippe Champagne said as he unveiled a package of changes to the Investment Canada Act that he said represented the most significant update in more than a decade. “That’s why we must be prepared to face the challenges that could endanger our economic security and national security.”

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No More Open-Pit Mining Permits: Ministry of Environment – by Paloma Duran (Mexico Business – December 7, 2022)

https://mexicobusiness.news/

Mexican authorities announced that no more permits for new open-pit mining projects will be issued during López Obrador’s remaining government term, set to end in September 2024. Experts stressed that the ban on new permits poses a threat to investments and developing mining companies.

Mexico’s Minister of the Environment, María Luisa Albores, stressed that no more concessions will be granted for open-pit mining projects due to the negative impact on the environment and the adverse effects on the health of communities living nearby.

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‘They see stability and calm here’: Canada looks like a good place to invest to some EV producers – by Gabriel Friedman (Sudbury Star – December 5, 2022)

https://www.thesudburystar.com/

Canada offers ‘stability, predictability and the rule of law,’ says Industry Minister François-Philippe Champagne

The electric vehicle transition in North America kicked off nearly a decade ago with Tesla Inc. chief executive Elon Musk moving at breakneck speed, but now it’s shifting to a different phase: the slow and boring chapter in which automakers take months — or years even — to decide where to build their EV operations.

That may be a good thing for Canada as it seeks to grow its auto sector. “It’s clear that energy security, food security and supply chain resiliency is top of mind to leaders around the world,” Industry Minister François-Philippe Champagne said at a press conference on Dec. 5 in Germany, where he was meeting with Volkswagen AG and other automakers. “Canada is in many respects the answer.”

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Vale to break out base metals business, sell stake in 2023 – by Mariana Durao and Joe Deaux (Bloomberg News – December 2022)

https://www.bnnbloomberg.ca/

After several years of deliberations, iron ore giant Vale SA is finally laying out a path for unlocking value from its nickel and copper business as demand for the so-called battery metals picks up.

The Rio de Janeiro-based firm will separate the base metal assets from its iron ore operations and unveil a strategic partner in the first half of next year, Chief Executive Officer Eduardo Bartolomeo and Chief Financial Officer Gustavo Pimenta said in an interview. An initial public offering is off the table for now.

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Critical minerals hype doesn’t match reality in Canada, University of Calgary report warns – by Niall McGee (Globe and Mail – December 7, 2022)

https://www.theglobeandmail.com/

Canada is unlikely to benefit much from the explosion in global demand for critical minerals because of a dearth of reserves, according to two Calgary academics, who also argue in favour of cutting red tape to make domestic miners more competitive.

“Most of North America’s critical transition minerals will have to come from reserves in South America, Africa and the Caribbean as well as Australia and China,” Philip Bazel, research associate at the University of Calgary’s School of Public Policy, and Jack Mintz, a president’s fellow there, wrote in a report released on Tuesday.

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Colombia to create national mining company, 2022 royalties soar -gov’t – by Oliver Griffin (Reuters – December 7, 2022)

https://www.reuters.com/

BOGOTA (Reuters) – Colombia is preparing to launch a national mining company, the president of the government’s National Mining Association (ANM) said on Wednesday, adding that coal mining royalties during the year had more than doubled.

The government of President Gustavo Petro has pledged to reform the mining sector, ruling out more licenses for large-scale open-pit coal mines as it focuses on minerals that are important for the energy transition, such as copper.

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Opinion: The Parliamentary Budget Officer just debunked climate alarmism – by Ross McKitrick (Yahoo Finance/Financial Post – December 7, 2022)

https://finance.yahoo.com/

Ross McKitrick is a professor of economics at the University of Guelph and senior fellow of the Fraser Institute.

The Parliamentary Budget Officer (PBO) recently released a report on the effects of greenhouse gas emissions on Canadian GDP growth over the next 80 years. I’ve written previously about the recent economics literature investigating the link (or lack thereof) between global warming and economic growth.

It’s a fascinating topic and I’ve been actively working with on it one of our PhD students for several years. While I would quibble with some aspects of the PBO report, the overall conclusions are not out of line with mainstream thinking on the topic. Which is why the findings are so astonishing and radical compared to what the government has been saying.

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Updates on Quebec plan for critical and strategic minerals – by Diane L.M. Cook (Canadian Mining Journal – December 4, 2022)

https://www.canadianminingjournal.com/

Global net-zero emissions by 2050 targets have Canada’s resource industry re-thinking its long game. Quebec is ramping up mining of its key minerals required to manufacture electric vehicle batteries. The province plans to become a leader in the critical strategic minerals (CSM) mining sector and a leader in the electric vehicle battery manufacturing sector for the North American automotive industry.

In its “Quebec Plan for the Development of Critical and Strategic Minerals 2020-25.” The province identified four policy pillars to promote the development of CSM to encourage investment in the province, meet the growing demand for these mineral resources, and play an active role in the global energy transition.

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$18b cash pile lets Rinehart play both sides of energy transition – by James Thomson (Australian Financial Review – December 5, 2022)

https://www.afr.com/

The iron ore queen’s kingdom is getting broader by the day, spanning fossil fuels as well as future-facing commodities.

Buried within the bidder’s statement lodged by Gina Rinehart’s Hancock Prospecting as part of its tilt at Perth Basin gas group Warrego Energy is a remarkable indication of her financial firepower.

The deal, Hancock Prospecting says, will be funded by existing cash reserves. At June 30, cash and cash equivalents sat at a remarkable $17.755 billion – even after paying $4.6 billion of dividends from 2021-22’s $5.8 billion profit.

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Rare Earth Supply Chains Are In Chaos – by Ag Metal Miner (Oil Price.com – December 5, 2022)

https://oilprice.com/

The December Rare Earths MMI (Monthly MetalMiner Index) traded sideways for the second month in a row. The index dropped 1.55% and MetalMiner anticipates it will continue sideways, most definitely for the short term and possibly in the long term.

This is mostly thanks to the supply of global rare earth magnets being interrupted by the current events within China, the world’s #1 supplier of rare earth elements.

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The View from England: Miners still await a miracle – by Chris Hinde (Northern Miner – December 6, 2022)

https://www.northernminer.com/

Two years ago, in this column, I reminded readers of The Northern Miner that the mining industry has a patron saint, Barbara, whose feast day (Dec. 4) is observed by miners and tunnellers around the world, especially in continental Europe.

You might recall that Saint Barbara was an early Christian martyr, with accounts placing her in third century Nicomedia (in present-day Turkey) or in Heliopolis (present-day Lebanon). Although Barbara was declared a saint in 1568 by Pope Pius V, doubts about the authenticity of her legend (there is no reference to Barbara in early Christian writings) led to her removal from the General Roman Calendar in the 1969 revision, although not from the Catholic Church’s list of saints.

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