Republic of Mining

Gold prices jump 1% as U.S. CPI rises 7.7% for the year in October – by Neils Christensen (Kitco News – November 10, 2022)

November 10, 2022

https://www.kitco.com/

(Kitco News) – Gold prices are on the move, jumping 1% immediately following weaker-than-expected inflation numbers. Thursday, the U.S. Labor Department said its much-anticipated Consumer Price Index rose 0.4% last month after a 0.4% rise in September. Economists were looking for an increase of 0.6%.

For the year, inflation pressures rose 7.7%, significantly below expectations for a 7.9% rise. In September, annual inflation was 8.2%. “This was the smallest 12-month increase since the period ending January 2022,” the report said.

IAMGOLD digging for funds to finish Gogama open-pit mine project – by Staff (Northern Ontario Business – November 9, 2022)

November 10, 2022

https://www.northernontariobusiness.com/

Toronto mining company weighs financing options while aiming for early 2024 production start

IAMGOLD is scrounging for funds in order to push its Côté open-pit mine project across the construction finish line. The Toronto gold company made the admission in releasing its third quarter financial and production numbers this week, reporting revenues of US$343.3 million, a net loss of $108.3 million and its highest quarterly gold production in two-and-half years from its other mines in Burkina Faso, Suriname and Canada.

At the end of September, the Côté project was 64 per cent complete as activity heads into a peak construction period with approximately 1,500 workers at the site. The company is aiming for a first gold pour and the start of mining at Côté early in 2024. So far, everything is on schedule.

France Puts Future of Deep Sea Mining in Doubt – by Todd Woody (Bloomberg News – November 10, 2022)

November 10, 2022

https://www.bnnbloomberg.ca/

(Bloomberg) — Citing climate change, France on Thursday called for an international ban on deep sea mining, upending negotiations by a UN-affiliated organization to allow the exploitation of unique ocean ecosystems for valuable metals to begin within two years.

“As the effects of climate change become increasingly threatening and the erosion of biodiversity continues to accelerate, today it does not seem reasonable to hastily launch a new project, that of deep seabed mining, the environmental impacts of which are not yet known and may be significant for such ancient ecosystems which have a very delicate equilibrium,” French Ambassador Olivier Guyonvarch told the International Seabed Authority at a meeting of its policymaking Council in Kingston, Jamaica.

SolGold CEO leaves after less than a year in the top job – by Cecilia Jamasmie (Mining.com – November 10, 2022)

November 10, 2022

https://www.mining.com/

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.

Canada draws a line on critical minerals, but leaves unanswered questions – by Alisha Hiyate (Northern Miner – November 2, 2022)

November 10, 2022

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.

Turquoise Hill delays vote on Rio Tinto acquisition indefinitely, as Quebec regulator studies side deal with dissidents – by Niall McGee (Globe and Mail – November 10, 2022)

November 10, 2022

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.

Canada deals itself a blow in cutting China out of critical minerals – by David Olive (Toronto Star – November 10, 2022)

November 10, 2022

https://www.thestar.com/

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 on mineral supplies needed to meet net zero goals – by Colin Packham (Australian Financial Review – July 13, 2022)

November 10, 2022

https://www.afr.com/

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.

Canada’s support of Line 5 violates Indigenous treaty rights and harms the natural world – by Michelle Woodhouse and Reg Niganobe (Toronto Star – November 10, 2022)

November 10, 2022

https://www.thestar.com/

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.

Mosaic misses profit estimates on lower fertilizer prices, Hurricane Ian damage – by Ruhi Soni (Reuters – November 7, 2022)

November 10, 2022

https://www.reuters.com/

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.

WGC calls miners to plan for further climate change risks – by Cecilia Jamasmie (Mining.com – November 9, 2022)

November 9, 2022

https://www.mining.com/

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.

US$10 million worth of silver vanishes in Quebec in ‘Agatha Christie whodunit’ – by Tyler Dawson (National Post – November 9, 2022)

November 9, 2022November 9, 2022

https://nationalpost.com/

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.

Juniors consider legal options after Chinese divestment order – by Nelson Bennett (Business In Vancouver – November 7, 2022)

November 9, 2022November 9, 2022

https://biv.com/

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.

The copper gap: According to a study from S&P Global, even in the most optimistic scenario, much needs to be done for copper supply to meet upcoming demand – by Matthew Parizot (CIM Magazine – November 08, 2022)

November 9, 2022

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

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.

Sale of Red Lake mine could begin this week – by Ian Ross (Northern Ontario Business – November 8, 2022)

November 9, 2022

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.