(Bloomberg) — At least $369 billion. That’s the amount of money made available to bolster clean energy from the landmark Inflation Reduction Act.
And investors are circling. Opportunities range from renewable and nuclear energy to electric vehicles and newer technologies such as batteries, hydrogen and carbon capture, utilization and storage.
JAKARTA, Nov 16 (Reuters) – Indonesia has proposed in talks with Canada establishing an OPEC-like organisation for nickel producing countries, the Southeast Asian nation’s investment ministry said in a statement on Wednesday.
Indonesia and Canada are the first and sixth biggest nickel producers in the world, respectively. The proposal was made when Indonesian Investment Minister Bahlil Lahadalia met Canada’s International Trade Minister Mary Ng on Tuesday on the sideline of the G20 summit in Bali.
Early test results are promising at the Kraken project near Burgeo
ST. JOHN’S, N.L. — When people think mining in Newfoundland and Labrador, iron ore, nickel and, in recent years, gold, tend to come to mind.
Gold was actually what Tim Froude, CEO of Sokoman Minerals Corp., and his mining partners, Benton Resources Inc, were looking for at their Golden Hope project in southwestern Newfoundland when something else caught their eye. “We were flying along in a helicopter when we noticed a white outcrop in the distance, so we landed to take a look,” Froude said.
https://www.northernontariobusiness.com/
Generation Mining anticipates construction start of open-pit project in early 2023
The developers of Marathon-area open-pit project have struck a community benefits agreement (CBA) with a neighbouring First Nation on the north shore of Lake Superior.
Toronto’s Generation Mining announced Nov. 14 that the membership of Biigtigong Nishnaabeg (formerly Pic River) has approved a community benefits agreement involving the construction and environmental safeguards of the proposed Marathon Palladium-Copper Project owned by Generation PGM.
https://www.theglobeandmail.com/
Ring of Fire Metals is in talks with the United States government about possibly getting funding for its critical minerals project in northern Ontario.
“We’ve had initial discussions with the U.S. Department of Defence (DOD) regarding the important role that Northern Ontario’s Ring of Fire region will play in producing the critical minerals needed by Canada and the U.S.” the company said in a statement to The Globe and Mail.
Rich nations led by the US and Japan have pledged to give Indonesia a $20 billion package to help the coal-dependent country shift to renewable energy and reach carbon neutrality by 2050.
The deal put forward by the Just Energy Transition Partnership (JETP), which includes the US, Japan, Canada, the UK, and several European countries in the EU and Norway, has been more than a year in the making.
Since 2010, central banks around the world have been stocking up on gold, recently at an accelerated pace. But Canada continues to shun the trend, writes Frank Giustra.
Gold is money, full stop. It’s not a shiny pet rock, as the crypto crowd might want to believe. And it’s not some antique instrument that no longer serves a purpose in this new digital world.
It has been used as money for thousands of years and while paper currencies have all come and gone (mostly to zero), gold has always retained its value. For that reason, the central bank of almost every country in the world owns gold — some more than others — as part of their foreign exchange reserves.
(Bloomberg) — The troubled Goro nickel mine — one of the world’s largest deposits, which is part-owned by Trafigura Group and backed by Tesla Inc. — has been forced to reduce production to address a leak from its tailings dam.
Goro, which is located in the South Pacific territory of New Caledonia, reported a “limited release of salt-laden liquid” after heavy rains in August, a spokesperson for owner Prony Resources said by email. Corrective measures required by local authorities mean that nickel output will be reduced in the fourth quarter, the company said.
I attended the Mineral Resource Review Conference held Nov. 1 to Nov. 4 in St. John’s and I have never been as optimistic about the financial future of Newfoundland and Labrador as I am now.
The conference is all about the rocks in Newfoundland and Labrador and how they could be, and are being, mined. There were 803 registered delegates plus gangs of assistants and enablers from exploration and mining companies, prospectors and suppliers.
LONDON, Nov 15 (Reuters) – The London Metal Exchange (LME) has announced it will continue accepting Russian metal as good delivery against its industrial metal contracts, for now at least.
It made the decision knowing “it is likely that additional tonnages of Russian metal will – in time, if not immediately – be warranted in the LME physical network.” That brings with it the risk of LME pricing moving from a global to a Russian benchmark, creating a disconnect between paper and physical markets.
https://www.cbc.ca/news/canada/british-columbia/
Judges ruled that Indigenous people had ancestral land rights but stopped short of declaring Aboriginal title
Twenty-five years after the Delgamuukw verdict was handed down, First Nations’ leaders behind the historic case are still ruminating about how the land they fought for is still largely in the hands of the Crown.
“I thought the fight would have been over, but 25 years later, here we are still fighting,” said Dimdiigibuu, also known as Ardythe Wilson.
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.
https://www.cbc.ca/news/world/
Canadian companies told they qualify under Defense Production Act
The United States military has been quietly soliciting applications for Canadian mining projects that want American public funding through a major national security initiative.
It’s part of an increasingly urgent priority of the U.S. government: lessening dependence on China for critical minerals that are vital in everything from civilian goods such as electronics, cars and batteries, to weapons.
(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.
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.
