Republic of Mining

Residents blame billionaire for Jagersfontein disaster – by Manyane Manyane (Sunday Independent – September 18, 2022)

September 20, 2022

https://www.iol.co.za/

Johannesburg – Billionaire Johann Rupert has been accused of intimidating and bribing residents and employees after they raised concerns regarding the dam wall which collapsed at Jagersfontein Development. At least four people were killed and more than 70 others injured following the collapse of the dam last Sunday, leaving scores of people homeless.

Jagersfontein Development employees and residents said Rupert could have stabilised the dam long before it collapsed, but opted to do nothing. Instead, he allegedly bribed community leaders who raised concerns regarding the potential danger to the community. They said the dam had been leaking for years.

Officials saying little about Tesla-to-Sudbury reports – by Jim Moodie (Sudbury Star – September 20, 2022)

September 20, 2022

https://www.thesudburystar.com/

An online industry publication says officials with the EV giant had scouted Sudbury as a possible site for a factory that would manufacture batteries or battery materials

If Tesla is indeed looking to set up shop in Sudbury, it seems we will have to wait a bit longer for more details. Last month, an online industry publication said officials with the EV giant had scouted Sudbury as a possible site for a factory that would manufacture batteries or battery materials.

Citing “multiple sources with knowledge of the matter,” Electric Autonomy Canada said high-level Tesla reps visited local Vale operations last month as “part of a larger location-scouting mission by Tesla in Ontario and Quebec to seek out potential manufacturing locations.”

Dig This: The Shift To EVs Requires A Massive Expansion Of Battery Metal Mining – by Alan Ohnsman (Forbes Magazine – September 19, 2022)

September 20, 2022

https://www.forbes.com/

The ongoing transition away from fossil fuels will likely trigger shortages of some key metals used in electric vehicle batteries requiring hundreds of new mines. This is according to industry experts who expect demand for EV batteries to spike to tens of millions of units annually in the years ahead.

A projected sixfold surge in demand for lithium-ion batteries over the next decade means up to 384 additional graphite, lithium, nickel and cobalt mines may be needed by 2035 to supply all those new EVs, industry forecaster Benchmark Minerals said in a report. Even a big increase in battery recycling, as planned by companies including Redwood Materials and Li-Cycle, would only cut the number of new mines to 336, according to Benchmark.

Kinross shares soar on buyback deal with activist fund Elliott Investment – by Andrew Willis (Globe and Mail – September 20, 2022)

September 20, 2022

https://www.theglobeandmail.com/

Kinross Gold Corp. struck an agreement Monday with activist investor Elliott Investment Management LP to ramp up its share-buyback program, including a commitment to repurchase US$300-million of its own stock this year, and the miner’s share price soared on the news.

After several weeks of what the Toronto-based company called “constructive discussions” with Elliott, a US$56-billion American hedge fund with a four-decade history of shaking up companies, Kinross said it plans to use money from recent mine sales to double this year’s planned share buyback.

China doubles down on coal as energy crunch bites (France 24 – September 18, 2022)

September 20, 2022

https://www.france24.com/en/

Beijing (AFP) – China has stepped up spending on coal in the face of extreme weather, a domestic energy crunch and rising global fuel prices — raising concerns Beijing’s policies may hinder the fight against climate change.

The country is the world’s biggest emitter of the greenhouse gases driving global warming, and President Xi Jinping has vowed to reduce coal use from 2026 as part of a broad set of climate promises. Beijing has committed to peaking its carbon emissions by 2030 and achieving carbon neutrality by 2060.

Why gold has lost its status as a haven from inflation and market chaos – by Gabriel Friedman (Financial Post – September 20, 2022)

September 20, 2022

https://financialpost.com/

Even the largest gold producers are looking to diversify

Gold bugs should be having a moment. Inflation appears out of control for the first time in decades. Stock markets have been pummelled. The shadow of a recession is looming amid rapidly rising interest rates. Russia’s ongoing assault on the Ukraine has unleashed chaos on global food supplies, trade and the political order.

All these factors traditionally drive investors to buy gold, a safe store of value for centuries. Yet the price of gold, along with equities of gold miners, are in free fall.

Canada lags behind world nickel producers, says mining exec – by Len Gillis (Sudbury.com – September 19, 2022)

September 20, 2022

https://www.sudbury.com/

The rest of the world is speeding up production of nickel and nickel refineriess to take advantage of the Battery Electric Vehicle market

Nickel mining executive Johnna Muinonen told mining leaders in Sudbury Monday that Canada has fallen behind in nickel production compared with other countries in the world and she said there are some concerns in the Canadian nickel mining industry that need to be addressed before other countries in the take advantage of the growing demand for the metal.

Muinonen is president of Dumont Nickel, Magneto Investments LP. Along with being a professional engineer (P.Eng) Muinonen has spent more than 20 years as a mining executive and in operational management in nickel mining, including nine years with Vale.

Coal rush! Energy crisis fires global hunt for polluting fuel – by Sudarshan Varadhan, Helen Reid, Nuzulack Dausen, Jonathan Saul and Nina Chestney (Reuters – September 20, 2022)

September 20, 2022September 20, 2022

https://www.reuters.com/

DAR ES SALAAM, Sept 20 (Reuters) – The sleepy Tanzanian port of Mtwara mainly dealt in cashew nuts until late last year. Now it bustles with vessels loading up with coal, as Russia’s invasion of Ukraine drives a worldwide race for the polluting fuel.

Tanzania traditionally exports thermal coal only to neighbouring countries in east Africa; sending it further afield was out of the question, as it required trucking the material more than 600 km from mines in its southwest to Mtwara, the nearest Indian Ocean port.

[Luca Giacovazzi] Meet the Forrest young gun who shot down BHP – by Brad Thompson (Australian Financial Review – September 16, 2022)

September 16, 2022

https://www.afr.com/

Luca Giacovazzi is a rising star in the Andrew Forrest business empire and boss of Wyloo Metals which stared down BHP in the bidding war for green minerals deposits in Canada.

Wyloo Metals wunderkind Luca Giacovazzi has made a lot of money for Andrew Forrest since making his first big pitch to the iron ore billionaire, and he might end up costing BHP plenty.

Giacovazzi, then just 27, called his first presentation slide pack Nickel: Get its mojo back in what was a risky move given Forrest’s painful memories from his Anaconda Nickel venture.

Torex Gold shares jump on positive assays from ELG underground in Mexico – by (Northern Miner – September 16, 2022)

September 16, 2022

https://www.northernminer.com/

Shares of Torex Gold Resources (TSX: TXG) jumped 3.1% by midday Friday following the latest drill results from its El Limón Guajes (ELG) underground mine in Mexico, where it is conducting a 27,000-metre drill program.

ELG underground is part of the El Limón Guajes mine complex that also includes three open pits and a processing plant. The mine complex, which began commercial production in 2016, is hosted within Torex’s 100% owned Morelos property located 180 km southwest of Mexico City.

BHP Weighs Boosting A$8.4 Billion Bid for OZ Minerals – by Thomas Biesheuvel, Dinesh Nair and Vinicy Chan (Bloomberg News – September 16, 2022)

September 16, 2022

https://www.bnnbloomberg.ca/

(Bloomberg) — BHP Group Ltd. is considering raising its A$8.4 billion ($5.6 billion) offer for OZ Minerals Ltd., people familiar with the matter said, as the world’s top miner seeks to boost its exposure to metals needed for the green-energy transition.

Melbourne-based BHP may increase its A$25 per share bid for OZ Minerals as soon as this month, the people said, asking not to be identified as the matter is private. It wasn’t immediately clear by how much BHP would increase its offer, or whether OZ Minerals would agree to any renewed proposal from BHP.

Global collaboration essential to realise $1.4tr iron, steel decarbonisation investment – by Marleny Arnoldi (Mining Weekly – September 15, 2022)

September 16, 2022

https://www.miningweekly.com/

To meet 2050 climate goals, the global iron and steel industry will require $1.4-trillion of investment across the value chain, from mining to steelmaking, estimates research and consultancy firm Wood Mackenzie (WoodMac).

A research report, titled ‘Pedal to the metal: iron and steel’s $1.4-trillion shot at decarbonisation’, published by WoodMac states that iron and steel emit 3.4-billion tonnes of carbon a year combined, equal to 7% of global emissions. This while steel demand growth is not slowing down, and is estimated to reach 2.2-billion tonnes a year by 2050 – 15% higher than the demand for steel in 2021.

Forget rare earths, boron is the critical mineral to track – by Frik Els (Mining.com – September 15, 2022)

September 16, 2022

https://www.mining.com/

Rare earths have captured the imagination of the broader public: The 17 elements served as the basis of a top-selling video game, provided a plot point for a popular Netflix drama, sparked a drawn-out WTO dispute and were used to slam Barack Obama.

Even Kim Jong-Un has a finger in the pie. Boron, not so much. But boron’s not boring. Far from it. It shares many of the family traits of rare earths and it’s also close to mineral du jour lithium.

COLUMN: Mining sector could benefit from US green legislation – by Carol Hughes (Northern Ontario Business – September 14, 2022)

September 16, 2022

https://www.northernontariobusiness.com/

The Biden Administration in the U.S. just recently passed its landmark Inflation Reduction Act, an important piece of legislation as our neighbours to the south continue to feel the pinch of inflation that has gripped the world, much like Canada.

However, one of the most important parts of this legislation, and the part that will actually be of significant interest to people across Northern Ontario is how much the administration is investing in green energy, and how this will be a significant boon to the mining industry across the region and throughout the country.

EV transition could add $48 billion to economy, but only ‘if Canada plays its cards right’ – by Gabriel Friedman (Financial Post – September 15, 2022)

September 16, 2022

https://financialpost.com/

Canada needs to invest wisely to ensure it adds valuable jobs in key supply chain areas, report says

The federal and provincial governments have committed billions of dollars in recent years to entice private-sector investments in an electric-vehicle supply chain in Canada, but a new report suggests that may just be the beginning of what’s needed to succeed.

Clean Energy Canada and the Trillium Network for Advanced Manufacturing, two think-tanks respectively based at Simon Fraser University in Vancouver and Western University in London, Ont., released a 28-page report this week that concludes the government needs to ramp up financial and policy support if Canada is to ever realize the full economic opportunities inherent in the transition to electric vehicles (EVs).