Republic of Mining

Opinion: ‘Dr Copper’ has a worrying message about the energy transition – by Daniel Yergin (Financial Times – July 13, 2022)

July 14, 2022

https://www.ft.com/

The writer chaired the new S&P Global study ‘The Future of Copper: Will the looming supply gap short-circuit the energy transition?’

As countries try to figure out how to meet their targets for net zero emissions, minerals have become a big target of concern. Several governments and international organisations have expressed alarm about whether there will be sufficient supply to meet the needs of, as the International Energy Agency puts it, moving “from a fuel-intensive to a mineral-intensive energy system”.

There has been much discussion of the lithium and cobalt needed for electric vehicle batteries. But less attention has been given to copper, though it is the foundation for the energy transition, indeed the “metal of electrification”. A new report focuses on this key role.

Glencore Expands Coal Mining in an Australian Methane Hotspot – by Aaron Clark (Bloomberg News – July 13, 2022)

July 14, 2022

https://www.bloomberg.com/

Glencore Plc is expanding a coal mine that scientists have estimated leaks so much planet-wrecking methane each year it has the same warming impact as the annual emissions from millions of cars.

New activity at the Hail Creek Mine involves digging up coal from gas-rich seams through surface mining — an approach for which the company has said there’s no reliable way to halt fugitive methane from escaping during operation.

Belgian battery company announces $1.5-billion investment in Ontario – by Gabriel Friedman (Financial Post – July 13, 2022)

July 14, 2022

https://financialpost.com/

Battery supply chain plant near Kingston, Ont., getting significant government financial support

Belgium-based Umicore SA on Wednesday announced plans to build a $1.5-billion battery supply chain plant near Kingston, Ont., powered entirely by renewable energy, with significant financial support from the federal and provincial governments.

The plant would produce battery precursor active material and battery cathode active material, filling in missing pieces and adding a new eastern terminus to Ontario’s emerging battery supply chain, which already includes a battery cell manufacturing plant.

Memory Lane: Old Steelworkers Hall a community gathering spot – by Vicki Gilhula (Sudbury.com – July 13, 2022)

July 14, 2022

https://www.sudbury.com/

The structure, built by the Legion in the 40s and sold to USW in the 60s, was destroyed in a fire in 2008

For more than 40 years, the handsome Steelworkers Hall on Frood Road was a place where men and women came together for union solidarity and camaraderie. The building was home to Steelworkers Local 6500 and Local 2020. In addition to union offices, it was a centre of union activities and social events.

Union members enjoyed beer, pickled eggs and conversation downstairs in the beer hall. The Steelworkers Hall was also popular with the community at large as a venue for weddings, celebrations, banquets, gala events and trade shows.

Loonie’s disconnect from oil prices makes higher interest rates necessary: Tiff Macklem – by Stephanie Hughes (Financial Post – July 14, 2022)

July 14, 2022

https://financialpost.com/

Canadian dollar hasn’t gone up with oil prices like it usually does, complicating the Bank of Canada’s inflation fight

Bank of Canada governor Tiff Macklem said a surprisingly weak Canadian dollar is complicating his fight against inflation, and could result in higher interest rates than would have been necessary if the loonie was behaving as it has in the past.

The comments followed the central bank’s surprise decision on July 13 to increase the benchmark interest rate a full percentage point after the Bank of Canada‘s latest quarterly outlook predicted headline inflation was on track to crest eight per cent this summer, a startling number for a group of policymakers charged with keeping the consumer price index advancing at an annual pace of about two per cent.

Column: China’s sluggish commodity imports set to improve, but risks abound – by Clyde Russell (Reuters – July 14, 2022)

July 14, 2022

https://www.reuters.com/

LAUNCESTON, Australia, July 14 (Reuters) – China’s imports of most major commodities were unabashedly weak in June, but the soft outcome is more of a history lesson than a pointer to future demand in the world’s biggest buyer of natural resources.

Crude oil imports slumped to a near four-year low in June, coming in at 8.72 million barrels per day (bpd), down 19% from May and 11% below the level in June last year, according to data released on Wednesday by the General Administration of Customs.

Red Lake mine could be on the selling block – by Staff (Northern Ontario Business – July 13, 2022)

July 13, 2022

https://www.northernontariobusiness.com/

PureGold Mining launches strategic review of its underperforming mine

The “turnaround plan” for a struggling Red Lake gold mine may include a sale of the company and its underground operation in northwestern Ontario.

PureGold Mining has initiated a strategic review process that could involve a potential sale or merger of the company, a sale of all or part of its mine, or other long-term financing options. It’s been a steep decline for the Vancouver-based mining startup company.

North America is seeing a hiring boom in mining industry IoT roles (Mining Technology – July 13, 2022)

July 13, 2022

https://www.mining-technology.com/

Some parts of the world are investing more heavily in internet of things roles than others

North America extended its dominance for internet of things (IoT) hiring among mining industry companies in the three months ending May. The number of roles in North America made up 50.8% of total IoT jobs – up from 42.1% in the same quarter last year.

That was followed by South & Central America, which saw a 0.1 year-on-year percentage point change in IoT roles. The figures are compiled by GlobalData, which tracks the number of new job postings from key companies in various sectors over time. Using textual analysis, these job advertisements are then classified thematically.

Australia joins global critical minerals partnership – by Esmarie Iannucci (MiningWeekly.com – July 13, 2022)

July 13, 2022

https://www.miningweekly.com/

PERTH (miningweekly.com) – Australia has joined the Minerals Security Partnership in its quest to develop and secure global supply chains for critical minerals that are crucial to clean energy technology and the global transition to clean energy.

Australia joins the US, Canada, Finland, France, Germany, Japan, the Republic of Korea, Sweden, the UK and the European Commission on this mission.

Umicore metals refiner to build $1.5-billion Ontario factory for EV battery components – by Andrew Willis (Globe and Mail – July 13, 2022)

July 13, 2022

https://www.theglobeandmail.com/

Belgian metals refiner Umicore SA is building a $1.5-billion factory near Kingston, Ont. to produce components for electric vehicle batteries, the latest in a series of Canadian investments by automotive manufacturers.

Once operational, Umicore’s facility will see approximately 700 employees transform raw materials, including nickel, cobalt and lithium, into battery parts, creating what Federal Minister of Innovation, Science and Industry François-Philippe Champagne described in an interview as a “supply chain ecosystem for electric vehicle manufacturing.”

Major project status: Ardea on the Kalgoorlie Nickel Project – by Jason Mitchell (Mining Technology – July 13, 2022)

July 13, 2022

https://www.mining-technology.com/

Boasting around 830 million tonnes of nickel, the Kalgoorlie Nickel Project is one of the most exciting in Australia.

In March, the Australian Government awarded the Kalgoorlie Nickel Project (KNP), located in the Goldfields–Esperance region of Western Australia, ”major project status”, streamlining potential government approval for one of the country’s most exciting nickel projects.

The new status will make it easier for Ardea Resources, the Perth-based mining company behind the project, to get permits approved and to access additional sources of funding.

Bank of Canada hikes by full point to 2.5% in bid to crush inflation – by Erik Hertzberg (Bloomberg News – July 13, 2022)

July 13, 2022

https://www.bnnbloomberg.ca/

The Bank of Canada hiked interest rates by a full percentage point, a surprise move that supercharges efforts to withdraw stimulus amid fears four-decade-high inflation is becoming entrenched.

Governor Tiff Macklem raised the central bank’s policy rate to 2.5 per cent in a decision announced Wednesday in Ottawa that warned of more hikes to come. The 100-basis-point move is the largest increase since 1998. Markets and economists were anticipating 75 basis points.

Federal minister delays Baffinland decision by another 90 days (CBC News North – July 12, 2022)

July 13, 2022July 13, 2022

https://www.cbc.ca/news/canada/north/

Dan Vandal wants to ensure Inuit have ‘adequate time’ to mull NIRB report

The minister of Northern Affairs needs more time to make a major decision on the future of iron mining on Baffin Island. In a letter Monday to the Nunavut Impact Review Board, Dan Vandal says he’ll need an extra 90 days to decide whether a major expansion of Baffinland Iron Mines should go ahead.

On May 13, after four years of intensive review, the board recommended the proposed expansion not be allowed to proceed. Normal procedures give the federal minister 90 days to accept, vary or reject the board’s recommendation. That would have meant a decision by mid-August.

Nationalize LATAM’s Lithium to Become Global Power: Evo Morales – by Fernando Mares (Mexico Business – July 13, 2022)

July 13, 2022July 13, 2022

https://mexicobusiness.news/

Former President of Bolivia, Evo Morales, urged lithium-producing countries to take advantage of what he calls the decline of the US as a superpower to nationalize the lithium industry. By doing so, the Latin American region could play a major role in the world’s economics.

“The west does not want us to add value to our natural resources. If we industrialize the peoples’ lithium in the hand of the state, we could be global powers, at least in this environment,” Morales said at a conference at the El Rosario University in Argentina.

Anglo American’s Quellaveco yields first copper concentrate – by Cecilia Jamasmie (Mining.com – July 12, 2022)

July 12, 2022

https://www.mining.com/

Anglo American (LON: AAL) said on Tuesday it had begun producing copper concentrate as its $5.5 billion Quellaveco mine in Peru, which is expected to churn out between 100,000 and 150,000 tonnes this year.

The company, which has a 60% stake in the mine, earlier this year forecast the copper project to produce 100,000 to 150,000 tonnes this year, boosting the company’s overall copper production for 2022 to between 680,000 and 760,000 tonnes.