Twitter

Copper price hits record high as Chile gives bulls another reason to cheer – by Staff (Mining.com – May 7, 2021)

https://www.mining.com/

The world’s top copper producer Chile is giving bulls another reason to cheer while prices soared to an all-time high on Friday as optimism about a global rebound from the pandemic spurs a surge across commodities markets.

Copper for delivery in July was up 2.73% by 11:34 am (EDT), with futures at $4.7280 per pound ($10,401 a tonne) on the Comex market in New York.

Chile’s lower house on Thursday approved a measure that would introduce progressive taxes on copper sales, potentially creating a total burden of more than 80% — or almost double that of other major copper-producing nations.

Read more

NEWS RELEASE: Canada Invests in Mining Literacy for Young Canadians (Natural Resouces Canada – May 6, 2021)

OTTAWA, ON, May 6, 2021 /CNW/ – Canadians use products derived from mineral resources in all aspects of their daily lives. Mineral development activities have a significant presence in communities across the country, delivering important social and economic benefits.

The Honourable Marc Garneau, Canada’s Minister of Foreign Affairs and Member of Parliament for Notre-Dame-de-Grâce–Westmount, on behalf of the Honourable Seamus O’Regan Jr., Canada’s Minister of Natural Resources, today announced an investment of $22,500 for the Canadian Institute of Mining, Metallurgy and Petroleum (CIM). This grant will help CIM develop a program that will raise awareness of the benefits and importance of mining in a low-carbon economy and drive innovation for the minerals and metals industry.

CIM is working with Science North to create an educational digital game to promote mineral literacy among young Canadians and encourage future participation in the industry.

Read more

Russia may surpass China to become largest gold producer this decade: consultancy – by Ekaterina Bouckley (S&P Global – May 6, 2021)

https://www.spglobal.com/

London — Russia — the second-largest gold producer in 2020, yielding only to China — stands a chance to become the world’s largest producer of yellow metal in this decade, as it keeps expanding mining operations while China ramps them down, according to consultancy and analytics firm Institute of Geotechnologies.

Russia tripled its gold production over the last 20 years, and between 2010-2019, it grew by an average of 5.5% per year compared to 3% annual increases in the world’s total.

In 2020, Russia delivered 0.6% more gold (excluding recycled volumes) than in 2019 whereas global production fell 5%.

Read more

The Lithium Gold Rush: Inside the Race to Power Electric Vehicles – by Ivan Penn and Eric Lipton (New York Times – May 6, 2021)

https://www.nytimes.com/

A race is on to produce lithium in the United States, but competing projects are taking very different approaches to extracting the vital raw material. Some might not be very green.

Atop a long-dormant volcano in northern Nevada, workers are preparing to start blasting and digging out a giant pit that will serve as the first new large-scale lithium mine in the United States in more than a decade — a new domestic supply of an essential ingredient in electric car batteries and renewable energy.

The mine, constructed on leased federal lands, could help address the near total reliance by the United States on foreign sources of lithium.

But the project, known as Lithium Americas, has drawn protests from members of a Native American tribe, ranchers and environmental groups because it is expected to use billions of gallons of precious ground water, potentially contaminating some of it for 300 years, while leaving behind a giant mound of waste.

Read more

Gold’s move above $1,800 repairs a lot of damage, momentum points to higher prices – analysts – by Neils Christensen (Kitco News – May 06, 2021)

https://www.kitco.com/

(Kitco News) – Gold investors can finally breathe a sigh of relief as prices have broken resistance at $1,800 an ounce and some analysts see the potential for higher prices. June gold futures last traded at $1,815.80 an ounce, up 1.77% on the day.

According to analysts, growing inflation concerns pushing real bond yields to their lowest point since mid-February has ignited a spark in the gold market.

Bark Melek, head of commodity strategy at TD Securities, noted that because of rising inflation pressures, the 10-year breakeven rate rates higher, which is also taking its toll on the U.S. dollar.

Read more

Barrick CEO blasts ‘hysterical’ fund managers chasing quick cash – by James Attwood (Bloomberg News – May 5, 2021)

https://www.bnnbloomberg.ca/

Investors are undermining the gold industry’s ability to grow by demanding a bigger share of profits from high bullion prices, according to the CEO of the world’s second-largest producer.

“Fund managers just bash the table and want money — they’re not interested in this industry reinforcing its foundations,” Barrick Gold Corp. Chief Executive Officer Mark Bristow said in an interview Wednesday. “Then they turn around and get hysterical when a host country demands returns.”

While Toronto-based Barrick is returning a sizable chunk of earnings and divestment proceeds to shareholders, Bristow urged fund mangers to take a longer-term approach to generating returns for their customers.

Read more

Greenland’s Rare-Earth Election – by Robinson Meyer (The Atlantic – May 3, 2021)

https://www.theatlantic.com/

A vote last month answered an important question about the world’s largest island.

Tunulliarfik Fjord has always played an outsize role in global history. One thousand years ago, the Viking Erik the Red settled there, the last outpost in the Norse expansion into North America.

When the United States established a protectorate over Greenland during World War II, it built one of its first airports in what is now Narsarsuaq, a large town on the fjord. And now Tunulliarfik is the site of a mining project that has overturned politics on Greenland.

Since 1979, the ruling Siumut party has dominated Greenland’s elections; in all those years it has lost power only once, in 2009, after the island reformed its government and loosened ties with Denmark, which has ruled it for three centuries.

Read more

Mary River mine could be mothballed, Baffinland president warns – by Jane George (Nunatsiaq News – May 4, 2021)

Homepage

Baffinland Iron Mines Corp.’s president and CEO Brian Penney says there’s a possibility the company might mothball its Mary River iron mine next year.

Penney explained in an April 30 letter that shareholders are saying they won’t invest any more money because there have been delays securing the approval to expand the operation in northern Baffin Island.

“The letter was sent to all employees and contracting staff,” said Heather Smiles, Baffinland’s manager of stakeholder relations. “This letter is intended from an internal perspective to communicate to our employees on what to expect.”

Read more

Pandora ditching mined diamonds for lab-grown ones – by Hannah Denham (Washington Post – May 4, 2021)

https://www.washingtonpost.com/

The world’s biggest jeweler announced Tuesday it will drop mined diamonds from its glass cases and sell only lab-generated ones, a pointed move for an industry that relies on scarcity for value and a reflection of consumer demand for sustainability and ethical sourcing.

Copenhagen-based Pandora’s foray into man-made diamonds, which can be produced at a fraction of the cost and time, reflects a reorientation of the jewelry market brought on by the pandemic and the sentiments of younger buyers, who are more likely to factor in environmental and human rights concerns when choosing products.

“It’s the right thing to do,” chief executive Alexander Lacik told the BBC. “We want to become a low-carbon business. I have four children, I’m leaving this earth one day, I hope I can leave it in a better shape than maybe what we’ve kind of created in the last 50 years or so.”

Read more

IAMGOLD Côté Gold Project stays on track despite spring pandemic outbreak – by Staff (Northern Ontario Business – May 4, 2021)

https://www.northernontariobusiness.com/

Open-pit, accommodations camp development hits 18 per cent completion mark as pace of construction intensifies this year and 2022

IAMGOLD declares construction “on track” at Côté Gold open-pit gold mine project near Gogama. The Toronto mid-tier miner provided a project update on May 3 in a release of its financial results and operating performance for this year’s first quarter.

In a statement, company president-CEO Gordon Stothart seemed pleased with the pace of construction despite a coronavirus outbreak in March.

“At Côté, we started major earthworks ahead of schedule and have attained 18 per cent completion of the project at March 31.”

Read more

Metals price rally could hamper switch to green energy — IEA – by Cecillia Jamasmie (Mining.com – May 5, 2021)

https://www.mining.com/

Soaring metals prices may be good for miners, but they risk the ongoing transition to clean energy as batteries, solar panels and wind turbines need considerable amounts of copper, nickel, cobalt, lithium and other minerals to be manufactured, a report warns.

According to The International Energy Agency (IEA), reaching the goals of the Paris climate agreement would result in a quadrupling mineral demand by 2040.

Yet a lack of investment in new mines could substantially raise the costs of clean energy technologies, the IEA said on Wednesday.

Read more

White House Backs Nuclear Power Subsidies, Despite Green Qualms – by Ari Natter (BNN/Bloomberg News – May 5, 2021)

https://www.bnnbloomberg.ca/

(Bloomberg) — The Biden administration is backing federal subsidies to keep U.S. nuclear power plants in operation as part of its infrastructure proposal, a move that is sure to set up a clash with environmentalists who have qualms with the carbon-free fuel source.

White House officials have told supporters in the industry and on the Hill it would like to see a nuclear production tax credit included in the $2.25 trillion infrastructure package it proposed in March, according to a person familiar with the matter who asked not to be identified discussing private conversations.

The support comes as the industry, which provides about 19% of the nation’s electricity, has been beset by a wave of reactor closures as it struggles to compete with electricity produced from natural gas.

Read more

Australia announces A$100m commitment to junior mining exploration – by Mariaan Webb (MiningWeekly.com – May 5, 2021)

https://www.miningweekly.com/

Australian Resources Minister Keith Pitt on Wednesday announced a A$100-million funding boost for exploration, extending the junior minerals exploration incentive (JMEI) for another four years in a move to attract new investors.

The JMEI, which allows eligible companies to access tax incentives, encourages companies to explore for resources in untapped areas of Australia. To date, it has supported 85 junior exploration companies, half of which are headquartered in Western Australia.

“We need to ensure that we have a continuous investment pipeline for development across regional Australia,” said Pitt. “Our successful, stable and secure resources sector is underpinned by our world-class junior explorers.”

Read more

Barrick CEO Mark Bristow opens door to merger with great rival Newmont – by Niall McGee (Globe and Mail – May 6, 2021)

https://www.theglobeandmail.com/

Mark Bristow, Barrick Gold Corp.’s chief executive officer, is ruing a lost opportunity to buy a large United States copper miner at a bargain basement price, and is now opening the door to a merger with great rival Newmont Corp.

Just more than a year ago, when the price of copper was in the pits, Mr. Bristow openly pondered a friendly deal with Freeport-McMoRan Inc. Had the transaction happened, Mr. Bristow may well have been hailed as a genius, because in the interim Freeport’s shares have gone up nearly fourfold.

Copper this year has marched to a near record high thanks in part to rebounding demand in China, and speculative demand from traders.

Read more

Gold prices take a hit as Yellen colors outside the lines, talks rate hikes – by Neils Christensen (Kitco News – May 04, 2021)

https://www.kitco.com/

(Kitco News) – The gold market is trying to crawl up from session lows as it was dragged down by hawkish comments from Secretary Treasurer Janet Yellen.

Speaking in a webinar hosted by The Atlantic, Yellen warned that interest rates might have to rise to stop the U.S. economy from overheating.

“It may be that interest rates will have to rise somewhat to make sure that our economy doesn’t overheat, even though the additional spending is relatively small relative to the size of the economy,” she said in the presentation, catching gold and silver prices by surprise.

Read more