Osisko Development (NYSE: ODV, TSXV: ODV) shares surged as much as 25% on Thursday morning as it reached a significant permitting milestone for the 100%-owned Cariboo gold project in central British Columbia.
The approval of its BC Mines Act permit means that the company can now move forward the construction and operation of the underground mine, which is expected to deliver 164,000 oz. of gold production annually over a 12-year life, as outlined in a 2023 feasibility study.
Along with about 600 other men, Ndumiso lives and works in a small gang-controlled “town” – complete with markets and a red light district – that has grown up deep underground at a disused gold mine in South Africa.
Ndumiso told the BBC that after being laid off by a big mining firm, he decided to join the gang in its underground world to become what is known as a “zama zama”, an illegal miner. He digs for the precious metal and surfaces every three months or so to sell it on the black market for a huge profit, earning more than he ever did before – though the risks now are far higher.
https://www.theglobeandmail.com/
BHP Group Ltd. chief executive Mike Henry says Canada must speed up mine permitting, or it risks losing out to its global rivals in attracting investments in critical minerals. Melbourne-based BHP, the world’s biggest mining company, already has significant operations in Canada. It is building a massive new potash mine in Saskatchewan called Jansen with the total capital expenditure pegged at $20-billion.
Mr. Henry, who is Canadian, said in an interview that while BHP clearly already has an affinity for Canada, based on its investment track record, the slow pace of obtaining mining permits is a big problem.
Advance polls for Crowsnest Pass residents were held on Tuesday for a proposed coal mine at Grassy Mountain. In September, the Municipality of Crowsnest Pass announced a non-binding referendum vote would take place asking, “Do you support the development and operations of a metallurgical mine at Grassy Mountain?”
The topic has caused a divide in the community. “Coal mining built the Crowsnest Pass,” said Bonnie Castellarin with Citizens Supportive of Crowsnest Coal. “At that time, it was a very thriving community and as the mines closed, it has definitely hurt our community.”
The European Union (EU) has called out the behavior of Kimberley Process (KP) chair Ahmed Bin Sulayem at the most recent plenary, as well as the meeting’s failure to address a long-standing concern.
The union was disappointed that the plenary, which took place from November 11 to 15, failed to address the implications of the Russian war against Ukraine on the global rough-diamond sector for the third year, it said Monday. The omission has a detrimental impact on the credibility of the KP and on the reputation of natural diamonds, undermining consumer confidence, the EU explained.
(Bloomberg) — Mali has released three Resolute Mining Ltd. executives after the African nation detained them in a tax dispute, Agence France-Presse reported, citing a judicial source and a local gold mine official.
The three executives, including Chief Executive Officer Terry Holohan, were freed from detention on Wednesday after Resolute struck a $160 million deal with the government, according to the report. The release came after the signing of a memorandum of understanding between the two parties, it added, citing the judicial source.
(Kitco News) – Gold’s record-setting rally in 2024 hit a wall of resistance around $2,791/oz, leading to a pullback to $2,540/oz, and while some have warned of an extended consolidation period, one analyst thinks the yellow metal could hit a new all-time high above $2,800 before Christmas.
“War. What is it good for? Absolutely nothing except driving gold prices to record ATHs,” said Matthew Jones, precious metals analyst at Solomon Global. “In the current climate, $2800 before Christmas is not out of the question.”
A petition asking the province to put a halt to a proposed peat mine expansion near Lake Winnipeg has almost 1,000 signatures, as residents express concerns about the project and what damage it could bring to the community and to the lake.
“Lake Winnipeg’s Washow Bay area, a vital ecosystem supporting diverse wildlife and local communities, is under threat from the expansion of peat mining operations,” reads a statement posted on a petition set up on Change.org in July by residents of the Washow Bay area.
https://www.northernminer.com/
U.S. president-elect Donald Trump made two picks for key posts in his administration last week that signal he’s serious about rolling back environmental regulations and speeding up permitting for oil and gas as well as mining projects – a policy that could put pressure on Canada to do the same.
Trump, who has repeatedly promised the U.S. will “drill baby, drill” for fossil fuels, named Lee Zeldin, a former congressman from New York, as his pick on Nov. 11 to head up the Environmental Protection Agency. Zeldin has promised to roll back “left-wing” regulations while also protecting the environment. He’s endorsed Trump’s call to use the EPA to pursue U.S. “energy dominance” and economic growth.
Russian State-funded private military company (PMC) Wagner Group is one of the greatest beneficiaries of illicit gold trading, a new report published by the World Gold Council (WGC) shows.
According to the report, penned by former UK Deputy Prime Minister Dominic Raab, estimates suggest the PMC earned more than $2.5-billion from illicit gold mining since the invasion of Ukraine alone, which has been funnelled back into the Russian war machine.
In an era of increasing demand for critical minerals and clean energy, strategic investments in northern infrastructure will be essential for securing Canada’s position as a global leader in sustainable mining.
Mining is set to play a pivotal role in Canada’s economic future. As outlined in the Canadian Minerals and Metals Plan (CMMP) and the Critical Minerals Strategy, the sector is key to building a low-carbon economy. But, without significant investment in northern infrastructure — especially in energy — Canada’s mining potential will remain untapped, putting the country at risk of stagnation in a sector critical to both our economy and climate goals.
Several projects are aimed at addressing the North’s energy challenges, but none are as advanced as the Atlin Hydro Expansion Project (Atlin). As the government prioritizes reducing carbon emissions, fostering Indigenous participation in the resource sector, and ensuring Canada’s mining industry remains globally competitive, Atlin represents the type of solutions we must pursue.
https://www.mining-technology.com/
The Goro mine in southern New Caledonia produces 57,000 tonnes per annum (tpa) of nickel and 5,000tpa of cobalt.
Nickel miner Prony Resources New Caledonia will recommence operations at its Goro mine and battery-grade nickel production plant, located in the south of New Caledonia, after a six-month suspension caused by local riots in the French territory, reported Bloomberg.
The return of the workforce marks a significant step for Prony Resources, one of the three major nickel producers in New Caledonia.
(Bloomberg) — Canada’s federal government is extending a national security review of Paladin Energy Ltd.’s acquisition of Fission Uranium Corp., further delaying a deal that was supposed to close in September.
Australia’s Paladin Energy said Tuesday it received a notice from Canada’s industry ministry that the government’s review period for the transaction, proposed in June, will be extended until Dec. 30. The company also warned that the deal could fall apart.
https://www.canadianminingjournal.com/
British Columbia’s exploration sector has over 60 critical mineral projects waiting for permits. It’s a $38-billion pileup of economic opportunities, some waiting indefinitely, Association for Mineral Exploration (AME) president and CEO Keerit Jutla says.
Without action, B.C. risks falling further behind Ontario and Quebec, whose streamlined policies and targeted funding have helped them attract more exploration funding, Jutla said. His group represents about 5,000 members.
LONDON – The illicit trade in gold from artisanal mining is feeding conflicts from Ukraine to Sudan, funding terrorism, fuelling organised crime and subjecting the world’s poorest people to horrendous violence. This is the picture painted by the World Gold Council (WGC) in a report urging concerted international action to clean up the booming sector.
The artisanal and small-scale gold mining (ASGM) industry now produces an estimated 20% of the world’s gold, up from 4% in the 1990s, and possibly accounts for 80% of the global gold mining workforce, said the ‘Silence is Golden’ report.
