Republic of Mining

Elimination of nearly 150 jobs at Vale a ‘punch in the stomach for Thompson’ – by Ian Graham (Thompson Citizen – October 29, 2020)

November 2, 2020

https://www.thompsoncitizen.net/

Vale Manitoba Operations is down to about half as many employees in Thompson as it had three years ago after a comprehensive review of the division led to the elimination of 144 jobs.

Job losses resulting from review, announced back in June, when the company said it was losing $300,000 per day from its operations in Thompson, included 75 unionized hurly employees being laid off and another 25 taking early retirement packages, while 28 staff positions were eliminated and 16 staff employees opted for early retirement.

“These decisions have not been made lightly, and we recognize the significant impact they have on our employees, our businesses and the local community,” said Tara Ritchie of the company’s corporate and Indigenous affairs department in an Oct. 29 email.

Cameco’s tax dispute with CRA may end up before Canada’s highest court (CTV News – November 1, 2020)

November 2, 2020

https://saskatoon.ctvnews.ca/

SASKATOON — The Canada Revenue Agency is taking a dispute with Cameco over tax reassessment to the Supreme Court of Canada, seeking an appeal to a lower court ruling earlier this year.

On Oct. 30, the uranium mining company received notice that CRA is seeking a ruling from the Supreme Court of Canada, appealing the June 26 decision of the Federal Court of Appeal which sided with Cameco in its dispute of reassessments issued by the CRA for the 2003, 2005 and 2006 tax years.

“After two clear and decisive rulings in our favour from the Tax Court of Canada and the Federal Court of Appeal that confirmed we complied with both the letter and intent of the law, it is incredibly disheartening and unfair for our employees, communities and many other stakeholders to be once again thrown into uncertainty as a result of CRA’s actions,” said Cameco president and CEO Tim Gitzel in a news release.

New mines signal Cariboo gold rush, squared – by Nelson Bennett with WI Staff (Western Invester/Business in Vancouver – October 28, 2020)

November 2, 2020

https://www.westerninvestor.com/

B.C.’s next new gold mines could be in production as early 2022 and promise to breathe life back into B.C.’s historic Barkerville region. If it pans out, the play could be worth the annual total gross income of all mining in the province.

Osisko Gold Royalties Ltd. completed a reverse takeover earlier this month of shell company Barolo Ventures Corp. to form Osisko Development, which will assume the development of the Cariboo Gold project.

That’s the large gold district assembled by Barkerville Gold Mines (BGM), which Osisko Royalties acquired in November 2019.

BHP takes copper pledge – by Esmaire Iannucci (MiningWeekly.com – November 2, 2020)

November 2, 2020

https://www.miningweekly.com/

PERTH (miningweekly.com) – Major BHP has committed its copper operations in Chile and Australia to the Copper Mark voluntary programme, designed to hold the copper industry accountable to responsible practices in critical areas including environment, community, human rights and governance issues.

The Copper Mark is a credible assurance framework to demonstrate the copper industry’s responsible production practices and contribution to the United Nations (UN) Sustainable Development Goals.

“We know that our long-term sustainability credentials are important to our customers and increasingly important to end consumers of copper products, such as buyers of electric vehicles and copper intensive consumer durables,” says BHP group sales and marketing officer Michiel Hovers.

NEWS RELEASE: Ottawa and Quebec Invest in Clean Technology for Quebec’s Mining Industry (November 2, 2020)

November 2, 2020

MONTREAL, Nov. 2, 2020 /CNW/ – The governments of Canada and Quebec are announcing a contribution of nearly $3.6 million for Propulsion Québec, Quebec’s industrial cluster for electric and smart transportation, to help innovation in Canada’s mining industry. The Honourable Seamus O’Regan, Canada’s Minister of Natural Resources, accompanied by Parliamentary Secretary Paul Lefebvre, made the announcement today along with Quebec’s Minister of Energy and Natural Resources, Jonatan Julien, and Quebec’s Minister of the Environment and the Fight Against Climate Change, Benoit Charette.

This investment will support the design and development of an electric propulsion system for a 40-ton mining truck, along with a battery solution technology and a fast-charging infrastructure adapted to mining operations. The project has the potential to eliminate the burning of more than 80,000 litres of diesel annually per vehicle, eliminating more than 220 tons of greenhouse gas (GHG) emissions.

The solutions developed will be tested and validated in real-world conditions in a quarry in Val-d’Or as well as in the facilities of the Nouveau Monde Graphite mine in Saint-Michel-des-Saints, a forward-looking mining company planning to build Canada’s first all-electric open-pit mine.

Iamgold halts Westwood mine following earthquake – by Cecilia Jamasmie (Mining.com – November 2, 2020)

November 2, 2020

https://www.mining.com/

Canada’s Iamgold (TSX IMG), (NYSE: IAG) said on Monday it had suspended operations at its Westwood underground mine in southwestern Québec, Canada, following a seismic event at the operation last week.

The Toronto-based miner said the movement occurred at around 2:30 pm Eastern time on Friday October 30th, adding that it was looking into the incident’s cause.

All employees present at the time of the unspecified seismic event had been safely brought above ground, the company said.

Top Mining Dealmaker Says Takeovers All Talk Until Recovery – by Steven Frank (Bloomberg News – November 2, 2020)

November 2, 2020

https://www.bloomberg.com/

Miners are engaging in plenty of takeover talks despite a tepid year for acquisitions, but few deals will get done without greater clarity on the economy and an ebbing of Covid-19, said the industry’s top dealmaker.

“There’s lots of conversations going on, lots of people exploring new ways to think and new ways to operate,” Dan Barclay, who heads Bank of Montreal’s capital-markets division, said in an interview last week. “The probability of a lot of action is going to be conditional on that economic recovery.”

For years, mining executives including Barrick Gold Corp.’s Mark Bristow have been saying that consolidation in the industry is inevitable given the abundance of companies and increasing difficulty of finding new high-grade deposits.

NEWS RELEASE: IDNR-TV on Pre-Production of “Sacred Secrets of the North” Series — tribute to indigenous people values, traditions and wisdom (October 29, 2020)

November 2, 2020

TORONTO, Oct. 29, 2020 (GLOBE NEWSWIRE) — The original and unique series presents a wealth of insights, where Indigenous Peoples who thrive within the majestic panorama of Canada’s remote northern landscape share their time-honoured skills, values and traditions.

IDNR-TV goes beyond popular actor-adventure-themed television to portray authentic wilderness survival. Sacred Secrets of the North reveals traditional, authentic way of life.

Live, survive, work, hunt, heal, love, educate, cook in the roughness and isolation of the North — this is what will be presented, delivered in the purest tradition of the documented truth, coloured by the legends and customs of different Indigenous peoples. While so many seek meaning and authenticity in their lives, this series is sure to enlighten and inspire the public.

Yamana Gold buying out Northern Quebec’s Monarch Gold in C$152 million deal – by Neils Christensen (Kitco News – November 2, 2020)

November 2, 2020

https://www.kitco.com/

(Kitco News) – Mining activity in Northern Quebec continues to heat up, with Yamana Gold increasing its footprint in the Abitibi region after it announced it would buy Monarch Gold’s Wasamac property and the Camflo property and mill.

Announced Monday, under the agreements of the friendly takeover, Yamana will purchase all outstanding Monarch shares in a cash and equity deal valued at approximately C$152 million.

“The acquisition provides Yamana with a high-quality project with a significant mineral reserve and mineral resource base and excellent potential for further expansion.

Agnico CEO Sean Boyd calls for industry discipline amid roaring gold prices and record cash flows – by Niall McGee (Globe and Mail – October 30, 2020)

November 2, 2020

https://www.theglobeandmail.com/

Sean Boyd, the chief executive of Agnico Eagle Mines Ltd., Canada’s second biggest gold company, says the industry has to stay disciplined as it benefits from swelling cash flows generated by near-record high bullion prices.

During the last great bull run in the precious metal, which ran from the early 2000s until 2012, many companies took big swings on expensive acquisitions that turned out to be disastrous.

The current bull market, which kicked off about two years ago, has seen bullion hit a new all-time high of more than US$2,000 an ounce, but miners have been much more careful, eschewing flashy deals in favour of dividend increases.

U.S. election this week could kick gold to new highs, no matter what the outcome – by Gabriel Friedman (Financial Post – October 31, 2020)

November 2, 2020

https://financialpost.com/

In the early hours of Wednesday, around 1 a.m. in Vancouver, Randy Smallwood, chief executive of Wheaton Precious Metals Corp., was celebrating a new milestone for his company.

That night, after months of planning, Wheaton finally started trading on the London Stock Exchange and Smallwood was hoping to capitalize on a crush of investor demand for gold and silver in the face of increasing uncertainty, in the form of the global pandemic, a battered economy, growing global trade tensions or a U.S. election that is simply too close to call.

“The biggest catalyst (for gold prices) is going to be the U.S. election,” he predicted in an interview with the Financial Post. “I still think there’s a risk of some serious, serious problems … when that happens I think that’s when you want to be investing in precious metals.”

Quebec Cree say top court’s decision a victory for Indigenous communities – by Susan Bell (CBC News Canada North – October 29, 2020)

October 29, 2020

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

The Quebec Cree Nation government says the Supreme Court of Canada’s refusal to consider an appeal in connection with a $200 million lawsuit against the government of Quebec gives more power to Indigenous communities across Canada to stop resource projects in their tracks. It said it also strengthens the legal notion that social acceptability is an essential requirement for developers.

In a decision released Oct. 15, the Supreme Court refused to hear an appeal by Strateco Resources, which sued over Quebec’s 2013 decision to stop a uranium project near the Cree community of Mistissini that didn’t have local or Cree Nation government support.

Both the Quebec Superior Court and the Quebec Court of Appeal upheld the notion that the province was allowed to consider social acceptability in refusing to issue a permit to Strateco’s Matoush Project.

Barrick’s Mark Bristow on building a license to operate – by Trish Saywell (Northern Miner/Mining.com – October 28, 2020)

October 29, 2020

https://www.mining.com/

In an interview at Ernst & Young’s virtual Americas Mining & Metals Forum, Barrick Gold (TSX: ABX; NYSE: GOLD) chief executive Mark Bristow spoke about the importance of building a strong license to operate, creating lasting relationships with governments and all stakeholders, and attracting generalist investors.

Jeff Swinoga, co-leader of EY’s Canada Mining & Metals division, began the discussion by congratulating Bristow on Warren Buffett’s recent investment in Barrick Gold.

Bristow responded that building a sustainably profitable business is key, and something he started at Randgold Resources in 1995, prior to that company’s merger with Barrick Gold, completed early last year.

China sends warning it can cripple US defence system by turning off rare earths tap – by Robin Bromby (Small Caps.com.au – October 28, 2020)

October 29, 2020

https://smallcaps.com.au/

China is reported to be cutting off rare earth supplies to the United States defence manufacturer Lockheed Martin and other American companies in retaliation for the companies supplying Taiwan with military hardware.

But this move should not be read merely as a tit-for-tat against a few particular companies. It is, however, a clear signal to the US defence establishment that China holds the whip hand.

Rare earths are crucial in the manufacture of advanced weapon applications. Without them, the Chinese could hobble the US military (and the forces of its allies) while itself having full operational capacity in a time of conflict.

Thermal coal demand in Asia to rise – report – by Esmarie Iannucci (MiningWeekly.com – October 28, 2020)

October 29, 2020

https://www.miningweekly.com/

PERTH (miningweekly.com) – New research conducted on behalf of the Minerals Council of Australia (MCA) has noted that the demand for thermal coal imports in the Asia Pacific region will grow by more than 270-million tonnes to 2030, to reach 1.1-billion tonnes a year.

The report by Commodity Insight, noted that there were several fundamental factors driving this growth in demand, including high electricity demand, high population growth, significant coal-fired generation capacity, and the inability of domestic coal production to keep pace with demand growth.