Republic of Mining

Rio Tinto CEO, iron ore boss step down over Juukan Gorge cave scandal – by Gerard Cockburn and Rebecca Le May (News.com.au – September 11, 2020)

September 11, 2020

https://www.news.com.au/

Rio Tinto has succumbed to the pressures of a shareholder revolt over its scandalous decision to destroy ancient Indigenous heritage sites in Western Australia, with its chief executive and two other top corporates stepping down.

In an announcement to the Australian Securities Exchange on Friday, Rio Tinto chief executive Jean-Sebastien Jacques said he would leave “by mutual agreement” but remain in the top job until a successor was found or March 31, whichever was earlier.

Iron ore chief Chris Salisbury has stepped down immediately but will be paid until December 31 when the head of corporate relations Simone Niven will depart after “completing an orderly transition of her responsibilities”.

Chinese financier has a keen eye for Northern Ontario cesium – by Staff (Northern Ontario Business – September 9, 2020)

September 9, 2020

https://www.northernontariobusiness.com/

Sinomine Resource Group inks cooperation deal with Power Metals to explore, develop rare earth metals properties

A Chinese mining investor is eyeballing a string of rare earth metal properties in Northern Ontario for a potential development partnership opportunity.

Sinomine Resource Group of Beijing has signed a letter of intent (LOI) with Power Metals Corp. of Vancouver to finance and develop three properties containing cesium, lithium and tantalum elements near Cochrane, Dryden and Kenora. Power Metals owns three of the five cesium occurrences in Ontario.

The properties involved are Case Lake, 80 kilometres east of Cochrane; Paterson Lake, 60 kilometres north of Kenora and close to Avalon’s Separation Rapids lithium property; and Gullwing-Tot Lakes, 30 kilometres northeast of Dryden.

Papua New Guinea opposition grows to dumping mine waste at sea (New Zealand Herald – September 9, 2020)

September 9, 2020

https://www.nzherald.co.nz/

Opposition to the disposal of mining waste in the ocean is growing in Papua New Guinea’s Morobe province.

Companies behind the proposed Wafi-Golpu gold and copper mine near Lae plan to pump mine tailings into the Huon Gulf, a process they call Deep Sea Tailings Displacement (DSTD).

The former governor of Papua New Guinea’s Morobe province, Keely Naru, is the latest to wade into the debate, telling the Post Courier the mining companies behind the Wafi-Golpu Joint Venture, Harmony of South Africa and Newcrest from Australia, should be required to ship the tailings back to their countries of origin.

Vale’s Divestment Collapse Underscores Nickel-Mining Challenges – by James Attwood and Mark Burton (Bloomberg News – September 2020)

September 9, 2020

https://www.bnnbloomberg.ca/

(Bloomberg) — In the clearest sign yet of the challenges to nickel mining in New Caledonia, a would-be buyer failed to put together a deal that would have seen it paid to acquire a major asset.

New Century Resources Ltd. said Tuesday it was unable to generate a funding package and equity structure that “adequately accommodates a suitable risk/reward scenario” to acquire the Goro operations from Vale SA.

Vale’s response was equally telling. The Rio de Janeiro-based said it would prepare to mothball Goro while exploring other options, all of which would “contemplate Vale’s exit.”

Thinking of buying gold? First, get the facts – by Steve Foerster (Kingston Whig Standard – September 8, 2020)

September 9, 2020

https://www.thewhig.com/

Warren Buffett’s Berkshire Hathaway recently surprised markets by announcing it had bought a stake in Barrick Gold. This is the same Warren Buffett who in 2011 proclaimed his distaste for gold, noting:

“If you own one ounce of gold for an eternity, you will still own one ounce at its end.” He preferred investing in “productive assets” such as stocks.

With gold at near-record prices, is now the time to buy some? Which Buffett should you believe? I recently collected 50 years of gold prices, S&P 500 returns (dividends included), and inflation (as measured by changes in the U.S. Consumer Price Index). Here are five facts and a chart: you decide.

Recovering Chinese steel output is boosting zinc price over short term – by Marleny Arnoldi (Mining Weekly – September 8, 2020)

September 9, 2020

https://www.miningweekly.com/

On the back of a stronger-than-expected rebound in economic growth in China, research agency Fitch Solutions Macro Research has revised upward its zinc price forecast for the year.

Initially, the agency anticipated a $2 100/t zinc price, but has revised it to $2 200/t, compared with a zinc price of $2 507/t at the end of 2019.

Zinc prices had fallen by 17.3% on average over the first three months of this year, but have since recovered to post new highs for the year, at a current price of about $2 483/t.

Saami Council urges Tesla to refrain from buying NorNickel metals – by Thomas Nilsen (The Barents Observer – Septmeber 8, 2020)

September 9, 2020

https://thebarentsobserver.com/en/

“Dear Mr. Elon Musk,” starts the letter from the indigenous peoples in northern Russia.

“We are respectfully requesting that you DO NOT BUY nickel, copper and other products from the Russian mining company NorNickel until the following is implemented,” the letter continues and then lists a number of environmental requirements to be fulfilled on the Taimyr- and Kola Peninsulas.

The campaign that started in northern Russia is now spreading in social media by other indigenous peoples communities globally under the hashtag #AnswerUsElonMusk.

The Saami Council this week voiced a strong support to the campaign.

As Arctic warming accelerates, permafrost thaw hits Red Dog mine with $20 million bill – by Nathaniel Herz (KNBA.org – September 8, 2020)

September 9, 2020

https://www.knba.org/

The multinational company that operates the massive Red Dog Mine in Northwest Alaska says that thawing permafrost linked to global warming has forced it to spend nearly $20 million to manage its water storage and discharge.

The problems at Red Dog, one of the world’s largest zinc mines, show how climate change poses a challenge not just to residents of Arctic Alaska, but also to the economy of the region, which is warming at triple the rate of the global average.

Vancouver-based Teck Resources Ltd. says that permafrost thaw in the watershed surrounding Red Dog is releasing higher natural levels of dissolved minerals and other particles into streams.

Definitive feasibility study for Kakula confirms giant mine – by Cecilia Jamasmie (Mining.com – September 8, 2020)

September 9, 2020

https://www.mining.com/

Canada’s Ivanhoe Mines (TSX:IVN) published on Tuesday the results of an independent definitive feasibility study (DFS) for its Kakula project in the Democratic Republic of Congo, which confirms the asset could become the world’s second largest copper mining complex.

Kakula, the first underground mine planned at the Kamoa-Kakula concession, is forecast to generate 6 million tonnes of ore a year at an average feed grade of 6.6% copper over the first five years of operation, the study shows.

Ivanhoe said the document is an independent verification by nine of the world’s top engineering firms of Kakula’s robust economics.

Landore believes BAM gold deposit contains more bang for the buck – by Staff (Northern Ontario Business – September 8, 2020)

September 9, 2020

https://www.northernontariobusiness.com/

Higher gold prices has Landore Resources rethinking the size and scale of a proposed open-pit gold mine near Armstrong in northwestern Ontario.

The United Kingdom company has designed a drill program next month to break out to the east and west from an established gold deposit that already contains more than a million ounces.

In a Sept. 1 news release, Landore said last winter’s preliminary economic assessment (PEA) for its BAM gold deposit was based on a US$1,560 gold price. Things have changed considerably with gold now hovering close to US$2,000.

Rio Board to Debate CEO’s Future as Pressure Mounts Over Blasts – by David Stringer and Thomas Biesheuvel (Bloomberg News – September 9, 2020)

September 9, 2020

https://www.bnnbloomberg.ca/

(Bloomberg) — Rio Tinto Group’s board will debate the future of Chief Executive Officer Jean-Sebastien Jacques as it faces pressure to respond more strongly to the destruction of ancient Aboriginal heritage sites in Australia, according to people familiar with the matter.

Recent talks with shareholders, traditional landowners and legislators indicated the company needs to take further action to restore relations with key decision makers in Western Australia, said the people, who asked not to be identified discussing private information.

The Australian state is crucial for the world’s second-largest miner, hosting iron ore operations that accounted for more than 90% of its first-half profits.

[MINING HISTORY] Elihu James Davis: He Built the Road to Eldorado – by Leslie Roberts (MACLEAN’S Magazine – November 15, 1930)

September 8, 2020

https://archive.macleans.ca/

An intimate sketch of the man [ Elihu James Davis] whose courage and faith created the T. and N. O., “the discovery railroad which opened Northern Ontario’s treasure chest”

THIS is the story of a man who proved by his foresight and his deeds that politicians do get things done, their traducers to the contrary. What is more, it proves that the smiling goddess, sometimes called Lady Luck, is cast in important roles in the fashioning of any young country, bestowing her favors on those who have the courage to set up new milestones of empire, no matter how the scoffers oppose.

As is the case with all pioneering achievement, it is a story of the faith that moves mountains, of dreams and vision and belief. It is the story of Elihu James Davis, the tanner of Newmarket, whose determination and courage brought into being the Temiskaming and Northern Ontario Railway, hoping thereby to create a new agricultural empire, only to find that Dame Fortune had flung wide the portals to a Canadian Eldorado.

Not even Davis, in the days when the T. and N. O’s. right-of-way was still a figment of fancy, could dream of the riches that were to come. Here was to be a prosperous new farming region, with New Liskeard its market town. Colonists, hearing of the wealth of the soil, would come to join those who were opening up the country.

Silver gets its shine back – by Amanda Stutt (Mining.com – September 7, 2020)

September 8, 2020

https://www.mining.com/

Gold has been the precious metal getting all the attention as investors piled into the safe haven asset on the economic fallout of the pandemic. Gold price broke all-time records in August, reaching $2,050/oz.

But silver has also had an outstanding year, with its gain almost double gold’s, Bloomberg reported. The rise has come off the back of a weakening US dollar, plunging real rates and geopolitical tensions — all of which give investors motivation to seek haven in precious metals.

Colin Plume, founder and CEO of Los Angeles-based precious metals broker Noble Gold, said prior to the pandemic, he saw investors buying gold and silver at a 60/40 ratio, but now the buying is nearly 50/50.

Canada’s nuclear industry rolled with the COVID-19 pandemic punch, documents show – by David Akin (Global News – September 5, 2020)

September 8, 2020

https://globalnews.ca/

As the COVID-19 pandemic rolled across the country early this spring, shutting down airlines, retailers and legislatures, Canada’s nuclear industry rapidly put in place business contingency plans developed nearly 20 years ago after the SARS epidemic. And, by all accounts, they worked.

Indeed, key industry players had long ago socked away tons of personal protective equipment (PPE) and developed “what-if” disaster plans that helped the country’s nuclear power plants, uranium mines, research reactors, and nuclear waste disposal sites roll with the pandemic punch.

And yet, as the pandemic shut down one industry after another this spring, senior staff at the country’s nuclear industry regulator worried that their ability and the ability of those they regulate to guarantee the safety of Canadians might have been put at risk.

No New Century for New Caledonia nickel – by Peter Ker (Australian Financial Review – September 8, 2020)

September 8, 2020

https://www.afr.com/

New Century Resources has withdrawn its offer to buy the New Caledonian nickel assets of mining giant Vale, leaving one of the Pacific nation’s main industries in disarray and putting the spotlight on the curious role played by one of Australia’s biggest nickel producers, IGO Limited.

New Century confirmed on Tuesday it would not proceed with the deal announced in May, saying it was unable to secure appropriate funding.

But the proposed deal has also faced other pressures in recent weeks, with some politicians calling for it to be delayed until after the October 4 referendum that will determine whether New Caledonia achieves independence from France.