Scientists are hunting for diamond mines in India — with help from earthquake data – by Mohana Basu (The Print India – February 21, 2020)

https://theprint.in/

A 3-member team is mapping how waves generated by quakes travel through the Earth’s uppermost layers to detect potential diamond mines in the country.

New Delhi: A three-member team of scientists is trying to locate new diamond mines in India by studying how waves generated by earthquakes travel through the rocks of the Earth’s uppermost layers.

The researchers, from the Indian Institute of Science Education and Research (IISER) Pune and IIT (ISM) Dhanbad, are using seismic imaging techniques, similar to medical CT scans, to analyse how waves generated during earthquakes travel through the layers under the Earth’s surface.

Their work is based on their own research published in the Journal of Earth System Science last year. The research found that in regions of India’s diamond corridor — which includes Dharwar, Bastar and Singhbhum blocks in south-eastern India — these waves have a higher velocity than usual.

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UPDATE 2-China hikes H1 rare earth output quota as industry grapples with virus – by Min Zhang and Tom Daly (Reuters U.S. – February 19, 2020)

https://www.reuters.com/

BEIJING, Feb 19 (Reuters) – China has raised its output quota for rare earth minerals in the first half of 2020 by 10% from a year earlier, a government notice showed on Wednesday, looking to step up production after a coronavirus outbreak disrupted activity in the sector.

China is the world’s top producer of rare earths, a prized group of 17 elements used in everything from ceramics to consumer electronics. The quotas are typically issued twice a year and closely watched as a supply indicator.

The first rare earth mining output quota for 2020 was set at 66,000 tonnes, equal to 50% of last year’s total allocation of 132,000 tonnes, according to a notice from the Ministry of Natural Resources and the Ministry of Industry and Information Technology.

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AngloGold’s Dushnisky expects $202m in cash to be repatriated from DRC “very soon” – by David McKay (MiningMX.com – February 21, 2020)

MiningMX.com

ANGLOGOLD Ashanti was confident it would get release of some $202m in cash waiting for repatriation from the Democratic Republic of Congo (DRC). “Barrick has been having constructive discussions and we expect to get that released very soon,” said AngloGold CEO, Kelvin Dushnisky.

The cash due to AngloGold by dint of its 45% in Kibali, the DRC gold mine it shares with state-owned gold company, SOKIMO, and Barrick Gold which controls the other 45% in the mine and is its operator. Kibali had a stand out year in 2019 beating guidance of 750,000 ounces in its 2019 financial year by delivering a record 814,027 oz.

Barrick is also in a discussion with SOKIMO regarding plans to sell its 10% stake in Kibali to AJN Resources, a Canadian listed company that has Congo gold industry veteran Klaus Eckhof as president and CEO. Barrick said in a statement last night it had not received notice from SOKIMO of its intention to sell, but would deny the request anyway.

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Internal probe confirms Vale knew Brumadinho dam was unsafe – by Cecilia Jamasmie (Mining.com – February 21, 2020)

https://www.mining.com/

Brazilian iron ore miner Vale (NYSE: VALE) has published the results of an independent report into the Córrego do Feijão mine’s tailings dam collapse that killed 270 people last year, which reveals the company knew about the facility’s fragile condition since 2003.

According to the document, prepared by a committee formed by Vale last year, concerns about how unstable the main B1 dam was were raised at various points over the course of 16 years, but the miner failed to appropriately deal with them.

Last month, state prosecutors charged Fabio Schvartsman, the chief executive at the time of the burst, and 15 other people with homicide. Schvartsman left his position at the company in March 2019.

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‘That’s not the way of our ancestors’: Wet’suwet’en matriarch speaks out about pipeline conflict – by Nancy MacDonald (Globe and Mail – February 21, 2020)

https://www.theglobeandmail.com/

A Wet’suwet’en hereditary subchief who helped translate a seminal Supreme Court decision that laid the foundation for greater control for Indigenous communities over their land says she opposes the blockades that have been roiling the country.

Rita George also said Thursday that she and other matriarchs have been feeling sick about the conflict and how it has split their community. She said the opposing hereditary chiefs and some of the people around them – including outside activists who have embedded themselves in the protest camp – have disrespected ancient feast-house traditions of how to treat one another.

Ms. George said it caused her great pain to have to exercise her leadership by speaking out against some of her own and particularly those outsiders who have turned her northern British Columbia community into a battleground over issues of climate change policy, resource extraction and reconciliation.

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Anglo American Pours Money Into Growth as Buybacks End – by Thomas Biesheuvel (Bloomberg News – February 20, 2020)

https://finance.yahoo.com/

(Bloomberg)- After spending almost $1 billion in buying back shares, Anglo American Plc is changing directions and leaning fully into growth.

The century-old mining company, which announced full-year earnings on Thursday, opted not to allocate more money to share buybacks. That’ll free up money for Anglo to spend on a $3 billion U.K. potash project and a $5 billion copper mine in Peru with help from a partner.

While other mining companies have focused on giving billions back to shareholders and shied away from blockbuster acquisitions, Anglo is charting out a different path. The company has staked its future on building mining operations around the world in a broad spectrum of different materials, rather than focusing on a single product.

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Bolivia: will the ousting of Morales open lithium to foreign investment? – by Heidi Vella (Mining Technology – February 20, 2020)

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

Making up one third of the so-called ‘lithium triangle’, the Andean nation of Bolivia is estimated to have around nine million metric tons of lithium – the largest accumulation in the world, according to the US Geological Survey.

Due to the expected exponential growth in demand for battery technology in recent years, of which lithium is a component, interest in Bolivia’s untapped reserves has skyrocketed. However, unlike neighbouring countries Argentina and Chile, which both have lithium mines in production, efforts to develop these resources have so far amounted to little.

The now exiled former President, Evo Morales, who was a keen proponent of resource nationalism, had tried to kick-start a local lithium industry via a state-owned company and joint partnerships with foreign firms, but he faced public opposition and lack of local expertise.

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WRAPUP 2-Surging gold prices propel earnings at miners Newmont, Kirkland – by Jeff Lewis and Nishara Karuvalli Pathikkal (Reuters Africa – February 20, 2020)

https://af.reuters.com/

Feb 20 (Reuters) – Surging gold prices propelled miners Newmont Corp and Kirkland Lake Gold Ltd to beat estimates for quarterly profit on Thursday as industry consolidation began to bear fruit for long-suffering shareholders.

Gold prices marked their best annual increase since 2010 last year and are currently above $1,600 per ounce, as concerns over global economic health, low interest rates and geopolitical tensions triggered investor interest in safer assets.

Newmont, Kirkland and others have snapped up rivals in a flurry of deals to replace reserves and lower costs, and are now rewarding investors by hiking payouts and buying back shares.

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America’s coal country isn’t dead — it’s preparing for a comeback (Bloomberg News – February 20, 2020)

https://news.bloombergenvironment.com/

At least five of America’s coal producers went bankrupt in 2019. Prices for the fossil fuel have plunged 40% since a 2018 peak. And some of the nation’s largest miners are retrenching and slashing their dividends.

But don’t be mistaken: The fight against climate change hasn’t killed off Coal Country yet. Instead of pouring money into dividends and buybacks, the nation’s largest coal producers say they’re hoarding cash to weather what they see as an impermanent storm.

Overall, the industry returned more than $1-billion to investors last year before retrenching. The goal this year: Be ready to start mining again and paying dividends at the first sign of a market revival. They’re betting that prices will bottom out in the first half of 2020 before rising in the second half as production declines and global consumption gains.

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The biggest barrier to resolving this conflict — a handful of hereditary chiefs – by John Ivison (National Post – February 21, 2020)

https://nationalpost.com/

If the chiefs are motivated more by environmental activism than Indigenous justice, there is likely to be little room for compromise

It’s been a good week for the Conservatives in terms of generating funds and support – possibly their best since Jody Wilson-Raybould appeared before the justice committee a year ago at the height of the SNC-Lavalin affair.

Andrew Scheer was criticized in some quarters when he called for the government to direct the RCMP to clear away the rail blockades. That is playing with weeping gelignite – we are still in the realm of a political protest but it could flare into armed conflict if handled badly.

Yet Scheer and his parliamentary colleagues have been more in tune with the public mood than a government that has resembled the wallflower at the prom, paralyzed while waiting for a call to dance from Wet’suwet’en hereditary chiefs that is never likely to come.

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Column: Coronavirus is double shock for China’s giant aluminium sector – by Andy Home (Reuters U.K. – February 21, 2020)

https://uk.reuters.com/

LONDON (Reuters) – The outbreak of the deadly coronavirus could not have come at a worse time for the aluminium market. Global aluminium demand fell last year for the first time since the global financial crisis.

Expectations of a demand recovery rested on China, which showed encouraging signs of a manufacturing revival towards the end of 2019. The virus and the accompanying quarantine measures have since chilled economic activity, representing a short-term demand shock for the world’s aluminium market.

It’s why the London Metal Exchange (LME) aluminium price sank to a three-year low of $1,685 per tonne at the start of February. The fear is that China’s aluminium smelters will keep churning out metal even as the country’s demand implodes.

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RPT-COLUMN-Coal-fired power is losing ‘unfair fight’ in India to renewables – by Clyde Russell (Reuters U.S. – February 20, 2020)

https://www.reuters.com/

BAMBOLIN, Goa, India, Feb 20 (Reuters) – Coal-fired power in India is being increasingly priced out of the market by cheaper renewables such as solar, with the dirtier fuel abandoned by private capital, and only projects with government support being viable.

If there was one major theme at this week’s annual industry gathering, Coaltrans India, held in the resort state of Goa, it was that the domestic coal sector is under siege, and probably faces a future of limited growth and eventual disbandment.

Rather than politics, the reason is largely economic, with power purchase agreements (PPAs) for renewables now coming in at levels at which even existing coal-fired plants cannot compete.

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Cree leaders work to calm fears over surprising $4.7B infrastructure deal – by Susan Bell, Betsy Longchap and Christopher Herodier (CBC News North – February 20, 2020)

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

Cree leaders in Quebec are focused on reassuring a jittery population after announcing a far-reaching economic development agreement with Quebec regarding massive infrastructure improvements in the territory over the next 30 years and, very likely, more resource extraction projects.

The $4.7-billion Grande Alliance project was signed Monday by Cree Grand Chief Abel Bosum and Quebec Premier François Legault. It proposes a deep sea port, an improved and extended road network and a railway to be built up to the most northern reaches of Cree territory.

The deal came as a surprise to many Cree and had people expressing suspicion, worry and support for the deal on social media. People raised questions about what it will mean, how the land and animals would be affected, and how they will be consulted moving forward.

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Kirkland Lake Gold’s Tony Makuch our Mining Person of the Year for 2019 – by Trish Saywell (Northern Miner – February 20, 2020)

https://www.northernminer.com/

Tony Makuch, president and CEO of Kirkland Lake Gold, is The Northern Miner’s Mining Person of the Year for 2019. Under his leadership, Kirkland Lake Gold has outperformed its peers in the last 24 months. The company’s shares rose by 60% last year, it raised its dividend twice and more than doubled its cash position, ending 2019 with US$707 million in cash and equivalents.

Kirkland Lake Gold operates two of the highest grade gold mines in the world and produced a record 974,615 ounces of gold in 2019, a 35% year-on-year increase, anchored by its Macassa mine in Ontario, Canada and its Fosterville mine in the state of Victoria, Australia. It also produces gold at its Holt complex – a trio of mines (Holt, Taylor and Holloway) in Ontario.

Consolidated operating cash costs fell 22% year-on-year to US$284 per oz. sold, while all-in sustaining costs declined 18% to US$564 per oz. sold. Net earnings jumped 104% year-on-year to US$560 million or $2.67 per share, and free cash flow totalled US$463 million, an 81% increase over 2018.

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