Republic of Mining

Vale files $1-million lawsuit, CBC report says – by Staff (Sudbury Star – December 17, 2019)

December 18, 2019

https://www.thesudburystar.com/

A half-dozen people profited in a complex fraud scheme through a Vale mill, according to a civil suit filed in Ontario Superior Court in Toronto.

The document, which was obtained by CBC, alleges former Clarabelle Mill superintendent Lee MacIsaac, along with maintenance supervisor William Auger and parts coordinator Yvan Lecuyer, conspired to pocket at least $1 million through payments on maintenance work that was never performed.

None of the allegations have been proven in a court of law. The suit also names three men affiliated with contracting companies as collaborators in the scheme: Felix Vazquez of Metso Minerals, John Vasconcelos of E.S. Fox Ltd., and Jason Bettiol of ABS Manufacturing.

Dreaming of an Artisanal Christmas – by Ann Mah (New York Times – December 18, 2019)

December 18, 2019December 18, 2019

https://www.nytimes.com/

A Southern California native went looking for an old-fashioned Christmas. She found it in the “Christmas ornament town” of Seiffen, tucked in Germany’s Ore Mountains.

For as long as I can remember, I’ve had this image of Christmas: a village nestled in a snowy valley, candlelit windows glowing against a night sky. I’m not sure where it came from. Growing up in sunny Southern California, my family strung lights on the palm trees in our yard and went to the beach on Christmas Eve. Most kids know about Santa’s sleigh, but I believed he traveled on a magic speedboat.

As an adult, I’ve searched for that old-fashioned Christmas, one of snow-tipped Yuletide cheer, sleigh rides, sugarplums and freshly cut pine trees trimmed with handcrafted ornaments. Though I visited the Christmas markets in European capitals like London, Paris and Vienna, I never really found it.

Yes, the fairy lights twinkled, the sweet scent of mulled wine drifted, and sometimes snow crunched under my heels. Yes, the market stalls displayed an array of glittering ornaments for the tree and home. Yet upon closer inspection, the decorations were flimsy, their designs repeating from vendor to vendor as if they shared the same supplier: an industrial factory in a distant land.

Everything You Need To Know About Natural Diamonds – by Eliza Huber (Refinery29.com – December 18, 2019)

December 18, 2019

https://www.refinery29.com/

From the early ‘90s until 2000, there was a high cost involved with buying a diamond — and we’re not talking about the price tag. If there was ever a purchase that you’d want to be proud of, diamonds would be it. After all, they’re exchanged as a symbol of love and commitment, and passed down through generations.

But conflict diamonds — diamonds mined in a war zone to finance militant activities — cast a shadow on the glamorous world of luxury jewellery. Unfortunately, if your diamond was sourced in a war-torn country like Sierra Leone, Angola, or the Democratic Republic of Congo in the ‘90s, it could be a symbol of something much more dismal.

Amidst the growing consciousness of consumers and brands alike, the industry has changed — a lot. In 2000, the Kimberley Process (KP) was established to act as a global trade authority against conflict diamond mining. Today, it represents 81 countries, with the European Union counting as one unit, and is responsible for nearly eradicating the practice, preventing around 99.8% of the global production of conflict diamonds, according to the organisation’s website.

‘We’re going to die’: Toronto mother says young daughter terrified by school presentation on climate change – by Aileen Donnelly (National Post – December 18, 2019)

December 18, 2019

https://nationalpost.com/

A Toronto mother says a confusing school presentation involving teen activist Greta Thunberg and a ticking clock left her young daughter fearing Earth’s imminent demise, and schools should be more careful about what they’re teaching seven-year-olds.

At least one child yelled “I don’t wanna die” during a presentation on climate change delivered to a Grade 2/3 class on Oct. 4. A group of seven- and eight-year-olds had gathered in the library of Elmbank Junior Middle Academy in Etobicoke to watch a video of a speech Greta delivered at the UN Climate Action Summit on Sept. 23.

In her remarks, a visibly upset Greta accuses world leaders of failing future generations, ignoring climate change and stealing her childhood.

Vanillanomics: Watching global market forces at work in the far reaches of Madagascar – by Monte Reel (Bloomberg News – December 17, 2019)

December 18, 2019

https://www.bloomberg.com/

First, we needed a 4×4 of some sort, along with a driver willing to chance roads that are sometimes passable, sometimes not. The man we found struck us as the quietly skeptical sort, but after a few hundred rutted kilometers, any hesitations he’d been suppressing hardened into emphatic certainties.

“The only people who drive on this road,” he told our photographer and me, via our translator, “are people who want to kill their cars.” Yet he gamely pushed ever deeper into Madagascar’s tropical north, until our mud road descended a hill and was swallowed by a wide river. It was the end of the line for the driver. He seemed relieved.

Somewhere on the other side of that water, dozens of farmers would soon converge upon a regional vanilla market in the village of Tanambao Betsivakiny. Growers would negotiate with buyers working on behalf of exporters and international flavoring companies, and together everyone would hash out a collective, per-kilogram price for the crop. Most buyers would pay cash on the spot, and the farmers would hand over several tons of green, freshly harvested vanilla beans.

Goldman Sachs Curbs New Lending on Coal and Arctic Oil – by Russell Ward (Bloomberg News – December 15, 2019)

December 17, 2019

https://ca.finance.yahoo.com/

(Bloomberg) — Goldman Sachs Group Inc. has tightened its policy on fossil fuel financing in a move welcomed by environmental groups, just as global talks on climate change faltered in Madrid over the weekend.

The Wall Street firm’s recently updated environmental policy framework includes pledges to decline financing that directly supports new thermal coal mines and upstream Arctic oil exploration and development. The company is targeting $750 billion for “climate transition and inclusive growth finance” over the next decade, according to its website.

Goldman’s stricter stance came as climate discussions in Madrid reached a disappointing end, with delegates from almost 200 nations watering down language on issues they had agreed on in previous years. While agreeing on the “urgent need” for countries to make deeper cuts to greenhouse gases, they shelved work on adding market mechanisms to meet their goals and failed to agree on finance needed to fix the problem.

OPINION: Bringing an end to South Africa’s power struggle – by Sizwe Dlamini (Independent Online – December 17, 2019)

December 17, 2019

https://www.iol.co.za/

CAPE TOWN – South Africa remains one of the best mining jurisdictions in the world with more than $2.5 trillion (R36.2 trillion) mineral wealth still in situ.

This is according to Mineral Resources and Energy Minister Gwede Mantashe, who told delegates at the Africa Down Under event earlier this year that as things stood no country could match South Africa in terms of mineral diversity offerings.

Data from Statistics SA show that South Africa’s mining industry is one of the key economic sectors in the country, contributing about 7.5 percent to gross domestic product (GDP), 30 percent of export earnings, and more than 450 000 direct jobs.

‘Scale really does matter’: Equinox and Leagold announce merger to create $1.75-billion miner – by Gabriel Friedman (Financial Post – December 17, 2019)

December 17, 2019

https://business.financialpost.com/

Latest merger in what’s turning into a boom year for the gold mining space with more than $30 billion of deals announced already

As 2019 draws to a close, the long-anticipated consolidation in the gold sector is picking up speed with news of yet another merger. On Monday, Equinox Gold Corp. proposed a no-premium, all-stock combination with Leagold Mining Corp. valued at around $770 million.

The tie-up would unite two Vancouver-based intermediate miners that are both backed by industry heavyweights and both focused on the Americas, with six mines spread across Brazil, Mexico and the U.S.

Ross Beaty, chairman and the largest shareholder of Equinox, pitched the deal as a means to achieve scale. He argued the new company, which will keep the Equinox name and have a market capitalization of roughly $1.75 billion, would have better liquidity and better risk diversification.

Alrosa and Everledger introduce program for blockchain-enabled diamonds – by Elizabeth Cope (Global Mining Review – December 17, 2019)

December 17, 2019

https://www.globalminingreview.com/

Alrosa and Everledger are introducing a WeChat Mini Program to Chinese retailers, demonstrating the ability of blockchain technology to enable the purchase of diamonds with transparency of their origin, characteristics and ownership history.

Created by diamond producer Alrosa and technology company Everledger, the program pilot aims to provide transparent and secure diamond information for potentially a billion active WeChat users. It is also the first product to capitalise on the synergy between Everledger and their new investor, Tencent, which operates the WeChat social platform.

The program pilot will showcase diamonds from Alrosa, enabling full traceability from mine to consumer. It will be offered as a white label API for jewellery manufacturers and retailers in China who wish to offer consumers more innovative and insightful stories about their products and their brand.

Nevada Copper starts production at mine in western U.S. – by Ernest Scheyder (Reuters U.S. – December 16, 2019)

December 17, 2019

https://www.reuters.com/

(Reuters) – Nevada Copper Corp said on Monday it has started production at its Pumpkin Hollow mine in the western United States, one of the first new mining projects to open in the country in decades.

The mine is opening just as copper prices are projected to rise due to increasing demand from the electric vehicle industry. Once seen as a laggard in the global mining industry, U.S. copper deposits have drawn nearly $3 billion in recent investments from small and large miners alike.

Nevada Copper spent about $200 million to develop the underground mine, less than 60 miles (100 km) from Tesla’s massive Gigafactory in the state’s northern edge. The mine is expected to produce about 27,000 tonnes of copper concentrate annually.

Texas rare earths mine developers to build U.S. refinery – by Ernest Scheyder (Reuters U.S. – December 16, 2019)

December 17, 2019

https://www.reuters.com/

(Reuters) – Developers of a Texas rare earths mine said on Monday they will build a pilot plant to refine the strategic minerals, the latest domestic processing project announced at a time when more Americans are voicing concern about China’s control over the sector.

China is the largest global processor of rare earths, a group of 17 minerals used to make a range of electronics and military equipment.

Texas Mineral Resources Corp (TMRC.PK) and privately held USA Rare Earth said they will spend $10 million to $12 million to build the pilot plant in Colorado, near industry consultants and academics.

Ottawa still didn’t consult properly on Trans Mountain: First Nations – by Geoffrey Morgan (Financial Post – December 17, 2019)

December 17, 2019

https://business.financialpost.com/

CALGARY – The federal government failed again to properly consult with affected First Nations groups on the Trans Mountain pipeline expansion project, lawyers for groups opposed to the pipeline said Monday.

Lawyers for First Nations groups opposed to the Trans Mountain pipeline expansion project between Alberta and British Columbia argued before the Federal Court of Appeal in Vancouver on Monday that Ottawa, once again, had not upheld its duty to meaningfully consult with Aboriginal communities on the project.

Scott Smith, a partner with Gowling WLG acting on behalf of the Tsleil-Waututh Nation, referenced comments by Prime Minister Justin Trudeau and Finance Minister Bill Morneau that described the federal government’s commitment the project “will be built” and “to get shovels back into the ground” as evidence that Ottawa’s consultations were not meaningful.

Outlook 2020: Can silver prices top gold’s performance in 2020? Analyst watching improving demand – by Anna Golubova (Kitco News – December 16, 2019)

December 17, 2019

https://www.kitco.com/

(Kitco News) Silver is looking to play catch-up to gold and potentially outperform the yellow metal next year, according to analysts, who are eyeing the U.S.-China trade progress and silver’s improving demand as key drivers.

Both silver and gold had a stellar year despite dropping off its 2019 highs reached this fall. During the last 12 months, spot gold rose around 19% and silver advanced 16.9%, according to Kitco’s aggregated charts.

Spot silver prices reached their 2019 peak at the beginning of September, trading above $19.60. At the time of writing, spot silver was at $16.99 and March Comex silver was at $17.07 an ounce. The biggest drivers for silver next year will be the U.S.-China trade situation and global growth prospects, Standard Chartered precious metals analyst Suki Cooper told Kitco News on Tuesday.

Tech firms named in US lawsuit over DRC cobalt mining child labour (MiningWeekly.com – December 16, 2019)

December 17, 2019

https://www.miningweekly.com/

The world’s largest technology companies are being sued by the families of children who died or were maimed while mining for cobalt in the world’s largest cobalt producing nation, the Democratic Republic of Congo (DRC).

The federal class action lawsuit, filed in Washington DC by human rights firm International Rights Advocates, names Apple, Alphabet – the parent company of Google, Dell Technologies, Microsoft and Tesla as defendants.

It is understood other technology firms and automotive companies were also on the human rights firm’s radar and that additional entities could be added to the lawsuit.