Republic of Mining

PNG demands Wafi-Golpu gold stays in-country, urges Newcrest, Harmony talks – by Jonathan Barrett (Reuters U.S. – September 12, 2019)

September 13, 2019

https://www.reuters.com/

SYDNEY, Sept 13 (Reuters) – Papua New Guinea wants to keep 40% of gold produced from the proposed Wafi-Golpu project, the country’s commerce minister said, creating a potential hurdle to an agreement with co-owners Newcrest Mining and Harmony Gold.

The miners had been hoping to secure a mining lease over the major gold and copper deposit earlier this year, before a change in PNG’s leadership and a shift in minerals policy led to delays.

“We’d like to see Newcrest come to the negotiating table on this,” PNG’s Minister for Commerce and Industry Wera Mori told Reuters in a phone interview late on Thursday.

On an island coveted by miners, villagers prepare to raise a ruckus – by Ian Morse (Mongabay.com – September 13, 2019)

September 13, 2019

https://news.mongabay.com/

ROKO-ROKO, Indonesia — Residents of this village on the island of Wawonii look like they’re preparing for a battle. Men with chainsaws guard four jerry-rigged huts they’ve built to protect their land against a mining company owned by one of Indonesia’s wealthiest families.

Just four months earlier, locals were celebrating the government’s promise to expel firms like this one. In March, Lukman Abunawas, the deputy governor of Southeast Sulawesi province, faced an angry crowd outside his office in Kendari, the provincial capital, and announced that the government would revoke 15 land concessions for industrial-scale mining in Wawonii.

It was the culmination of a series of increasingly brutal protests against the mining plans that saw thousands of farmers and fishermen pour into the coastal city, riding boats across the narrow channel separating Wawonii from the Sulawesi mainland to join the demonstrations.

First Nations need to take the lead on Far North development: Yesno – by Ian Ross (Northern Ontario Business – September 12, 2019)

September 13, 2019

https://www.northernontariobusiness.com/

Eabametoong chief regards “nation building” as key to developing local economies

Harvey Yesno wants Eabametoong to take the initiative when it comes to development in their traditional territory instead of constantly reacting to it. The respected former grand chief of Nishnawbe Aski Nation (NAN) was elected chief of the remote Far North community in mid-June, succeeding Elizabeth Atlookan.

“What has happened in our region is we’ve just been responding to what’s going on,whether it’s one permit and one explorer, or the Ring of Fire,” said Yesno. “I’d like to be in a position where we are engaging.”

Eabametoong, a remote Ojibway community of 1,500, is located 350 kilometres north of Thunder Bay on the Albany River system. It’s one of the nine-member Matawa First Nations tribal councils and one of the five remote communities closest to the Ring of Fire mineral belt.

The Trudeau years and mining – by Leonard Melman (Resource World – September 12, 2019)

September 13, 2019

https://resourceworld.com/

The Canadian mining industry entered a new era on October 19, 2015 with the election of Justin Trudeau as Canada’s new Prime Minister. His Liberal Party gained a solid majority in the House of Commerce, thereby giving him a relatively free hand for the next four years.

His initial policy paper outlining his goals contained no specific statement on resource extraction industries, but rather concentrated on goals that might be regarded as ‘politically correct’ including support for abortion, women’s rights, Indigenous support, and support for efforts to control so-called global warming or climate change.

Judging by the TSX Venture Exchange Index, the mining world greeted Trudeau’s arrival with some optimism as the index rose from near 600 in late 2015 to around 820 in mid-2016, but the performance ever since has been mediocre and that index now stands below 600 as of September 2019. The number of junior miners has dropped during the Trudeau years.

As gold prices soar, mining companies find themselves under attack from their largest investors – by Gabriel Friedman (Financial Post – September 13, 2019)

September 13, 2019

https://business.financialpost.com/

For much of September, gold has been trading at its highest price in years, and yet gold mining companies, large, small and in-between, find themselves under attack from their largest investors.

On Thursday, the day gold stood at US$1,502 per ounce — a high-point not seen since 2013 — a coalition of investors released a report that bashed gold mining executives for spending too much money on general expenses.

The Shareholders Gold Council, founded in 2018 by U.S. billionaire John Paulson, and backed by a half-dozen institutional investors, acknowledged that gold equities have outperformed the price of gold during the past year — with one exchange traded fund rising 53 per cent compared to bullion’s 26 per cent climb this year as of Aug. 20. But the report notes gold equities have underperformed over any longer time horizon up to 10 years.

BUTTE, MONTANA: World Museum of Mining (Atlas Obscura.com – September 2019)

September 13, 2019

https://www.atlasobscura.com/

The World Museum of Mining sits on the grounds of a formerly active mine and boasts many different original structures and equipment, encapsulating a major part of Butte, Montana’s, rich mining history.

By the late 19th century to the early 20th century, the town had established itself as one of the major copper boomtowns of the American West. At that time, copper was in high demand and was needed for new technologies, including the use of electric power. By 1910, Butte was dubbed “the richest hill on Earth,” as it had many different mines sprawled around its city limits.

One such mine that was unveiled within the city in 1875. It was known as the “Orphan Girl Mine,” also nicknamed “Orphan Annie” or just “The Girl,” because of its desirably cool working temperatures (55 to 56 degrees Fahrenheit).

De Beers Namibia diamond venture sells mine to local consortium (Reuters U.S. – September 12, 2019)

September 13, 2019

https://www.reuters.com/

WINDHOEK (Reuters) – Namdeb Holdings Limited, a joint venture between the Namibian Government and Anglo American’s diamond unit De Beers Group, said on Thursday that it has sold Elizabeth Bay Mine and its associated marine assets as a going concern to Lewcor, a 100% Namibian-owned consortium.

Namdeb, which unsuccessfully explored a variety of options to extend the life of its Elizabeth Bay Mine beyond 2019, ceased operations in September 2018 because it could no longer run the operation economically.

The company said it first put the mine up for sale in February last year, seeking to find an operator suited to operate the mine in a sustainable way, ensuring continuation of employment and economic activities in Namibia.

Osisko Gold buys Stornoway Diamond in deal with creditors – by Colin McClelland (Financial Post – September 9, 2019)

September 13, 2019

https://business.financialpost.com/

Montreal-based Osisko Gold Royalties Ltd. is buying Stornoway Diamond Corp. in partnership with its creditors as the Longueuil, Que.-based gem miner files for bankruptcy protection.

The agreement stemming from a June letter of intent will see Osisko and other creditors assume all debts and liabilities of Stornoway while continuing to operate its Renard diamond mine in Quebec by supplying $20 million in working capital, according to a company filing to the provincial Superior Court.

“The continued downward pressure on the market price for rough diamonds, as well as a variety of other factors and circumstances, have contributed to the corporation’s inability to generate positive free cash flow in 2019, and to maintain an adequate level of working capital,” the company said in the filing.

Why don’t the Liberals just declare the Trans Mountain charade over? – by Rex Murphy (National Post – September 7, 2019)

September 13, 2019

https://nationalpost.com/

Stop this pantomime that must be driving every Albertan wild with frustration and way past anger

Were you to suppose that the purpose of current national energy policy was to chase Alberta out of Confederation (with a big knotty stick), you would have hit up a dismayingly plausible, perhaps the only plausible, explanation for the remorseless stream of blunders, stumbles, harassments, blockades, protests and court rulings that have constituted said “policy” over recent years.

Certainly more plausible than anything that has escaped the lips of Justin Trudeau recently, anything to be found in the endless tweets of climate crusader Catherine McKenna over the past four years, or in the vapid pronunciamentos, post-Trans Mountain appeals case, of Minister Sohi in the past four days.

We have a government that gets passionate about “single-use” plastics, but is comatose on the cardinal industry of a First-World democracy. The government has scotched every pipeline, proposed or considered, East or West, with the dispatch and efficiency of the better assassins (i.e., unlike the “hitchhiker” would-be assassin someone took to India).

Should we mine copper and nickel in Minnesota … to help defeat climate change? – by Walker Orenstein (Minn Post – September 11, 2019)

September 12, 2019

https://www.minnpost.com/

Just as steel made from Minnesota’s iron ore powered the U.S. military to victory during World War II, supporters of copper-nickel mining in the state say the industry could help defeat another global challenge: the climate crisis.

Demand is on the rise for renewable energy and electric cars that rely on copper, nickel, cobalt and other metals. And as the world continues to transition away from fossil fuels, the need for those minerals will only continue to grow.

In August, Gov. Tim Walz told MinnPost the state should allow mining if it expects to reach a carbon-free future. “There’s 5.5 tons of copper in every megawatt of solar, and it comes from somewhere,” he said.

Nutrien to temporarily shut down three Saskatchewan potash mines – by Alex MacPherson (Saskatoon StarPhoenix – September 12, 2019)

September 12, 2019

https://thestarphoenix.com/

The eight-week shutdowns are expected to affect between 600 and 700 miners.

The world’s largest fertilizer company says it will temporarily shutter three of its Saskatchewan potash mines to address what it calls a “short-term slowdown” in global potash markets.

Nutrien Ltd. said late Wednesday afternoon that its Allan, Lanigan and Vanscoy mines will be “proactively” shut down for eight weeks in the fourth quarter of the year.

The shutdowns are expected to affect between 600 and 700 miners across the three sites beginning in November, Nutrien spokesman Will Tigley said in a telephone interview.

Global mining panel looks to boost accountability after Brazil disaster – by Christian Plumb (Reuters U.S. – September 11, 2019)

September 12, 2019

https://www.reuters.com/

BELO HORIZONTE, Brazil (Reuters) – New safety standards being drawn up by a global mining industry panel will include rules to better define management accountability after Vale SA’s (VALE3.SA) January tailings dam disaster, a top industry official said on Wednesday.

The governance standards would help ensure independent reviews of dams and adequate disclosure of risks, said Tom Butler, president of the International Council on Mining and Metals.

“The engineers know what they’re doing with these things but the implementation and the management and the change management, that all involves humans,” Butler told Reuters in an interview in Brazil.

Century Project, lookout nearing completion, and more updates from Porcupine Gold Mines – by Maija Hoggett (Timmins Today – September 11, 2019)

September 12, 2019

https://www.timminstoday.com/

All-electric Borden Mine almost ready to open

From a public lookout of the open pit to the Newmont acquistion and where the Century Project is at, everything was on the discussion table for Marc Lauzier today.

Lauzier is the general manager of Newmont Goldcorp’s Porcupine Gold Mines and was the featured speaker at the Timmins Chamber of Commerce’s quarterly Inside Their Business event. Earlier this year, the $10-billion merger of Newmont Mining Corp. and Goldcorp was completed, creating a new company – Newmont Goldcorp.

The local operations involved are the Porcupine Gold Mines, which includes the Hoyle Pond underground mine and Hollinger open-pit. Borden Lake near Chapleau is opening this year and is an all-battery-electric mine. The Century project is also still in development.

BHP invests in bio-tech – by Esmarie Iannucci (MiningWeekly.com – September 12, 2019)

September 12, 2019

https://www.miningweekly.com/

PERTH (miningweekly.com) – Mining major BHP has taken a strategic stake in US biotech start-up Cemvita Factory, which is developing bio-engineered pathways that support carbon dioxide (CO2) sequestration and utilisation.

Cemvita Factory is developing a portfolio of CO2 conversion microorganisms, including a platform that mimics photosynthesis and other natural processes.

BHP’s chief geoscientist Laura Tyler, said BHP is interested in the potential for biomimetic technology to enhance remediation of mine-impacted soils and water. “Biomimetics have the potential to convert CO2 into useful downstream products such as chemicals and polymers, and it also holds promise for the remediation of mine sites.

Three reasons gold price rally is over – by Frik Els (Mining.com – September 11, 2019)

September 12, 2019

https://www.mining.com/

Gold managed to trade back above $1,500 an ounce in afternoon dealings in New York on Wednesday, but a new report suggests that’s as good as it’s going to get.

Capital Economics in a note says all the drivers for the rally in the gold price – weakening global growth, safe haven demand and low interest rates – are now baked into the price.

The independent research house argues that gold will end the year around today’s levels and is set to drop by double digits in percentage terms in 2020 based on three factors: