Republic of Mining

Noront, Algoma Steel discussing ferrochrome plant tenancy fees – by Darren Taylor (Northern Ontario Business – August 27, 2019)

August 28, 2019

https://www.northernontariobusiness.com/

Construction of Ring of Fire road could begin in the spring thanks to co-operation with First Nations communities, minister says

Progress is being made on the Ring of Fire project, to be developed in northwestern Ontario.

That from Greg Rickford, Ontario’s minister of energy, Northern development and mines, who was in Sault Ste. Marie on Aug. 27 to deliver an update on the project to officials at Algoma Steel.

Toronto-based mining company Noront Resources announced May 7 it had chosen Sault Ste. Marie – after the city had engaged in a long, competitive bidding process with other communities – as the location for its new Ferrochrome Production Facility (FPF), to be located on Algoma Steel property. It will process chrome ore from deposits Noront will be drawing from the Ring of Fire region, to be converted into ferrochrome for the U.S. stainless steel market.

Ontario, First Nations moving forward with Ring of Fire development – by Elaine Della-Mattia (Sault Star – August 27, 2019)

August 28, 2019

https://www.saultstar.com/

The Ontario government is taking a different approach so the Ring of Fire development can move forward. It expects bilateral agreements to be established with First Nations communities this fall, paving the way for the development of a north-south route.

The Ontario government says it’s establishing bilateral agreements with First Nations communities in order to start a north-south route to the Ring of Fire.

Greg Rickford, Minister of Energy, Northern Development and Mines and Minister of Indigenous Affairs, said the Conservative provincial government’s plan to ink agreements with the First Nation communities and get a shovel in the ground is quicker and cheaper than that of its predecessor so that the “corridor to prosperity” can be built.

“Frankly, to this point it’s been a little complicated and lengthy. It has not necessarily met the timelines that the market should expect a project to come onboard,” Rickford told a Tuesday morning audience at Algoma Steel.

Spread between seaborne, port iron ore prices widens on shipment surge (Reuters U.K. – August 27, 2019)

August 27, 2019

https://uk.reuters.com/

BEIJING (Reuters) – The spread between seaborne iron ore heading to China and iron ore at China’s ports has widened to the highest in at least two years, following an increase in shipments from Australia and Brazil as disrupted mines gradually come back on track.

The average for the month of August so far of the price difference between seaborne iron ore with 62% iron content and supplies at Chinese ports was $9.42 a tonne as of Monday, S&P Global Platts data showed. That is the highest monthly average spread since the price reporting agency began publishing iron ore prices for China’s ports in August 2017.

The widening spread between seaborne iron ore prices and port prices indicates that more cargoes are underway and mills are wary to make offers given the uncertainties in macro-economy, said four sources with knowledge of the market.

North: Whale Tail mine expansion undergoes public hearings this week in Baker Lake – by Sara Frizzell (CBC News North – August 27, 2019)

August 27, 2019

https://www.cbc.ca/

Open pit mine began commercial production this summer

Plans to expand the newly opened Whale Tail gold mine, near Baker Lake, Nunavut, are the subject of public hearings this week in the community.

The Nunavut Impact Review Board is running the consultations Monday through Thursday. It’s reviewing plans to increase the size of the Whale Tail open pit, to start another open pit near a site called IVR and to start underground mining.

Community representatives from Baker Lake and other Kivalliq-region communities will have their say at the hearings along with the territorial and federal governments. Agnico Eagle began mining operations at Whale Tail this summer with approval to run for three or four years and mine 8.3 million tonnes of ore.

Exclusive: Japanese utilities start selling uranium fuel into depressed market – by Aaron Sheldrick and Yuri Harada (Reuters U.S. – August 23, 2019)

August 27, 2019

https://www.reuters.com/

TOKYO (Reuters) – Japan’s nuclear operators are starting to sell some of their huge holdings of uranium fuel, as chances fade of restarting many more reactors eight years after the Fukushima nuclear disaster.

The sales so far have been small, but were made at values well below their purchase price and are likely to further depress the already beaten-down uranium market, say two senior market specialists.

They could also focus attention on the balance sheets of the country’s utilities, bolstered by holdings of nuclear fuel valued at 2.5 trillion yen ($24 billion), a figure that market experts say is highly unrealistic.

$1,600 gold ‘totally within reason’ as almost perfect storm boosts bullion to highs not seen in years – by Victor Ferreira (Financial Post – August 26, 2019)

August 27, 2019

https://business.financialpost.com/

Gold, now trading above US$1,500 for the first time in six years, is in the midst of a near-perfect storm that no longer makes it dependent on interest rate cuts to continue its stunning rally, analysts say.

Since reaching its year-to-date low of US$1,270 in May, the price of bullion has rallied by more than 20 per cent. In June, gold broke through a technical level of US$1,400 and managed to sustain this level after failing to do so multiple times in the past. On the back of increasing trade tensions between the U.S. and China and what many are predicting will be two successive interest rate cuts by the U.S. Federal Reserve, gold has now shattered the US$1,500 level as well. As of 4:30 p.m. Monday gold was trading at US$1,528 an ounce.

The US$1,600 is now “totally within reason,” said BMO precious metals analyst Andrew Kaip. “If you think about it, we’re almost in a perfect storm for gold right now,” he said.

Joining forces: What does the Newmont-Barrick Gold mega merger mean for Nevada’s mining future? – by Rob Sabo (Northern Nevada Business View – August 26, 2019)

August 27, 2019

Northern Nevada Business View

ELKO, Nev. — After years of discussion, Nevada’s two largest mining companies struck a deal this summer to join forces and combine operations in the world’s largest gold-producing complex.

The joint venture between Barrick Gold Corporation and Newmont Goldcorp Corporation ushers in a new era in Nevada hard rock mining. Barrick owns and operates 61.5 percent of the newly formed Nevada Gold Mines, while Newmont owns 38.5 percent of the company. By sharing assets and access to each other’s facilities, Nevada Gold Mines expects to save close to a half-billion a year.

NGM Executive Managing Director Greg Walker, who started with Barrick in 2002, has seen his share of failed merger discussions over the years. Just this year, Barrick tendered an $18 billion stock offer to acquire Newmont outright.

Mystery nickel buyer could bring First Quantum’s Ravensthorpe back online – by Brian Sylvester (Northern Miner – August 26, 2019)

August 27, 2019

Northern Miner

First Quantum Minerals (TSX: FM; LSE: FQM) management says it could have a buyer for any nickel produced from a restart of the venerable Ravensthorpe nickel-cobalt mine at Bandalup Hill in Western Australia, but on a second-quarter earnings call, the company’s CEO, Philip Pascall, was intentionally vague about who that buyer might be.

Pascall cited increasing interest from a “not Congo source” that wants a “strategic source” of nickel. “We need it to be in production to be able to take advantage of that, but it’s profitable [at current nickel prices]. The cost to bring it back into production is very modest because of the work we’ve done sustaining it,” Pascall said.

After being peppered with several questions regarding Ravensthorpe from seemingly surprised analysts, Pascall said: “[The proposed buyer] would want to see it operating. The production levels … something over 20,000 tonnes for next year. But the actual start date at the moment is going to move up or down a month or two.”

STATEMENT FROM NORONT RESOURCES AND MARTEN FALLS FIRST NATION ON PROVINCE OF ONTARIO PLAN TO ADVANCE THE RING OF FIRE (August 27, 2019)

August 27, 2019

http://norontresources.com/

TORONTO, Aug. 27, 2019 (GLOBE NEWSWIRE) — Noront Resources and Marten Falls First Nation are pleased to jointly support today’s announcement regarding development in the Ring of Fire, made by Minister of Energy, Northern Development and Mines, and Minister of Indigenous Affairs, Greg Rickford.

Since the discovery of the Ring of Fire, we have worked collaboratively toward development of the region. We are encouraged by the Ontario government’s support and commitment to develop, on an expedited basis, the Ring of Fire mineral deposits and associated infrastructure which will be shared between community and industrial use.

Development of the Ring of Fire is the single largest economic opportunity for Northern Ontario with significant benefits for the entire province. For communities like Marten Falls, it is an unprecedented opportunity to transform our socio-economic future.

Imperial Metals seeks to present evidence before decision on potential Mt. Polley environmental prosecution – by Gordon Hoekstra (Vancouver Sun – August 26, 2019)

August 27, 2019

https://vancouversun.com/

Imperial Metals wants evidence from a trial on the responsibility for the Mount Polley mine dam failure to be considered in a prosecutorial decision by Canada against the company for potential environmental damage charges relating to the breach.

In a petition filed in B.C. Supreme Court on Aug. 19, Imperial Metals says the evidence of former-British Columbia chief inspector of mines Al Hoffman is of “fundamental importance” to establishing whether there is any reasonable prospect of securing a conviction against the company under the federal Fisheries Act, and whether it is in the public interest to launch such a prosecution.

The mining company has asked for the court’s permission to use Hoffman’s evidence and related B.C. government responses collected during the discovery stage, information normally only to be used in the lawsuit for which it is gathered.

In a Turkish forest, resistance grows to a Canadian company’s gold-mining project – by Nick Ashdown and Niall McGee (Globe and Mail – August 27, 2019)

August 27, 2019

https://www.theglobeandmail.com/

In the heavily forested Ida Mountains of northwestern Turkey, a bus carrying protesters snakes along the winding roads to its next stop in the fight against the planned construction of a gold mine by a Canadian company.

They were among some 5,000 people protesting earlier this month against Alamos Gold’s nearby mining site and now, a couple of days later, they are heading toward a small campsite where a few dozen activists have stayed behind to keep a vigil. A lively 61-year-old from the nearby city of Canakkale is too riled up to take a seat being offered by the younger passengers.

“We went out to protest because we are against gold mines using cyanide. We went to protect our forest, water and animals living in these mountains. We want to live, we don’t want to get cancer,” the retiree said.

China’s Zhaojin Mining eyes doubling of gold output via overseas M&A – executive – by Tom Daly and Shivani Singh (Reuters U.S. – August 26, 2019)

August 26, 2019

https://www.reuters.com/

BEIJING (Reuters) – Zhaojin Mining, one of China’s biggest gold miners, aims to double production of the precious metal as early as 2024 on the back of overseas acquisitions and may look for deals below $500 million, the head of its international arm said.

Shandong-based Zhaojin currently produces around 650,000 ounces (18.43 tonnes) a year of gold, Leo Zhao, managing director of Zhaojin International Mining Co, said at a Global Mining Association of China seminar in Beijing on Thursday.

“Our target in the next five to eight years is … 1.3 million ounces per annum from China and global projects,” Zhao said, noting that half of that output would be from overseas, versus almost zero at present. “It’s challenging but it’s an exciting strategy,” he added.

The 17 reasons Donald Trump really wants Greenland – by Catherine Philp (The Australian – August 26, 2019)

August 26, 2019

https://www.theaustralian.com.au/

They are 17 in number and between them are becoming the driving force for the 21st century. Their names are unfamiliar but they power most of our household technology.

Nicknamed the “vitamins of modern life”, these rare earth elements possess unique magnetic and lighting properties that are central to the production of civilian and military technology.

Now, as the trade war with China heats up, the US faces being cut off from the supply of a natural resource crucial to the trappings of modern life: rechargeable batteries, smartphones, missile guidance systems, electric cars and more.

Australian gold output hits all-time high – by Alex Gluyas (Australian Mining – August 26, 2019)

August 26, 2019

Australian Mining

Australian gold production has reached an all-time record of 321 tonnes (10.3 million ounces) in the past financial year, according to gold mining consultants, Surbiton Associates.

With the gold price sitting around record territory in Australian dollar terms, the country-wide output is worth close to $23 billion to local gold miners. Australia’s 2018-2019 financial year gold production compares with the 310 tonnes produced in the previous fiscal period and 317 tonnes in the 2018 calendar year.

The achievement was driven by a bumper June 2019 quarter where gold production totalled almost 82 tonnes, making it the highest quarterly production for more than 20 years.

[Seabed Mining] Progress at snail’s pace – by Donal Hickey (Irish Examiner – August 25, 2019)

August 26, 2019

https://www.irishexaminer.com/

Over the years, we’ve had controversies about the need to save rare snails which had got in the way of roadworks in places such as Ballyvourney, Co Cork, and the Pollardstown Fen nature reserve in Co Kildare. Some politicians tried to trivialise the issue and mock campaigners, but they missed the point.

The real story was that the presence of these snails was a sign of a valuable environment which was worth protecting. Now, the focus is taking a completely different turn, and another obscure snail comes into the picture.

Ironically, this ocean resident may be a victim of the drive to manufacture electric cars which are supposed to protect the environment. The seabed may well have to be mined to obtain some essential materials for electric car batteries, with negative effects on marine life. The seabed, more than half the world’s surface, contains more nickel, cobalt, and rare earth metals than all land reserves combined.