Republic of Mining

Barrick Offers More Talk But Not More Shares for Acacia Stake – by Danielle Bochove and Elena Mazneva (Bloomberg/Yahoo Finance – June 18, 2019)

June 18, 2019

https://finance.yahoo.com/

(Bloomberg) — Barrick Gold Corp.’s CEO has no intention of raising his offer to buy out the rest of troubled African unit Acacia Mining Plc — but he will use the next three weeks to talk.

Barrick said on Tuesday it received a three-week extension to make a formal offer to minority shareholders for the roughly 36% stake in Acacia it doesn’t already own. In a separate statement, Acacia said it’s open to a formal offer, provided the price is fair and its shareholders support the transaction.

“My job is to sit down in the next few weeks and work through it with the minority shareholders,” Barrick Chief Executive Officer Mark Bristow said by phone Tuesday. Asked if those talks will include an offer for a higher indicative price, he was unequivocal. “No, we’re not,” he said. “We’re not. We would have done that already.”

COLUMN-China’s iron ore, steel prices diverge as trade war vies with supply woes – by Clyde Russell (Reuters U.S. – June 18, 2019)

June 18, 2019

https://www.reuters.com/

LAUNCESTON, Australia, June 18 (Reuters) – China’s iron ore and steel prices have decoupled somewhat in recent weeks, with the raw material still making fresh highs while the finished product trends lower.

While there are solid supply-driven reasons for iron ore’s relative outperformance, the question remains: how is the current divergence likely to be resolved?

Iron ore futures on the Dalian Commodity Exchange closed at 769.5 yuan ($111.20) a tonne on Monday, down slightly from their record close of 787.5 yuan on June 14.

Sudbury: Terry MacGibbon, former FNX Mining executive, shares secrets to his billion-dollar success (CBC News Sudbury – June 16, 2019)

June 18, 2019

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

MacGibbon has been at the helm of 4 mining companies

Terry MacGibbon has been a major player in Sudbury’s mining industry. He pulled the trigger on some million-dollar deals, including selling his company FNX Mining, and being the guiding force behind several other junior mining companies.

But during a recent Laurentian University graduation ceremony, where he was given an honorary doctorate, MacGibbon told CBC’s Morning North that he issued new graduates a challenge.

“Looking forward to the next 50 years, they have to solve the climate, like climate change and it’s not just a single thing that a government or a company can do,” MacGibbon said. “We all have to do it.” “We all have to make our choices of how we live.”

Don’t Be in a Rush to Do Business in World’s Top Cobalt Producer – by Pauline Bax and William Clowes (Bloomberg News – June 18, 2019)

June 18, 2019

https://www.bloomberg.com/

When a foreign investor with multimillion-dollar projects across Africa was told the president of the Democratic Republic of Congo wanted to see him, he booked a suite at one of the country’s top hotels. After six days of waiting, he left.

Since Felix Tshisekedi took the helm of the world’s biggest cobalt producer almost five months ago, private planes jam the main airport in Kinshasa, the capital, and hotel lobbies teem with businessmen and Congolese who’ve returned from countries such as the U.S. and South Africa with hopes of working with his administration.

But it’s been slow going. Tshisekedi only appointed a prime minister last month and hasn’t yet named a cabinet.

Keynote Speech by former NAN Grand Chief Harvey Yesno (December 4, 2014)

June 18, 2019

Harvey Yesno was just elected the new Chief of Eabametoong First Nation on June 17, 2019. Eabametoong is the largest isolated community in the Ring of Fire with an on-reserve population of roughly 1,500 people.

This speech was written for the 8th Annual Aboriginal Energy Forum – December 4, 2014. While a bit dated, many of the issues are still relevant today and it gives a terrific overview of the many challenges First Nations face in the isolated region of Northwestern Ontario. – Stan Sudol

Good afternoon.

First of all, thank you for inviting me to speak at this 8th Annual Aboriginal Energy Forum. I want to acknowledge the traditional territory of the Mississauga of the New Credit First Nation, Chiefs, Elders and participants. I also want to thank the conference organizers for inviting me to speak to you.

Today we come together in a forum where we can share and learn from each other. It is an opportunity for everyone here to broaden their understanding of energy issues affecting all of us, make connections and share valuable information.

It is my belief, that in order for any one of our First Nations to succeed in achieving the maximum benefits from energy development, we will need to share our knowledge and our experience with each other.

COLUMN-Myths and reality: Adani’s Australian coal mine torches rationality – by Clyde Russell (Reuters U.S. – June 16, 2019)

June 18, 2019

https://www.reuters.com/

LAUNCESTON, Australia, June 17 (Reuters) – Adani Enterprises’ Carmichael coal mine in Australia is assuming mythical status way out of proportion to its actual significance, even before meaningful construction starts on the controversial project.

For its opponents, the mine should never be built because it is not supported by a majority of Australians and aims to send coal to India, a country that says it doesn’t want or need imports of the fuel.

For its backers, the project is proof that coal remains a viable global industry and the opening of a new basin in central Queensland state will provide jobs in a region that needs them and royalty revenue to a grateful government.

Manitoba: Rupture of Thompson’s tailing dams could kill nearly 100 people, Vale reveals – by Ian Froese (CBC News Manitoba – June 17, 2019)

June 18, 2019

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

Active mine dam in Thompson, Man., records a ‘very high’ hazard rating

A mining giant reeling from a deadly dam collapse in Brazil says it is investigating one of its dams in Thompson, Man., over fears a rupture could kill as many as 100 people.

Vale revealed one of the six active mine dams in the northern Manitoba city recorded a “very high” hazard rating, as determined by the Canadian Dam Association, which means a collapse could result in up to 100 deaths, significant loss of environmental and cultural values and “very high economic losses” affecting important infrastructure.

The mining company disclosed the safety of its dam operations worldwide, after facing pressure from the Church of England Pensions Board and a group of Swedish investors in the wake of a January dam failure at Brumadinho, Brazil, that killed 270 people.

Virginia ban on uranium mining upheld by U.S. Supreme Court – by Andrew Chung (Reuters U.S. – June 17, 2019)

June 18, 2019

https://www.reuters.com/

WASHINGTON (Reuters) – The largest-known U.S. uranium deposit will remain firmly under ground after the Supreme Court on Monday upheld Virginia’s ban on mining the radioactive metal, rebuffing a challenge backed by President Donald Trump’s administration to the 1982 moratorium.

In a 6-3 decision that underscored states’ rights, the justices affirmed a lower court’s ruling that threw out a lawsuit by Virginia Uranium Inc and other owners of the massive deposit valued by the company at $6 billion on private land in southern Virginia.

The company, seeking to exploit the deposit, contested Virginia’s power to enact the ban, saying the policy should have been preempted by federal law governing nuclear energy. Virginia Uranium is a subsidiary of Vancouver, British Columbia-based Virginia Energy Resources.

Copper-Mine Strike May Pack Punch as Trade War Distracts Market – by Laura Millan Lombrana (Bloomberg/Yahoo Finance – June 14, 2019)

June 17, 2019

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

(Bloomberg) — A strike at a major copper mine isn’t getting a lot of attention from investors, but it could end up packing a big market punch.

As the market focuses on trade wars and geopolitical tensions, thousands of workers downed tools at top copper-producer Codelco’s Chuquicamata mine in Chile on Friday, according to Liliana Ugarte, president of Union No. 2. A prolonged stoppage would tighten global supply in a market where output is already expected to trail demand this year, analysts say.

A majority of members of Unions No. 1, 2 and 3 at the mine rejected the company’s last offer for a labor contract in a freehand vote on Wednesday evening. A strike started at the Santiago-based company’s third-largest mine at 5 a.m. local time. Copper futures in New York settled lower on Friday as growth worries outweighed supply risks against growth worries.

Is there new life for Kidd Mine?: Scheduled for 2022 closure, new ore discovery spurs Glencore to drill deep at legendary Timmins mine – by Len Gillis (Northern Ontario Business – June 17, 2019)

June 17, 2019

https://www.northernontariobusiness.com/

Len Gillis is the editor of Sudbury Mining Solutions Journal, a sister publication of Northern Ontario Business. Contact him at lgillis@sudburyminingsolutions.com

Kidd Operations has confirmed it is investing a lot of time and effort to try to find a way to extend the life of the massive underground Glencore Kidd copper-zinc mining complex in Timmins.

Mark Furlotte, Kidd Operations general manager, responded to Northern Ontario Business and Sudbury Mining Solutions Journal to reveal the company has set up exploration drilling to target mineral zones deeper than three kilometres.

Furlotte’s comments follow the recent Big Event Mining Expo held in Timmins where the chief topic of conversation was what the future might hold for the Kidd Operations deep mine and how the company is planning to extend the life of the mine beyond the expected shutdown in 2022.

After rubbing shoulders with U.S. presidents, Sudbury’s Leo Gerard coming home for retirement – by Heidi Ulrichsen (Northern Ontario Business – June 12, 2019)

June 17, 2019

https://www.northernontariobusiness.com/

Veteran USW boss speaks of growing up in Lively, his long career (including dancing with Michelle Obama) and his lasting impressions of a historic strike in Sudbury

After a career in which he rubbed shoulders with world leaders – including U.S. presidents Donald Trump and Barack Obama – Steelworkers International president Leo Gerard said he’s retiring to his hometown of Sudbury. He said he still has a home and a camp here, despite working out of Pittsburgh.

“My kids and my grandkids are getting old,” said Gerard in a recent interview with Sudbury.com following the announcement last month he’s retiring as of mid-July. “I’ve got a camp on Nepewassi. I didn’t put my boat in for three years.”

The 72-year-old Gerard, who’s served the Steelworkers for more than 50 years, has been the Steelworkers International president since 2001. His successor is Tom Conway, who has served alongside Gerard as Steelworkers International vice-president.

British Columbia: Supreme Court rejects Tsilhqot’in appeal in Taseko mine case (Canadian Press/CBC News British Columbia – June 14, 2019)

June 17, 2019

https://www.cbc.ca/news/canada/british-columbia/

The Tsilhqot’in Nation calls mine exploration a violation of human rights

The Tsilhqot’in Nation says it will continue to protect what it considers a sacred lake in the central Interior despite a blow from Canada’s top court.

The Supreme Court has refused to hear an appeal of a B.C .court ruling allowing Taseko Mine Limited (TML) to proceed with exploratory drilling around Fish Lake — also known as Teztan Biny.

The permit allows TML to proceed with an extensive drilling project that authorizes 76 kilometres of new or modified road and trail to be cleared, along with 122 drill holes, 367 excavated test pits and 20 kilometres of seismic lines near Teztan Biny.

OPINION: A high-stakes game of chicken is playing out in the Gulf of Oman – by Dennis Horak (Globe and Mail – June 17, 2019)

June 17, 2019

https://www.theglobeandmail.com/

Dennis Horak was Canada’s ambassador to Saudi Arabia until he was expelled in August, 2018. He was also head of mission in Iran from 2009-12.

Thursday’s attack on two oil tankers in the Gulf of Oman was a dangerous escalation in the game of high-stakes chicken that has been playing out in that volatile region.

U.S. Secretary of State, Mike Pompeo, has pointed the finger squarely at Iran, citing intelligence, the weapons used and Iran’s known capabilities. The U.S. has also taken the unusual step of releasing a video of an Islamic Revolutionary Guard Corps vessel alongside one of the ships, apparently removing an unexploded limpet mine, to back up its allegations.

The U.S. position in directing blame to Iran is compelling. Iran has the motivation, the capability and the form. Tehran is feeling the heat of the U.S. policy of maximum pressure and they are clearly growing ever more anxious for relief by whichever means they can get it.

U.S. senators to Horgan: clean up B.C.’s mining mess – by Sarah Cox (The Narwhal – June 13, 2019)

June 17, 2019

The Narwhal

Eight American senators have written to B.C. Premier John Horgan urging him to address downstream contamination from the province’s metal and coal mines.

The letter — an unprecedented joint undertaking from all senators from the four states bordering the province, including both Republicans and Democrats — outlines concerns about potential environmental and economic impacts from B.C. mines that pollute rivers flowing into the U.S.

“As you know, Alaska, Washington, Idaho and Montana have tremendous natural resources that need to be protected against impacts from B.C. hard rock and coal-mining activities near the headwaters of shared rivers, many of which support environmentally and economically significant salmon populations,” the senators wrote in the two-page letter, released Thursday.

Tricks and stones: the gem traders of Chanthaburi – by Luke Duggleby (South China Morning Post – August 9, 2014)

June 17, 2019

https://www.scmp.com/

Unregulated mining stripped Chanthaburi of its authentic gemstones. Now the ethically dubious techniques that are sustaining trade in the Thai town are threatening the industry.

Every morning, in a small wooden pavilion overlooking a creek, 64-year-old Olan Phengkit eats a breakfast of steamed dumplings. Short in stature, with an admirably large belly, Olan has been involved in the mining, selling and buying of gemstones since his youth.

The creek, 20 metres below and roughly half the size of a football pitch, is full of dark, murky water. It shows the extent of his mining activities. “I stopped one year ago because I simply ran out of land,” he says, pushing his gemstone-viewing goggles onto his forehead, “so now I just buy and sell.”