Republic of Mining

Grand Canyon is a national treasure, not a place for uranium mining – by Robert Arnberger and Steve Martin (CNN Opinion – January 9, 2018)

January 10, 2018

http://www.cnn.com/

Robert Arnberger was the National Park Service Grand Canyon superintendent from 1994-2000. Steve Martin was the National Park Service Grand Canyon superintendent from 2007-2011. The views expressed in this commentary are their own.

(CNN)The Grand Canyon is a great natural treasure, one of the most recognizable and revered landscapes on earth. And yet, despite its universally beloved status, it is threatened by the Trump administration.

A recently released government report reveals that President Donald Trump and his Cabinet are considering lifting the ban on uranium mining on the federally owned public lands that surround Grand Canyon National Park.

We are former superintendents of Grand Canyon National Park. We managed the park with pride for current and future generations of the American public — the park’s true owners. We are dismayed that the current administration is considering putting one of the most iconic places in our nation, indeed in the world, at risk of contamination from uranium mining.

Cobalt and 11% Yields Lure Risk-Takers to This Canadian Miner – by Allison McNeely (Bloomberg News – January 10, 2018)

January 10, 2018

https://www.bloomberg.com/

Sherritt International Corp.’s double-digit bond yields are beginning to lure investors, even as questions linger about whether the Canadian miner has unloaded enough debt and turned around its sputtering projects.

The Toronto-based firm restructured its Ambatovy mining joint venture in Madagascar last month, cutting debt by about C$1.3 billion ($1 billion) and ceding most of its stake in the money-losing business. But the nickel mine has never met production goals, and meanwhile an oil and gas venture with the Cuban state oil company has been delayed after failing to reach its first-round drilling target.

Strengthening commodity prices have spurred investors to push Sherritt’s bonds up from their 2017 lows, but skepticism is still reflected in the yield of nearly 11 percent, about twice the level of high-yield peers. In a world where credit spreads are at 10-year lows, the payout is too good to pass up for some investors.

Mining company Klondex announces ‘immediate reduction’ of workers, operations at Manitoba gold mine (CBC News Manitoba – January 9, 2018)

January 10, 2018

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

Klondex acquired True North mining complex in Bissett in January 2016

The international mining company that owns an eastern Manitoba gold mine will be cutting back operations and workforce at the site effective immediately, according to a Tuesday news release.

Klondex Mines Ltd. announced “an immediate reduction of underground mining operations and workforce” at the True North mining complex near Bissett, Man. — about 165 kilometres northeast of Winnipeg — on its website on Tuesday. “We regret the implications these actions will have on our workforce and other stakeholders but must ensure the long-term sustainability of the Company,” said Klondex president Paul Huet in the written release.

The company acquired the 43,000-hectare complex in January 2016. According to the release, it decided to cut back operations at the mine because it didn’t make as much money as expected in 2017.

Sault launches ferrochrome processing website – by Elaine Della-Mattia (Sault Star – January 10, 2018)

January 10, 2018

http://www.saultstar.com/

Want to know more about the Sault’s bid for a ferrochrome processing facility? Check out the Sault Ste. Marie Economic Development Corp. new website www.SaultFPFproject.com.

Launched Monday, the website will be used to keep the community informed about the initiative. It includes frequently asked questions, a timeline for the project and will be updated regularly, said Dan Hollingsworth, the EDC’s executive director of business development.

To date, Sault Ste. Marie is the first out of the gate of the four competing Northern Ontario cities to launch a website on the project geared towards community engagement. The website includes basic information about the proposed project, the preferred site and a projected timeline on the project.

Coal mining executive blasts U.S. regulators for rejecting subsidies – by Valerie Volcovici (Reuters U.S. – January 9, 2018)

January 10, 2018

https://www.reuters.com/

WASHINGTON (Reuters) – Robert Murray, the chief executive one of America’s largest coal mining companies, criticized U.S. regulators on Tuesday for rejecting the Trump administration’s proposed subsidies for aging coal and nuclear power plants – saying the decision could lead to higher electricity costs for consumers.

The backlash from one of President Donald Trump’s big supporters reflects frustration in the coal industry as the White House struggles to deliver on a promise to revive the coal sector, which has been in decline for years due to competition from cheaper natural gas.

“This is a bureaucratic cop-out,” Murray, CEO of privately-held Murray Energy [MUYEY.UL], said in a statement. “I fear that we will now immediately observe the announcement of further decommissioning of nuclear and coal-fired electricity generation that will further exacerbate this critical situation,” he said, warning that power prices could rise as a result.

What’s A Diamond Really Worth?: The physical, psychological and financial factors that make up the value of the North’s key stone – by Herb Mathisen (Up Here Magazine – November 17, 2017)

January 10, 2018

https://uphere.ca/

Diamonds might be forever. Diamonds may also be a girl’s best friend. But one thing’s for sure—figuring out the value of a diamond isn’t easy. The stones that come out of the ground bear little resemblance to the diamonds that sparkle on rings or pendants.

A diamond will travel across the globe for cutting and polishing—to places as far flung as Belgium and Botswana then India and back—and before it winds up on your finger, it will be sold multiple times, at prices that vary according to market demand at each stage.

Since the private sector economy of the Northwest Territories hinges on the export of rough diamonds, we figured we’d try to bring some clarity to this complex and opaque industry.

Congo May More Than Double Tax on Critical Cobalt Supply – by William Clowes and Thomas Wilson (Bloomberg News – January 10, 2018)

January 10, 2018

https://www.bloomberg.com/

The Democratic Republic of Congo is preparing to more than double a tax on two-thirds of global cobalt supply, potentially increasing the cost of the critical battery metal just as the world begins to embrace electric vehicles.

Congo, the world’s biggest cobalt producer, will increase the royalty miners pay on exports of the metal to 5 percent from 2 percent if it opts to categorize cobalt as a “strategic substance,” Mines Minister Martin Kabwelulu told the country’s Senate last week.

The new classification is part of an overhaul of mining legislation that is fiercely opposed by the industry, which says the law may deter future investment. Under the revised code, backed by the government and being scrutinized by parliament, the tax on base metals including copper and cobalt will increase to 3.5 percent from 2 percent.

What’s Under Darnley Bay?: The North’s biggest potential mining project is also its most mysterious – by Tim Edwards (Up Here Magazine – November 19, 2015)

January 10, 2018

https://uphere.ca/

At first, it was just another shooting star. But as it moved past the constellations, behind ribbons of aurora, it became larger, brighter. It was heading for Earth. A few prehistoric creatures, swimming through the water on an Arctic bay that would one day be named for a British nobleman and cricketer, might have looked skyward, with the impression that something was off.

But it was likely too late. When the meteorite hit Earth, the impact was so strong it summoned up a ring of magma from beneath the planet’s crust.

That’s a theory. Maybe none of that happened. Right now no one knows exactly what caused an anomaly that makes compasses spin wildly and affects the very gravity of the area. Or what it is. We know it’s big. The blip in gravity right by Paulatuk, NWT, hints at dense rock, and the magnetic disruption hints at iron—symptoms of nickel-copper-platinum mineralisation.

Timmins Sage Gold ramping up operations (Timmins Daily Press – January 9, 2018)

January 10, 2018

http://www.timminspress.com/

TIMMINS – Sage Gold Inc. the company that has 100% ownership of the Clavos Mine in Timmins, reports that its bulk sampling program has so far yielded almost 800 ounces of gold and expects to mill even more this month despite the unexpectedly cold temperatures in the past two weeks.

The information contained in a news release said the bulk sample so far represents what the company called “lower grade pre-stope development rock” mined by Sage and well as broken rock left by the previous mine operator, St. Andrew Goldfields Ltd.

“To date, the company has completed three mill runs between October and December 2017, as part of its bulk sampling program, yielding approximately 790 ounces of gold,” the company stated in its release.

Regulators Reject Perry’s Plan to Help Coal and Nuclear Plants – by Catherine Traywick and Ari Natter (Bloomberg News – January 9, 2018)

January 9, 2018

https://www.bloomberg.com/

The White House’s plan to bail out America’s coal country has been shot down — by the very energy regulators that President Donald Trump appointed last year.

In an order Monday, the Federal Energy Regulatory Commission rejected U.S. Energy Secretary Rick Perry’s sweeping proposal to subsidize struggling coal and nuclear plants in the name of keeping power grids dependable. Instead, the commission asked grid operators to suggest their own ideas to make the system more resilient.

“We appreciate the Secretary reinforcing the resilience of the bulk power system as an important issue that warrants further attention,” the agency said in the order. Four of the five commissioners were appointed by Trump; three are Republicans.

Asia powers demand for thermal coal – by Neil Hume (Financial Times – January 8, 2018)

January 9, 2018

https://www.ft.com/

Price of fossil fuel used for electricity reaches highest level since late 2016

Thermal coal, the least loved major commodity, has jumped to its highest level since late 2016 as strong manufacturing activity in Asia and appetite from China drives demand.

Thermal coal is burnt to generate electricity, and is a big source of income for miners such as Glencore, Whitehaven and Yancoal, which produce material for the seaborne market.

While the fossil fuel is being phased out in Europe on environmental grounds, it still accounts for about 40 per cent of energy consumption in emerging markets.

Adani’s mega mine: it’s not over yet – by Julien Vincent (Sydney Morning Herald – January 10, 2018)

January 9, 2018

http://www.smh.com.au/

A couple of months ago, Adani looked set to defy economic logic, popular opposition and the urgent reality of climate change. Before Queensland’s election campaign began, the prospect of Adani receiving a $1 billion public bailout from the Northern Australia Infrastructure Facility (NAIF) loomed large.

It then emerged that Adani had been in discussions with China Machinery Engineering Corp (CMEC) about its possible involvement in the Carmichael mine. In CMEC, Adani had a prospective engineering partner, but also an investor and one that would open doors to Chinese financial institutions providing credit.

Adani even had the Australian government on its side, providing assurances to the Chinese embassy that everything was tickety-boo with the proposed mega coal mine and rail complex.

Q&A David Garofalo: Why Goldcorp’s CEO thinks his company could be in the yukon for decades – by Herb Mathisen (Up Here Magazine – November 22, 2017)

January 9, 2018

https://uphere.ca/

In the summer of 2016, Goldcorp, one of the biggest gold-mining companies in the world, bought the Coffee Gold project in the Yukon from Kaminak for $530 million. Though the proposed mine, 130 kilometres south of Dawson City, has an estimated life of ten years, Goldcorp CEO David Garofalo believes that’s just the beginning. There’s a lot more gold waiting to be found.

Where does the Yukon figure into Goldcorp’s plans?

Whenever we’re looking at new opportunities, there are a couple things we’re looking at. We’re looking for a good mining history—receptivity to mining. Obviously the Yukon has that in spades. And what we’re also looking for is the potential for assets that can be scaled geologically and, ultimately, operationally.

While Kaminak did a tremendous job of outlining a resource of 5 million ounces on that property, they really only did exploration work on a small fraction of the overall [property.] We believe this deposit could at least double in size based on the geological prospectivity, the soil sampling done to date and the geophysical work.

Copper Exploration in Northern Mexico’s Sierra Madre Region (Copper Investing News – January 8, 2018)

January 9, 2018

https://investingnews.com/

This INNspired article is sponsored by VVC Exploration (TSXV:VVC). This article was written according to INN editorial standards to educate investors.

Mexico has a long and storied mining history that dates back to the Aztecs. The nation’s geology represents a treasure trove of natural resources, including gold, silver and copper.

The Sierra Madres region in Northern Mexico was home to many historic artisanal mining camps where precious metals and copper were mined close to surface.

Now, modern exploration technologies such as aerial drones and advanced geophysical surveys are enabling new exploitation in areas of known copper mineralization — much like the oil companies that have sparked a revolution in the country’s oil and gas sector, using modern drilling techniques to revitalize existing wells and add new zones in existing fields.

The Lost Town of Pine Point (Northwest Territories) – by Katie Weaver (Up Here Magazine – November 2, 2015)

January 9, 2018

https://uphere.ca/

A road runs through the bush in the NWT, and it tells a story of tragedy, hard truths and the circle of life

A poplar sapling has broken through the pavement in the middle of the street, reaching toward a violet twilit sky. The smell of the bush clashes with the feel of cement underfoot as I walk on the sidewalk past the tree. There are crosswalks but no traffic.

Roads but no buildings. The only thing that stands is a sign back where I turned left off Highway 6 to enter the old townsite. “Pine Point” is painted proudly upon it, with stuffed animals arranged around it on the ground and in trees. It’s a memorial. It ties my stomach in a knot, as if something terrible happened here.

Without that sign, the site would be a mystery. But with it, every memory, death, birth and anniversary held in this town still hangs in thin air. But this sadness and nostalgia was foretold from the town’s very beginnings. It was never permanent, after all. It only existed from 1964 until 1988. And now it’s gone. All I see is an eerie blend of forest and concrete. But then I look a little closer.