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Mining Industry News

Alacer completes Turkish Lira hedging contracts; eyes Çöpler capex saving

Posted July 21st 2017 at 9:38 pm

Turkey-focused miner Alacer Gold has completed foreign currency forward sales contracts to limit exposure to volatility of the Turkish Lira (TRY), the company announced on Friday. Alacer, which owns an 80%-stake and operates the country’s Çöpler mine, said the hedging programme covers about 40% of the remaining sulphide expansion project capital expenditures and consigned it able to potentially reduce the overall capital cost of the $744-million project.

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Sports Tourism North Bay announcement means more money for the city

Posted July 21st 2017 at 9:00 pm

Sports Tourism North Bay will continue to be proactive, aggressively bidding on events for the city

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NexGen closes $110m financing, appoints new board member

Posted July 21st 2017 at 8:57 pm

Uranium explorer NexGen Energy has successfully closed a $110-million financing with Hong Kong-based CEF Holdings (CEF) and affiliates of its shareholders, comprising $50-million of common shares and $60-million principal amount of unsecured convertible debentures. Under terms of the financing, NexGen issued 24.15-million shares at C$2.70 each. (US$2.07 at an exchange rate of 1.3060) per Placement Share.

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FedNor commits $100,000 to Health Sciences North Research Institute

Posted July 21st 2017 at 8:04 pm

Funding will help entrepreneurs with medical product development

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Prophecy picks-up fourth vanadium play this year

Posted July 21st 2017 at 7:37 pm

Canadian project developer Prophecy Development Corp has agreed to acquire rights to a fourth vanadium project – it’s second this month. The Vancouver-based project developer has entered a binding letter agreement with Fairmont Resources to acquire the fully permitted Buttercup iron/titanium/vanadium project, in Quebec.

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Würth Canada and Missanabie Cree First Nation sign joint venture agreement

Posted July 21st 2017 at 7:00 pm

The two parties will work together to supply northern Ontario gold mines on Missanabie Cree territory

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Paladin teeters on the brink of receivership

Posted July 21st 2017 at 6:51 pm

Australian uranium player Paladin Energy is on the brink of receivership as its debts outweigh potential revenues. The ASX-listed miner, which will be stripped of its TSX-listing on August 10 for failure to meet the exchange’s ongoing listing requirements, said on Friday that it has received an independent valuation for Langer Heinrich Mauritius Holdings of $583-million.

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Northern safety equipment supplier sold to Atlantic buyer

Posted July 21st 2017 at 5:33 pm

Source Atlantic has purchased the majority shares of Soucie Salo Safety, which has branches in Sudbury and Timmins.

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Mining sectors put heads together – by Karen McKinley (Northern Ontario Business – July 20, 2017)

Posted July 21st 2017 at 5:07 pm Pan-Northern Regional Mining Research Alliance in the works to bring different sectors in the field for stronger collaborations Northern colleges, universities and funding partners with a focus on the mining industry are teaming up to pool their talents and collaborate on more projects that will benefit themselves and the region. On July 10, Laurentian […]

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South Africa intends to suspend issuing mining rights – by Tanisha Heiberg and Ed Stoddard (Reuters U.S. – July 21, 2017)

Posted July 21st 2017 at 5:05 pm JOHANNESBURG (Reuters) – South Africa intends to suspend the granting of applications for prospecting and mining rights as well as any renewals pending a court case to review new mining laws, the Mineral Resources Minister Mosebenzi Zwane said on Thursday. Such a move could seriously hamper growth and investment in South Africa’s mining sector, […]

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NEWS RELEASE: CMIC and CEMI ensure the future of mining is CLEER with joint submission to the Federal Innovation Supercluster Initiative

Posted July 21st 2017 at 5:04 pm

Canada (July 21, 2017) – The Canada Mining Innovation Council (CMIC) and the Centre for Excellence in Mining Innovation (CEMI) led a joint Letter of Intent (LOI) submission to the Federal Government’s Innovation Superclusters Initiative. Working on behalf of the mining industry, CEMI and CMIC proposed the creation of a clean resources supercluster called, CLEER […]

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COMMENT: Dominion Diamond accepts sweetened offer from Washington Companies – by Marilyn Scales (Canadian Mining Journal – July 17, 2017)

Posted July 21st 2017 at 5:02 pm YELLOWKNIFE, NWT – The management of Dominion Diamond Corp. has agreed to accept the sweetened takeover offer of the Washington Companies, the private company based in Missoula, Montana. In March, Washington offered US$13.50 per share, and the Dominion board turned down the deal. Now offering US$14.25 per share, Washington looks to be the new, […]

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‘Proof is in the pudding’ and the iron ore is there, says Tacora on Wabush Mines – by Stephanie Tobin (CBC News Newfoundland and Labrador – July 20, 2017)

Posted July 21st 2017 at 5:00 pm First employees getting hired, company will be in Lab West to prep for business by next summer The company that purchased the Scully Mine in Wabush says it has a five-year deal with the world’s largest iron ore trader and hopes to have the operation back up and running by this time next year. […]

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To save the planet, we must ignore anti-nuclear ideologues – by Konrad Yakabuski (Globe and Mail – July 21, 2017)

Posted July 21st 2017 at 4:59 pm There might be a way for the world to meet its carbon-reduction targets that does not involve building more nuclear power plants. The problem is, no one has come up with one. Until that happens, politicians need to get real about nuclear energy’s essential role in saving the planet. Unfortunately, most of them still […]

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Money from Canadian mining firms vanishes in Congo, report finds – by Geoffrey York (Globe and Mail – July 21, 2017)

Posted July 21st 2017 at 4:57 pm Johannesburg — In one of Africa’s poorest countries, more than $750-million (U.S.) in mining revenue disappeared before it could reach the national treasury, an investigation has found. The money from mining companies in the Democratic Republic of the Congo was diverted over a three-year period, with much of it siphoned off by politically connected […]

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Ontario Hydro sticker shock all thanks to Liberals’ mismanagement – by Lorrie Goldstein (Toronto Sun – July 20, 2017)

Posted July 21st 2017 at 4:53 pm As a new shocking Fraser Institute report on electricity pricing in Ontario reveals, real people suffer when governments are incompetent. The governments in this case are the Liberal ones headed first by Dalton McGuinty and now Kathleen Wynne, who have turned Ontario’s energy sector into a financial train wreck from which there will be […]

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Trump’s Coal Revival Vow Emboldens Miners to Shun Career Change – by Daniel Flatley (July 20, 2017)

Posted July 21st 2017 at 4:50 pm Retraining reticence for in-demand health care jobs is part economic and part cultural West Virginia is so strongly associated with coal that the state flag features a miner with pickax over his shoulder. A nurse with a stethoscope might be more fitting. Last year, WVU Medicine, a network of hospitals under the state’s flagship […]

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Traditional owners win native title fight with Fortescue – by Darren Gray (Sydney Morning Herald – July 20, 2017)

Posted July 21st 2017 at 4:49 pm Native title holders in the Pilbara will seek compensation after winning their long-running battle with iron ore miner Fortescue Metals Group. In a judgment on Thursday, the Federal Court awarded the Yindjibarndi people exclusive rights over a section of Pilbara land where Fortescue operates the Solomon mine. Shortly after the judgment was handed down, […]

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North Star Air adds new aircraft to fleet

Posted July 21st 2017 at 3:00 pm

The turboprop aircraft will service Fort Hope, Neskantaga, Webequie with two flights daily.

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Bokoni idled as JV partners Amplats, Atlatsa strike a deal

Posted July 21st 2017 at 2:26 pm

Dual-listed Atlatsa Resources on Friday announced plans to implement a two-phase restructure plan that will see its joint venture (JV) Bokoni mine idled, with JV partner Anglo American Platinum (Amplats) acquiring the resources specified in the Central Block and Kwanda North prospecting rights. A letter agreement between the JV partners outlined the Phase 1 care and maintenance strategy for the embattled mine, with Amplats funding all costs associated with the process up until December 31, 2019, and suspending the servicing and repayment of the current R4.2-billion and future debt owing by Atlatsa until then.

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