Mining Industry News
Posted May 26th 2017 at 11:43 pmMiner and trader Glencore may pay up to $6-billion in cash in a possible tie-up with US grains trader Bunge based on current valuations, Moody's ratings agency said on Friday, but said it did not expect an outright acquisition. Glencore said this week it had made an informal approach to discuss "a possible consensual business combination", but offered few details about what that would involve. Bunge said it was not in talks with Glencore.
Posted May 26th 2017 at 11:41 pmExploration and development company IDM Mining has completed the acquisition of the high-grade Red Mountain project, in British Columbia, from Seabridge Gold. TSX-V-listed IDM acquired the 100% interest, subject to certain underlying agreements and royalties, under an April 2014 option agreement.
Policy upheavals buffet mining in Philippines, Indonesia – by Cliff Venzon and Wataru Suzuki (Neikkei Asian Review – May 25, 2017)
Posted May 26th 2017 at 7:59 pmhttp://asia.nikkei.com/ Governments and companies struggle for common ground amid shaky recovery SANTA CRUZ, Philippines/JAKARTA — In the eyes of Diosdado Alota, chief of Guinabon village in the northwest Philippines, the mining industry is key to his community’s health. Until the national government ordered a suspension of operations in 2014 over alleged river pollution, a nickel […]
A minority government in British Columbia means political risk just skyrocketed for resource projects – by Claudia Cattaneo (Financial Post – May 26, 2017)
Posted May 26th 2017 at 7:57 pmhttp://business.financialpost.com/ British Columbia’s election results are finally in. No matter how you cut them, they are not encouraging for planned resource projects. Those that are already advanced, like Kinder Morgan’s Trans Mountain pipeline expansion and some liquefied natural gas proposals, may try to march forward. A lot of money has been spent and such projects […]
Acacia Mining fights back in Tanzania gold ore battle – by Henry Sanderson and Neil Hume (Financial Times – May 26, 2017)
Posted May 26th 2017 at 7:56 pmhttps://www.ft.com/ Shares in Acacia Mining bounced 8 per cent on Friday after the crisis-hit miner fought back against accusations that it had misstated the value of its gold shipments from Tanzania by up to 10 times. The London-listed company said the claims made by a presidential committee in the east African country this week that […]
Farewell to the man who literally wrote the book on Canadian business – by Joe Martin (Financial Post – May 26, 2017)
Posted May 26th 2017 at 7:52 pmhttp://business.financialpost.com/ I will never forget when Northern Enterprise was published in 1987. I was a businessman, the partner in charge of what was then the Canadian practice of Touche Ross Management Consultants (now Deloitte Consulting). We were rapidly approaching our 30th anniversary as a consulting practice and planned a big celebratory meeting. To impress our […]
Mining interests, partners seek to polish Iron Range’s image – by Peter Passi (Duluth News Tribune – May 25, 2017)
Posted May 26th 2017 at 7:48 pmhttp://www.duluthnewstribune.com/ Some of the Northland’s most prominent players aim to reboot the Iron Range’s image with a new promotional publication unveiled during a press conference at Glensheen Mansion Thursday morning. The glossy 16-page magazine is meant to burnish the Range’s reputation, said Mark Phillips, commissioner of the Iron Range Resources & Rehabilitation Board. Often, Phillips […]
Posted May 26th 2017 at 7:00 pmNew cafe in Toronto owned by Sudbury-born resident to feature Sommelier de cafe/Old Rock coffee and tea
Strike impacts Freeport’s Grasberg mine, workers ‘resigned’ – by Susan Taylor (Reuters U.S. – May 25, 2017)
Posted May 26th 2017 at 6:55 pmhttps://www.reuters.com/ TORONTO – Freeport McMoRan Inc said Thursday that mining and milling rates at its Grasberg mine in Papua, Indonesia have been affected by an extended strike, and a “large number” of approximately 4,000 absentee workers were deemed to have resigned. Escalating labor tension is a further disruption for Freeport, entangled in a lengthy dispute […]
PDAC 2017: Lukas Lundin on patience and his early successes – by Salma Tarikh (Northern Miner – March 25, 2017)
Posted May 26th 2017 at 6:53 pmGlobal mining news Mining tycoon Lukas Lundin, chairman of the Lundin Group, spoke with The Northern Miner at the Prospectors & Developers Association of Canada convention in March about his early successes in Argentina and the Democratic Republic of the Congo (DRC), before touching upon his latest adventure in Ecuador. Starting with the Bajo de […]
Posted May 26th 2017 at 5:33 pmCanada has introduced new rules aimed at reducing methane emissions and cut air pollution from its significant oil and gas industry, a move hailed with mixed reaction from the industry itself. Minister of Environment and Climate Change Catherine McKenna introduced the new regulation on Thursday, saying Canada is moving to “catch up” on the action already taken by states such as California, Colorado, and North Dakota. These regulations are part of the Pan-Canadian Framework on Clean Growth and Climate Change to reduce methane emissions by 40% to 45% by 2025.
Posted May 26th 2017 at 4:53 pmCanadian project developer Northern Vertex Mining and Guernsey-based private equity fund Greenstone Resources has formed a partnership that will strengthen Northern Vertex’s balance sheet and expedite construction, procurement and staffing initiatives as the company works up to decalring commercial production at the Moss gold/silver project, in Arizona, later this year. Under terms of the deal, Greenstone has agreed to buy about 51.77-million Northern Vertex units at C$0.52 apiece, for US-dollar-denominated proceeds of $20-million. Each unit will consist of one common share of the company and half of a non-transferable common share purchase warrant.
Posted May 26th 2017 at 4:16 pmChile's state-run Codelco said on Friday that its copper output in the first quarter slid 11% from a year ago, as ore grades decline at its ageing mines, but an incipient recovery in copper prices boosted its profits. Codelco, the world No 2 copper miner, said output in the three months to end-March was 390 000 t from its wholly-owned mines, and 416 000 t including its stakes in other deposits.
Posted May 26th 2017 at 4:11 pmCompany “returns to its roots” as Algoma
Posted May 26th 2017 at 2:33 pmIn the diamond industry, the only place that really matters is the US, and the market is starting to look a little shaky. In a country where consumers buy almost half the world’s gems, Tiffany & Co. and Signet Jewelers this week reported disappointing sales. That’s a blow to expectations that President Donald Trump’s pro-business policies would give consumers more money to spend on luxury items such as diamonds.
Ontario Premier pushing for quick action on Ring of Fire project – by Len Gillis (Timmins Daily Press – May 26, 2017)
Posted May 26th 2017 at 2:26 pmhttp://www.timminspress.com/ “Very soon.” That’s the best answer Ontario premier Kathleen Wynne gave while commenting on when Ontario might see some progress on the Ring of Fire mining development, located in the James Bay Lowlands. Wynne made the comment in Timmins Thursday morning where she was speaking at the Timmins Family YMCA and meeting with community […]
Posted May 26th 2017 at 2:23 pmhttp://www.thesudburystar.com/ Sudbury as mining’s ‘Silicon Valley’ Cambrian College’s applied research division, Cambrian Innovates, and local mining industry partners will benefit from a $2.1-million dollar investment from the federal government’s National Sciences and Engineering Research Council of Canada College and Community Innovation program. Nickel Belt MP Marc Serre and Sudbury’s Paul Lefebvre announced the funding on […]
SA ranks third, behind Australia and Canada, in terms of number of mines – by Robert Laing (Business Day – May 26, 2017)
Posted May 26th 2017 at 2:19 pmhttps://www.businesslive.co.za/ SA ranks a distant third behind Australia and Canada in the number of mines it has, and the gap is likely to widen because the two leading mining countries have far more new projects under way. Australia has about 540 mine projects under way, Canada about 290 and SA 137, according to a graph […]
Posted May 26th 2017 at 2:13 pmThe low platinum price incentivised manufacturers and retailers to stock and sell platinum, leading to an overall growth of 5.4% in the US last year, Platinum Guild International said on Friday, with lower-based retail sales in India soaring 11.4%. In its Platinum Jewellery Business Review, the guild reveals the consumer retail sales data of platinum jewellery in 2016 and projections for 2017 in the key markets of China, India, Japan and the US.
Posted May 26th 2017 at 2:13 pmThe annual Influential Women of Northern Ontario luncheon recognizes women for their achievements.