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Nevsun Resources and Reservoir Minerals combine—consolidate Timok Copper Project ownership
Nevsun Resources has agreed to acquire Reservoir Minerals for approximately US$365 million, creating a mid-tier base metals company with 100% ownership of the high-grade Timok Copper Project's upper zone in Serbia. The transaction consolidates ownership of the copper-gold development project and leverages Nevsun's strong cash flow from its operating Bisha mine.
Canadian Pacific terminates efforts to merge with Norfolk Southern
Canadian Pacific Railway terminated its efforts to merge with Norfolk Southern Corp., withdrawing a shareholder resolution and ending pursuit of financial offers. CP cited no clear path to a friendly merger and will refocus on serving customers and creating value for CP shareholders using its precision railroading approach.
One step closer to development: permitting progresses at IDM Mining’s Red Mountain Gold project
IDM Mining received a Section 11 Order from the BC Environmental Assessment Office for its Red Mountain Underground Gold Project, marking a significant permitting milestone. The company is nearing completion of its two-year environmental baseline program and plans to submit Environmental Assessment Applications later this year. IDM has also selected a preferred location at Bromley Humps for mill and tailings facilities that would allow year-round processing.
Terrapure Environmental acquires leading industrial dredging business In Eastern Canada
Terrapure Environmental has acquired Consolidated Giroux Environment Inc., an industrial dredging company based in New Brunswick that has served mining, municipal, and pulp and paper sectors since 1972. The acquisition expands Terrapure's onsite environmental services capacity across Canada and strengthens its position in the mining sector through access to Giroux's specialized equipment and experienced workforce.
Is the mining “Bear” market on the run?
Market analysts suggest the five-year mining bear market may be ending, with gold up 17% since mid-December and copper rising 15% to $2.25/lb. Major mining stocks have seen dramatic recoveries, with some tripling in value since January lows, while the TSX Venture Exchange gained 23% from its January trough.
Teck restructures senior management
Teck Resources announced a major senior management restructuring following multiple executive retirements, with four senior executives retiring by July 2016 after decades in the industry. The company is streamlining reporting relationships and promoting three internal executives to new senior roles to better align with current business conditions.
Goldcorp announces senior management changes
Goldcorp announced significant senior management changes as part of a strategic reorganization focused on decentralized operations and capital optimization. Russell Ball was promoted to CFO, replacing Lindsay Hall, while Charlie Ronkos departed as SVP Exploration. The restructuring aims to empower mine general managers as business owners while maintaining a leaner head office structure.
Saskatchewan tops for mining investment in Canada
The Fraser Institute's 2015 mining survey ranked Saskatchewan second globally for mining investment attractiveness, maintaining its position from 2014. The survey evaluated 109 jurisdictions based on mineral potential and policy factors, with Western Australia taking first place and Ireland leading on policy perception alone.
First Quantum Minerals announces the sale of its Kevitsa Mine for US$712 million to Boliden
First Quantum Minerals has agreed to sell its Kevitsa nickel-copper-platinum mine in Finland to Boliden AB for US$712 million. The transaction is part of First Quantum's strategy to strengthen its balance sheet and improve capital structure to support development of its Cobre Panama project. The sale is expected to close in May 2016 pending regulatory approvals.
Hatch marks new era of positive change
Engineering consultancy Hatch announced a strategic repositioning to address changing market conditions affecting mining and energy clients. CEO John Bianchini outlined the company's enhanced services strategy at PDAC 2016, emphasizing innovation partnerships and improved client service delivery.
Teck ekes out profit despite challenging times
Teck Resources reported annual adjusted profit of $188 million despite challenging commodity conditions, down from $452 million in 2014. The company took $2.7 billion in impairment charges for 2015 but maintained strong liquidity and kept most operations cash flow positive.
Discovery Ventures Inc. appoints new “QP” and Head of Technical Services
Discovery Ventures Inc. has appointed Lorne Warner, P.Geo, as its new Qualified Person and Head of Technical Services. Warner brings over 30 years of experience and was instrumental in discovering several mineral deposits including the M Gold Zone at Detour Lake Mine. The appointment aims to advance the company's WillaMAX Project in British Columbia's Kootenays region.
PotashCorp putting New Brunswick Picadilly mine on care-and-maintenance mode
Potash Corporation of Saskatchewan announced the indefinite suspension of its Picadilly, New Brunswick potash operations, resulting in 420-430 job losses. The company will maintain a skeleton crew of 35 employees for care-and-maintenance while offering relocation to Saskatchewan operations for over 100 positions.
Suncor raises offer, finally reaching agreement with Canadian Oilsands in takeover bid
Suncor Energy Inc. has reached agreement with Canadian Oil Sands Limited for a revised takeover offer valued at approximately $6.6 billion, with COS shareholders receiving 0.28 Suncor shares for each COS share. The deal has been approved by both boards of directors and is recommended by COS despite a 37% decline in oil prices since the initial offer.
SMS launches new “Advanced Technologies” identity
SMS Equipment Inc. has launched a new 'Advanced Technologies' umbrella brand to consolidate all their technology offerings across industries. The rebrand will integrate telematics, intelligent machine control, and autonomous haulage systems under one identity, with plans for a dedicated training center.
M&E story results in BBN live interview for Cranbrook-based company
Caliper Machine and Hydraulics Ltd., a Cranbrook-based company, secured a live interview on BNN Commodities after being featured in Mining & Energy magazine. The company specializes in innovative products for mining companies that reduce costs and increase efficiency during the resource sector downturn.
CP proposes business combination to Norfolk Southern
Canadian Pacific has proposed a merger with Norfolk Southern Corp. in a 50% cash, 50% stock transaction valued at $126.18 per share, representing a 59.4% premium. The combination would create a transcontinental railroad with $1.8 billion in annual operating synergies and reduce Chicago rail congestion.
Imperial Metals buoyed by Red Chris Mine production
Imperial Metals reported significantly increased revenues of $55.9 million in Q3 2015, driven primarily by the successful commissioning and commercial production start at the Red Chris mine in July 2015. Red Chris produced 20.7 million pounds of copper and 9,281 ounces of gold in the quarter, representing substantial increases from the previous quarter and helping offset challenges at other operations.
Aappalutoq Ruby Mine reaches 75% completion and joint venture partner earns further 10% ownership
True North Gems announced that construction at its Aappalutoq Ruby and Pink Sapphire project in Greenland has reached 75% completion. As a result of this milestone, joint venture partner LNS Group has earned an additional 10% ownership, bringing their total stake to 17%.
Closures and reduced footprint for Finning in Western Canada
Finning International, the Caterpillar dealer for western Canada, announced the closure of 11 additional facilities following 16 previous closures, reducing its western Canadian footprint by over 20% by mid-2016. The company also cut 1,100 jobs (20% reduction) and reported Q3 2015 revenues down 16% due to significantly lower equipment demand from all sectors, particularly Alberta construction.
Coal Association of Canada president resigns, successor appointed
The Coal Association of Canada announced Robin Campbell as its new President, effective November 16, 2015, replacing Ann Marie Hann who resigned to pursue other opportunities. Campbell brings experience as Alberta MLA for West Yellowhead and former government minister in portfolios relevant to the coal industry.
TMAC Resources: Hope Bay Gold Mine project moving successfully along the “path to production”
TMAC Resources reports the Hope Bay Gold Mine project remains on track and budget for production by end of 2016, having secured over $350 million in financing. The company achieved significant progress with 88% completion of processing plant engineering and successful test mining at the Doris underground operation that improved grades from 13 to 31 grams per tonne.
US Coal producer cuts shipment through Westshore Terminals
Cloud Peak Energy amended its throughput agreement with Westshore Terminals to eliminate volume obligations for 2016-2018, replacing $454 million in take-or-pay commitments with quarterly payments. The move reflects depressed international coal prices and may reduce production at the Spring Creek Mine if export shipments don't materialize.
Teck reports $2.2B in impairment charges and $2.1B in losses
Teck Resources reported massive $2.2 billion impairment charges due to low commodity price expectations, resulting in a $2.1 billion quarterly loss despite adjusted profit of $29 million. The company raised nearly $1 billion through streaming transactions and reduced debt by $400 million to strengthen its balance sheet amid challenging market conditions.