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Global.
The growing trend of working abroad has reached the mining industry, and as a result, many Canadian mining companies have set up exploration sites worldwide. In this section of Mining and Energy, we will monitor hot commodities, profile co...
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Cenovus has strong second-quarter operational performance
Cenovus Energy delivered strong Q2 2016 operational performance with Foster Creek reaching nearly 69,000 bbls/d net production in June and Christina Lake exceeding 78,000 bbls/d net. The company achieved significant cost reductions with oil sands operating costs down 24% year-over-year and maintains nearly $8 billion in liquidity.
Komatsu to acquire U.S. mining equipment manufacturer Joy Global
Komatsu Ltd. announced it will acquire U.S. mining equipment manufacturer Joy Global for $2.89 billion ($28.30 per share) in a deal expected to close mid-2017. The acquisition will complement Komatsu's surface mining equipment portfolio by adding Joy Global's underground mining equipment and super large-sized loading equipment, making Komatsu a comprehensive mining equipment provider.
Liquid Integrity Systems leak detecting technology
Liquid Integrity Systems has developed autonomous leak detection technology for waste storage facility liners that provides real-time monitoring and notifications. The system is solar-powered, wireless, and can be installed in 2-3 days without major site modifications. The technology aims to minimize environmental damage from liner failures in mining and industrial waste storage facilities.
Centerra Gold buys Thompson Creek Metals
Centerra Gold announced a $1.1 billion acquisition of Thompson Creek Metals, gaining control of the Mount Milligan gold-copper mine in British Columbia and the Thompson Creek molybdenum mine in Idaho. The deal includes amending Royal Gold's streaming agreement to maximize gold exposure and is expected to create a diversified, low-cost producer with 675-725 Koz annual gold production.
De Beers completes KIM sampling at West Athabasca
De Beers has completed collection of over 100 kimberlite indicator mineral samples from CanAlaska's West Athabasca diamond project in Saskatchewan. The samples will be processed to establish evidence for kimberlite intrusives, with a high-resolution airborne magnetic survey planned to prepare targets for drilling under their $20.4 million exploration agreement.
Resilience is the key to surviving downturns
Amec Foster Wheeler's Mining & Metals Americas president Duane Gingrich outlined strategies for surviving commodity downturns through business resilience, technological innovation, and diversified service offerings. The company is maintaining activity in environmental consulting and production improvement projects despite the current downturn. Gingrich emphasized that innovation and efficiency improvements are key to lowering costs and that the industry must better promote itself to attract skilled personnel.
Slower, lower, weaker…but not defeated—PwC Global Mine 2016 report
PwC's 2016 global mining report reveals the world's 40 largest mining companies recorded their first-ever collective net loss of $27 billion in 2015, with market capitalization falling 37%. While global mining struggled, Canadian markets showed signs of stability in gold and lithium sectors, with cost efficiencies helping mitigate volatility.
Saskatchewan, Quebec top Canadian jurisdictions for mining investment—Canada slips in global rank
The Fraser Institute's annual survey ranks Saskatchewan as Canada's top jurisdiction for mining investment and second globally behind Western Australia. Quebec ranks second in Canada and eighth globally, while Canada overall has slipped behind Australia as the most attractive region for mining investment.
Hecla to acquire Mines Management
Hecla Mining Company announced the acquisition of Mines Management Inc. through a share exchange valued at a 41% premium. The deal gives Hecla control of the Montanore project in Montana, considered one of North America's largest undeveloped silver and copper deposits. The transaction is expected to close in Q3 2016 pending shareholder approval.
THEnergy supports off-grid renewable energy projects
THEnergy has partnered with an international renewable energy finance company to develop off-grid renewable energy projects for mines through power purchase agreements. The financing program targets mines with 5+ megawatts load and expects total investment of 200-400 million euros over three years.
Vancouver’s Kincora announces $4 million private placement and debt conversion
Kincora Copper announced a combined $4 million financing consisting of a $2 million private placement at $0.375 per share and $2 million debt conversion by major shareholder Origo Partners. The financing will create a debt-free balance sheet and fund exploration activities in Mongolia's Southern Gobi copper-gold belt.
Lucara sells 813 carat diamond for US $63 million—highest price ever achieved for a rough diamond
Lucara Diamond Corp sold an exceptional 813 carat diamond from its Botswana Karowe mine for US$63 million, setting a record as the highest price ever achieved for a rough diamond. The Vancouver-based company retains a 10% interest in profits from the eventual polished diamond sales and has another massive 1,109 carat diamond set for auction at Sotheby's.
Emerging trends in the mining industry
Deloitte and ICMM report on 2016 mining industry trends highlighting the shift from underground to open-pit mining, integration of renewable energy technologies, and vertical integration into downstream processing. Companies are achieving 10-40% energy savings through renewable installations and automation.
Intact Gold Corp. appoints new member to Board of Directors
Intact Gold Corp. appointed Greg Burns to its Board of Directors, replacing Bob Thompson. Burns brings 22 years of experience in mineral exploration and M&A, previously serving as Managing Director of companies acquired by major miners. The appointment comes as Intact Gold searches for advanced gold development projects in Canada.
Bob Joseph on resources, respect and relationships with Aboriginal Peoples
Bob Joseph, founder of Indigenous Corporate Training Inc., discusses best practices for mining and energy companies working with Aboriginal Peoples in Canada. He emphasizes the importance of early engagement, proper research, and understanding that Indigenous communities balance long-term cultural survival with short-term socio-economic needs when considering resource development.
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.
Caterpillar introduces “The Age of Smart Iron” digital technology
Caterpillar CEO Doug Oberhelman unveiled 'The Age of Smart Iron' digital technology strategy at bauma 2016, showcasing Cat Connect Technology solutions including LINK, GRADE, COMPACT, and PAYLOAD systems. The company has 400,000 connected assets and aims to create a unified data platform across all equipment and devices to improve customer productivity, safety and profitability.
Polaris Rampage helps Canada assert its northern sovereignty
Polaris has deployed its new amphibious all-terrain vehicle prototype called the Rampage in support of the Canadian Armed Forces' annual Operation Nunalivut sovereignty exercise in Canada's North. The operation demonstrates Canada's ability to operate in harsh Arctic conditions while asserting sovereignty over northern regions rich in fossil fuels, gold, and diamonds.
Self-Unloaders 101: new CSL video explains how self-unloading ships work
The CSL Group released an educational video explaining how self-unloading ships work, showcasing their gravity-fed discharge systems. CSL is the world's largest owner and operator of self-unloading vessels, handling 76 million tonnes of cargo annually across global markets including construction, steel, energy and agri-food sectors.
Taking the politics out of pipeline reviews: Straight talk with Gaetan Caron
Former National Energy Board Chair Gaétan Caron argues that Canada's environmental assessment process is working well but has become overly politicized. He recommends reforms to restore public confidence in pipeline reviews, including better public engagement mechanisms and clearer role definitions for regulatory bodies.
Mining industry supports carbon price to address climate change
The Mining Association of Canada (MAC) announced its support for a national carbon price as the most effective tool for reducing emissions and addressing climate change. The association released principles for climate change policy design emphasizing revenue neutrality, competitiveness protection, and technology investment. MAC represents Canada's largest mining companies and notes the sector accounts for 1.1% of the country's greenhouse gas emissions.
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.
Canadian companies poised to benefit from lithium surge?
Several Canadian lithium companies are positioned to benefit from Tesla's Model 3 unveiling, which generated 276,000 pre-orders and highlighted growing electric vehicle demand. Vancouver-based juniors like Lithium X, Pure Energy Minerals, and Nemaska Lithium are among those riding the lithium wave, with Lithium Americas announcing a $25M joint venture with Chile's SQM.
LNG export terminals vital for B.C. gas producers
The Canadian Association of Petroleum Producers argues that West Coast LNG export terminals are critical for B.C.'s struggling natural gas industry, as unemployment in northeastern B.C. has reached 9.2% due to declining North American demand. Federal approval of the Woodfibre LNG project represents a key step toward accessing growing Asian markets and potentially creating 65,000 jobs nationally.
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