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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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MAC congratulates Prime Minister-elect Justin Trudeau
The Mining Association of Canada congratulated Prime Minister-elect Justin Trudeau on his election victory and expressed optimism about working with the new Liberal government. MAC highlighted Liberal platform commitments including investments in innovation, infrastructure, and skills training, as well as regulatory review for resource projects.
Mining Association of British Columbia congratulates new federal government
The Mining Association of BC congratulated the newly elected federal government under Justin Trudeau and committed to working with them on mining industry issues. The association highlighted the industry's challenging environment, with revenues declining from $9.9B in 2011 to $8.2B in 2014 and workforce reductions of approximately 20%.
PotashCorp drops K+S takeover proposal
PotashCorp has withdrawn its €41 per share takeover proposal for German potash producer K+S, citing challenging economic conditions and lack of engagement from K+S management. The proposal, which represented a 59% premium, would have combined complementary assets across geographies and products.
Teck announces $610m silver streaming agreement with Franco-Nevada
Teck Resources announced a $610 million silver streaming deal with Franco-Nevada linked to production at the Antamina mine in Peru. Under the agreement, Franco-Nevada will pay $610 million upfront and 5% of spot price for silver deliveries equivalent to 22.5% of Antamina's payable silver production. Teck's stock price jumped 17% following the announcement.
Canada’s junior miners must embrace unique strategies to survive continued economic challenges
PwC's annual report reveals Canada's junior mining sector continues to struggle with equity financing down 25% to $514 million and cash reserves dropping from $10 million to $7 million on average. The report identifies five survival strategies including market aggregation, de-risking partnerships, and innovation adoption.
$70M Stewart World Port opens to serve resource sectors
The Stewart World Port, a $70 million deep sea port facility in northern British Columbia, officially opened on September 16, 2015. The first commercial wharf built on BC's coast in over thirty years, it promises faster shipping times to Asian markets and is targeting mining, oil and gas, and project cargo sectors.
MAC & PDAC: Trans-Pacific Partnership will benefit Canada’s mining sector
The Mining Association of Canada and PDAC both expressed strong support for Canada's participation in the Trans-Pacific Partnership trade agreement. The TPP would reduce tariffs on Canadian mining exports to key markets, with current tariffs ranging up to 50% in some TPP countries, and represents a $28.5 trillion trading bloc covering 800 million consumers.
Suncor Energy launches $6.6 billion bid to takeover Canadian Oil Sands Limited
Suncor Energy launched an unsolicited $6.6 billion takeover bid for Canadian Oil Sands Limited, offering 0.25 Suncor shares for each COS share at a 43% premium to market price. The deal would create Canada's leading integrated oil sands company with enhanced dividend prospects and operational scale.
Steel cutting marks start of physical construction of Nautilus’ production support vessel
Nautilus Minerals commenced steel cutting for its production support vessel at Fujian Mawei Shipbuilding in China, marking the start of physical construction for the world's first commercial seafloor copper-gold mining operation. The vessel will support operations at the Solwara 1 Project in Papua New Guinea's Bismarck Sea, with delivery expected in December 2017 and seafloor operations planned to begin in Q1 2018.
Alloycorp Mining CEO Gordon Bogden steps down
Alloycorp Mining announced the immediate resignation of CEO Gordon Bogden, who will be replaced temporarily by Chairman Mario Caron while a global executive search is conducted. The company is developing the Avanti Kitsault molybdenum project in British Columbia with a $1 billion investment aimed at creating one of the world's top four primary molybdenum mines.
Canadian Securities Regulators finalize significant changes to the Rights Offering Regime
The Canadian Securities Administrators announced streamlined prospectus exemption rules for rights offerings by reporting issuers, effective December 8, 2015. The changes remove regulatory pre-approval requirements and increase the dilution limit from 25% to 100%, making rights offerings more attractive for capital raising while maintaining investor protections.
Electra Stone ships first 18 tonnes of BC Jade to China
Electra Stone completed its first direct shipment of 18 tonnes of BC Nephrite Jade from Port of Tsawwassen to Shanghai, marking a milestone in the company's vertical integration strategy connecting BC jade mining to Chinese end buyers. Management will travel to Shanghai to meet with jade carvers, manufacturers and resellers in the region that represents the largest import market for BC Nephrite Jade.
Canadian mining consultant kidnapped in Philippines
John Ridsdel, a Canadian mining consultant and former COO of TVI Resource Development Philippines Inc., was kidnapped along with three others by armed gunmen at a resort in the Philippines. Ridsdel currently serves as a consultant to Vancouver-based TVI Pacific, which operates mining projects across the Asia Pacific region including gold, silver, copper, zinc and nickel operations.
Teck Named to Dow Jones Sustainability World Index
Teck Resources has been included in the Dow Jones Sustainability World Index for the sixth consecutive year, ranking in the top 10% of 2,500 largest global companies for sustainability practices. The company received top scores in biodiversity, asset closure management, talent retention, and operational eco-efficiency.
Laurentian Bank’s Equipment Finance Division partners with BDC to facilitate equipment acquisition
Laurentian Bank of Canada partnered with Business Development Bank of Canada to offer more flexible equipment financing options for manufacturers across Canada. The program includes financing for soft costs, capital moratoriums of 6-36 months, and longer amortization periods to improve cash flow.
Top Ten Wind Energy Producing Provinces in Canada
Canada's wind energy capacity stands at 10,204 MW with Ontario leading at 3,927 MW (38%). British Columbia ranks fourth with only 489 MW despite having world-class wind resources, with $10 billion in projects awaiting BC Hydro purchase agreements.
Goldcorp and Teck Combine El Morro and Relincho Projects in Chile
Goldcorp and Teck are combining their El Morro and Relincho projects in Chile's Atacama region into a single operation. The combination appears aimed at reducing costs or improving project economics by leveraging the proximity of the two properties.
Canadian Mining Eye index sees first gain in a year (+4%): EY
EY's Canadian Mining Eye index posted its first gain in a year, rising 4% in Q2 2015 despite continued pressure from weak metal prices and macroeconomic headwinds. The report highlights that while companies remain cautious with capital expenditure, some surprised investors with better-than-expected results and steady project progress.
Despite $72 million possible tax bill Silver Wheaton remains confident
Silver Wheaton Corp. received a proposal from the Canada Revenue Agency seeking to reassess the company's tax returns for 2005-2010, potentially resulting in $150 million in additional taxes and $72 million in penalties. The company plans to vigorously defend its tax filing positions, maintaining confidence in its international business structure.
Hitachi completes the EH AC-3 series with two new haul trucks
Hitachi Construction Machinery announced the launch of two new rigid-frame haul trucks, the EH3500AC-3 and EH4000AC-3, completing their EH AC-3 series. The trucks feature advanced AC-drive systems with improved efficiency, reliability and durability features including pitch control, slip/slide control, and side skid control.
Gran Colombia Gold Announces Second Quarter and First Half 2015 Results
Gran Colombia Gold reported strong Q2 2015 results with gold production increasing 19% to 28,495 ounces and total cash costs dropping 29% to $779 per ounce. The company achieved adjusted net income of $1.8 million compared to a $6.1 million loss in Q2 2014, driven by improved production at its Colombian Segovia Operations and favorable currency impacts.
Commerce Resources developing rare earth pilot plant
Commerce Resources Corp has begun the second phase of a pilot plant to produce mixed rare earth carbonate and chloride concentrates from its Ashram deposit in Quebec. The company is targeting production of 3 kilograms of carbonate concentrate and 0.5 kilograms of chloride concentrate to meet specifications requested by four major companies.
Kaminak Gold named a TSX Venture 50 company
Kaminak Gold Corporation was named to the TSX Venture 50 list for 2015, recognizing top performing companies on the exchange. The company is advancing its Coffee Gold Project in Yukon, which has a total resource of over 4 million ounces and a preliminary economic analysis showing strong economics with 33% IRR and $522 million NPV.
SMS Equipment is now representing Sandvik Surface Drilling equipment
SMS Equipment has been named the authorized distributor for Sandvik Mining Surface Drilling products across Canada, including blasthole drills, surface DTH drills, and top hammer drills. This partnership expands SMS Equipment's mining solutions portfolio and leverages their nationwide service network to support Canadian mining operations.