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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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Positive reports predict resurgence of Canadian mining industry
Two reports highlight a resurgence in Canadian mining, particularly gold exploration, driven by a weaker Canadian dollar, tax incentives, and political stability. Of 13 major equity financing deals by Canadian mining companies this year, 12 focused on gold assets with 8 specifically funding Canadian projects, while Teck Resources benefits from rising zinc demand and gradual coal price recovery.
Vancouver’s Jagercor Energy is drilling as China eyes massive oil reserves in Argentina
Vancouver-based Jagercor Energy is generating $200,000 monthly from its first drilling program in Argentina's Catriel Oeste project, funding operations with 70% of proceeds from producing wells. The company is targeting underinvested mature oil fields while Argentina's local oil prices trade at a premium to global markets at $77 per barrel versus $50 internationally.
Drones are ready for takeoff in the mining industry
Harrier Aerial Surveys in Nelson, B.C. is using advanced drone technology for mineral exploration and mining operations. The company operates two specialized UAVs equipped with multi-spectral imaging capabilities that can identify ore bodies by their spectral signatures. This represents the growing adoption of drone technology in the mining industry for mapping, exploration, and stockpile monitoring.
Government launches new strategy to promote Canadian mining abroad
The Canadian federal government launched its Canadian Extractive Sector Trade Strategy to promote mining and oil & gas companies abroad, complemented by an enhanced Corporate Social Responsibility Strategy. Industry associations MAC and PDAC praised the coordinated approach as providing competitive advantages for Canadian companies operating in over 100 countries.
Software firm has developed groundbreaking solution for inspections
Field Eagle has developed an inspection software solution featuring a server-based template builder for machines and tablet-based field application. The technology appears designed to streamline equipment inspection processes in industrial settings.
The light at the end of a narrowing tunnel
The 2014 Silver Summit conference in Spokane featured presentations from major silver producers including Endeavour Silver, Hecla Mining, and Coeur Mining. Despite lower attendance due to challenging precious metals market conditions, industry participants remained optimistic about silver and gold's future prospects.
Induction furnaces benefit gold smelting industry
Electroheat Induction, a New Jersey-based company, is promoting induction furnaces as a more efficient alternative to traditional gold smelting methods, reducing processing time from a full day to just a few hours. The company has already sold equipment to Canadian mining companies and is looking to expand its presence in Canada with remote monitoring capabilities.
Amec Foster Wheeler
Amec Foster Wheeler announces the completion of a £5 billion combination between AMEC plc and Foster Wheeler AG, creating a new global engineering and project delivery company. The combined entity has annualised revenues of £5.5 billion, over 40,000 employees in 50+ countries, and a £6.3 billion order book with strong positions across oil and gas sectors.
MOU brings new phase of Canada-China nuclear energy
Candu Energy signed a framework joint venture agreement with China National Nuclear Corporation to build Advanced Fuel CANDU Reactor projects in China and globally. This follows a November 8 MOU between Natural Resources Canada and China National Energy Administration to advance nuclear energy collaboration including advanced fuel reactors and exports to third markets.
Veris Gold Corp. achieves monthly record ounce production at Jerritt Canyon in October 2014
Veris Gold Corp. achieved record monthly gold production of 18,081 ounces at its Jerritt Canyon facility in Nevada during October 2014. The company also officially opened its fourth underground mine, Saval 4, and announced a toll milling agreement with Anova Metals for additional ore processing starting in June 2015.
Switzerland’s solar sunflower
Swiss company Airlight Energy, in partnership with IBM Zurich, is developing the HCPVT Solar Sunflower system that concentrates solar energy 2,000 times to generate 12 kilowatts of electricity and 20 kilowatts of heat. The portable system, designed to fit in a shipping container, is targeted for commercial release in 2017 and could provide power and water purification for remote mining operations.
Global zinc shortage accelerates; Thunderstruck Resources to explore zinc project in Fiji
Thunderstruck Resources is advancing zinc exploration projects in Fiji amid a global zinc shortage driven by 7% annual consumption growth. The company acquired 100% interest in VMS properties previously drilled by Anglo America in the 1970s, with historic intercepts including 12 meters of 12.7% zinc and 56 grams/tonne silver. The company plans $1 million in drilling over the next year to develop these prospects.
North American Nickel uses new ground geophysical surveys to identify mineralized targets
North American Nickel completed electromagnetic and gravity surveys at its Maniitsoq project in Greenland, identifying new drill targets with previously unrecognized anomalies. The company achieved significant results including 3% nickel and 1% copper grades at Imiak Hill, comparing favorably to world-class deposits like Raglan and Voisey's Bay.
Veris Gold Corp. receives top safety awards
Veris Gold Corp. received three top safety awards from the Nevada Mining Association for its 2013 performance at the Jerritt Canyon gold operations in Nevada. The awards recognize both the company's direct operations and its contractors for excellence in underground mine safety across multiple mining operations.
Canadian mining industry outperforms 2nd quarter expectations
The Canadian Mining Eye index gained 9% in Q2 2014, outperforming the S&P/TSX Composite's 6% gain, driven by improved metals prices including a 20% increase in nickel and 6% copper gain. Despite positive performance, analysts remain cautious about future commodity price volatility and expect mixed trends in Q3 2014.
Helicopter surveying used at North American Nickel
North American Nickel identified 50 conductive zones at its Maniitsoq copper-nickel-PGE project in southwest Greenland using a VTEM Plus helicopter electromagnetic survey completed in July. The company has prioritized 12 of these targets for an upcoming drill program and describes the 75-km-long belt as a camp-scale exploration play.
Tool assembly has commenced for Nautilus Minerals’ underwater mining
Nautilus Minerals has begun assembly of its third and final underwater mining tool, the 250-tonne Auxiliary Cutter, at SMD's UK facility. The company is developing the world's first seafloor mining operation at the Solwara 1 project in Papua New Guinea to extract copper, gold and silver from polymetallic massive sulphide deposits.
Mining industry applauds this Spring’s Free Trade Agreement with South Korea
The Mining Association of Canada applauded the federal government's new Free Trade Agreement with South Korea, which will reduce tariffs on metals like iron, aluminum and nickel from upwards of 8%. Canadian mineral exports to South Korea totaled over $1.8 billion in 2012, with coal being the largest export at $1.1 billion.
PWC Report: 2014 Global Mining Deals outlook
PwC released its 2014 Global Mining Deals outlook report, predicting increased M&A activity focused on joint ventures and strategic partnerships rather than large-scale acquisitions. The report highlights mid-tier companies becoming more active buyers while majors remain asset sellers, with new mine production providing capital for deal-making.
Bear Creek announces favorable judicial decision
Bear Creek Mining received a favorable ruling from Peru's Lima First Constitutional Court, which declared that the company's constitutional rights were violated when the government rescinded its Santa Ana mining concession rights in 2011. The court unconditionally returned Bear Creek's rights to operate the Santa Ana silver project, which contains 63.2 million ounces of proven and probable silver reserves.
Global zinc demand could rise dramatically over next three years—bodes well for Zinc miners
The International Zinc Association forecasts 1.9 million mt of new zinc demand over three years, primarily from fertilizer applications in China, India and Brazil. CRU analyst Helen O'Cleary predicts zinc prices could reach $4,500/mt by decade's end due to supply deficits, with steel galvanizing consuming 56% of global zinc demand.
Starting the conversation about disclosure
The Canadian mining industry is pushing for mandatory payment disclosure regulation that would require governments to publish payments received from mining developments. Legal expert Catherine Wade outlines the benefits including transparency for investors and level playing fields between countries, while noting potential compliance costs and international relations risks.
CAT Product Link technology recovers stolen machine in hours
Cat dealer RIMCO successfully recovered a stolen Cat 416E backhoe within hours using Product Link GPS tracking technology in Puerto Rico. The theft recovery system prevented costly insurance claims and downtime for construction company Desarrolladora JA, Inc., demonstrating the value of fleet management technology in heavy equipment operations.
Teck adds to holding of Erdene Resource Development Corporation Stock — now owns 14%
Teck Resources acquired an additional 2 million Erdene Resource Development shares at $0.175 per share through a private placement. Following this investment, Teck now holds approximately 14.2% of Erdene on a partially diluted basis, with Erdene focused on base and precious metals exploration in Mongolia.