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Quality support at Xplor 2015 to highlight QMEA’s 40 years of service
The Quebec Mineral Exploration Association held its annual Xplor 2015 conference in Montreal, attracting over 1,200 participants and 130 exhibitors despite industry downturn. The association celebrated its 40th anniversary and announced Xplor 2016 for October 2016.
College of the Rockies introduces students to geology
College of the Rockies geology students toured the Bull River Mine site owned by Purcell Basin Minerals Inc as part of their educational program. The mine, active in the 1960s-70s, is currently working toward receiving permits to reopen operations.
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PotashCorp has withdrawn its €41 per share takeover proposal for German potash producer K+S, citing challenging economic conditions and lack of engagement from K+S management.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.
Murray River Coal project granted environmental assessment approval
HD Mining International Ltd. received environmental assessment approval for its Murray River Coal project near Tumbler Ridge, BC, subject to 24 legally-binding conditions. The $668 million underground coal mine will produce 4.8 million tonnes annually over 25 years and create 780 jobs during operations.
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.
MGX Minerals agrees to buy former Cranbrook Tembec mill site for $3.7M
MGX Minerals has signed a definitive agreement to acquire Tembec's defunct 98-acre Cranbrook mill site for $3.7 million to process industrial minerals from its Driftwood Creek magnesium project. The fully serviced industrial site includes existing buildings, processing infrastructure, and access to natural gas, water, power and rail, positioning MGX to advance its magnesium oxide production plans in British Columbia.
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.
APEGBC and AME BC sign Memorandum of Understanding
APEGBC and AME BC signed a Memorandum of Understanding to formalize cooperation between the two professional organizations. The agreement aims to advance engineering and geoscience professions in BC while promoting unified positions on professional practice and development in the mineral exploration sector.
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.
Kaminak announces new, Northern access road route to Coffee Project endorsed by First Nation
Kaminak Gold has selected a northern access route from Dawson City to its Coffee gold project in Yukon, requiring only 30 km of new construction out of 190 km total. The route has received strong support from the Tr'ondëk Hwëch'in First Nation and is expected to cost less than the previously estimated $35 million southern route.
Pretium Resources Inc. raises US$540 million in construction financing for Brucejack Project
Pretium Resources secured US$540 million in construction financing to develop the underground Brucejack gold mine. This substantial funding package will cover a significant portion of the project's development costs.
Fording River Operations Swift project granted environmental assessment approval
Teck Coal Ltd. has received environmental assessment approval for its Fording River Operations Swift project expansion in British Columbia's Elk Valley. The approval comes with 19 legally binding conditions and amid challenging coal market conditions that make the timing of project development uncertain.
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.
Gold Hill property hopes to hit originating source of Wild Horse Gold
American Creek Resources has acquired the Gold Hill property in British Columbia's historic Wild Horse Creek gold rush area, where $15-30 million worth of gold was extracted starting in 1864. The company has begun initial field work and is evaluating multiple partnership offers for the 418-hectare property.
Brandt Tractor set to open new state-of-the-art facility
Brandt Tractor Ltd. is opening a new state-of-the-art facility in Saskatoon after 23 years at their previous location on Millar Avenue. The larger facility is designed to accommodate John Deere's full range of construction and mining equipment and represents the company's confidence in Saskatchewan's economic strength.
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.
24% of BC’s fastest growing companies in mining and energy sectors
Business in Vancouver released its Top 100 fastest-growing companies list, with 24% from mining and energy sectors. Turquoise Hill Resources topped the list with 2,110% revenue growth over five years, increasing from $82 million in 2010 to $1.85 billion in 2014. The company operates one of the world's largest copper mines in Mongolia.
Update on the Pretium Resources Brucejack Project
Pretium Resources has received all major regulatory permits required to begin development of its Brucejack gold project in northern British Columbia. The permits allow construction of a 2,700 tonnes per day processing plant and underground mine development, with commercial production targeted for 2017.