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TNDC and the Tahltan Nation invest in Imperial Metals
The Tahltan Nation Development Corporation has invested in Imperial Metals Corporation through convertible debenture financing to support the Red Chris mine operations. This investment strengthens the partnership between the Indigenous nation and the mining company, with Red Chris employing approximately 40% Tahltan workers and providing additional contract opportunities. The move advances TNDC's strategic plans to diversify revenue streams while reinforcing their co-management agreement.
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.
Altitude/JOGMEC receives approval for Palisades Coal Project drill program near Hinton
Altitude Resources and Japan's JOGMEC joint venture received Alberta regulatory approval for a 3,240-meter drill program at the Palisades coal project near Hinton. The program will consist of 18 drill holes and aims to update the current 12 million tonne inferred coal resource estimate with results expected in Q4 2015.
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.
Minister’s tour to strengthen B.C. – Alaska relations on mining and environment
BC Energy and Mines Minister Bill Bennett is traveling to Alaska to strengthen cross-border collaboration on mining and environmental issues. The visit aims to advance a formal agreement allowing greater cooperation on mine development and permitting processes between the two jurisdictions.
BC’s Eldorado Gold Corp’s CEO highest paid mining and energy executive
Paul Wright, CEO of Vancouver-based Eldorado Gold Corp, was BC's highest-paid executive in 2014 with total compensation of $13.7 million, representing a 147% increase year-over-year. The mining and energy sectors dominated BC's executive compensation rankings, representing 59% of the province's top-paid executives according to Business in Vancouver's annual survey.
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.
Metro Vancouver municipalities among the biggest beneficiaries of spending by Coal Alliance Mines
The Coal Alliance released spending figures showing its B.C. steelmaking coal mines and terminals spent $5.16 billion on local goods and services from 2010-2014. Metro Vancouver municipalities were major beneficiaries, with Delta receiving $973.4 million and Vancouver $461.2 million, demonstrating the coal industry's economic impact beyond mining regions.
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.
Vote for Ulmer Contracting—they are the Canadian ultimate crew finalist in Vermeer’s crew search
Ulmer Contracting from Vancouver has been selected as the only Canadian crew among 8 finalists in Vermeer's Ultimate Horizontal Directional Drilling Crew contest. The winning crew will receive a new Vermeer D24x40 Series II drill for twelve months and compete at ICUEE 2015 in Louisville, Kentucky.
Brucejack Mine receives Mines Act permit and federal approval
Pretium Resources' Brucejack gold and silver mine received final provincial Mines Act permit and federal approvals, clearing the way for construction to begin in 2015. The $750M USD underground mine will create 900 construction jobs and 500 operational jobs over an 18-year mine life, targeting commercial production by 2017.
Taseko and Soda Creek Indian Band Sign participation and cooperation agreement
Taseko Mines Limited has signed a Participation and Cooperation Agreement with the Soda Creek Indian Band (Xat'sull) for the Gibraltar Mine operations in British Columbia. The agreement establishes a framework for collaboration on environmental and economic issues, with Chief Donna Dixon noting it provides capacity for direct engagement and supports community development initiatives.
Teck reports on Q2 earning—remains “cash flow positive”
Teck Resources reported Q2 adjusted profit of $79 million despite challenging coal market conditions, maintaining cash flow positive operations across all assets. The company announced rotating shutdowns at steelmaking coal mines affecting 4,400 workers in BC, while maintaining strong liquidity of over $6.5 billion.
Agnico Eagle Mines inked deal with Kivalliq Inuit Association
Agnico Eagle Mines signed an Inuit Impact and Benefit Agreement with the Kivalliq Inuit Association for the proposed Meliadine gold mine near Rankin Inlet, Nunavut. The agreement includes an initial $1.5 million payment and aims for 50% of mine jobs to be filled by Inuit beneficiaries, up from the current 30%.
New plant in B.C. for Sika Canada Inc.
Sika Canada Inc. is constructing a new 30,000 square foot mortar and concrete admixtures manufacturing plant in Surrey, BC. The facility will feature modular production equipment and will be the company's fourth Canadian manufacturing site, designed to improve product availability and reduce delivery times for Pacific Northwest customers.
Temex Board receives superior proposal from Lake Shore Gold Corp.
Temex Resources Corp. received a superior acquisition proposal from Lake Shore Gold Corp. to acquire all outstanding Temex shares through a court-approved plan of arrangement. The offer provides Temex shareholders with 0.105 Lake Shore shares per Temex share, representing a 106% premium to recent trading prices.
Teck Announces Carmen de Andacollo gold stream
Teck Resources announced a long-term gold offtake agreement at its Carmen de Andacollo mine in Chile, receiving a $525 million advance payment from Royal Gold while increasing its cash position by $162 million. The deal restructures Teck's gold streaming arrangements and provides significant upfront capital for the company.
B.C. authorizes restricted re-start for Mount Polley Mine
The Mount Polley Mine in B.C. has been authorized to restart restricted operations after careful evaluation by provincial authorities. The mine will operate at roughly half capacity for up to 220 workers, with strict conditions including no water discharge off-site and use of Springer Pit for tailings management instead of the previous tailings facility.
$748K to KAST—Mining and metals industry in Kootenay region benefits from investment
KAST received $748,601 in federal funding to establish MIDAS, a metallurgical industry development accelerator in the West Kootenay region. The center will provide downstream metallurgical expertise, digital fabrication capabilities, and business development support to strengthen the region's mining and metals sector.
Barrick’s Zaldivar copper mine draws final bids—Teck reportedly still in the running
Multiple major mining companies including BHP, Teck Resources, HudBay Minerals and China Molybdenum have submitted final bids for Barrick Gold's 50% stake in the Zaldivar copper mine in Chile. The mine is valued at over $2 billion with a decision expected by early August 2015.
Teck’s Celebrity Pie Throw Raises $1.1M for BC Children’s Hospital
Mining for Miracles, BC's mining industry fundraising campaign, raised over $1.06 million at the Teck Celebrity Pie Throw event for BC Children's Hospital on May 7. The funds will support the development of a new CAUSES Clinic that uses genomic testing to diagnose rare genetic diseases in children more efficiently.
Morrison Mine must undergo further assessment
British Columbia ministers have ordered Pacific Booker Minerals' Morrison copper-gold mine to undergo additional environmental assessment before approval. The government cited concerns about mine design risks, insufficient baseline data on Morrison Lake's ecosystem, and potential impacts on sockeye salmon. The company has three years to provide additional studies addressing water treatment capacity, fish habitat, and alternative mine designs.
Rio Tinto re-opens modernized Kitimat aluminum smelter
Rio Tinto re-opened its modernized Kitimat aluminum smelter in July 2015 after a multi-billion dollar expansion and modernization program. The project increases aluminum production by up to 420,000 tonnes annually while reducing overall emissions by nearly 50 percent and securing 1,000 jobs for decades.