Viola MacMillan points out some of her claims on a map in the early 1940s. Courtesy of The Canadian Museum of Nature.
Welcome back to your weekly mining news recap, where we catch you up on some of the news you may have missed. This week’s headlines include Barrick Gold contemplating U.S. relocation, funding for Canada Nickel’s carbon storage technology, and Cyclone Metals and Vale teaming up to develop the Iron Bear project.
A new book delves into the life of Viola MacMillan, a pioneering businesswoman in Canada’s mining industry who was embroiled in the Windfall scandal during the 1960s. In Windfall: Viola MacMillan and Her Notorious Mining Scandal, author Tim Falconer covers the controversies surrounding MacMillan’s career, along with the remarkable feats she achieved during her lifetime, including becoming the first woman inducted into the Canadian Mining Hall of Fame and serving as the president of the Ontario Prospectors and Developers Association (now PDAC) for 21 years.
Nova Scotia’s government has introduced legislation to lift its ban on uranium exploration and mining, a prohibition that dates back to a 1981 moratorium, as reported by Canadian Mining Journal. The Mining Association of Nova Scotia (MANS) supported the move, arguing that modern techniques reduce uranium mining’s environmental impact and workers’ exposure to radiation. According to a 2024 poll that was commissioned by MANS, 54 per cent of Nova Scotians are now in support of uranium exploration and mining in the province.
Teck Resources reported a profit of $385 million for the fourth quarter, compared with a $167 million loss in the same quarter the previous year, as reported by The Canadian Press. The profit was driven by record copper production, particularly at its Quebrada Blanca operations in Chile. Revenue for the quarter increased to $2.8 billion, up from $1.8 billion in the fourth quarter of 2023.
In its half-year results, BHP reported that its attributable underlying profit declined by 23 per cent compared to the same period of 2023, from US$6.6 billion to US$5.08 billion, mainly due to lower prices for iron ore and steelmaking coal, as reported by Engineering News. The company’s iron ore segment experienced a 26 per cent drop in earnings. Despite the profit dip, the company reported a 10 per cent year-on-year increase in copper production.
Several other companies released fourth quarter and year-end results this week, including:
Barrick Gold is considering relocating its business from Canada to the U.S., as reported by The Globe and Mail. President and CEO Mark Bristow cited benefits like access to a more efficient market and potential inclusion in the S&P 500 index, and highlighted Barrick’s significant U.S. operations and shareholder base. Since his appointment in 2019, Bristow has slowly severed Barrick’s ties to Canada through job cuts and removing Canadian directors and sees the U.S. as the right place for growth, especially under the Trump administration’s “America first” business and trade policies.
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Canada Nickel has secured $3.4 million from Ottawa’s Energy Innovation Program to pilot its in-process tailings carbonation process for treating mine waste, as reported by Northern Ontario Business. Developed for its Crawford nickel project near Timmins, Ontario, Canada Nickel said the technology captures carbon in mine tailings within a few days. The company reported that its recent testwork showed that the technology could store 1.5 million tonnes of CO2 annually at the Crawford project.
Cyclone Metals has entered into a binding agreement with Vale to collaborate on the development of its Iron Bear iron ore project, located in Newfoundland and Labrador, as reported by Engineering News. Vale will invest up to US$138 million in two phases for a 75 per cent stake in the project.
Codelco and Anglo American have signed a memorandum of understanding to jointly operate their adjacent copper mines in central Chile, as reported by Reuters. Through a joint mine plan, the partnership aims to boost production at Codelco’s Andina mine and Anglo American’s Los Bronces mine by a total of 120,000 tonnes annually for 21 years, with minimal additional capital needed. According to Anglo American, a rise in production would commence in 2030.
Winsome Resources has raised approximately $7.07 million to advance its Adina lithium project in the Eeyou Istchee James Bay region of Quebec. The company will also raise up to $2.26 million through a share purchase plan for existing shareholders. The funds will extend Winsome’s exclusive option to acquire the nearby Renard diamond mine, processing facility and related infrastructure until August 2025, as well as advancing project studies for the Adina project and exploring carbon sequestration and partnership opportunities. Winsome plans to acquire the Renard mine with the aim of repurposing its infrastructure to process ore from Adina.
ICMM has released updated editions of its Tailings Management Good Practice Guide and Integrated Mine Closure Good Practice Guide to improve how mining companies plan and manage tailings storage facility closures. These updates emphasize early planning, strong governance and long-term monitoring, aiming for safer, more sustainable outcomes in tailings management and mine closure.
Source: cim.org
