BHP intends to begin commercial production at Jansen by late 2026, ahead of its previous target of 2027. Courtesy of BHP.
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 Natural Resources Canada’s $11 million investment in critical minerals processing, new reclamation requirements for B.C. mines and bad news for global copper investment and supply.
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Baffinland Iron Mine’s Mary River expansion plans got a thumbs down in a report from the Nunavut Impact Review Board due to the potential for adverse environmental and socio-economic impacts of the project. Baffinland has stated its surprise and disappointment at the news, having previously said that closing down the mine entirely might be the next course of action should the minister strike down its development. Northern Affairs minister Dan Vandal stated that a decision on the expansion will be delivered within 90 days of receiving the report.
Natural Resources Canada is looking for proposals of critical minerals processing pilot projects, as reported by Business in Vancouver. Up to $11 million will be allocated towards chosen submissions from Canadian universities, mining companies and local governments. The deadline for submissions is June 17, so interested parties should ready their proposals soon.
As protests continue in Peru, the country is risking losing billions as prices on copper soar and future projects could stall, reports Reuters. Unless the Peruvian government can put an end to the protests, as much as 12 per cent of the global copper supply in upcoming years could be in jeopardy according to RBC. Peruvian protestors are claiming a right to the wealth of their land and have already suspended operations at MMG’s Las Bambas since April and previously paralyzed Southern Copper’s Cuajone mine for nearly two months earlier this year.
The search and rescue team looking for the eight missing miners at Trevali’s Perkoa mine in Burkina Faso found no survivors in the refuge chamber they reached this week. The refuge chamber had been a source of hope for the miners’ survival in prior weeks. Another such chamber remains unreached by the rescue efforts at the moment. Trevali stated that the search crews will keep working at maximum capacity, 24 hours per day until the workers who have been missing since April 16 are recovered.
Nouveau Monde Graphite will become a joint venture partner with Mason Graphite to develop Mason’s Lac Guéret project in northeastern Quebec, as reported by Mining.com. Nouveau Monde will have the option to own 51 per cent of the property if the company meets certain conditions, including investing $5 million in Mason Graphite and $10 million on advancing the property.
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British Columbia announced in April changes to its mining reclamation security policy, in which all new mines and mines counting less than five years of mineral reserves remaining will have to post a full reclamation security equal to their liability. The policy change, which will also include more costs in liabilities calculations than previous standards, aims to release B.C. taxpayers from covering the full cost of abandoned projects.
Operations were suspended at Equinox Gold’s RDM gold mine in Brazil after a permit required for a scheduled raise of the tailings storage facility was delayed. Regulatory approval is now expected at some point during Q2 this year, with operations set to resume two months after receiving the permits.
Champion Iron announced its agreement to purchase the Pointe Noire Iron Ore Pelletizing Facility in Quebec for $2.5 million. The company also entered a memorandum of understanding with an unnamed international steelmaker to evaluate the re-commissioning of the plant to produce direct-reduction-grade pellets, with the aim of creating a joint venture to sell pellets to steel producers.
BHP is planning to accelerate its US$5.7 billion Jansen potash project in northern Saskatchewan as supply disruptions from Russia’s invasion of Ukraine remain ongoing, as reported by Mining.com. CEO Mike Henry expects that first production could begin in late 2026, as opposed to the previous target of 2027. Jansen is expected to produce roughly 4.2 million tonnes of potash a year during its first phase.
Barrick will be factoring in key sustainability metrics to the cost of borrowing. Fees and charges for using the company’s US$3-billion credit facility will be pegged to safety, carbon emission intensity and water efficiency metrics and will either reward or penalize the company depending on its performance in these areas. The move reflects a broader industry trend to embrace sustainability-linked loans.
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