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 new measures to prevent foreign takeovers of large Canadian mining companies, Teck receives an administrative penalty for oil spills in 2021 and Codelco eyeing a stake in Teck’s Quebrada Blanca mine. 

Canada’s gold exports to China have steadily increased in the past few years, which has fortified trade ties between the two countries despite recent tensions, as reported by The Financial Post. Precious metals have become Ontario’s largest export to China during a time when Canada is seeking to impose federal trade measures against Chinese-produced electric vehicles. 

Due to the presence of several wildfires in northern Alberta and a heat wave that is threatening to exacerbate the situation, employees at Suncor and Cenovus oil sands sites have been evacuated this week, as reported by The Financial Post. Non-essential workers at Suncor’s Firebag facility were evacuated last week, and the company has temporarily reduced production at the site. 

Teck Resources’ sale of its steelmaking coal business to Glencore for US$7.3 billion closed on Thursday this week, as reported by The Canadian Press. The news follows last week’s announcement that the federal government is planning to put stringent measures into place in order to limit foreign takeovers of big Canadian mining companies. The government’s new guidelines seek to protect its critical minerals sector and national security interests amidst recent M&A activity and to ensure that foreign acquisitions are approved only under “the most exceptional of circumstances.” 

Teck Coal Limited has received a $13,500 administrative penalty after spilling around 6,300 litres of hydraulic and engine oil across 13 separate incidents in B.C.’s Elk Valley during 2021, as reported by Business in Vancouver. The incidents were considered by authorities to cause minimal environmental impacts but were recommended to be cleaned up to prevent the possibility of groundwater contamination. The Ktunaxa Nation Council, however, claims that the incidents caused significant negative effects to the land they reside on, and that Teck failed to properly clean up the affected areas. Teck, meanwhile, stated that the spills occurred within a bedrock pit shell of an active mining area, while the closest bodies of water were 100 to 600 metres away.  

The Grassy Narrows First Nation will launch a legal action against the Ontario government, alleging that the province’s current mining staking claim system violates the government’s duty to consult them before granting any claims, as reported by The Globe and Mail. Grassy Narrows First Nation also wants previously obtained mining claims to be revoked. The current system allows users and companies to file claims online for a fee. Last year, a B.C. Supreme Court ruling ordered the province to update its current claim staking process to include the duty to consult.   

Giant Chilean copper producer Codelco is contemplating acquiring a 10 per cent stake in Teck’s Quebrada Blanca mine, as reported by Mining.com. The stake is currently owned by Enami, a state mining firm, and the potential deal is valued at around US$500 million. The purchase could be advantageous for both parties, enabling Codelco to obtain a stake in a significant copper project while providing Enami with an opportunity to enhance its financial position and be able to partly fund its idled Paipote copper smelter that requires renovations. 

Canada Nickel recently consolidated its exploration properties located northeast of Timmins, Ontario, into a new subsidiary called ExploreCo, as reported by Canadian Mining Journal. ExploreCo, which is owned 80 per cent by Canada Nickel and 20 per cent by Noble Mineral Exploration, will manage 1,989 mining claims spanning 42,000 hectares. 

Following the announcement that US$300 million in debt financing has been conditionally approved by Export Development Canada (EDC) for Arafura Rare Earth’s Nolans project in Australia, CIM Magazine spoke with EDC to learn about the criteria it considers when financing international projects through its structured and project finance program. EDC explained that in addition to supporting projects in Canada and the financing of Canadian-owned or developed projects internationally, it also looks at the end benefits of how supporting a project will bring value to Canadian companies.  

Mining technology company NSS Canada, based in Sudbury, Ontario, is looking to partner with mining companies to pilot its augmented reality (AR) Miner Operated Survey System (MOSS) in underground mining operations. This new technology enables miners to view real-time holographic projections of survey and planned data, enhancing safety and efficiency by reducing equipment and time needed for underground surveying.  

A free educational tool called Visible Geology breaks down basic geological concepts with the hopes of inspiring more students to study geology. The new web application, designed by Seequent in collaboration with CerebralFix, and officially launched last month, is geared towards university students, but its accessible design makes it ideal to teach geology to students of all ages.  

Australian billionaire and Fortescue chairman and founder Andrew Forrest, and others in the mining industry, are advocating for the London Metal Exchange to establish a futures contract specifically for “green nickel,” which would offer incentives to miners producing nickel that is mined using more sustainable practices, as reported by Trish Saywell for the May issue of CIM Magazine. They argue that classifying “dirty” and “green” nickel is important amidst the market being flooded by cheap nickel from countries like Indonesia, which have less environmental oversight.  

That’s all for this week. If you’ve got feedback, you can always reach us at editor@cim.org. If you’ve got something to add, why not join the conversation on our Facebook, Twitter, LinkedIn or Instagram pages?