You are here

J2. Fossil Fuel Industry

Atlantic confirms extensions at Fifteen Mile Stream and Cochrane Hill deposits

Mining.Com - 33 min 10 sec ago

NOVA SCOTIA – Vancouver-based Atlantic Gold Corp. confirms that recent diamond drilling has confirmed mineralized extensions at both the Fifteen Mile Stream project and the Cochrane Hill project.

At Fifteen Mile Stream, located 57 km from the central mill at the Moose River Consolidated gold mine, Atlantic drilled 11,385 metres in 69 holes. The best results were 4.31 g/t gold over 9 metres, 3.24 g/t over 11 metres, 1.94 g/t over 12 metres, 0.921 g/t over 17 metres, 1.07 g/t over 12 metres, 0.84 g/t over 14 metres, and 1.35 g/t over 8 metres.

Atlantic drilled 16,242 metres in 70 holes at Cochrane Hill, which is 80 km northeast of Moose River. Here the highlights included 3.13 g/t gold over 23 metres, 10.46 g/t over 7 metres, 7.96 g/t over 6 metres, 1.61 g/t over 23 metres, 1.29 g/t over 22 metres, 2.75 g/t over 9 metres, and 3.51 g/t over 7 metres.

Readers may be interested in the corporate presentation at www.AtlanticGoldCorporation.com.

This story first appeared on Canadian Mining Journal

The post Atlantic confirms extensions at Fifteen Mile Stream and Cochrane Hill deposits appeared first on MINING.com.

Margaux options Cassiar project from Wildsky Resources

Mining.Com - 1 hour 2 min ago

BRITISH COLUMBIA – Wildsky Resources of Vancouver and Margaux Resources of Calgary have signed a letter of intent covering Wildsky’s Cassiar gold project 105 km south of Watson Lake. Wildsky will grant Margaux an option to acquire all of the common shares of Cassiar Gold Corp., a subsidiary of Wildsky.

Margaux will issue 58.2 million common shares to Wildsky at a deemed price of $0.08 per share for a total consideration of approximately $4.66 million. Margaux must also spend $400,000 this year at Cassiar. Wildsky is also being granted a 30% net profit interest on all minerals processed from Cassiar’s TM No.1 tailings pond on the Cassiar property. Wildsky will also be allowed to appoint up to three directors on the Margaux board over time.

High grade gold from the Main (Erickson) mine, part of the Cassiar gold project. (Image: Margaux Resources)

The Cassiar gold project produced about 350,000 oz. of gold from 920,000 tonnes of ore with an average grade of 11.9 g/t gold from 1979 to 1997 in a number of mines and mills under different owners. The property was subsequently amalgamated.

The project includes all areas of historical production (primarily from underground mines), a permitted 270 t/d flotation and gravity mill, surface buildings, a tailings storage facility and a 30-person camp with grid power. The site is accessible by road.

Details of the agreement are available at www.MargauxResources.com or www.WildskyResources.com.

This story first appeared on Canadian Mining Journal.

The post Margaux options Cassiar project from Wildsky Resources appeared first on MINING.com.

Groundbreaking! America’s new quest for mineral independence

Mining.Com - 1 hour 18 min ago

What happens when a geologist and an author whose chief interest is California’s Silicon Valley get together to take a look at the United States’ dependence on foreign supplies of critical minerals? The result is a long hard look at how our southern neighbour failed to take advantage of its mineral resources. Instead the authors say that the reliance on foreign supply has created a national security issue. There are separate chapters on rare earths, the American uranium debacle, and the Pebble gold mine in Alaska.

Groundbreaking! looks first at risk/reward, why minerals matter, and the U.S. dependence foreign suppliers for critical minerals. There is a run-down of mineral wealth in the U.S., and how the country should rediscover that wealth. The book has a running theme of the role of domestic mineral production as a national security issue.

There are separate chapters on rare earths, the American uranium debacle, and the Pebble gold mine in Alaska. Each is packed with facts, illustrations and tables about its topic.

Groundbreaking! America’s New Quest for Mineral Independence. Dr. Ned Mamula and Ann Bridges. 294 pages. ISBN-13: 978-1729669525 / ISBN-10: 1729669522.

That is followed by three chapters about how the mineral industry is undermined, how to take back America’s mineral future, and a discussion of the growing support for mineral independence.

Finally there are recommendations, or as the authors call them “how to disrupt the status quo and win.”

To strengthen national security, the authors recommend keeping mineral ownership in American hands, re-thinking stockpile capabilities, and making plans to address potential disruptions in the supply chains.

In their view mineral independence can be promoted by streamlining permitting, stepping up the preparation of geological maps, and finding suitable tax incentives for the domestic mineral industry.

The federal government has a role to play. It needs to re-fund the Bureau of Mines and give it a clear, modern mission. Cabinet Secretaries should oversee executive orders related to critical minerals, providing modifications and updates as needed. The government also has an obligation to upgrade environmental protection acts, account for previous land withdrawals, and create partnerships with the environmental community.

American citizens, too, need education on the importance of the mineral industry. Mineral basics should be taught at all educational levels. Private/public partnerships and collaborations should be encouraged to teach mining skills. Punitive trade measures are recommended for countries that condone child labour, allow unfair labour practices or are negligent in protecting the environmental.

Lastly the authors recommend creating a groundswell of support for mining by contacting elected representatives, and encouraging all industries – not just mining – to take up the cause.

If our readers wish to contact Ned Mamula, they may do so at middleburg@mindspring.com or 540-454-3057. He is the adjunct scholar in geosciences at the Centre for the Study of Science, Cato Institute in Washington, DC.

This story first appeared on Canadian Mining Journal.

The post Groundbreaking! America’s new quest for mineral independence appeared first on MINING.com.

Slower growth weighs on base metals but constructive for gold, CIBC says

Mining.Com - 2 hours 37 min ago

The negative effects of trade disputes on global growth this year will push down demand for base metals and steel-making commodities, while the economic uncertainty will drive gold prices higher, CIBC says.

“CIBC economists are not forecasting a recession in 2019, but we expect increasing trade barriers and tariffs to slow down global growth over the next 18 months, delaying our previously forecast 2020 recovery to 2021,” the bank’s institutional equity research department writes in a research note.

Consequently, the bank’s analysts have trimmed their copper price forecasts for 2019 to US$2.75 per lb. (down 10.6%), and to US$2.85 per lb. (down 12.3%) in 2020. CIBC forecasts zinc prices of US$1.29 per lb. this year (down 9.6%), and US$1.35 per lb. in 2020 (down 3.9%).

“We acknowledge that a stronger-than-expected fiscal and monetary policy response from China, and/or supply disruptions (i.e., Chuquicamata in copper, Chinese smelting constraints in zinc), may support higher price estimates,” it wrote. “However, a demand slowdown is likely to trump higher sustainable prices.”

“The stage appears set in favour of precious metals for the year ahead, with trade war uncertainty weighing on global growth, lowered rate hike expectations, Brexit uncertainty, and constructive demand-supply fundamentals for gold and gold equities”

CIBC is raising its forecast for gold to US$1,350 per oz. in 2019 from its earlier forecast of US$1,300 per oz., and US$1,400 per oz. in 2020. It expects silver to average US$17.00 per oz. this year and US$17.50 per oz. next year.

The bank also anticipates a gold deficit this year “on the back of stronger demand for the commodity over the next two years, primarily from bar hoarding, net Central bank buying, and Exchange Traded Products, whereas supply is expected to remain relatively flat year-over-year.”

Over the last 24 months, the gold industry has been “forced to refocus on shareholder returns leading to improved balance sheets, asset rationalization, and improvements in return on invested capital,” the bank’s analysts write. “This fiscal discipline has also pushed out development pipelines and further reduced expected mine production over the next decade, thereby reducing the expected excess supply profile over the next several years.”

“Although large-scale M&A has kicked off once again, history has shown that it takes time for the industry to rationalize production pipelines.”

This story first appeared on The Northern Miner.

The post Slower growth weighs on base metals but constructive for gold, CIBC says appeared first on MINING.com.

Copper price falls after Chinese economic growth hits 28-year low

Mining.Com - 3 hours 26 min ago

The copper price came under renewed pressure on Monday after headline figures showed a slowdown in the Chinese economy to annual rates of growth not seen in nearly three decades.

In thin holiday trade in the US, copper for delivery in March slumped 1.6% compared to Friday's close to $2.7655 per pound ($5,897 a tonne) on the Comex market in New York wiping out the metal's gains for the year.

Data released on Monday showed Chinese economic growth slowing to 6.4% during the fourth quarter, the lowest in almost a decade and the third quarter in a row of slowing growth. For 2018 as a whole the country's GDP expanded by 6.6%, which was the lowest rate since 1990.

Source: March 2019 Futures Comex $/lb via Bloomberg

In a note released on Monday, economists from CIBC said while it is not expecting a recession in 2019, it expects "increasing trade barriers and tariffs to slow down global growth over the next 18 months, delaying our previously forecast 2020 recovery to 2021.”

The Canadian bank's analysts adjusted their copper price forecast for 2019 to $2.75 per pound, down 10.6% from the previous prediction. For 2020 the bank expects copper to average $2.85, down more than 12%:

“We acknowledge that a stronger-than-expected fiscal and monetary policy response from China, and/or supply disruptions (i.e., Chuquicamata in copper, Chinese smelting constraints in zinc), may support higher price estimates.

“However, a demand slowdown is likely to trump higher sustainable prices.”

China consumes nearly half the world's copper and the metal is considered a good barometer of economic conditions given its widespread use in power grids, communication networks, manufacturing and construction.

At the start of 2019, copper fell to a near two-year low of $2.54 a pound. Copper is technically in a bear market with the price plunging more than 20% since peaking in June 2018 over fears of the impact of the trade dispute between China and the US.

The post Copper price falls after Chinese economic growth hits 28-year low appeared first on MINING.com.

Prospero begins phase 2 drilling at Pachuca

Mining.Com - 3 hours 50 min ago

Prospero Silver (TSXV: PSL; US-OTC: PSRVF) has begun phase two drilling at its Pachuca SE project in Hidalgo State, Mexico, shortly after Fortuna Silver Mines (TSX: FVI; NYSE: FSM) exercised its option to acquire up to 70% of the project in late 2018. Fortuna can earn its interest in Pachuca SE by spending US$8 million on the project, including at least US$1 million in the first year, and completing a preliminary economic assessment.Prospero recently mobilized a drill rig to Pachuca and intends to complete a six-hole, 4,200 metre drill program.

The program is a follow up to last years’ drill campaign, which Prospero completed in the first quarter of 2018 with financing from Fortuna. It drilled 1,800 metres across three holes. The company says Holes 1 and 3 possibly intersected the tops of two epithermal vein systems, while Hole 2 cut three shallow argillic caps and three mineralized veins at depth.

Highlights from the program included: 193 grams per tonne silver and 1.04 grams gold over 0.5 metre from 657 metres downhole in Hole 2 and 870 grams silver and 1.74 grams gold over 0.2 metre from 407 metres downhole.

The 66.7 sq. km project sits 24 km southeast of the city of Pachuca and along strike from the historic Pachuca-Real del Monte epithermal vein camp.

The company is drilling Pachuca’s Varal West target with Phase 2’s first hole. Varal West lies 1 km west of the veins cut by Hole 2.

Shares of Prospero are currently trading at 7¢ with a 52-week range of 5¢ to 15¢. The company has a $3.6 million market capitalization.

Shares or Fortuna are currently trading at $4.46 with a 52-week range of $4.22 to $7.78. The company has a $713 million market capitalization.

This story first appeared on The Northern Miner.

The post Prospero begins phase 2 drilling at Pachuca appeared first on MINING.com.

“Shovel Ready” Renewables Offers to Fill Nuclear Hole in UK Energy Policy

Oil Change International - 6 hours 45 min ago

C: pixabay free license

Although, British Prime Minister, Theresa May is in the middle of a political crisis over her Brexit plans, she was dealt another major blow at the end of last week when the Japanese company, Hitachi, announced it was halting work on a multi-billion dollar nuclear plant in the UK.

The proposed new nuclear plant, called Wylfa Newydd, on the island of Anglesey off North Wales, was one of a number of new nuclear plants which were at the centre of the Government’s flagship low carbon energy strategy.

But that strategy is in deep trouble after the Japanese pulled out as they weren’t able to reach an agreement on financing with the British Government, with the plant estimated to cost in excess of $30 billion.

Duncan Hawthorne, chief executive of Hitachi’s nuclear business, Horizon Nuclear Power, said last week: “I am very sorry to say that, despite the best efforts of everyone involved, we’ve not been able to reach an agreement to the satisfaction of all concerned.”

The British Government’s pro-nuclear plans are beginning to unravel. Hitachi’s decision followed that by Toshiba to scrap another plant in Cumbria in North West England.

Indeed, as the BBC noted, of the six proposed new nuclear plants planned for the UK, “only one is under construction, three have been abandoned and two face an uphill battle to get the green light. Under those circumstances you might think the government would be embarrassed that its energy policy was in disarray.”

The Shadow Business Secretary, Rebecca Long Bailey, from the Labour Party, added the government’s nuclear strategy was now “lying in tatters” and had “escalated into a full-blown crisis”.

According to the Financial Times, Hitachi’s move also “begs the question whether nuclear is an affordable part of the UK’s energy strategy,” with the Government’s energy strategy looking “woefully flawed”.

In a damning statement, the paper noted: “It is baffling that as the costs of replacing old nuclear plants with new ones have steadily risen and those associated with solar and wind power have dropped, the government has done so little to correct course.”

The paper and many leading energy experts have now called on the Government to undertake a “comprehensive, independent and strategic review” of British energy policy and whether nuclear even has a future as the costs of solar and wind plummet. Indeed, the paper said that the review “should consider the falling price of renewables”.

They were not the only one calling for a rethink. As the Guardian noted: “The problem, in a nutshell, is that the new generation of nuclear power stations is proving too expensive.”

The paper said that the question of “onshore wind and solar subsidies” needed to be revisited. It said that “Affordable offshore wind must be scaled up.”

Not surprisingly, the renewables industry agrees with them. As one renewables online report noted: “Renewables organisations have urged the UK government to plug a 9GW hole in its low-carbon energy policy with ‘shovel-ready’ wind and solar capacity after Hitachi suspended its nuclear development programme.”

The chief executive of the trade body, RenewableUK, Emma Pinchbeck, said: “We have a pipeline of shovel-ready onshore wind projects that can provide cheap power to consumers and help close the gap on our carbon targets and it is time government allowed onshore wind compete on a level-playing field.”

According to Pinchbeck, there are nearly 800 renewable projects that are ready to go and have already won planning consent. Together they would generate around 12 terawatt hours of energy a year; two thirds of what Wylfa would have produced and without leaving a toxic legacy.

However, Pinchbeck argues the UK government has “stacked the odds” against building onshore wind as the industry cannot compete for subsidies such as the nuclear, oil, and gas industries can.

But even with lavish subsidies, are the days of expensive new nuclear now numbered? The problem for nuclear is that it is joining coal as yesterday’s technology, made redundant by the coming renewable and technological revolution.

As Catherine Mitchell, Professor of Energy Policy, at Exeter University noted after the Hitachi decision:

“Nuclear power is now one of the most expensive form of electricity there is. But beyond the economics, it no longer fits with the digitalising world that we live in. The global energy system is undergoing change similar to that in telecoms and computers over the last few decades.”

She continued: “The energy system is becoming smarter and more flexible and it is on the path to being operated in a completely different way than hitherto because of that.”

She added that: “Going down the nuclear route has been a wasted decade for UK energy policy.”

 

The post “Shovel Ready” Renewables Offers to Fill Nuclear Hole in UK Energy Policy appeared first on Oil Change International.

Gas prices steady in the 'calm before the storm'

Fuel Fix - 7 hours 27 min ago

In what could be the "calm before the storm" Houston drivers are continuing to enjoy cheap gasoline prices for the time being as the average price per a gallon was unchanged in the past week at $1.90 per a gallon, according to Gas Buddy.

Tellurian's $15B terminal scores key permitting milestone

Fuel Fix - 7 hours 27 min ago

Houston-based Tellurian Inc. reached a key milestone Friday as a federal agency released a 523-page study of the proposed $15 billion terminal in Lake Charles, Louisiana.

Global Energy Metals buys cobalt project near Tesla’s gigafactory

Mining.Com - 7 hours 56 min ago

In its quest to become a niche supplier of cobalt, Global Energy Metals (GEMC:TSX.V) announced it has signed an agreement with Nevada Sunrise Gold Corp to acquire an 85% interest in the Lovelock cobalt mine and the Treasure Box project, located in Churchill County, Nevada.

In a media statement, the Vancouver-based junior said management was keen on buying these projects given that they are located only 150 kilometres east of Sparks Nevada, home to – Tesla's Gigafactory 1.

Tesla's Gigafactory in Nevada. Photo by Tesla.

The Stillwater Range also hosts operating copper-gold mines and, although limited, there has been some production of high-grade cobalt and nickel since the 1880s.

“The general average of the 200 tons shipped in 1886 averaged 14 percent cobalt and 12 percent nickel,” the miner’s press release reads.

Global Energy Metals said it has identified eight diamond drill targets in addition to geological mapping, chip, and channel sampling and geophysics.

“The acquisition of the Nevada cobalt projects is another significant milestone for GEMC. This transaction exposes the company and its shareholders to a wealth of exploration opportunities in another top-tier mining district with proven mineral endowment. GEMC believes that the sizeable property package it has locked up in the heart of a very prolific and proven district, hosts the potential for significant cobalt exploration upside,” the firm’s President and CEO, Mitchell Smith, said in the media brief.

Under the terms of the agreement, Smith’s company is required to issue to Nevada Sunrise a number of common shares in the capital of Global as is equal to $200,000 at a deemed price per share equal to the greater of: (a) $0.15; and (b) the Volume Weighted Average of the closing price of the company's shares for the 20 trading days immediately prior to the execution of the deal.

It also has to assume all future cash to the underlying vendor subject to an existing 2% net smelter royalty and reimburse Nevada Sunrise for the issue by Nevada Sunrise of Nevada Sunrise common shares to the underlying vendor.

Finally, it has to incur in expenditures totaling $1 million by the third anniversary of the effective date of the signing of the agreement.

The post Global Energy Metals buys cobalt project near Tesla’s gigafactory appeared first on MINING.com.

Enviros granted legal status to fight proposed LNG project at Port of Brownsville

Fuel Fix - 8 hours 27 min ago

Federal regulators have granted environmental activists legal status to challenge Texas LNG, one of three liquefied natural gas projects proposed at the Port of Brownsville.

NextDecade gives first public glimpses of Galveston Bay LNG project

Fuel Fix - 8 hours 27 min ago

Houston liquefied natural gas company NextDecade has given the first public glimpses of its proposed Galveston Bay LNG export terminal and the Galveston Bay Pipeline.

Alrosa names female exec to lead US business

Mining.Com - 8 hours 34 min ago

Following the reopening of its offices in New York last year and the announcement of growing sales in the US, Alrosa (MCX:ALRS) decided to recruit an experienced female executive to lead operations in American territory.

Rebecca Foerster, former Vice President of Strategic Planning and Marketing at Leo Schachter Diamonds, was appointed President Alrosa USA Inc.

Besides her previous position, which she held for four years, Foerster was Vice President at the US Representative office of Rio Tinto (ASX, LON:RIO). She has also performed leadership roles at Frederick Goldman Inc., Revlon, Unilever, and Benckiser.

"The United States is the world's largest market for diamond jewelry consumption. For this reason, special requirements are placed on the person who will represent ALROSA's interests there. Ms. Foerster has a wealth of experience in companies that represent almost all parts of the diamond pipeline, from diamond mining to diamond jewelry sales. She knows the specifics of the diamond business and is well aware of American market needs," Yury Okoemov, Deputy CEO of Alrosa, said in a media statement.

The world’s No.1 diamond producer by output cited “organizational reasons” for the closure of its offices in the Big Apple in 2016. However, the 2018 reopening is said to have been so successful that from two rough diamond auctions held there last year, the firm will increase its competitive sales events to four in 2019. The miner also plans to offer polished diamonds to the US.

The post Alrosa names female exec to lead US business appeared first on MINING.com.

Barrick mulls selling Zambia copper mine over higher taxes

Mining.Com - 8 hours 50 min ago

Gold giant Barrick (TSX:ABX)(NYSE:GOLD) said Monday that while it continued to engage with the Zambian government and community stakeholders about a mutually-beneficial way forward for its Lumwana copper mine, it would consider selling the operation given the “challenging conditions” it’s facing.

Barrick said finding a win-win solution between the industry and government would increase investor confidence in Zambia and safeguard the long-term prospects of its mining sector.

Following the first Lumwana board meeting after the merger with Randgold, Barrick’s chief operating officer for Africa and the Middle East, Willem Jacobs, said the company understood the Zambian government was under pressure to increase its revenue. But he noted the planned tax changes would put Lumwana in a difficult situation.

“The proposed changes to taxes and royalties would imperil the mine’s ability to sustain returns to all stakeholders, such as the significant contribution of more than $3.3 billion it has already made to the Zambian economy over the past 10 years,” Jacobs said in the statement.

Zambia, Africa's second-largest copper producer, increased this year its sliding scale for royalties of 4% to 6% by 1.5 percentage points, and introduced a new 10% tax when the price of copper exceeds $7,500 per tonne.

The nation also plans to replace value-added tax with a sales tax by April to help bring down mounting public debt.

Mining accounts for more than 70% of Zambia's foreign-exchange earnings. Other than Barrick, companies operating in the southern African nation include Glencore, Vedanta Resources and First Quantum. The latter warned last month it would have to lay off 2,500 workers at its local mines because of the taxes and royalties change.

The post Barrick mulls selling Zambia copper mine over higher taxes appeared first on MINING.com.

Oil gloom turns to boom as the market’s worst fears fade away

Fuel Fix - 9 hours 27 min ago

Investors are the most optimistic on oil in two months as the worst fears that roiled markets at the end of the year start to dissipate.

Oil steadies near two-month high as U.S. drilling slows down

Fuel Fix - 9 hours 27 min ago

Oil steadied near a two-month high in New York amid a pullback in U.S. drilling activity, while ongoing U.S.-China trade talks left an uncertain outlook for demand.

Chevron, Halliburton take the 10-Year Challenge one step further on social media

Fuel Fix - 9 hours 27 min ago

Chevron and Halliburton are taking the popular 10-Year Challenge one step further on social media.

American Lithium adds vanadium asset to Nevada’s projects mix

Mining.Com - 10 hours 8 min ago

Canadian junior American Lithium Corp. (TSXV: LI) is expanding its footprint into the critical battery metals sector by agreeing to buy Alaska Nevada Mining’s 100% interest in the Extinction Ridge vanadium project in Nevada, USA.

The Vancouver-based miner, which is currently exploring and developing two lithium projects in Nevada, said Extinction Ridge was a “high-quality” exploration asset whose location would allow American lithium to conduct exploration programs concurrent with its operations in the area.

Company said it has yet to decide the role the new asset will play within its longer term asset strategy.

“Although we have yet to decide the role this asset will play within our longer term asset strategy, its location, acquisition cost and surface exploration results, presented a decisive project opportunity to be seized,” chief executive Mike Kobler said in a statement.

Vanadium, named after the Norse god of beauty Vanadis, was only isolated in metallic form in the second half of the 19th century.

But its properties, particularly its capacity to strengthen steel, were quickly appreciated. Henry Ford's Model T car used the metal in its steel alloy chassis.

Now the metal is increasingly being used in clean energy solutions. The vanadium redox flow battery (VRFB) is a breakthrough technology in energy storage, a fast-growing component of the infrastructure needed to accommodate the global shift to renewable energy.

Vanadium is also on the U.S. National Security List as being a critical mineral to the economic and national security of the country and Europe.

The post American Lithium adds vanadium asset to Nevada’s projects mix appeared first on MINING.com.

Cleaner, costlier shipping fuels could mean higher prices

Fuel Fix - 11 hours 27 min ago
New international rules will require ships burn cleaner, but more expensive fuel could raise prices for consumers, affecting everything from the cost of filling pick-up trucks to the price of an airline ticket.

Power companies lose fight over transmission costs in Texas, a win for renewables

Fuel Fix - 11 hours 27 min ago
The proposal would have cost wind farms in West Texas more to get their power to market.

Pages