Wildfires erupt in Canada crude patch in threat to oil sands
Hot and dry weather is spawning dozens of new wildfires across Alberta, with blazes threatening more than 400,000 barrels a day of Canada’s oil production.
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Canada’s move to limit mining M&A hurts big metals producers
New Canadian rules limiting foreign takeovers of mining companies will leave the nation’s biggest metals producers with lower valuations than their global peers, according to Bank of Nova Scotia’s mining analysts.
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Canada’s move to protect mining sector shields takeover targets
Canada is making it harder for foreign firms to acquire domestic mining companies by imposing measures that could protect top takeover targets from large global rivals.
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Canada sets high bar for approving large M&A deals in critical minerals
Canada on Thursday put the mining industry on notice that any major deals targeting the country’s producers of critical minerals would only be approved under “the most exceptional circumstances”.
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Canada approves Glencore takeover of Teck coal unit, with conditions
To secure the approval, Glencore has agreed to maintain Canadian headquarters for Elk Valley Resources (EVR) for at least 10 years, ensure a majority of the directors of EVR are Canadians, and maintain significant employment levels at EVR for no less than five years, the ministry said.
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In a separate statement, Teck said it would use the deal proceeds to buy back up to C$2.75 billion ($2 billion) of its Class B subordinate voting shares, reduce its debt by up to $2 billion and fund near-term copper growth.
The miner said it expects the deal to close by July 11.
“Today I approved under strict conditions a much narrower transaction whereby Glencore will acquire Teck Resources metallurgical coal business,” Industry Minister Francois-Philippe Champagne said in a statement.
He flagged that going forward Canada will set a high bar on net-benefit reviews when assessing mergers and acquisitions of important Canadian companies in the critical minerals space.
“Henceforth, such transactions will only be found of net benefit in the most exceptional of circumstances,” Champagne said.
Glencore CEO Gary Nagle said in a statement the company has made significant commitments to the Canadian government to ensure the transaction benefits Canada and British Columbia in the long term.
In November, a Glencore-led consortium sealed one of the mining sector’s biggest deals, agreeing to acquire Teck Resources steelmaking coal unit for $9 billion.
Swiss miner Glencore will get 77% of the business in a $6.9 billion cash deal, while 20% will go to Japan’s Nippon Steel, which already holds a 2.5% stake.
South Korea’s POSCO will swap a stake in two of Teck’s coal operations for 3% in the steelmaking coal business Elk Valley Resources.
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Cyanide spill detected near Victoria Gold’s Eagle mine in Canada’s Yukon Territory
Canada’s Yukon Territory said elevated levels of cyanide were detected in a waterway near Victoria Gold Corp.’s Eagle mine after an equipment failure and landslide at the site.
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De Beers Canada JV partner says diamond miner in no rush to sell
The proposed spin off of Anglo American’s De Beers diamond unit will take ‘some time’ and the miner is not rushing to complete the split, Mark Wall, CEO of Mountain Province Diamonds, the Canadian joint venture partner of De Beers’s Gahchu Kue mine, said this week.
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Canada blocks Chinese rare earths deal in Trudeau-led crackdown
Canada’s government will buy stockpiled rare earth materials from Vital Metals Ltd. in a deal that prevents the company from selling its production to a Chinese buyer.
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Canada’s mild winter disrupts key ice road to remote Arctic diamond mines
An unusually warm winter in Canada this year has delayed the opening of a 400-kilometer (250-mile) ice road that is rebuilt every year as the main conduit for Rio Tinto, Burgundy Mines and De Beers to access their diamond mines in the remote Arctic region.
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Canada introduces tougher security reviews of foreign investments
Canada has introduced tougher national security reviews of proposed foreign investments in sensitive sectors to enable it to quickly spot potentially problematic deals, the government said on Wednesday.
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Canada watchdog says abuse likely occurred at a Dynasty Gold mine in China
Canada’s corporate ethics watchdog on Tuesday said it was likely that human rights abuses had occurred at a mine in China operated by Vancouver-based firm Dynasty Gold.
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US, Canada, Indigenous groups to collaborate on reducing river pollution from BC coal mines
The United States and Canada announced Monday they have agreed to cooperate to reduce and mitigate the impacts of water pollution from coal mines originating in British Columbia’s Elk-Kootenay watershed.
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Canada and Australia boost collaboration on critical minerals
Canada and Australia have agreed to promote shared priorities related to the extraction, processing, and refining of critical minerals, they said in a joint statement on Monday.
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Canada Rare Earth sets up supply operations in the DRC
Canada Rare Earth Corp. (TSXV: LL) announced it has established rare earth supply operations in the Democratic Republic of Congo (DRC) through its wholly owned subsidiary Simba Essential Minerals.
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Rio Tinto gets $13 million from Canada to decarbonize iron ore processing
Rio Tinto said on Monday that the Canadian government had awarded it C$18 million ($13 million) to decarbonize iron ore processing in Labrador West.
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Canada to accelerate critical mineral mining
Canada plans to boost its energy security by slashing the time it takes to develop new critical mineral mines by nearly a decade with improved permitting processes, energy minister Jonathan Wilkinson told Reuters on Tuesday.
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Valor expands lithium hold in Canada
Valor Resources has set itself up to acquire Frazer Lake lithium project in Canada.
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Canada Nickel plans to raise $1 billion for processing plant
Canada Nickel Co on Thursday said it is looking to raise $1 billion to build a nickel processing plant, as it seeks to position itself as an alternative supplier of the metal used in car and electric battery vehicles.
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Rio Tinto unit faces criminal case in Canada over injured worker
A Canadian unit of global mining company Rio Tinto is facing a criminal case after an employee was seriously injured at an Arctic diamond mine, according to an announcement by local authorities.
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Plane carrying Rio Tinto workers crashes in Canada’s Northwest
Six people were killed after a small plane carrying global miner Rio Tinto’s workers crashed near Fort Smith in Canada’s remote Northwest Territories (NWT) on Tuesday, the NWT Coroner Service said on Wednesday.
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McClean Lake uranium mine in Canada to resume production
Denison Mines and joint venture partner Orano Canada said on Wednesday they will restart the McClean Lake mine, located in the uranium-rich Athabasca Basin in northern Saskatchewan, amid improving project and commodity economics.
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Plane carrying Rio Tinto workers crashes in Canada’s Northwest, six dead
A small plane carrying Rio Tinto (ASX, LON: RIO) workers crashed near Fort Smith in Canada’s remote Northwest Territories on Tuesday during a flight to its Diavik diamond mine, killing six people on board.
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Canada gives mineral-rich Arctic region of Nunavut control over its resources
Canada on Thursday formally gave the giant Arctic territory of Nunavut control over its reserves of gold, diamonds, iron, cobalt and rare earth metals, a move that could boost exploration and development.
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Samsung SDI invests in Canada Nickel, has right to buy 10% of Crawford project
Mining News Pro - South Korean battery manufacturer Samsung SDI has become the latest company to invest in Canada Nickel Company (TSXV: CNC), which is developing the Crawford nickel sulphide project in the Timmins-Cochrane mining camp of Ontario.
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Vale’s $10 billion spend on Canada targets existing potential
Vale is spending $10 billion in Canada over the next decade to keep operations running in a district it values for its low-carbon production.
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Visit: 120