Canada Mining News

Mapping project by British Columbia Geological Survey identifies "unprecedented opportunities" in new zones and offers insights in Romios' Dirk/Newmont Lake area Geology

Romios Gold Resources announced that a 2010 mapping project from the British Columbia Geological Survey confirmed Romios' previous claims that the Dirk property mineralization is analogous to and may be as large as the Galore Creek project. Samples collected by Romios from the Dirk property produced numerous anomalous values including a 3.0 metre chip sample of 6.21% Cu, 0.57 g/t Au, and 44.1 g/t Ag. The BCGS also reports values up to 21 ppb platinum and 64 ppb palladium from samples that they collected from the Dirk property.

Ernst & Young finds a lot to like in the TMX Group and LSE merger

Ernst & Young supports the merger of the TMX Group and LSE since it believes that the respective strengths of the two exchanges would complement one another. In a report looking at increased market capitalization on the TSX by miners, Ernst & Young says that both the LSE and TSX provide rich sources of capital to companies at different stages in the mining lifecycle. While the TSX is good at attracting startup and exploration companies, the LSE is focused on developed and diversified businesses.

Top TSX miners increase market capitalisation $142 billion in 2010: Ernst & Young

Market capitalisation for miners on the TSX and TSX Venture rose from Can$325 billion in 2009 to $467 billion in 2010, according to a study released by Ernst & Young on Wednesday. The study also found that the mining sector raised $17.7 billion through IPOs and private placements, eclipsing the oil and gas industry which only managed $11.3 billion. The study also found that there were 52 mining initial public offerings on the TSX and TSX Venture that raised more than $1.3 billion.

Miners should be Alberta Bound: Fraser Institute

Quebec's three-year run as the Fraser Institute's favourite mining jurisdiction ended after Alberta took the top spot. Releasing it's findings on Wednesday, the think tank lauded Alberta's tax policies and clear rules regarding mining. “Alberta’s resource-friendly government, competitive taxation regime, and superior infrastructure render the province a standout for mining investment, not only in Canada but also globally,” said Fred McMahon, coordinator of the survey and the Institute’s vice-president of international policy research.

Court action against URSA Major Minerals is dismissed

On Tuesday the Ontario Superior Court of Justice dismissed Inspiration Mining Corporation's court application against URSA Major Minerals. Inspiration sought to reverse a private placement that URSA closed on Jan. 31, 2011. "After legal argument, […]

TVI Pacific receives a loan from TG World Energy Corp.

CALGARY, ALBERTA As previously announced, TVI and TG World have entered into an Arrangement Agreement whereby holders of TG World shares will receive 0.458 of a common share of TVI for each TG World share held. The Arrangement is subject to approval of

Beaufield Options its Casa Berardi Project to Actus Minerals

Beaufield Resources Inc. (TSX VENTURE:BFD) is pleased to announce that Actus Minerals Corp. (TSX VENTURE:AAC) has received Exchange acceptance to its option agreement with Beaufield. Under the finalized terms of the agreement, for Actus to […]

Mining acquisitions may be too rich

Looking at the hostile offer by Equinox to buy Lundin, The Globe and Mail reports that some of the recent mining deals may be beyond what the market will support: On Tuesday, the day after a […]

Canada Lithium shares halted for a mineral resource estimate do-over

Canada Lithium said today it will have to take another look at a resource estimate it used to fund a Can$202-million open pit mine in Quebec. The company said that it was unable to reconcile its own results with a previously announced 43-101-compliant report dated Oct. 28, 2010. In January the company raised Can$110 million via a bought-deal financing.

Quadra Fnx doubles 2010 revenues thanks to copper

Quadra Fnx Mining earned $173 million or $1.11 per share in 2010 compared to $89 million in 2009. "The increased earnings in the current year are primarily a result of higher average copper prices, and […]

Canada's GDP up .8% in 4Q thanks to oil and gas, not mining

Gross domestic product in Canada rose 0.8% in the fourth quarter, said Statistics Canada today. The result was a doubling of the previous quarter's 0.4% GDP gain. "Primarily on the strength of oil and gas […]

Michael Moore spotlights Vale for shutting down operations in Manitoba

Michael Moore, political activist and academy-award winner, took sides in the labour fight between Vale and the workers in Thompson, Manitoba. On Tuesday Moore wrote in his blog that the town and unions are resisting […]

Equinox Minerals to launch hostile bid for Lundin Mining

Equinox Minerals Ltd. will make a hostile bid for Lundin Mining prior to the markets opening Monday morning, Vancouver-based Lundin announced in a news release on Sunday. "Lundin is not aware of the terms of the bid. Until Lundin Mining completes its review of the bid, it will not comment on the proposal," the release stated. "The Board of Directors of Lundin will update shareholders from time to time following receipt and consideration of the bid. Shareholders do not need to take any action in response to the bid at this time." The unsolicited takeover attempt could thwart the proposed merger between Lundin and Inmet Mining Corp. made public in January.

Consolidated Thompson shareholders approve takeover by Cliffs

Consolidated Thompson's shares dropped two cents to close at $17.11 on Friday after the company announced its shareholders have approved the friendly takeover by Cliffs Natural Resources Inc. Under the deal, made public in mid-January, Cliffs Natural Resources acquired Consolidated Thompson for CDN$4.9 billion (US$4.6 billion) or C$17.27 in cash per common share. The transaction is expected to close in the second quarter.

LIM signs iron ore haulage agreement

Anglesey's 41%-owned associate Labrador Iron Mines Holdings Limited (TSX: LIM) has signed an agreement with Tshiuetin Rail Transportation Inc. ("TSH") for the transportation of iron-ore from LIM's Schefferville project over the 235-kilometre TSH Railway,  which […]

Pele Mountain releases resource estimate for Eco Ridge

Pele Mountain Resources has released an NI 43-101 resource estimate for its Eco Ridge uranium and rare earths project in Elliott Lake, Ontario. The resource includes 51.9 million pounds of indicated total rare earth oxides […]

Leap in profits for Iamgold as gold production rises

Iamgold's Q4 profit jumps to $144.9 million as production rises 35%. Iamgold Corp said on Thursday its fourth-quarter profit rose as increased gold production and higher gold prices helped boost results.

Native group hits back at Taseko over revived mine plan

The chief of the Canadian First Nation at the centre of the controversial Prosperity Mine in north-central British Columbia lashed out at the company Thursday over its attempt to renew the project. Canada News Wire reports: […]

Mineral explorers celebrate Northwest Transmission Line approval

Today the Association for Mineral Exploration BC (AME BC) celebrated the environmental approval of the Northwest Transmission Line project. The BC Environmental Assessment Office has granted BC Hydro an environmental assessment certificate for the proposed $404 million, 344-kilometre transmission line project from the existing Skeena substation south of Terrace to a new substation near Bob Quinn Lake.

Ekati diamond fetches record price

CBC News is reporting that a huge diamond from the Ekati mine in northern Canada was auctioned off in Belgium for $6 million: The 78-carat diamond from BHP Billiton's Ekati mine in the Northwest Territories […]

Taseko makes new bid for Prosperity

Taseko Mines submitted a new plan for its Prosperity project on Monday, saying it has addressed environmental concerns that saw its last plan rejected by the Canadian federal government.

Quebec Cree sign agreement with Goldcorp

The Cree Nation and Goldcorp Inc. have signed a cooperation agreement over the Éléonore gold project in the province of Quebec, Canada. Under the agreement, signed on Monday, Goldcorp recognizes Cree rights in the area surrounding the project, and the Cree support the rights of Goldcorp. to develop the property in traditional Cree territory.

Transporting raw oilsands' bitumen poses substantial risks, says report

Diluted bitumen from the oilsands can pose a substantial risk when carried through pipelines, says the Natural Resources Defense Council in a report released this week. "Increasingly, pipelines transporting tar sands crude oil into the United States are carrying diluted bitumen or "DilBit"—a highly corrosive, acidic, and potentially unstable blend of thick raw bitumen and volatile natural gas liquid condensate—raising risks of spills and damage to communities along their paths," says the report. The Natural Resources Defense Council claims that the company's that produce oilsands are using conventional pipeline technology, however the operating temperature and pressure to push the bitumen down the pipes must be higher which can lead to ruptures, corrosion and leaks.

Potash inventories tighten in January

PotashCorp said on Tuesday that inventory in January was down 84,770 tonnes, about 24% below the previous five-year average. PotashCorp produces approximately 23% of the world's supply of potash. It is also a major producer of phosphate and nitrogen. Current spot prices puts potash at just under $400 a ton. Jay Taylor, editor of J. Taylor's Gold, Energy & Tech Stocks newsletter, says that major potash firms are trying to improve their positions, so they can benefit from a sector that is expected to grow.

TMX Group and LSE deal is "unacceptable"

Diane Francis, writing for the Financial Post, is withering in her denuciation of the proposed takeover of the TMX Group by the London Stock Exchange. She calls the deal "unacceptable" and says the deal would harm "Canada's competitive advantages".