Brazil mining authority halts two Vale complexes

Brazil's mining agency (ANM) has ordered Vale (NYSE:VALE) to suspend operations at its Fabrica and Vargem Grande complexes, as part of an ongoing crack down following last month's deadly dam break at the iron producer’s Corrego do Feijão mine. Vargem Grande complex, which accounts for around 13 million tonnes of iron ore per year, had been shut since early February. The Rio de Janeiro-based company said the ANM’s decision was made in light of a possible failure of five dams at both complexes, which are located in Minas Gerais, the…

Kirkland Lake Gold sets 2019 production guidance at a million ounces

Canada’s Kirkland Lake Gold (TSX. NYSE: KL) announced today that management increased its consolidated three-year production guidance and improved its unit-cost guidance for 2019. In a press release, the miner said that there is potential for a million ounces in 2019 as guidance was increased to 920,000 – 1,000,000 ounces from the previously announced 740,000 – 800,000 ounces. For next year, Kirkland Lake said guidance would be 930,000 – 1,010,000 ounces and for 2021 995,000 – 1,055,000 ounces. The Toronto-based firm rose the three-year guidance for its Fosterville mine in…

Spanish Mountain Gold’s BC project passes archaeological test

Spanish Mountain Gold (TSXV: SPA) is one step closer to developing its namesake project in British Columbia following the acceptance by local First Nations of the results of an independent archaeological impact assessment. In a press release, Spanish Mountain said the survey found the investigated area to have sustained previous disturbance through extensive forestry-related and placer mining activities. Thus, no remains or artifacts are expected to be found there. The Archaeological Impact Assessment included a desktop review, and vehicle and pedestrian surveys. This means that the mining operation proposed by…

Canadian miners had a tough 2018, but optimism remains — EY

Canadian miners continued going down the slippery slope in the last three months of 2018 due mostly to weak commodity prices, triggered by a slowdown in China's economy near the end of the year, the latest report by Ernst & Young (EY) reveals. As a result, EY’s Canadian Mining Eye index — which tracks the performance of 100 Toronto Stock Exchange and TSX Venture Exchange mid-tier and junior mining companies — dropped 2% in the last quarter of 2018. It had declined 12% over the previous three-month period. "Although some…

Barsele updates resource on Agnico JV in Sweden

Barsele Minerals (TSXV: BME; US-OTC: BRSLF) has tabled an updated resource estimate for its Barsele gold project in northern Sweden totaling 5.5 million indicated tonnes grading 1.81 grams gold per tonne for 324,000 oz. gold and 25.4 million inferred tonnes at 2.54 grams gold for 2.08 million oz. gold. The resource is split between pit constrained, bulk underground and selective underground mining methods. Most of the indicated ounces come from the pit constrained method, while most of the inferred ounces come from the selective underground method. Barsele’s joint-venture partner Agnico…

Teranga completes initial resource on Golden Hill

After 18 months of drilling at its Golden Hill exploration project in southwestern Burkina Faso, Teranga Gold (TSX: TGZ; US-OTC: TGCDF) has completed a maiden resource estimate. The plan is to build on the resource and advance the project through a preliminary economic assessment and into the feasibility stage of development. Golden Hill contains 415,000 ounces of gold in 6.40 million indicated tonnes grading 2.02 grams gold per tonne and another 644,000 ounces of gold in 11.95 million inferred tonnes grading 1.68 grams gold per tonne. Richard Young, Teranga Gold’s…

BILL C-69: CD Howe calls for changes to ‘flawed’ legislation

The C.D. Howe Institute says Bill C-69 – aimed at revamping the approval process for the natural resources sector – will further depress a sector that struggled for investment in 2018. Projects will be delayed and exposed needlessly to political risk. Between 2017 and 2018, the planned investment value of major resource projects fell $100 billion, according to the Institute. The plunge is equivalent to 4.5% of Canada’s gross domestic product. The new report has several recommendations for the federal government: Specify clear criteria for assessing projects that can be…

British Columbia’s mining revenue expected to drop by 25% by 2022

As expected, curbs placed on B.C.'s housing market have resulted in lower new housing starts and a loss of about $325 million from property transfer taxes. Last year's budget installed tax curbs to slow down B.C.'s runaway housing market, including increases to the property transfer and school taxes on homes valued over $3 million, and a new real estate speculation tax. But the government isn't counting on that falling revenue to be made up from B.C.'s natural resource sector. The government expects revenue from mining to drop by 25.5% over…

Maritime to make decision on Hammerdown this year

Maritime Resources Corp. of Toronto says 2019 will be a critical year for the company. It plans to advance its Hammerdown gold project in the hope of making a production decision by year-end. The past-producing Hammerdown gold mine, Orion gold deposit, and Lochinvar base and precious metals deposit make up Maritime’s Green Bay property near Springdale. Activities this year will include project engineering, additional exploration, and studies in support of environment and permitting activities. Last year, the company sent a Hammerdown metallurgical sample to the Steinert laboratory in Kentucky where…

Devon Energy pulling out of Canada

The Jackfish SAGD project produces about 105,000 bbl/d and may soon be for sale. (Image: Devon Energy) Devon Energy has announced plans to transform itself into a U.S. oil growth company. The final step will be to sell its Canadian oilsands and Barnett shale assets, a move that may put more than $30 billion in the treasury. Devon’s oil sands operations are located on the eastern edge of the Athabasca Basin. It put the Jackfish steam assisted gravity drainage project into production in 2007. Since then it has expanded its…