Panel error 'so outrageous as to be nearly unfathomable' – Taseko says |
- Panel error 'so outrageous as to be nearly unfathomable' – Taseko says
- Val-d'Or discovery prompts frenzy for Integra Gold
- Mason Graphite off to the races again
- Mongolia sees return to 17% growth next year
- Uralkali gets new owner but potash prices aren't likely to recover
- Canadian Mint gets innovation award for glow-in-the-dark coin
| Panel error 'so outrageous as to be nearly unfathomable' – Taseko says Posted: 19 Nov 2013 03:44 PM PST British Columbia's Taseko Mines (TSX:TKO) has revealed more information into its allegations that a federal panel reviewing its proposed$1.5 billion New Prosperity mine relied on the wrong information. In letter to the Canadian Environmental Assessment Agency (CEAA) dated November 15, publicized by Taseko on Tuesday, the company calls the panel's alleged error "so outrageous as to be nearly unfathomable" and says that it "provides no reasonable basis" upon which the Minister for the Environment could reject the project. Last week the CEAA asked the company to back up its claims that the panel reviewing the mine proposal had been looking at the wrong design for a tailings facility – which is supposed to prevent mine refuse from contaminating nearby water bodies. In its study released earlier this month, the federal panel said that, based on the tailngs design among other things, the project would pose "several significant adverse environmental effects." The report was submitted to the Minister of the Environment to help make a final decision. Taseko began improving its plans after the Federal government initially rejected Prosperity in 2010. In a letter to the Minister for the Environment dated November 8, Taseko wrote that it was spending more than $300 million in developing a mine that would preserve Fish Lake – which environmental opponents claim would be in endangered by mine tailings.
Taseko then called on the Minister to approve the project:
In a statement issued Monday, the mining company noted that the CEAA had refused to publicize these letters on its internet registry. Taseko CEO Russell Hallbauer said the Agency's reluctance to post the letters "creates an inaccurate portrayal" of the company and gives the "impression … that our critique of the panel's findings are somehow flawed." "We have therefore posted the specific documents related to this matter on Taseko's website to ensure our shareholders, community stakeholders and the general public are fully aware of the facts," Hallbauer added. In the letter to the CEAA, Taseko says that it would be "highly unfair and prejudicial" if the Minister did not consider the alleged errors. The Minister has 120 days after receiving the report to make a decision on the mine. New Prosperity holds measured and indicated resources of 5.3 billion pounds of copper and 13.3 million ounces of gold. At metal prices of $1,000 per ounce of gold and $3.15 per pound copper, the project has a pre-tax net present value of $3 billion, according to Taseko's website.  |
| Val-d'Or discovery prompts frenzy for Integra Gold Posted: 19 Nov 2013 02:40 PM PST Integra Gold Corp(CVE:ICG) soared 7% on Tuesday on massive volumes after announcing drill results from its flagship Lamaque Gold Project located in Val-d'Or, Québec. By the close the Vancouver-based small-cap was trading up 6.8% at $0.235 on the Toronto venture board, at its highs for the day. A whopping 770,000 shares in the $26 million company had changed hands on Tuesday compared to the usual daily average of only 60,000. The counter is one of only a handful of junior miners able to show a gain for 2013 with today's bump lifting it into positive territory for the year. Integra Gold yesterday after the close of trade announced the discovery of an extension of its high-grade Triangle Zone 175 meters from the existing resource. Highlights from Integra's 6,966m summer drill program on the South Triangle Zone at Lamaque include intersects of 13.29 g/t gold over 7.0 m including 22.1 g/t gold over 4.0 m. The company said gold mineralized vein arrays at Triangle Zone in volcanic extended to vertical depth of 850m and the zone remains open along strike and depth. "These results clearly demonstrate the potential to expand the known resource at the Triangle Zone, both laterally into the volcanics and at depth. The discovery of high grade mineralization in the volcanic rocks is particularly significant since it reveals a similar gold vein distribution as that of the neighboring Lamaque Mine. Nearly 20% of the 4.5 million ounces of gold produced at historic Lamaque Mine, to a depth of over 1,200 meters, were hosted within volcanic units," said president and CEO, Stephen de Jong. |
| Mason Graphite off to the races again Posted: 19 Nov 2013 01:04 PM PST Investors in Mason Graphite (CVE:LLG) (OTCQX: MGPHF) enjoyed another up day on Tuesday, bringing gains for the Toronto-based company for the week to 25%. Shortly after the open the explorer was changing hands for $0.42 up more than 7%, but gave up some of those gains by early afternoon with more than 750,000 shares traded, double the average over the last three months. Tuesday's trade in Mason Graphite was tame compared to yesterday when the $26 million company was the second most traded stock on the Toronto venture exchange with more than 5 million shares finding new owners. Last week the company's shares began trading on the OTCQX marketplace in the US and company insiders have been picking up shares, but there was no fresh news out on Tuesday driving Mason Graphite higher. The company recently garnered the attention of none other than ex-CNN host Larry King and respected investor Jim Rogers. Mason Graphite's 100%-owned Lac Guéret graphite property in northeastern Québec, currently hosts a NI 43-101 compliant measured and indicated mineral resource of 7.6 million tonnes grading 20.4% Cg (carbon as graphite). According to an evaluation employed by TD Securities, 20.4% Cgr is the equivalent to about 9.1 g/t gold assuming graphite price of $1,750 and gold price of $1,250. Mason Graphite which hopes to begin production by end-2015 claims great exploration potential exists on the property with the current mineral resource based on exploration of only 17% of one well defined zone. According to a September press release, Mason achieved purities of 99.9% graphitic carbon from preliminary tests using a conventional hydro-metallurgical process, improving on results seen in the preliminary economic assessment study. Mason Graphite is led by Benoit Gascon, who has held 20 years of executive positions at Timcal, including over 6 years as CEO. Timcal, now owned by Imerys, is the largest graphite producer in the world. |
| Mongolia sees return to 17% growth next year Posted: 19 Nov 2013 11:35 AM PST
 But much of that optimism is centred on positive outcome over Oyu Tolgoi expansion Mongolia's economy is set to return to strong growth next year, the Asian Nation's central bank governor said Tuesday. Central bank head Naidansuren Zoljargal said gross domestic product could expand as much as 17% next year from around 11% this year according to WSJ Online. Foreign direct investment in the country dropped 49% to September 2013 compared to last year which already marked a 17% year-on-year decline, the value of the currency, the tugrik, is down more than 20% this year, inflation has returned to double digits and the Mongolian central bank's off-balance sheet spending is burning through foreign reserves as foreign debts balloon to 55% of GDP. Changes to Mongolia's 2012 Strategic Entities Foreign Investment Law (SEFIL) came into force at the start of the month and is designed to turn around a slowdown in its economy which was the world's fastest growing at the start of the decade and a steep fall-off in foreign investment. While the new investment law has been universally hailed as a positive step the number one issue that has to be resolved before investor confidence will return to the country is the future of the massive Oyu Tolgoi copper-gold mine. Oyu Tolgoi which could have final bill of as much as $14 billion is 34% owned by the Mongolian government with Rio Tinto-controlled Turquoise Hill (TSE:TRQ) owning the rest. Talks over Oyu Tolgoi's expansion and the reworking of the initial 2009 deal which first unleashed the Mongolian investment boom, have dragged on for the better part of a year. Both sides provided fresh faces for the Oyu Tolgoi board in September to break the impasse. Vancouver-based Turquoise Hill last week suspended work on the $5.1 billion underground expansion of Oyu Tolgoi saying it will move forward with a $2.4 billion rights offering, as talks on financing arrangements with the Mongolian government including a World Bank-led $4.5 billion debt package – the largest in the history of mining – have gone nowhere. The rights offering will help the company repay a bridge loan and a $1.8 billion interim funding facility. In a press release yesterday from the company that holds Mongolia's share of the mine, representatives stated that the government "is flexibly available to prioritize and continue the discussions on terms and conditions of the project financing separate from any other issues." The disputes are centred on costs with Rio's management fees and the Mongolian government's share of funding of surrounding infrastructure proving particular sticking points. Production at Oyu Tolgoi's open pit began this year and the mine is now operating at nameplate capacity of 100,000 tonnes of ore processed per day. The giant copper mine is set to contribute as much as a third of the nation's economy if the underground expansion goes through. Construction workers in the capital Ulan Bator where almost a third of the population now lives by Al-Jazeera. |
| Uralkali gets new owner but potash prices aren't likely to recover Posted: 19 Nov 2013 11:35 AM PST Russian billionaire Mikhail Prokhorov will purchase a 21.75% stake in Uralkali – the world's largest potash miner – from the current biggest share-holder, Suleiman Kerimov, for an estimated $4.3 billion. The move could lead to a revival of the world's largest potash export cartel between Uralkali and Belaruskali, but prices aren't expected to rise, Bloomberg writes. "There's no trust anymore among the members of the global potash oligopoly," the analyst told Bloomberg. "It's hard to predict what the North American producers will do, even if Belarus and Uralkali are back together again." Stockpiles of the crop nutrient are also growing, making a price rebound even less likely. Last week Reuters reported that North America's potash inventories rose by 2% in October, due partly to weak demand from China and India. Relations between Russia and Belarus became very tense following Uralkali's exit in July. Belarus depended on Belaruskali for 20% of its annual budget, according to the Financial Times. Shortly after the breakup, Belarus arrested Uralkali's CEO Vladislav Baumgertner. Tuesday's sale could lead to his release, as Kerimov's exit from the company is one of Belarus' preconditions. According to Reuters, Kerimov was reluctant to sell but agreed to do so for Baumgertner's sake. But the CEO would also have to repay the country damages of $100 million, Belarusian President Aleksandr Lukashenko has said. Prokhorov will make the purchase through Onexim, his investment firm. Onexim CEO told Reuters that the stake in Uralkali is a "long-term investment in a company that is unique from the standpoint of its position in its industry and its role in the world economy." Prokhorov, whose fortune is estimated at $13 billion, is also a politician. He ran against Vladimir Putin in the 2012 presidential election. Prokhorov also owns the Brooklyn Nets basketball team. |
| Canadian Mint gets innovation award for glow-in-the-dark coin Posted: 19 Nov 2013 11:04 AM PST
The coins features a Pachyrhinosaurus Lakustai, a new species of dinosaur discovered from a fossil found in Alberta, but once in the dark, a glowing skeleton becomes visible. The Mint said this was the first photo-luminescent coin in the world and that subsequent releases in this "glow-in-the-dark" series have all rapidly sold out. The award is presented by Krause Publications, a Wisconsin-based media company dedicated to collectibles. An international panel of medallists, journalists, and central bank and museum officials judges the annual competition. |
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