Saturday, March 31, 2018

'Destructive' mining in Manitoba's Nopiming Provincial Park

An environmental group is calling for a ban on all industrial activities in Manitoba's provincial parks. The Wilderness Committee discovered extensive destruction in Nopiming Provincial Park, about 155km northeast of Winnipeg.
A spokesperson for the province of Manitoba said there were several layers of approval for these projects, and noted that mining is not uncommon in Nopiming. There are 29 mining claims in that area of the park with seven companies. Mining at the park has been happening since the '50s.

Thursday, March 29, 2018

Lundin Mining Corporation - LUN.t

Lundin Mining Corporation - LUN.t is a diversified base metals mining company with operations in Chile, the USA, Portugal, and Sweden, primarily producing copper, nickel and zinc.

Lundin Mining holds a 24% equity stake in the world-class Tenke Fungurume copper/cobalt mine in the DRC.
On Feb 15, 2018 the company reported Numbers

Lundin Mining Corporation today reported cash flows of $230.1 million generated from operations in its fourth quarter of the year and $903.5 million for the year. Net earnings from continuing operations attributable to Lundin Mining shareholders were $133.0 million ($0.18 per share) for the quarter and $371.4 million ($0.51 per share) for the year ended December 31, 2017.

Tuesday, March 27, 2018

Canadian Tire Corporation - CTC.a.t

Canadian Tire Corporation - CTC.a.t is a family of companies that includes Canadian Tire Retail, Partsource, Gas+, FGL Sports (Sport Chek, Sport Mart, Atmosphere, National Sports, Hockey Experts, S3, Nevada Bob’s Golf, Sports Experts, Intersport, The Tech Shop and Pro Hockey Life), Mark's and Canadian Tire Financial Services.

With 1,700 retail and gasoline outlets from coast-to-coast, operations are supported by over 85,000 employees across Canada.
On February 14, 2018 the co released Numbers

  • Consolidated same store sales up 3.9% in the fourth quarter:
    • Canadian Tire up 3.5%; Mark's up 3.4%; FGL up 5.8%
  • Financial Services GAAR growth up 8.1%
  • Fourth quarter diluted earnings per share (EPS) was $4.10, up 18.5%
  • 2017 annual revenue of $13.4 billion, up 5.9%, or up 5.1% excluding Petroleum
  • Full year diluted EPS of $10.67, up 15.7%

Sunday, March 25, 2018

Cyanide spill in Mexico traced to Primero/First Majestic Silver Corp.

Two hundred liters of cyanide solution are polluting the waters of Mexico's Piaxtla River in San Dimas, Durango. where Canadian Primero Mining Corporation operates. Federal environmental experts determined a concentrated amount of roughly 100 to 180 mg of Cyanide spilled into the water source and traveled some 250 meters downstream, seeping into the Piaxtla riverbed.
"Primero Mining Corp. and First Majestic Silver Corp. are pleased to announce that Primero's shareholders have voted in favour of the arrangement transaction at a special meeting of shareholders held earlier today. In addition, holders of Primero's 5.75% convertible unsecured subordinated debentures due February 28, 2020 have, at their meeting today, also voted overwhelmingly in favour of the proposed amendment of the trust indenture to accelerate the maturity date of the debentures to the next Business Day following the effective date of the Transaction. The Transaction, whereby First Majestic will, among other matters, acquire all of the outstanding common shares of Primero, was approved by more than 99% of votes cast by Primero shareholders."

Saturday, March 24, 2018

Peru takes ex-president's passport amid corruption probe

A Peruvian judge on Saturday barred recently resigned President Pedro Pablo Kuczynski from leaving the South American nation for 18 months while he’s investigated for money laundering.

The ruling came a day after congress accepted Kuczynski’s resignation and swore in Vice-President Martin Vizcarra as his successor. Kuczynski, 79, is being probed for some $782,000 in payments his consulting firm received a decade ago from Odebrecht, the Brazilian construction giant at the heart of Latin America’s biggest-ever bribery scandal. Odebrecht has admitted to paying $800 million in bribes to officials across Latin America including $29 million in Peru.
Kuzynski is the fourth former Peruvian president to be investigated for taking payments from Odebrecht. One is currently in jail while another, Alejandro Toledo, has refused to return to Peru from the U.S. to face charges.

Tuesday, March 20, 2018

First Quantum Minerals Ltd. - FM.t

First Quantum Minerals Ltd. - FM.t is an established mining and metals company operating six mines and developing five projects worldwide.

The Company’s operations are the Kansanshi copper-gold mine, the Guelb Moghrein copper-gold mine, the Las Cruces copper mine, the Pyhäsalmi copper-zinc mine, the Ravensthorpe nickel-cobalt mine, and the Çayeli copper-zinc mine.
On March 20, 2018 the company released News
First Quantum Minerals Ltd. has responded to a news article about claims made by the Zambia Revenue Authority (ZRA) regarding underpayment of customs duties. The company confirms that it is in possession of a letter from the ZRA, dated March 19, 2018, noting an assessment for import duties, penalties and interest on consumables and spare parts of 76.5 billion Zambian kwacha. ($8.04 billion)

The company unequivocally refutes this assessment, which does not appear to have any discernable basis of calculation, and will continue working with the ZRA, as it normally does, to resolve the issue.