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Cobalt 27 adds more than 700 t cobalt metal to stockpile at $36/lb

By: Henry Lazenby     9th December 2017 Cobalt direct investment vehicle Cobalt 27 has announced that it plans to add about 720 metric tonnes of physical cobalt metal to its current stockpile of just under 2 200 t. The Toronto-headquartered company said on Thursday it has entered an agreement with a syndicate of underwriters co-led by... 

Glencore-Canada venture hitched to low-carbon economy shift

By: Martin Creamer     5th December 2017 The joint venture partnership Glencore struck with a Canadian pension plan on Tuesday provides exposure to commodities that benefit from a low-carbon economy. BaseCore Metals, a 50:50 partnership centred on base metals streams and royalties, involves Glencore Canada Corporation contributing a... 

Goldman Sachs among bidders for Scotiabank's metals unit – sources

By: Reuters     29th November 2017 Goldman Sachs Group is among around five bidders for ScotiaMocatta, the metals trading arm of Canada's Bank of Nova Scotia, for which it is seeking up to $1-billion, sources with knowledge of the matter told Reuters. Scotiabank began a review of its ScotiaMocatta metals business in 2016... 

Zinc price on the up as supply tightens; cobalt forecast revised upwards as demand intensifies

By: Henry Lazenby     26th September 2017 Chinese zinc imports for August have increased by 145% year-on-year to 227 000 t, according to Metal Bulletin and Chinese customs data released on Tuesday. Scotia Mining Sales noted in a report to clients that this was not surprising given the Shangai Futures Exchange and London Metals Exchange... 

McEwen picks up Primero’s Black Fox mine

By: Henry Lazenby     10th August 2017 TSX- and NYSE-listed McEwen Mining has agreed to buy precious metals producer Primero Mining’s Black Fox mine and complex for $35-million, expanding the junior miner’s production footprint in Canada. “Buying the Black Fox Complex provides fantastic synergies with our recently acquired Timmins... 

Russian mining tycoons eyeing return to London's stock market

By: Bloomberg     26th April 2017 For three years, Russian companies retreated from the London stock market. Now, a pair of oil and mining-billionaires is hoping to break the drought. En+ Group, owned by aluminium magnate Oleg Deripaska, and Polyus PJSC, a gold producer controlled by the family of Suleiman Kerimov, are planning... 

Uncertain politics, policy development permeates commodities price outlook 

By: Henry Lazenby     3rd March 2017 A common factor in the outlook for most commodities included in The Bank of Nova Scotia Commodity Price Index is the outsized near-term importance of highly uncertain politics and policy, the group’s commodity economist Rory Johnston said in a special report of the Commodity Price Index this... 

India's Oct gold imports to hit 9-month high on festive demand – industry

By: Reuters     20th October 2016 India's overseas purchases of gold likely hit a nine-month high in October, as a flip in domestic prices to a premium prompted banks and refiners to resume imports ahead of the festival season, industry officials told Reuters. While higher purchases could widen India's trade deficit given... 

Centerra closes C$195-million bought deal offering

By: Creamer Media Reporter      22nd July 2016 Canadian gold miner Centerra Gold has closed its previously announced C$195-million bought deal offering of subscription receipts, the net proceeds of which will be used to partially fund the redemption of the secured and unsecured notes of the Thompson Creek Metals Company, in connection with... 

Centerra and Thompson Creek to tie $1.1bn knot

By: Henry Lazenby     5th July 2016 Canadian gold miner Centerra Gold has agreed to buy indebted US miner Thompson Creek Metals in a deal worth about $1.1-billion. Toronto-based Centerra said it would redeem all of Thompson Creek's secured and unsecured notes at their call price plus accrued and unpaid interest. 

Guyana Goldfields lifts bought deal financing to C$130m, raises guidance

By: Henry Lazenby     28th June 2016 Midtier gold producer Guyana Goldfields has increased its previously announced bought deal financing to C$130-million from C$110-million, citing “strong demand”. The Toronto-headquartered company had signed an agreement with a syndicate of underwriters led by BMO Capital Markets, Scotiabank and... 

Peruvian mining volumes continue to grow as new president takes helm

By: Simon Rees     15th June 2016 The Peruvian mining industry is expected to spur renewed growth in the country as output grows, prices stabilise and revive, several speakers told a recent Peruvian-Canadian Chamber of Commerce economic outlook seminar. The recent Peruvian election was so close that the winner Pedro Pablo... 

Commodity price indices rally as oil picks up where metals left off

By: Henry Lazenby     27th May 2016 Commodity price indices have rallied in recent weeks as strong performance by oil softened the lull in metals price movements. Scotiabank's commodity price index had improved by 4.5% month-on-month in April as energy gains more than offset metals weakness. 

Down 25% year-on-year, Scotiabank’s Commodity Price Index expected to rally in March

By: Henry Lazenby     29th March 2016 Despite Scotiabank’s Commodity Price Index recording its fourth consecutive monthly decline in February when it edged down 0.3% month-on-month, and down 25% year-on-year, analysts expected the index to rally significantly in March. According to a press release commodity prices had rebounded... 

Investors exercise $37.5-million overallotment option in Kinross financing

By: Henry Lazenby     16th March 2016 TSX- and NYSE-listed Kinross Gold on Wednesday announced that a syndicate of underwriters for its recently completed $250-million bought-deal financing had exercised their overallotment option in full to buy another 12.51-million common shares at $3 apiece, for additional gross proceeds of... 

Canadian commodities rally short-lived

By: Megan van Wyngaardt     30th November 2015 After dropping to a decade low in August and September, Scotiabank's Commodity Price Index rallied 3.7% month-on-month in October, but remained 29.1% lower than a year ago. An easing of concern over the slowdown in China's economy and a potential US Federal Reserve (Fed) interest rate hike... 

Despite slowing growth, China to remain key growth market for metals

By: Henry Lazenby     17th November 2015 As commodity prices touched fresh decade-lows in recent months, a look at the global macroeconomic situation reveals that, despite China being a significant part of the commodity price slump, it will remain a critically important growth market for metals for decades to come. Addressing an... 

Nedbank clinches African mining financing deals worth $540m 

By: Martin Creamer     26th May 2015 Nedbank has closed $540-million worth of mining financings on the continent of Africa in the last 18 months. Speaking to Creamer Media’s Mining Weekly Online on Tuesday, Nedbank Capital international mining finance head Nivaash Singh said the bank was very much open for business in Africa and... 

MPD secures $370m to fund Gahcho Kué to commercial production

By: Henry Lazenby     8th April 2015 Junior project developer Mountain Province Diamonds (MPD) has closed a $370-million term loan facility that will enable it to build, commission and ramp-up its Gahcho Kué project, in Canada’s Northwest Territories, to commercial production. The loan was provided by a syndicate of lenders led by... 

Scotiabank’s commodity price index rallies in February as oil and gas rebound somewhat

By: Henry Lazenby     1st April 2015 The Bank of Nova Scotia’s ‘commodity price index’ rallied by 2.4% month-over-month in February, after falling in January to the lowest level since early 2007. The third-largest Canadian bank said on Tuesday that its ‘oil and gas index’ rebounded in February, with Alberta light- and heavy-crude... 

Commodities under pressure as China continues economic realignment

By: Simon Rees     9th October 2014 Commodity prices will continue to face near-term challenges that are linked to the dip in Chinese growth. However, support is likely to come from the country’s new economic agenda, Scotiabank VP and commodity market specialist Patricia Mohr told attendees at the recent Global Chinese Financial... 

Stornoway Diamond Corp closes Renard financing package

By: Henry Lazenby     8th July 2014 The developer of Quebec’s only diamond mine, Stornoway Diamond Corp, on Tuesday reported that it had closed a comprehensive C$946-million financing package that would see development of the Renard project through to production. The financing transactions with Orion Mine Finance, Diaquem and... 

Lucara Diamond Corp renews Scotiabank credit facility, increases limit

By: Henry Lazenby     5th May 2014 Southern Africa-focused precious gem producer Lucara Diamond Corp on Monday announced that it had renewed its revolving term credit facility with The Bank of Nova Scotia (Scotiabank) for a three-year term and increased the limit to $50-million, giving it improved financial flexibility. The... 

Stornoway clinches financing agreement to build Quebec’s only diamond mine

By: Henry Lazenby     10th April 2014 Construction of the Renard diamond project, Quebec’s only large-scale diamond mine, on Wednesday moved another step closer to materialising after its proponent, Stornoway Diamond Corp, revealed that it had wrapped up negotiations on a series of financing transactions totalling C$944-million. The... 

Hopes raised for a more bullish mining sector

By: Simon Rees     24th January 2014 Nothing is new under the sun. Consider this commentary from the second century BCE Huainanzi that describes the effects of an even more ancient Chinese resource super cycle: “When the age of decadence arrived, people cut rocks from the mountains, hacking out metals and jades. They extracted the... 

Chinese, US macroeconomic developments raise hopes for a more bullish mining sector

By: Simon Rees     24th January 2014 Nothing is new under the sun. Consider this commentary from the 2nd century BCE Huainanzi that describes the effects of an even more ancient Chinese resource super cycle: “When the age of decadence arrived, people cut rocks from the mountains, hacking out metals and jades. They extracted the... 

Bottom nears as China lays foundations for future bull run, says Mohr

By: Simon Rees     19th November 2013 Scotiabank believes the bottom for key base metals commodities is approaching, although 2014 and 2015 are likely to remain lacklustre, Scotiabank’s VP economics and commodity market specialist Patricia Mohr told delegates at the Mine Latin America conference on November 15. “I think we’re... 

Hudbay enters into amended Silver Wheaton precious metals stream

By: Henry Lazenby     5th November 2013 Canadian miner Hudbay Minerals late on Monday announced that it had entered into an amended and restated precious metals stream agreement with Silver Wheaton, that would inject $135-million more into Hudbay’s coffers in exchange for half of the payable gold from the Constancia project, in Peru.... 

Karnalyte cleared to start permitting for Saskatchewan flagship

By: Henry Lazenby     19th September 2013 Saskatchewan-focused potash project developer Karnalyte Resources on Thursday announced that the provincial Environment Ministry had given it the green light to proceed with construction permitting for the Wynyard carnallite project, after the company had cleared all conditions set out in its... 

SilverCrest secures $40m Scotiabank credit facility

By: Henry Lazenby     12th July 2013 Vancouver-based precious metals producer SilverCrest Mines on Friday announced that it had secured a three-year $40-million secured corporate credit facility to be used to complete the Santa Elena mine expansion, in Sonora state, Mexico, and for general corporate purposes. The credit limit... 

Karnalyte Resources ‘one step closer to dream’, secures $300m debt

By: Henry Lazenby     14th June 2013 Potash project developer Karnalyte Resources on Friday said it had engaged financial services providers BNP Paribas and Natixis (New York) as lead arrangers to underwrite project financing to the value of $300-million to be used to fund the construction and commissioning of the Wynyard carnallite... 

Silver Wheaton secures $1bn nonrevolving loan to repay debt

By: Henry Lazenby     29th May 2013 The world’s largest precious metals streaming firm Silver Wheaton has secured a $1-billion nonrevolving term (NRT) loan to repay certain debts and to position the company for continued growth. The NRT loan has a three-year term, which was extendable by another year if such a request garnered the... 

Karnalyte gets environmental nod for Saskatchewan project

By: Henry Lazenby     11th February 2013 Saskatchewan-focused project developer Karnalyte Resources on Monday achieved a critical milestone with the Saskatchewan Ministry of Environment (MoE) approving the environmental-impact statement (EIS) for the company’s flagship Wynyard carnallite project. This is expected to pave the way to... 

Commodity boom to stay as developing countries support exports

By: Henry Lazenby     21st November 2012 Despite a reduced demand for commodities in the current tumultuous global economy, emerging economies, including China, would support commodity prices and Canada’s continuing role as a significant mining jurisdiction. In a keynote address to the Economic Club of Canada, Scotiabank VP of... 

Scotiabank sees 2013 revival on China stimulus and political change

By: Simon Rees     9th November 2012 Scotiabank believes 2013 will mark a measured revival across metals commodities, with Chinese stimulus and economic performance pushing global direction, Scotiabank’s VP economics and commodity market specialist Patricia Mohr told delegates at the Mine Latin America conference on November 7.... 

Canada Lithium to raise another C$30m, shares slide 

By: Matthew Hill     2nd May 2012 Shares in Canada Lithium lost over 10% of their value on Tuesday, after the company said it would sell C$30-million in stock to complete the mine it is building near Val d'Or in Québec. The TSX-listed company filed a preliminary short-form prospectus for the offering, set to close May 21, which... 

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