Friday, November 18, 2022

‘It’s killing us all slowly’: how the night shift is taking a toll on US workers

Michael Sainato - TODAY - 
The Guardian

Roger Reinhardt works third shift at a beer production facility in Michigan from 10pm-8am, four days a week. He initially started working nights because it was the only shift available when he started working but he has continued doing it for the extra pay.


Photograph: Damian Dovarganes/AP
But is not not easy.

“It all comes down to sleep. Blackout curtains, white noise and melatonin supplements only do so much. The body rebels. When I’m not going great, I wake up every 90 minutes to two hours and might go through most days of the week with only four hours of sleep,” said Reinhardt. “The shift is killing us all slowly.”

He noted the shift has a lot of employee turnover because of people either not capable or willing to sacrifice daylight hours for the sleep they need, and needing to sleep during the day makes social events, chores, and errands a lot more difficult.

“Almost universally across the board, the job is taken because the worker either didn’t have another job available to them or they needed the money, or both,” added Reinhardt.

Millions of workers in the US work throughout the night, from workers in emergency services, such as paramedics, nurses, police officers, to late night hospitality, retail and food service workers, transportation and utility workers, and workers in factories and warehouses producing or distributing goods 24 hours a day.

The majority of US workers are on the job during the day, on 9am-5pm schedules or a few hours before or after, But about 5 to 10% are on their job through late night hours, with a portion of regularly working night shifts to workers with rotating night shift schedules.

The impacts of these late night work schedules can be profound on the health of workers and their ability to balance a life outside of work.

An Amazon worker in Washington who requested to remain anonymous has been working part-time on the overnight shift, Monday through Friday from 9.45pm and gets off around 2 to 2.30am. She has done it for about a year, because it enables her to avoid the cost of childcare and she gets time to spend with her children.

“It can get very exhausting since you’re not getting the adequate amount of sleep you need as a healthy adult. I only get four hours of sleep every night and try to sneak in a nap during the day. Some days I feel like I’m in a daze,” she said. “I do get paid $1.50 extra an hour so basically you’ll only make six dollars extra for that shift.”

Humans have a 24-hour circadian timing system, a biological clock, affecting physiological processes such as sleep patterns, eating habits and digestion, hormones, blood pressure and body temperature.

“It evolved to help organisms cope with the daily changes in their environment. Our body is exposed to very different conditions during the day and the night: during the day we normally eat, we move, and we’re alert, while during the night we sleep, we rest, and we recover,” said Dr Laura Kervezee, a chronobiologist at Leiden University Medical Center in the Netherlands.

“Night shift work turns it upside down. It leads people to be awake and consume food at times that their physiology is primed for sleep and rest. This leads to what we call circadian misalignment, where behavior becomes uncoupled with the circadian rhythms in the body.”

Numerous studies have demonstrated increased health risks for night shift workers in the long term, as their work schedules misalign their circadian timing systems, including higher risks of cardiovascular disease, Type 2 diabetes, obesity, cancer, depression, and short term impacts such as decreased cognitive performance, fatigue, and sleep deprivation.

“As a society, we should really think about whether that’s really where we want to go, to expose people to an extra health risk just because we want our package to arrive faster,” added Dr Kervezee, noting there is still research needed to be done to pinpoint the link between the short-term acute effects and the long-term health problems that night shift workers experience.

A warehouse worker on the third shift at UPS in Kentucky who requested to remain anonymous, explained the mental and physical drain the shift has had on them. They work from 10pm to 4am or later, receiving a higher hourly wage for working the third shift.

“Working third shift is really hard. It’s very mentally draining and people around you tend to be grumpier to work around, because everyone would rather be in bed,” they said.

They explained getting adequate sleep is difficult because of the noise and light during the day and they rarely have the time or energy to spend time with family or friends on work days.

Kennedy Sparr works the night shift as a 911 emergency dispatcher in Michigan, working from 6pm to 6am, often more than 40 hours a week. It’s not uncommon for her to be up 36 hours at a time before sleeping.

“It’s definitely harder to train your body to work the night shift, because your body is not used to staying up all night,” said Sparr. “I noticed at the times that I work night shifts, you’re more edgy, you have more of an attitude, you’re angry, you’re tired, you’re exhausted, and you feel drained.”

She explained that she often doesn’t sleep enough and the night shift schedule makes it difficult to maintain relationships with everyone else on normal schedules, and then adapting and retraining your body between day schedules on days off and vacations to going back to work nights.

“I don’t think there are ever nights that I feel fully refreshed when I come back to work, because I’ve had four hours of sleep and nothing’s done at home. I need to do things like laundry, I need to do the dishes. But I just wanted to sleep.”
Tunisian police disperse migrants’ rights protests near the Francophonie Summit

Daniel Stewart - 1h ago
 Provided by News 360

Tunisian police have fired tear gas to disperse a protest for migrants' rights near the island of Djerba, on the country's west coast, where the Francophonie Summit will be held starting this Saturday, reports the Tunisie Numerique portal.


Archive - Tunisia's President Kais Saied - 
Chokri Mahjoub/ZUMA Press Wire/d / DPA

The agents have intervened in the town of Zarzis, about 25 kilometers south of the island, whose main access by the Jurf al Qantara sea road is now blocked by security forces, according to other information from the Mosaique FM radio station.

It should be recalled that the protests have been organized by a group of relatives of migrants from Zarzi who drowned weeks ago in one of the many shipwrecks on the Mediterranean route.

After denouncing the passivity of the authorities in their operations to search for the missing, the relatives recently threatened to go to Djerba to make their voice heard and ask the relevant authorities to intervene urgently to reveal the truth about the disappearance of their children.

The Summit of the International Organization of La Francophonie (OIF) will take place on November 19-20 in the presence of 89 official delegations after its postponement last year due to political tensions in the country following the decision of President Kais Saied to arrogate to himself all powers in July after a series of anti-government protests.

Hourly wages needed to live in Ontario rise as inflation persists

Hourly wages needed to live in Ontario have increased amid decades-high inflation and remain well above the province's minimum wage, according to a new report.

In the report released Monday, the Ontario Living Wage Network said the living wage in Toronto is now $23.15 an hour, up almost five per cent from $22.08 a year earlier.

The report said the largest increase was in Sault Ste. Marie, where the living wage went up by 21.6 per cent since last year.

Minimum wage in Ontario is $15.50 an hour.

The organization's living wage calculation uses the basic costs of living, such as housing, food, clothing and transportation, as well as factors like government benefits, to determine how much a worker needs to make hourly in order to live in their region.

Canada's annual inflation rate was 6.9 per cent in September, but the cost of groceries continues to climb. It has been steadily declining since reaching its highest rate this year of 8.1 per cent in June. Statistics Canada is expected to release October's data on Wednesday.

"This year's living wage calculations emerge from a backdrop of record--breaking inflation," the report said.

The living wage calculations are updated annually and released in November.

According to the organization, this year for the first time their living wage calculations cover the entire province of Ontario, offering living wages for 10 economic regions defined by Statistics Canada.

Toronto's living wage is the highest of all the regions, most of which have a living wage between $19 and $20.

Food is one of the highest costs in the calculator, the organization said, and it's gone up significantly this year with inflation.

"The rise in food prices across our province have added significantly to the increase in living wage rates for all communities," the report said.

There are now more than 500 employers that are certified with the Living Wage Network, meaning they agree to pay their employees the regional living wage calculated by the organization.

The Living Wage Network said more than half of those companies signed up since the pandemic began.

Ontario Teachers’ statement on FTX

In light of continuing developments in relation to FTX, we wanted to provide additional context and transparency around our investment.

In October 2021, Ontario Teachers’ invested US$75 million in FTX International and its US entity (FTX.US).  In January 2022, we made a follow-on investment of US$20 million in FTX.US.  These investments were made through our Teachers’ Venture Growth (TVG) platform, alongside a number of global investors, to gain small-scale exposure to an emerging area in the financial technology sector. Our investment represented less than 0.05% of our total net assets and equated to ownership of 0.4% and 0.5% of FTX International and FTX.US, respectively.

TVG was established in 2019 to invest in emerging technology companies raising late-stage venture and growth capital.  Investments are structured to provide Ontario Teachers’ with returns commensurate with the risk undertaken and to provide proprietary insights that inform investing elsewhere across the Plan. Naturally, not all of the investments in this early-stage asset class perform to expectations, however, since inception, TVG has delivered solidly on intended objectives.

Ontario Teachers’ investment departments, including TVG, conduct robust due diligence on all private investments.  Supported by experienced, external consultants with financial, commercial, and other relevant expertise, and often in consultation with investment partners, due diligence is designed to use company-provided materials and other research to assess the risk related to a specific investment.  In FTX’s case, our underwriting process included working closely with third-party advisors and FTX to explore commercial, regulatory, tax, financial, technical and other matters.  Recognizing that no due diligence process can uncover all risks especially in the context of an emerging technology business, the investment in FTX was sized moderately in relation to TVG and the overall portfolio of the Plan.

Recent reports suggest potential fraud conducted at FTX which is deeply concerning for all parties. We fully support the efforts of regulators and others to review the risks and causes of failure for this business.

Our strategy aims to diversify investments across asset classes, geography, time horizons and economic outcomes, to mitigate risk and enhance returns. This supports the Plan’s ability to perform well in a variety of investment environments and mitigates the adverse impact of any one investment loss on the fund overall.  The investment size in FTX reflects our approach to diversification. 

We will be writing down our investment in FTX to zero at our year end.  The financial loss from this investment will have limited impact on the Plan, given its size relative to our total net assets and our strong financial position. However, we are disappointed with the outcome of this investment, take all losses seriously and will use this experience to further strengthen our approach.

Updated November 17, 2022

Ontario Teachers writes off FTX stake, citing potential fraud

Ontario Teachers’ Pension Plan said it will write down its stake in FTX to zero, taking a US$95 million loss barely a year after making its first investment in Sam Bankman-Fried’s now-bankrupt cryptocurrency exchange. 

Teachers said the writedown will have only a “limited impact” because it’s less than 0.05 per cent of the $242.5 billion (US$182 billion) pension fund. “However, we are disappointed with the outcome of this investment, take all losses seriously and will use this experience to further strengthen our approach,” the fund said in a statement Thursday. 

The Toronto-based pension manager put US$75 million into FTX’s international and U.S. divisions in October 2021 through its venture capital arm, and invested US$20 million more in FTX.US in January. 

Ontario Teachers said it worked closely with advisers and FTX to understand commercial, regulatory, tax, financial and technical aspects of the business. The fund had a 0.4 per cent stake in FTX International and 0.5 per cent of FTX.US when Bankman-Fried’s empire collapsed last week and filed for Chapter 11. 

“Recent reports suggest potential fraud conducted at FTX which is deeply concerning for all parties,” Teachers said. “We fully support the efforts of regulators and others to review the risks and causes of failure for this business.” 

It’s the second time in three months that a major Canadian pension manager has been forced to write off a crypto investment it only recently made. In August, the Caisse de Depot et Placement du Quebec marked its $150 million stake in Celsius Network LLC to zero after the cryptocurrency lender failed. 



Ontario Teachers’ Pension Plan becomes

second public pension to write off crypto 

bet

The Ontario Teachers' Pension Plan Board office, in Toronto, Tuesday, Sept. 28, 2021. The Ontario Teachers Pension Plan said on Thursday it had invested a total of US$95 million to the cryptocurrency exchange FTX. THE CANADIAN PRESS/Cole Burston

For the second time this year a major Canadian public pension is writing down to zero a bet on cryptocurrency as the risky market sours.

The Ontario Teachers’ Pension Plan said this week it will write off its US$95-million investment in FTX, the cryptocurrency exchange that collapsed last week, following a move by the Caisse de depot et placement du Quebec to write off its US$150-million investment in Celsius Network in August.

The investments, while providing potential exposure to an emerging asset class, point to the wider risks pension funds have taken on as part of a hunt for returns, said Malcolm Hamilton, a pension expert and senior fellow at the C.D. Howe Institute.

“My perception is they have very dramatically increased the risk profile of the portfolio with the passage of time,” he said, noting that in the 1990s funds were much more focused on government bonds.

READ MORE: What happened to FTX? What Canadians should know about the latest crypto collapse

Hamilton said the erosion of returns in more stable assets like government bonds has pushed pensions to diversify investments into new areas, though he notes that given the size of the funds, it’s inevitable some bets will look risky without jeopardizing overall funds.

Ontario Teachers’ said in a statement that its investment in FTX represents less than 0.05 per cent of its total net assets, and was invested through its Teachers’ Venture Growth platform to “gain small-scale exposure to an emerging area in the financial technology sector.”

The pension plan said that while the financial loss from FTX will have limited impact because of its relatively small size, it’s disappointed in the result.

The investments are hardly the first by public pensions to dip their toe in the space though, with the venture arm of the Ontario Municipal Employees Retirement System investing in some crypto-related assets as far back as 2012.

And while public pensions have different expectations than private funds because they’re investing public money, there’s no reason they shouldn’t be able to dabble in the emerging space, said John Rekenthaler, vice-president of research for Morningstar.

“They have the right to invest in that, but they also have the right to lose their jobs.”

He said there needs to be serious questions around due diligence for the investments, and given the limits on what can be known in the emerging sector, if the returns fit the risk.

“That’s part of the judgment call that the pension fund manager has to make. Am I getting compensated enough?”

Ontario Teachers’ said in its statement that it conducts robust due diligence on all private investments.

READ MORE: Collapsed FTX hit by unauthorized transactions as $1B in crypto vanishes

The pension fund said that given the limitations on due diligence, especially in an emerging technology business, it sized its investment moderately in relation to both its venture fund and overall portfolio.

FTX, valued at US$32 billion in the fundraising round that Ontario Teachers’ participated in last January, filed for bankruptcy on Nov. 11.

John Ray III, who was appointed CEO at FTX as part of the filing, and has in the past been brought on to turn around companies in crisis including Enron, said the operational practices at the company were the worst he had seen.

“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,” he said.

Other big Canadian public pension funds still have yet to see the risks as worth it.

John Graham, chief executive of the Canada Pension Plan Investment Board, said at a July event that the fund was looking at crypto, since as trillion-dollar market they need to understand it, but that they were still on the sidelines.

“You don’t want to just be investing with FOMO. You want to really think about what the underlying intrinsic value is of some of these assets and build your portfolio accordingly,” Graham said at the time.



Bankman-Fried tells his side of the story of

FTX collapse in tweets

Confronted by a crypto crisis he helped spark, former FTX.com Chief Executive Officer Sam Bankman-Fried is tweeting through it.

On Wednesday, he added a further 18 tweets to a meandering thread he started at the beginning of the week. The posts, published at sporadic intervals, have combined apologies for his failings with his perspective on what went wrong at the companies he founded and ran. They add to a previous series of cryptic posts that eventually spelled out the message “What HAPPENED,” followed by a hint that there were revelations to come.

With the wisdom of hindsight, he stated how he would do his best to save customers' cash, mused on how hard it is to regulate the crypto sphere and boasted how he had been “on the cover of every magazine” before FTX's meteoric crash. “We got overconfident and careless,” he said. 


It is unclear whether the tweets by Bankman-Fried, who is facing questioning by everyone from the Department of Justice to regulators in the Bahamas, will help or hinder his legal defense.

If Bankman-Fried is concerned about how regulators will respond to FTX's spectacular implosion, he's not showing it. In an interview via Twitter direct message with Vox's Kelsey Piper, he was blunt: “F--- regulators” and “they make everything worse.” He agreed that the crypto industry needs more consumer protections, “but regulators can't do it.”

He concluded the most recent tweets in the thread with, “What matters is what you do--is *actually* doing good or bad, not just *talking* about doing good or *using ESG language*. Anyway -- none of that matters now. What matters is doing the best I can. And doing everything I can for FTX's customers.”

But he didn't make clear exactly how he intends to help customers of the collapsed Bahamas-based crypto exchange, given he's no longer CEO. 


The backlash to the posts was swift, with FTX's new management quick to distance themselves from him. The company posted a statement attributed to former Enron liquidator and new FTX CEO John J. Ray that read: “Mr. Bankman-Fried has no ongoing role at @FTX_Official, FTX US, or Alameda Research Ltd. and does not speak on their behalf.”

Bankman-Fried could not be immediately reached for comment. 

Torstar co-owners say focused on quick 'divorce' in public appearance

Speaking for the first time publicly since their business relationship soured, Torstar Corp. owners Paul Rivett and Jordan Bitove confirmed there was no reconciliation ahead as their approaches to business were too different. 

The two, speaking at the launch of a TVO documentary about the Toronto Star newspaper Thursday evening, were however in agreement that they hope to resolve the split of their partnership as quickly as possible.

Rivett and Bitove are equal partners in Nordstar Capital Inc., an investment company that purchased Torstar in 2020 for $60 million, and controls all of its assets, including the Toronto Star newspaper.

In September, Rivett filed an application to the Ontario Superior Court seeking a court order to wind up the media company, citing "irreparable" damage to his relationship with Bitove, while in October the two agreed to move their dispute to meditation-arbitration.

Bitove, who is publisher of the Toronto Star, emphasized at Thursday's event the importance of the paper as a civic institution and its adherence to its guiding social principles, while Rivett pushed on the need to diversify revenue streams through experiments like the company's foray into online gambling because the organization is losing about $1 million a week. 

Bitove said the dispute was a "massive distraction" from efforts to turn operations around.

"What kills me inside is we had such great momentum ... the best thing is a quick divorce so we can allow our team to move forward," he said. 

Rivett, speaking at a press scrum after the event, said the two were working as fast as they could to get it resolved, with a likely resolution in weeks rather than months. 

“Divorces aren’t great, they’re a distraction for sure, and that’s why we’re trying to get it done as quickly as possible. It causes confusion, it causes anxiety."

He said it was crucial for the company to improve search engine optimization and the delivery of online content, noting that while the New York Times has a margin of around 10 per cent, there are digital content businesses with margins of 80 per cent.

He said that for a news organization like the Star to succeed, there also needs to be more collaboration between the sales and news sides of the business.

"If we want to have advertising on snow tires, we can't just be constantly writing that we shouldn't have cars." 

Rivett was previously president at Fairfax Financial, while Bitove was part of the ownership consortium that built the SkyDome, now the Rogers Centre.



U.S. military in talks with Canadian miners for key minerals as rivalry with China grows

One of the projects on the Americans' radar is northern Ontario's Ring of Fire

Author of the article:Naimul Karim
Publishing date:Nov 16, 2022 •
Headquartered at the Pentagon in Arlington, Virginia, the U.S. Department of Defense is having discussions with miners about the important role northern Ontario’s Ring of Fire region will play in producing the critical minerals needed by Canada and the U.S. 
PHOTO BY REUTERS/AL DRAGO

The United States military is talking to Canadian miners about potentially funding some critical minerals projects in Canada, the latest evidence of President Joe Biden’s administration’s commitment to cutting its reliance on China for the metals needed to build defence equipment and expand the electric vehicle (EV) market.

One of those projects is in the Ring of Fire region in northern Ontario, which Premier Doug Ford’s government believes has “multi-generational potential” to produce minerals such as nickel and copper that are currently in high demand as countries look to accelerate the shift away from fossil fuels.

“We’ve had initial discussions with the U.S. Department of Defense regarding the important role that northern Ontario’s Ring of Fire region will play in producing the critical minerals needed by Canada and the U.S.,” Luca Giacovazzi, chief executive of Wyloo Metals Pty. Ltd., the Australian company that owns the Eagle’s Nest project in the area, confirmed in a statement.

Ontario is currently working to build an all-season pathway to connect the Ring of Fire with manufacturers in the southern part of the province. The project, which is being advanced with the help of two Indigenous groups, however, has also faced opposition by other First Nations.


Wyloo Metals Pty. Ltd.’s Eagle’s Nest project in the Ring of Fire region in northern Ontario. The deposit contains nickel, copper, platinum and palladium.
 PHOTO BY WYLOO METALS PTY. LTD.

Toronto-based Electra Battery Materials Corp. is another company that has had “preliminary discussions” with the U.S. Department of Defense. In September, the company inked its first “big commercial contract when it signed a deal to supply LG Energy Solution Ltd., a global lithium-ion battery maker, with 7,000 tonnes of cobalt from its Ontario refinery.

Lithium miner Avalon Advanced Materials Inc., based in Toronto, also had talks with the U.S. Department of Defense.

“The capital-intensive nature of our projects and moving them at the requisite speed is a sizeable challenge,” said Zeeshan Syed, the company’s vice-president of external affairs. “Our U.S. colleagues quite clearly understand they may have a role to play to help fortify North America as a dominant player.”

‘A broader strategy’


Aaron Shull, managing director at the Centre for International Governance Innovation, a think-tank, said the American government’s discussions with Canadian miners were “tactically part of a broader strategy” on how Western democracies confront “adversarial authoritarian state actors” such as China, which dominates the EV sector.

Shull was referring to the series of steps taken by the U.S. and Canada to ensure EV production occurs close to home, or at least in places where they wield influence.

In late October, Prime Minister Justin Trudeau’s government raised the bar that foreigners must clear to join Canada’s critical minerals industry, saying any attempt by a state-owned enterprise to purchase assets in the sector can now trigger a section of the Investment Canada Act (ICA) that determines whether deals that could be “injurious to national security” require lengthy reviews.

Days later, Ottawa ordered three Chinese companies to divest their investments in three Canadian junior lithium miners.

China dominates


Washington’s recently passed Inflation Reduction Act (IRA) offers a US$7,500 subsidy meant to encourage the production of EVs in North America, while Deputy Prime Minister Chrystia Freeland used a series of speeches this fall to stress the need for “friendshoring,” an idea that would see democratic allies build supply chains through each other’s economies and tackle the influence of authoritarian regimes in the energy sector.

China dominates the EV supply chain through its refining and processing industries even though most of the metals required by EVs, such as lithium, nickel and cobalt, are mined outside the country.

Patricia Mohr, an economist and former vice-president at Bank of Nova Scotia, said that the competition with China “is growing for these important metals.” She added that Canada had a “big advantage” when it comes to nickel, noting the geology of the U.S. isn’t “prospective” for the metal.

“Furthermore, most nickel deposits in Canada involve sulphide ore which will have a much lower carbon footprint than the lateritic projects in Indonesia, mostly developed with coal-fired power,” Mohr said.

The U.S. Department of Defense wasn’t immediately available for a comment. According to the CBC, an official from the department confirmed that Canadian projects would qualify for an investment from the U.S. military while speaking at a conference.

• Email: nkarim@postmedia.com | Twitter: naimonthefield


China has links to dozens of Canadian miners tied to critical minerals
Bloomberg News | November 11, 2022 | 

Highland Valley Copper mine operation owned by Teck Resources. 
(Image courtesy of Teck Resources)

China has built up stakes in more than two dozen Canadian mining companies, including some of the industry’s biggest names. Canada’s latest crackdown on foreign investments in critical minerals is about to put a chill on such activity.


At least 27 public companies including Teck Resources Ltd., Ivanhoe Mines Ltd. and First Quantum Minerals Ltd. have shareholders with ties to China, according to data compiled by Bloomberg. Attracting such investors — or encouraging them to increase their holdings — will now be much harder given Canada’s latest efforts to protect its minerals wealth.



Company        Top Shareholders With China Ties           % Held 
Nickel North Exploration Corp.   Sinotech Hong Kong Corp.  49.7%
Ivanhoe Mines Ltd. Citic Metal Africa, Zijin Mining Group 39.5%
First Quantum Minerals Ltd. Jiangxi Copper Co. 18.3%
Fission Uranium Corp. CGN Mining Co. 14.2%
Teck Resources Ltd. China Investment Corp. 10.4%
Lithium Americas Corp. GFL Lithium Co. 11.1%
Source: Data compiled by Bloomberg, company disclosures

“Canada has said it doesn’t want to see injections of capital from state-influenced investors,” said Subrata Bhattacharjee, who specializes in foreign investment law at Borden Ladner Gervais LLP. “That’s going to leave some mining companies in a bind in terms of finding alternate sources of financing.”

Chinese firms have been involved in 89 announced acquisitions and investments in Canadian metals and mining companies in the past decade, according to data compiled by Bloomberg. The value of those transactions is $14 billion. Many deals involve companies tied to the 31 critical minerals identified by Canada.

Metals such as lithium, copper, nickel and cobalt are essential ingredients for electric-vehicle batteries, solar panels and wind turbines — and securing access is key in reducing risks of supply bottlenecks and shortages. Canada has been working with the US and other friendly nations to develop supply chains for these minerals and reduce dependence on China, which dominates the industry and has stakes in resource firms far and wide.


Teck, which produces copper and zinc at mines in North and South America, lists sovereign wealth fund China Investment Corp. as its top shareholder, the data show. Ivanhoe Mines, founded by billionaire mining magnate Robert Friedland, counts China’s Zijin Mining Group Co. and a unit of state-owned Citic Metal Group among its biggest holders.

Among smaller firms, the largest investor in Lithium Americas Corp. is a subsidiary of China’s Ganfeng Lithium Group Co., while Fission Uranium Corp.’s biggest shareholder is tied to state-owned China General Nuclear Power Corp., the data show. Vancouver-based Nickel North Exploration Corp. lists Sinotech Hong Kong Corp. as its top investor.

Gold producers also count the Chinese government and entities as shareholders, though they have insignificant investments.

Ivanhoe Mines, Teck and First Quantum declined to comment. Emails and calls to Fission Uranium and Nickel North weren’t returned. Lithium Americas didn’t provide comment.

Canada announced tougher rules around investments in the country’s critical minerals last month, making it harder for foreign state-owned enterprises to pursue takeovers or invest in the industry. Any transactions in the sector now face “rigorous” national security oversight if they have such foreign involvement.

“The policy direction applies to future transactions,” said Alex Wellstead, spokesperson for Canada’s Industry Minister Francois-Philippe Champagne. The ministry declined to comment on specific companies.

“The Canadian government is taking a harder line on investments, not just by state-owned companies but also companies with links to foreign governments,” said Sandy Walker, a Toronto-based foreign investment and competition lawyer at Dentons. “You could be a private investor and still be considered a state-owned enterprise or at least subject to the influence of a foreign government.”

Canada’s stance triggered action last week, when Chinese firms were ordered by government to divest from three small battery metals explorers, including Calgary-based Lithium Chile Inc.

“The entire Canadian lithium sector has now lost the support of really the major player in the space,” Lithium Chile Chief Executive Officer Steven Cochrane said in an interview. “The impact is going to be felt by everybody.”

(By Jacob Lorinc, with assistance from Brian Platt, James Attwood and Doug Alexander)
Lundin Mining to fill in giant mystery Chile sinkhole
Reuters | November 17, 2022 

Sinkhole at the Alcaparrosa mine. (Image by Sernageomin, Twitter).

Canada’s Lundin Mining is planning to fill in a giant mystery sinkhole near its copper mine in Chile, an ambitious plan that will also see it attempt to pump out water that has seeped into the mine, a senior company executive told Reuters on Thursday.


The huge 36-meter-diameter sinkhole that opened up in late July in the Tierra Amarilla commune, around 665 kilometers (413 miles) north of capital Santiago, drew widespread global attention and saw charges by authorities against Lundin.

Studies to determine the causes of the sinkhole are already in “decisive stages” and a “technical body is already receiving all the information to be able to draw conclusions,” Luis Sanchez, president of a local unit of Lundin, told Reuters.

The executive said that regardless of the outcome the firm planned to fill the hole using material such as sand and rocks with the same characteristics as a river bed, as well as fully sealing the affected part of the mine.

Sanchez declined to predict the amount of material that would be needed or the total cost, though he said the firm had already spent some $10 million resolving the issue.

The executive said that from 300-330 liters per second of water that had been leaking into the mine initially, the level has dropped to 10-30 liters per second due to sealing work.

“We are observing a positive development in the recovery of the levels in the aquifer and this means that we can look positively at this solution and we can say that we are not facing irreparable damage, as some authorities have indicated,” Sanchez said.

The program will also try to pump 1.3 million cubic meters of water that remains in the lower levels of the reservoir to other industrial users in the area in exchange for them stopping extracting those resources from the aquifer, Sanchez said.

(By Fabian Cambero; Editing by Elaine Hardcastle)
World’s largest CO2 removal deal ever depends on tech that isn’t ready yet
Bloomberg News

Credit: Drax Group Plc

British energy company Drax Group Plc is planning to sell offset credits tied to power plants in the US that it has yet to build, relying on technology that hasn’t yet been proven to work at scale and by burning fuel that’s still controversial.


“There’s some risk in there,” says Jason Shipstone, chief innovation officer at Drax. “But, like any project, before you press the button to build the project, you want to know that the things that make the business case work are in place.”

Drax wants to build power plants that burn wood chips, capture emissions produced from the process and bury them deep underground. Its plans got a boost after the US passed its largest climate bill that provides $85 in tax credits for every ton of carbon dioxide buried for climate purposes. Drax says the first such plant in the US will be built by 2030.

The cost of capture and burial for Drax’s technology is likely to be more than the sum the US government is providing, says Julio Friedmann, chief scientist at consultancy Carbon Direct. Drax says it won’t provide the capture cost estimate citing commercial sensitivity, but confirmed it will top-up the US government subsidy by selling offset credits. Drax declined to say how much money it might fetch from the sale.

In September, Drax signed a memorandum of understanding with Respira International, a new player in the voluntary carbon market. The deal gives Respira the option to buy 2 million tons of credits, which could become the largest ever volume of carbon dioxide removals traded, according to Drax. The voluntary carbon market has not yet developed a standard for offsets tied to burning wood and burying emissions.

Carbon-capture technology on power plants works by separating out carbon dioxide from a mixture of gases coming emitted. Carbon dioxide is then compressed into a liquid and sunk deep underground. The process is quite energy intensive and thus often expensive. The only way companies can make it work is if they receive government subsidies or pass the cost of capture onto customers.

In the UK, Drax has been using wood chips as a source of fuel for large power plants for more than a decade after converting coal units to burning biomass instead. It has been trialing carbon-capture technology at small scale since 2019. However, the trials are of technology from a UK startup called C-Capture that’s far from working at commercial scale, says Shipstone.

Nonetheless, Drax has big ambitions. It says the last of its coal units will run until the end of March and it’s investing billions of pounds to bury the carbon from burning wood under the North Sea. Shipstone says Drax plans to capture 8 million tons of carbon every year in the UK and an additional 4 million tons a year in the US. Drax has a larger pilot study with the Japanese giant Mitsubishi Heavy Industries that’s been running since 2021, he says.

“It is a big complex project — that’s what a project risk is,” says Friedmann, who previously worked at the US Department of Energy overseeing carbon-capture projects. “But there’s no concern I have as to whether or not this technology will function.”

There are many large hurdles still to clear before Drax can claim to be a “carbon negative” company. The carbon-capture technology may be sound, but trapping emissions from burning biomass hasn’t been shown to work at scale. Some have also raised concerns about the carbon math. Wood is considered to be carbon neutral because the tree grew by capturing carbon dioxide. However, converting trees into fuel can have a carbon cost, either when processing and transporting, and soils in forests can release stored carbon if disturbed.

And when big-name companies have tried to scale carbon-capture technology for new applications, they have often struggled. One of the world’s largest carbon capture and storage projects, run by Chevron Corp. in Western Australia and built in 2016, failed to capture enough emissions to meet local targets.

Moreover, identifying and building sites in the US, where regulation and licenses vary state by state, isn’t an easy task. Various US government departments are working hard to ensure that there are enough injection wells that meet regulations available for the many carbon-capture plants being proposed.

Drax also doesn’t have the expertise to inject CO2 underground, says Shipstone. That’s why Drax will partner with other companies that have experience doing it in the US, though Shipstone won’t name the partners yet.

One of the company’s largest challenges may still be at its core. Campaigners have criticized the biomass industry’s sustainability claims, with a recent BBC documentary raising concerns over the company’s forestry operations in Canada. Drax replied with a detailed rebuttal to the program’s claims and argued it misled viewers.

Still, Drax sees biomass playing a critical role in displacing fossil fuel. “The voluntary carbon market is developing, and we are thrilled to be involved in it,” says Shipstone. “And we’re confident that the technology we are developing will deliver.”

(By Akshat Rathi and Todd Gillespie)
BHP says strike at Escondida copper mine “unjustifiable”

Cecilia Jamasmie | November 16, 2022 | 

Escondida is the world’s largest copper mine. (Image courtesy of BHP | Facebook.)

Mining giant BHP (ASX: BHP) said on Wednesday the strike announced by unionized workers at its Escondida copper mine in Chile for November 21 and 23, was based on false accusations.


A union at the mine, the world’s largest copper operation, said workers were concerned for their safety as BHP had allegedly failed to comply with legal regulations and the current collective agreement.

In a statement, the Melbourne, Australia based miner denied the claims, saying it has always operated the mine following the “highest standards of occupational safety and risk prevention.”

BHP said the “forceful action” announced by Sindicato 1 was aimed at pressuring the company to pay a contribution to the union and a bonus to its partners. This, the company said, has no legal basis.

“An action of this kind creates safety risks for workers, compromises our facilities and affects the operational continuity of the mine, which is detrimental to the economic and social development of the region and the country,” BHP said in the statement.

Chile is the world’s top copper producer, and sales of the metal make up for about 60% its export earnings.

In 2017, Escondida workers staged a 44-day strike, the longest in Chilean mining history. The labour action caused the company $740 million in losses and meant a contraction of about 1.3% of Chile’s GDP.

BHP added that it was open to dialogue and hopeful that the union would end the stoppage at the operation, responsible for about 5% of the world’s total copper output.

While majority-owned and operated by BHP, Rio Tinto and Japanese companies such as Mitsubishi Corp also hold stakes in the mine.



Escondida mine workers announce strike amid labor demands

Reuters | November 15, 2022 | 

Escondida workers on strike in 2017. (Screenshot from CNN Chile Video)

Workers of Chile’s Escondida mine, the world’s largest copper mine, decided to go on strike on Nov. 21 and 23 due to labor demands, their union said on Tuesday.


Members of the union, Sindicato 1, had threatened to strike in early September as they expressed concerns over security in the mine, which led to inspections by government authorities.

Union members will stop operations in all their shifts during the strike but will provide minimum services, Sindicato 1, which represents more than 2,000 workers, said in a statement.

Infractions by Minera Escondida, which manages the mine and is controlled by BHP Group, have continued, with the company failing to adopt preventive measures despite security incidents, like fires, the union said in the statement.

The union said it notified the company of the strike.

Minera Escondida has denied the union’s accusations.

The mining company and the union have faced off before, including in 2017, when workers went on strike for more than 40 days.

(By Fabian Cambero; Editing by Anthony Esposito and Leslie Adler)