SASKATCHEWAN

NexGen announces US$110 million uranium financing

 14 hours ago Staff Writer

NexGen Energy Ltd. [NXE-TSX, NYSE] has announced a US$110 million convertible debenture financing and a strategic purchase of common shares by Australian investment house Washington H. Soul Pattinson and Co. Ltd. (WHSP).

NexGen is developing one of the world’s largest uranium deposits on its Rook 1 property, which hosts the Arrow Deposit. The company is backed by one of Asia’s wealthiest investors Li-Ka-shing. In June, 2016, CEF Capital Markets Ltd., an affiliate of the Hong Kong based conglomerate CK Hutchison Group, which is chaired by Li Ka-shing, subscribed for US$60 million worth of convertible debentures in NexGen.

News of the financing comes after the company recently announced the completion of the Provincial Environmental Assessment Technical Review and submission of the final Environmental Impact Statemen (EIS).

The company said it has entered into binding term sheets with Queens Road Capital Investments Ltd. (QRC) [QRC-TSX] and WHSP in connection with the private placement of US$110 million worth of unsecured convertible debentures. Under the deal QRC will invest US$70 million in new NexGen convertible debentures.

The debentures will be convertible at the holders’ option into approximately 21.97 million shares of NexGen. The actual number of shares is dependent on the exchange rate at the time.

In addition, WHSP has pledged to purchase 8.7 million shares of NexGen from QRC for US$5.20 a share (for approximately US$45 million), a move that will allow QRC to partially fund its debenture purchases.

Proceeds will be used to fund further development and exploration at NexGen’s mineral properties.

NexGen shares eased 1.8% or 13 cents to $7.02 on volume of 731,790. The shares are currently trading in a 52-week range of $7.26 and $4.70.

“Today’s US$110 million financing from two highly respected investors, our long-standing investor QRC and the addition of WHSP in Australia, optimally places NexGen to deliver its stated objectives in the development of the Rook 1 Project,’’ said NexGen CEO Leigh Curyer.

The debentures will carry a 9.0% coupon (the interest) over a 5-year term. The debentures will be convertible at the holders option into common shares, at a conversion price per share of US$6.76 ($9.15 per share at current exchange rates) representing a 30% premium on the volume weighted average trading price per common share on the TSX for the five days ending the day before the date of the financing announcement.

Two-thirds of the interest (equal to 6.0% annually) is payable in cash. One third of the interest (equal to 3.0 annually) is payable in common shares issuable at a price equal to the 20-day volume weighted average price on either the TSX or New York Stock Exchange ending on and including the third trading day prior to the date when such interest payment is due.

NFLND

Marathon's Berry does not need new impact assessment 

Marathon Gold tables Valentine regulatory update

 2 days ago Staff Writer

Marathon Gold Corp. [MOZ-TSX, MGDPF-OTC] said it has received confirmation that changes to its Newfoundland gold project to accommodate an open pit at the Berry deposit do not require a new impact assessment.

The company said the assessment and subsequent permitting of the Berry Complex can proceed as previously anticipated, consisting of an Environmental Assessment (EA) and modified decision statement.

Consistent with previous guidance and the feasibility study, Marathon anticipates that these review processes will be completed during 2023 and 2024, well in advance of the scheduled start of mining at Berry in the second quarter of 2025.

Marathon Gold shares were largely unchanged on the news, easing 0.62% or $0.005 to 79.5 cents on volume of 495,760. The shares are currently trading in a 52-week range of $1.73 and 69 cents.

Marathon’s Valentine Gold Project was approved for construction in September, 2022 and early works commenced in October 2022. An updated feasibility study was completed in December, 2022, describing for the first time a three-pit mine plan based on the Marathon, Leprechaun and Berry deposits.

First ore is scheduled to be delivered to the mill in late 2024, with production ramp-up scheduled for the first quarter of 2025.

However, the updated feasibility study released in December, 2022, incorporates an amended permitting strategy to allow for the Berry Deposit to be included in the mining schedule for the first year of mine operations.

The updated study for the project outlined an open pit conventional mining operation, producing 195,000 ounces of gold annually for 12 years within a 14.3-year mine-life.

The project has an estimated proven mineral reserve of 1.43 million ounces (23.36 million tonnes at 1.89 g/t) and a probable reserve of 1.27 million ounces (28.22 million tonnes at 1.40 g/t). Total measured resources (including mineral reserves) stand at 2.06 million ounces.

But the company has said 2023-2024 exploration work at Valentine will be designed to maintain the project’s momentum of mineral resource growth even as mine development moves forward.  “We see potential for this growth both within the mineral deposits in the existing mine plan, and more broadly over the full 32 kilometres of mineralized shear zone trend on the property,” said Marathon Gold President and CEO Matt Manson.

He said the project has benefitted from the addition of the Berry Deposit to the mine plan, allowing the company to present a project with a longer operating life and a significantly improved production profile.

“Our first three years of production will average 200,000 ounces annually at an all-in-sustaining cost of US$890 an ounce at an expected head grade of 3.75 g/t gold,’’ Mason said. “This is expected to generate substantial cash flow in the early years of mining.’’

Marathon Gold Confirms Berry Regulatory Assessment Process Proceeding to Plan

by ahnationtalk on August 30, 2023

TORONTO, ON – August 30, 2023 – Marathon Gold Corporation (“Marathon” or the “Company”; TSX: MOZ) is pleased to announce that it has received confirmation from the Impact Assessment Agency of Canada (“IAAC”) that changes to the Valentine Gold Project (the “Project”) to accommodate an open pit and associated infrastructure at the Berry Deposit (the “Berry Complex”) do not constitute a new Designated Project, and as such do not require a new impact assessment under the Impact Assessment Act (“IAA”). This means that the assessment and subsequent permitting of the Berry Complex can proceed as previously anticipated, comprising an Environmental Assessment (“EA”) of a “new undertaking” by the provincial regulator, and a modified Decision Statement by the federal regulator. Consistent with previous guidance and the Project’s December 2022 Updated Feasibility Study, Marathon anticipates these review processes will be completed during 2023 and 2024, well in advance of the scheduled commencement of mining at Berry in the second quarter of 2025.

Background to Today’s News

In September 2020, Marathon submitted an Environmental Impact Statement (“EIS”) for the Project to IAAC and the Newfoundland and Labrador Department of Environment and Climate Change, EA Division, (“NLDECC”) pursuant to the requirements of the Canadian Environmental Assessment Act (2012) and the NL Environmental Protection Act, respectively. The scope of assessment for the EIS included two mining pits and related infrastructure (the Marathon and Leprechaun Complexes), a Processing Plant, a Tailings Management Facility, and associated site facilities (the “two-pit project”). The Valentine Gold Project was released from the provincial EA process on March 17, 2022, and the federal EA process on August 24, 2022. Mine construction commenced in October 2022, and permitting for specific site activities has continued throughout the mine development process in accordance with the construction schedule. At the end of June 30, 2023, overall permitting progress stood at 89% complete.

In December 2022 Marathon released results of an Updated Feasibility Study for Valentine based on the addition of a third open pit and associated infrastructure at the Berry Complex (the “three- pit project”). Marathon filed environmental assessment registration materials for Berry to the NLDECC and IAAC on August 11, 2023, following the completion of an effects assessment and consultation with both the provincial and federal regulators, Indigenous groups, communities, and stakeholder organizations.

The Berry Complex is subject to regulatory review requirements to identify, assess and mitigate potential environmental effects during all project phases, including construction, operation, decommissioning, rehabilitation and closure, and post-closure. Provincially, the addition of the Berry Complex is considered a new undertaking requiring a provincial EA. This EA has now commenced with the filing of registration materials. Federally, and as now confirmed by IAAC, the addition of the Berry Complex is considered a change to the Designated Project referenced in the August 2022 Decision Statement of the Minister of Environment and Climate Change Canada (the “Minister”), and potential amendments to the Decision Statement will now be considered. However, IAAC has informed Marathon that the Minister is not permitted to amend the Decision Statement to change the decision itself, and no new impact assessment under the terms of IAA will be required.

Qualified Persons

Disclosure of a scientific or technical nature in this news release has been approved by Mr. Tim Williams, FAusIMM, Chief Operating Officer of Marathon and Mr. James Powell, P.Eng. (NL), Vice President, Regulatory and Government Affairs for Marathon. Mr. Williams and Mr. Powell are qualified persons under National Instrument (“NI”) 43-101. Mr. Roy Eccles, P.Geo. (NL), of APEX Geoscience Ltd. is a Qualified Person for purposes of NI 43-101, is independent of Marathon and the Valentine Gold Project, and has reviewed and takes responsibility for the updated 2022 MRE prepared by John T. Boyd Company.

About Marathon

Marathon (TSX:MOZ) is a Toronto based gold company advancing its 100%-owned Valentine Gold Project located in the central region of Newfoundland and Labrador, one of the top mining jurisdictions in the world. The Project comprises a series of five mineralized deposits along a 32- kilometre system. A December 2022 Updated Feasibility Study outlined an open pit mining and conventional milling operation producing 195,000 ounces of gold a year for 12 years within a 14.3- year mine life. The Project was released from federal and provincial environmental assessment in 2022 and construction commenced in October 2022. The Project has estimated Proven Mineral Reserves of 1.43 Moz (23.36 Mt at 1.89 g/t) and Probable Mineral Reserves of 1.27 Moz (28.22 Mt at 1.40 g/t). Total Measured Mineral Resources (inclusive of the Mineral Reserves) comprise 2.06 Moz (29.23 Mt at 2.19 g/t) with Indicated Mineral Resources (inclusive of the Mineral Reserves) of 1.90 Moz (35.40 Mt at 1.67 g/t). Additional Inferred Mineral Resources are 1.10 Moz (20.75 Mt at 1.65 g/t Au). Please see the NI 43-101 Technical Report “Valentine Gold Project,

For more information, please contact:

Amanda Mallough
Manager, Investor Relations
Tel: 416 855-8202
amallough@marathon-gold.com

Matt Manson
President & CEO
mmanson@marathon-gold.com

Julie Robertson
CFO
jrobertson@marathon-gold.com

To find out more information on Marathon Gold Corporation and the Valentine Gold Project, please visit www.marathon-gold.com.

NT4

Brazil's Vale starts producing test loads of iron ore briquettes

By Marta Nogueira

RIO DE JANEIRO (Reuters) - Brazilian miner Vale has started test loads of its iron ore briquette and is preparing to begin serving a backlog of customers, a top executive said, saying the new product should help steelmakers cut their carbon emissions up to 10%.

The tests are part of one of the last stages before Vale’s briquette plant, in Espirito Santo state, launches production later this year, Vale’s Executive Vice-President Of Iron Ore Solutions Marcello Spinelli, told Reuters.

The miner already has an estimated backlog that should take 18 months to fulfill, Spinelli said.

Vale’s first plant will have a production capacity of two million metric tons per year, while a second one, set to produce 4 million tons, is due to start operating at the beginning of 2024.

Spinelli said European, Japanese and Korean customers were first in line to receive the “novelty product”.

The briquette, which Vale started developing some 20 years ago and officially announced in 2021, could be used to replace sinters, pellets and granules in steelmaking, cutting greenhouse gas emissions by up to 10% compared to the traditional blast furnace process, Vale said.

The miner’s product was previously tested by steelmakers, but in smaller volumes.

The initiative is part of the mining firm’s strategy to reduce its Scope 3 emissions by 15% by 2035, while also boosting competitiveness against its rivals at a time when steelmakers are increasingly looking for high-quality iron ore to decarbonize and increase efficiency.

“It’s impossible to decarbonize the world without strong customer and supplier interaction,” Spinelli said. The company is also seeking to decarbonize its own operations and diversify into higher value products.

Vale plans to approve two more briquette plants this year and another three in 2024, with production starting in two or three years, Spinelli said.

AUSTRALIA
Alita Resources’ administrators confirm buyout talks, start liquidation

Reuters | August 31, 2023 | 

Bald Hill lithium-tantalum mine. Credit: Alita Resources

Administrators of Alita Resources on Thursday started the liquidation process for the cash-strapped Australia-based lithium miner on confirming an implementation agreement with an unnamed third party for the sale of the company and its assets.


Advisory firm McGrathNicol began an application in the Supreme Court of Western Australia seeking orders for the company to be placed under liquidation as the deadline to meet obligatory settlements under the deed of company arrangements (DOCA) expired after Thursday.

To execute the agreement, Alita’s administrators are considering whether the continuation of the arrangement received by Austroid Corp, a US-based lithium products firm that acquired issued shares in the company in late 2020, is in the best interest of Alita, according to a filing with the Singapore exchange issued on Thursday.

The company will be placed under liquidation on Friday, with applications made for interim injunctions to hold back other relevant parties from dealing with the assets of Alita, which includes one of Australia’s only in-production lithium mine – Bald Hill.

Alita has been under administration since 2019, and in late 2020 in a second meeting with the creditors, the transfer of 100% shares in Alita to Austroid was approved on conversion of the latter’s debt to equity.

In July this year, Treasurer Jim Chalmers issued a prohibition order stopping Austroid from acquiring an additional 90.10% stake in Alita, which would have given it the full control of the lithium miner.

In view of a potential transaction under the share sale agreement, McGrathNicol has applied for an interim injunction against Austroid in order to restrain it from taking any action to remove or replace the administrators, the filing added.

Separately, the Australian on Wednesday reported that global mining giant Glencore had launched a secret deal to acquire all the debt in Alita, alongside a plan to relist the miner for A$1.8 billion ($1.17 billion).

Alita was delisted from the Australian stock exchange in October 2020.

($1 = 1.5432 Australian dollars)

(By Roushni Nair; Editing by Shailesh Kuber)

First Nations leaders issue second call for moratorium on placer mining and leases

BCFNEMC and FNLC Call for Moratorium on Placer Mining in British Columbia

News Release 
August 28, 2023

BCFNEMC and FNLC Call for Moratorium on Placer Mining in British Columbia

(xʷməθkʷəy̓əm (Musqueam), Sḵwx̱wú7mesh (Squamish) and səlilwətaɬ (Tsleil-Waututh)/Vancouver, B.C.) The BC First Nations Energy and Mining Council (BCFNEMC) and the First Nations Leadership Council (FNLC) urgently call on the British Columbia government to immediately impose a moratorium on placer mining claims and leases as highlighted in a recently released report prepared for the FNEMC. The report titled, “The Need for a Moratorium on Placer Mining Claims and Leases,” is critical of the outdated and inadequately regulated placer mining system, emphasizing the substantial adverse effects on the environment, First Nations’ rights and the well-being of communities.

The regulation of placer mining, which involves the extraction of minerals such as gold from riverbeds and streams, has not been modernized and remains rooted in nineteenth-century gold rush laws and policies that ignore Indigenous rights and continue to fail to mitigate serious environmental harms. The situation is dire as the current drought and stresses on water systems throughout BC contribute to the urgency and need for the moratorium. The cumulative impacts of placer mining on watersheds, biodiversity and First Nations traditional territories are devastating to ecosystems and human health and well-being.

“The lack of ongoing and meaningful consultation, violation of First Nations rights and sacred sites, and environmental impacts that exist within the antiquated placer mining system damages the livelihood and well-being of First Nations communities. It is essential that the BC government immediately address our concerns regarding the industry and take decisive steps to protect waterways, honour First Nations rights and foster sustainable and long-term economic development,” stated BCAFN Regional Chief Terry Teegee. “Even though the Mineral and Tenure Act is currently being overhauled so that it aligns with the UN Declaration on the Rights of Indigenous Peoples and the Declaration on the Rights of Indigenous Peoples Act urgent and decisive action is required as indicated by the report.”

Grand Chief Stewart Phillip, UBCIC President, stated, “First Nations across BC have long been calling for an overhaul of current mining laws and regulations, which fail to provide meaningful consultation with FirstNations before mineral claims are staked in our territories. The consequences of inadequate regulation are particularly grave for placer  mining, which harms critical riparian wildlife, plants, and fish populations, with profound implications for the communities that depend on stream ecosystems for drinking water, medicines, and food. The BC government has stated its commitment to upholding the UN Declaration on the Rights of Indigenous Peoples and must act accordingly. A moratorium on new placer claims and leases is required until the laws and regulations are updated to provide adequate environmental protection and uphold First Nations rights.”

“Last year, the First Nations Summit Chiefs in Assembly passed a resolution which acknowledged the detrimental environmental impacts of placer mining and called for an immediate moratorium on the issuance of new placer claims and leases in BC. Placer mining activity has continued unabated since our first call for action, and it is time for BC to finally recognize and address the substantial harm this industry inflicts on First Nations communities and the environment at large,” stated First Nations Summit Political Executive Robert Phillips. “A moratorium on new placer claims and leases is the first step in bringing the Mineral Tenure Act into accord with the UN Declaration on the Rights of Indigenous Peoples and the Declaration on the Rights of Indigenous Peoples Act.”

Considering the many significant concerns outlined in the report, British Columbians must see comprehensive changes in the Mineral Tenure Act. The moratorium on placer mining would temporarily suspend new claims and leases and is a necessary action to provide decision-makers with time and space to study and assess the critical issues, impacts and environmental, social and cultural consequences to First Nations communities of this industry.

-30-

The First Nations Leadership Council is comprised of the political executives of the BC Assembly of First Nations (BCAFN), First Nations Summit (FNS), and the Union of BC Indian Chiefs (UBCIC).

For further information, contact:

Calvin Sandborn, KC, Environmental Law Centre, Phone: (250) 472-5248
Grand Chief Stewart Phillip, UBCIC President, Phone: (250) 490-5314
Robert Phillips, FNS Political Executive, Phone: (778) 875-4463
Annette Schroeter, Communications Officer, BCAFN, Phone: (778) 281-1655

Download PDF

 

 

CRIMINAL CAPITALI$M
Glencore faces legal action over bribery, corruption and fraud: Almost 200 funds seek damages for major losses

By JESSICA CLARK
 31 August 2023

Embattled mining company Glencore is facing a multi-billion-pound legal claim by major investors, accusing the firm of lying to cover up corrupt activities when it listed on the London Stock Exchange.

Shares in the FTSE 100 company dipped following the revelation that almost 200 funds, controlled by some of the world’s largest asset managers, are seeking damages against the FTSE 100 firm.

Investment giants including Fidelity, Vanguard and Legal & General are among the claimants.

According to the Financial Times, documents have been filed in London’s High Court alleging investors ‘suffered losses’ due to ‘untrue statements’ in Glencore’s prospectus for its 2011 initial public offering, and in the prospectus for its 2013 merger with Xstrata.

Shares in Glencore dipped following the revelation that almost 200 funds, controlled by some of the world’s largest asset managers, are seeking damages following a cover-up scandal

Pension funds including Scottish Widows, Ontario Pension Board, BP and Shell have also joined the latest legal action as well as sovereign wealth funds such as GIC, Norges Bank, Mubadala, Kuwait Investment Authority and Oman Investment Authority.

The investor claims were filed in the High Court between October 2022 and spring 2023.

In June they filed a joint document outlining allegations covering six related legal cases.

According to the allegations, firms in the Glencore Group committed ‘widespread bribery, corruption and fraud’, some of which senior managers were aware of.

The claimants say they purchased shares in Glencore either at the time of its London listing or the merger but that the prospectuses contained ‘numerous untrue and misleading statements’, due to ‘Glencore’s failure to disclose that bribery, corruption and fraud were prevalent in the business activities of key operating subsidiaries’, according to the FT.

The 200-page claim focuses on three allegations, including alleged bribery connected to copper and cobalt acquisitions in the Democratic Republic of Congo and Glencore’s oil trading business in West Africa, South Sudan, Brazil and Venezuela as well as alleged fuel oil price manipulation in the US. Glencore declined to comment.

In previous statements the company has made in relation to allegations of bribery, Glencore said the conduct was ‘inexcusable and has no place in Glencore’.

It has not filed its defence and there is no clear timeline for the case to go to court.

The London-listed company, which has its headquarters in Switzerland, was ordered to pay £281million following an investigation by the UK’s Serious Fraud Office last year.

It found Glencore had paid £23million in bribes to gain preferential access to oil in Africa.

The company pleaded guilty in the landmark case in June 2022 to five counts of bribery and two of failure to prevent bribery after the probe found it paid bribes to access oil in Cameroon, Equatorial Guinea, Ivory Coast, Nigeria and South Sudan.

Glencore slips as investors seek damages over prospectus claims
Published: 31 Aug 2023

Shares in Glencore PLC (LSE:GLEN) are firmly in the red after dozens of the world’s biggest asset managers accused it of lying in past share prospectuses to cover up corrupt activities.
The stock, which is also trading ex-dividend today, is down 4.6% after the Financial Times reported an escalation in an action in London’s High Court that could have significant ramifications for the natural resources industry.
Nearly 200 funds - including some managed by Fidelity, Vanguard, Legal & General, HSBC, Abrdn and Invesco - are seeking damages from Glencore over allegations that the company and its senior leadership made misleading statements that covered up corrupt activities, the report said.

The claimants allege they “suffered loss” as a result of “untrue statements” and omissions in Glencore’s 2011 prospectus for its listing on the London Stock Exchange and the later, 2013 prospectus for its merger with Xstrata.

Glencore.com PROSPECTUS 2011
https://www.glencore.com/dam/jcr:f2c5681a-1bd1-4a07-b92f-1f6a0557b911/Glencore-Prospectus.pdf
Glencore-Prospectus.pdf
Dec 31, 2011 ... Investors should only rely on the information contained in this document and ... resulting damages, claims and awards, remediation costs or ...

Damages claims hang over Glencore as IPO looms - Reuters

May 6, 2011 ... Commodities trader Glencore is being pursued for as much as $900 million (547.3 million pounds) in damages through lawsuits including a ...

 Euromoney.com

https://www.euromoney.com/article/b12kj9c1c6dy7x/how-glencore-crashed-through-the-equity-markets

How Glencore crashed through the equity markets - Euromoney 

Oct 6, 2011 ... According to those outsiders who worked closest with the company over this time at its core banks, to some who were on the fringes of the deal ...

The long list of claimants includes sovereign wealth funds such as GIC, Norges Bank, Mubadala, Aabar Holdings, Kuwait Investment Authority, and Oman Investment Authority.
Dozens of pension funds have also joined, including Scottish Widows, Ontario Pension Board, and BP and Shell pension funds.
The 197 funds listed as claimants allege they suffered losses because of “untrue and misleading statements” that covered up corrupt practices within the company.

WHY?

AUSTRALIA
Fortescue executive rout continues as Debelle quits green unit

AND THEN THERE WERE NONE
Reuters | August 31, 2023 |

(Image courtesy of Fortescue Metals Group.)

Guy Debelle, the former Reserve Bank of Australia deputy governor, resigned from the board of Fortescue Metals Group’s green energy unit on Friday, media reports said, continuing the run of abrupt departures by executives at the world’s fourth largest miner.


Debelle has stepped down as a non-executive director from the board of Fortescue Future Industries (FFI), the green energy arm of Fortescue Metals Group, the Australian Financial Review reported.

In an exchange filing, critical minerals firm Tivan said Debelle will be joining its board as a non-executive director, but did not mention if he would leave FFI’s board.

Fortescue did not respond to a Reuters request for comment.

This is the third senior executive departure from Fortescue just this week. Shares of the miner were trading 3.7% lower in early trade at A$20.64 as at 0012 GMT.

Debelle’s exit comes days after Fortescue’s metals division’s CEO Fiona Hick announced her departure after just six months in the role, and on Thursday the division’s finance chief Christine Morris stepped down after taking on the job three months ago.

Overseen by founder Andrew Forrest as executive chairman, Fortescue has struggled to keep senior management as it sets out to transform itself into a green energy superpower with a global footprint.

The iron ore giant logged a pretax impairment of $1 billion to its flagship Iron Bridge growth project in Western Australia and reported its lowest annual profit since 2020.

“Shareholders are going to be concerned about what and why all these people are leaving, and we’re not really getting the answers,” said Damian Rooney, director of equity sales at Argonaut said.

“It’s all good to wave your arms around and talk about going green, but at the end of the day, you still need to look after your shareholders who are investing money for growth, dividends and alike,” Rooney said.

Executive chairman Andrew Forrest, who spoke to local media earlier this week, said CEO Hick stepped aside following differences of opinion over the firm’s green transition.

“What we have now is a literally galloping herd of people who want to see this company go green,” he said, according to The Australian.

“So if you want to step outside that, you’re given a choice. You’re not fired, there’s no disagreement, you’re just given a choice: step back in, or you call it,” Forrest was quoted as saying.

Hick had joined Fortescue in February, after a year-long search for a replacement for former chief executive Elizabeth Gaines.

Ian Wells, Fortescue’s former chief financial officer, left in January, and acting chief financial officer of the energy division, Felicity Gooding, stepped down last month.

“We view the uncertainty created by multiple changes at the executive levels over the past several years as credit negative,” Sean Williams, analyst at Moody’s Investors Service said in a note earlier in the week.

(By Praveen Menon; Editing by Rashmi Aich and Michael Perry)

Eramet to resume manganese mining in Gabon IMMEDIATELY after coup

CAPITALI$M DOESN'T CARE
Bloomberg News | August 30, 2023 | 

Manganese oxide rock. (Reference image by James St. John, Flickr).

Eramet SA will restart production at its manganese mining operations in Gabon on Thursday, ending a temporary halt in the wake of the military coup in the country.


The Paris-based miner said late Wednesday it has decided to resume mining operations in after monitoring events in the country, after announcing earlier in the day that it would halt activity as a precautionary measure. Shares of Eramet, which has been expanding its key Moanda mine, slumped as much as 22% in Paris.

While Gabon is better known as an oil producer, Eramet has been investing heavily in expanding manganese output in recent years. That’s helped the former French colony become the world’s number-two supplier of the metal, which is a key ingredient in steelmaking and is finding growing usage in electric-vehicle batteries.

Manganese is one of the world’s most abundant mined elements, but production is concentrated in a handful of countries including South Africa, Gabon, Australia and China. Eramet said last month that the global market was in a slight surplus in the first half of the year, but there are growing concerns about supply risks surrounding high-purity forms of the metal that are needed by battery-makers.

Earlier this year, the European Commission proposed designating battery-grade manganese as a strategic raw material, alongside other metals like copper and nickel that play a key role in the energy transition.

Gabon’s manganese assets are a major source of revenue and employment for the state. Eramet paid more than €132 million ($144 million) in taxes and dividends in 2022 and spent more than €407 million on local purchases and subcontracting. The company directly employed 8,767 people, it said in a report in June.

Eramet said it will continue to monitor the situation in Gabon closely. It also said it will immediately restart rail transport activity, while passenger train movements will remain suspended.

(By Mark Burton and Francois de Beaupuy)

CRYPTO CRIMINAL CAPITALI$M

'As bad as I feared': Actor Ben McKenzie warns of crypto investments

Ben Cousins, BNN Bloomberg

Aug 30, 2023

Actor Ben McKenzie, best known for his roles in “The O.C.” and “Gotham,” is warning about the risks in crypto investments after spending two years investigating the industry. 

McKenzie, who has a degree in economics and recently co-authored the book “Easy Money: Cryptocurrency, Casino Capitalism, and the Golden Age of Fraud,” said he began investigating the industry when his acting roles dried up during the COVID-19 pandemic. 

“I started paying attention to the financial markets really for the first time in my life,” he told BNN Bloomberg in a television interview Wednesday. “I saw all these things that seemed inexplicable initially – meme stocks, crypto, NFTs – and decided to do some research.” 

McKenzie said his initial suspicions about the industry were confirmed. 

“It’s actually at least as bad as I feared, if not worse,” he said. “It’s been a pretty wild ride, but I have to say a lot of the things I’ve been warning about for the last two years have proven true.” 

McKenzie doesn’t refer to cryptocurrencies as “currency” because he argued that most users are investing rather than using it to buy goods. 

The U.S. Securities and Exchange Commission has been cracking down on the crypto industry in 2023 – an enforcement trend that is long overdue, according to McKenzie.

“What we’re seeing now is the rubber hitting the road,” McKenzie said. “All of these effectively unregistered, unregulated securities are finally coming under scrutiny legally and I don’t think they’re going to stand up.” 

On Wednesday, the SEC was dealt a blow in its fight to regulate the crypto industry, as a U.S. appeals court overturned its block of Grayscale Investments LLC’s first exchange-traded fund tied to Bitcoin. 

INTERVIEW WITH SBF 

For his book, McKenzie interviewed Sam Bankman-Fried, the beleaguered founder and CEO of FTX. Bankman-Fried faces 13 federal charges in the U.S., including fraud, conspiracy, campaign finance law violations and money laundering related to his alleged work with the company.

McKenzie interviewed the crypto founder in the summer of last year before Bankman-Fried’s arrest – and he said the warning signs were already showing. 

“When I sat down with him, I had a lot of questions,” he said. “There were red flags in abundance.”

With files from Bloomberg News

Morning Markets 

Actor Ben McKenzie on why crypto is the largest Ponzi scheme in history

Ben McKenzie, actor, writer, director, and co-author of New York Times best selling book 'Easy Money: Cryptocurrency, Casino Capitalism, and The Golden Age of Fraud, joins BNN Bloomberg to talk about his latest book and why he believes crypto is a scam.  08:21

These are the EASTERN Canadian cities getting pro women’s hockey teams

Ben Cousins, BNN Bloomberg

 Aug 29, 2023

Team Bauer Jill Saulnier, right, shoots wide of Team Sonnet goalie Shea Tiley during third period PWHPA Dream Tour hockey action in Calgary, Alta., Monday, May 24, 2021. THE CANADIAN PRESS/Jeff McIntosh

The Professional Women’s Hockey League has announced it will begin its inaugural season in January 2024 with six teams based in Canadian and U.S. cities.

The league will feature six teams – Toronto, Montreal, Ottawa, Boston, New York City and Minnesota – to play 24 regular season games each.

League activities begin with free agency on Sept.1, followed by a draft on Sept. 18.

“Today, we look ahead to a phenomenal future for the PWHL,” Jayna Hefford, PWHL senior vice president of hockey operations, said in a news release. “We have never seen more excitement and demand for women’s sports, and through the launch of this league, the top women’s players in the world will have the opportunity to reach even greater heights.”

The league said it is in the final stages of securing general managers for the six clubs, who will then be in charge of forming their teams in advance of the season.

Mark and Kimbra Walter are financially supporting the new league. Mark is the part owner of the Los Angeles Dodgers and CEO of Guggenheim Partners and the two run their philanthropic arm, The Walter Family Causes.

For years, women’s hockey had been divided into two entities, the Premier Hockey Federation (PHF) and the Professional Women’s Hockey Players Association (PWHPA).

That changed earlier this year, when the Mark Walter Group and Billie Jean King Enterprises – already financiers of the PWHPA – bought the PHF and essentially paved the way for the unified league.