Hyundai to invest $400 million for stake in Korea Zinc

THANKS TO BIDEN'S IRA

Bloomberg News | August 30, 2023 | 

Hyundai IONIQ 5 Electric on display at Thailand International Motor Show 2022. Stock image.

Hyundai Motor Group will buy a 5% stake in Korea Zinc Co., the world’s largest smelter for non-ferrous metals, as part of its effort to ensure access to key metals used in making electric-car batteries.


The group, which controls Hyundai, Kia and Genesis brands, signed a partnership Wednesday with the smelter to jointly develop a “nickel value chain” that procures, processes and recycles the metal needed for EV batteries, the Seoul-based automaker said in an emailed statement. Hyundai will spend 527.2 billion won ($398 million) to purchase shares of Korea Zinc as part of the tie-up, it said.

Hyundai plans to buy 50% of nickel it needs for EV batteries through the partnership by 2031 to comply with President Joe Biden’s Inflation Reduction Act, which encourages carmakers to produce EV components outside of China. The supply chain built with Korea Zinc, also based in Seoul, will meet European requirements for the sourcing of critical minerals and satisfy other ESG rules, the automaker said.

It aims to be one of the world’s top three EV makers by the end of this decade by producing 3.64 million vehicles annually.

The company has denied speculation that it wants to build its own lithium-ion batteries for EVs, though it has acknowledged that it’s studying solid-state batteries. Hyundai opened a research center in July in collaboration with Seoul National University to develop next-generation batteries.

(By Heejin Kim, with assistance from Shinhye Kang)

Taseko Mines Executes Programmatic Agreement with US EPA at Florence Copper Project

bySarah Vega - Content Writer, The Assay
1 day ago


(Credit: Taseko Mines)


Preservation Act (NHPA) section 106 process, a programmatic agreement has been executed by all required signatories, including the United States Environmental Protection Agency (EPA) and Taseko, regarding its Florence copper project in Arizona.

The agreement is now in effect and stipulates requirements for the treatment, handling, and protection of cultural resources on the Florence project site, in accordance with the NHPA. A draft of the deal was issued by the EPA in August 2022 for public comment and comments received were addressed prior to finalizing and executing the agreement.

Taseko president and CEO Stuart McDonald commented, “The signing of the programmatic agreement is an important step in the EPA’s permitting process, and an indication that the EPA is preparing to make a final decision on Florence copper’s underground injection control permit.”

Taseko reports a net present value of US$930M (after-tax, at an 8% discount rate) with an internal rate of return of 47% (after-tax) on measured and inferred resources of 363Mt grading 0.35% Cu.

Florence is a wholly owned in-situ copper recovery project, located midway between Phoenix and Tucson near the community of Florence, Arizona. Development of the project is being performed in two phases – the first phase is a production test facility, which is followed by the second phase commercial facility.

BC

Red Pine Enters into Royalty Agreement with Franco-Nevada for Consideration of C$6,750,000

PUBLISHED

AUG 29, 2023 

TORONTO, Aug. 29, 2023 (GLOBE NEWSWIRE) -- Red Pine Exploration Inc. (TSXV: RPX, OTCQB: RDEXF) ("Red Pine" or the "Company") is pleased to announce that it has entered into a net smelter return royalty agreement (the “Royalty Agreement”) with Franco-Nevada Corporation (“Franco-Nevada”) for the purchase and sale of a 1.5% net smelter return royalty (the “Royalty”) on its Wawa Gold Project (“Wawa”) located in Ontario for immediate cash proceeds to the Company of C$6,750,000.

Proceeds from the sale of the Royalty will be used for continued exploration and advancement of Wawa, and ongoing working capital.

Quentin Yarie, President & CEO of Red Pine commented, “We are thrilled to welcome Franco-Nevada as a new partner into the Red Pine and Wawa story. Red Pine has been fortunate to have strong support from existing partners, and the addition of Franco-Nevada, a true leader in the gold space, brings further validation to the Wawa Gold Project. On the back of this non-dilutive financing, and with over C$10M in cash on hand, we are well positioned to deliver on our exploration goals, including ongoing infill and expansion drilling, an updated mineral resource estimate defining the open pit exploration target, and a potential preliminary economic assessment.”

Paul Brink, President & CEO of Franco-Nevada commented, “We are excited to be supporting Red Pine in its advancement of the Wawa Gold Project. We believe that the Michipicoten Greenstone Belt has great geological potential and are pleased to be partnering with Red Pine with the objective of advancing a new mine to production in Ontario.”

Pursuant to the Royalty Agreement, Franco-Nevada has been granted a one time option, exercisable within 30 business days of Red Pine providing notice to Franco-Nevada confirming both (i) a board-approved construction decision at Wawa, and (ii) completion of a feasibility study at Wawa, to purchase an additional 0.5% net smelter return royalty (the “Additional Royalty”) at a cost of 1.0x the net present value of the Additional Royalty, which is to be calculated based on the value of the mineral reserves within the Wawa feasibility study, after applying a 5% discount rate, and utilizing the then-prevailing analyst consensus commodity price forecasts.

Advisor and Counsel

Haywood Securities Inc. acted as exclusive financial advisor to Red Pine with respect to the sale of the Royalty. Wildeboer Dellelce LLP acted as legal counsel to Red Pine.

About Red Pine Exploration Inc.

Red Pine Exploration Inc. is a gold exploration company headquartered in Toronto, Ontario, Canada. The Company’s shares trade on the TSX Venture Exchange under the symbol “RPX” and on the OTCQB Markets under the symbol “RDEXF”.

The Wawa Gold Project is in the Michipicoten Greenstone Belt of Ontario, a region that has seen major investment by several producers in the last five years. Its land package hosts numerous historic gold mines and is over 6,900 hectares in size. Led by Quentin Yarie, CEO, who has over 25 years of experience in mineral exploration, Red Pine is strengthening its position as a major mineral exploration and development player in the Michipicoten region.

For more information about the Company, visit www.redpineexp.com

 21 CENTURY ALCHEMISTS

Gilded mysteries unveiled: Ancient art meets nanotechnology in nanoscale goldbeating

• AUGUST 25, 2023
• RESEARCH, STUDENT RESEARCH

Goldbeating, an age-old craft pioneered by ancient Egyptian artisans more than five millennia ago, involves the meticulous thinning of bulk gold into gossamer-like leaves. Throughout history, this intricate process has adorned various masterpieces, such as the tombs of Thebes and Saqqara, and has cemented its place in art and adornments across cultures. Today, nanoscale gold is used not only for decorating fancy desserts, but is indispensable for modern applications ranging from microelectronics to nanomedicine.

Bridging the gap between ancient arts and modern technology, researchers from the University of South Florida, Clemson University, and the University of Illinois at Urbana-Champaign have discovered that even nanoscopic gold ingots can be compressed into 2D leaf forms, replicating the ancient process of goldbeating, but at the nanoscale. 

The ancient craft of goldbeating enters the nanoscale where gold nanoparticles as tiny as ~18 nanometers are compressed into ultra-thin 2D sheets.

"We were intrigued by the idea of borrowing ancient craft for modern nanomanufacturing processes," said researcher Michael Cai Wang, assistant professor of Mechanical Engineering at USF. "The ability to fabricate 2D thin films from nanoparticles opens up new frontiers in nanotechnology and materials science, as we further pursue green ways to engineer gold at USF!" 

The researchers' recently published article in PNAS Nexus, "Nanoscale Goldbeating: Solid-State Transformation of 0D and 1D Gold Nanoparticles to Anisotropic 2D Morphologies", explores and offers insights into the world of nanoscale metallic deformation and 2D leaf formation. The understanding gained from this study can lead to the development of a broad palette of nanocrystals and nanometals, paving the way for exciting future applications in renewable energy, quantum computing, and nanomedicine.

“The inception of this solid-state 2D transformation technique is merely the starting point. Its versatility extends beyond gold, making it applicable to a diverse array of materials," said Md Rubayat-E Tanjil, a USF doctoral candidate in Mechanical Engineering and a first author on this paper. "As we share our findings with the scientific community, we eagerly anticipate advancing our understanding of nanoscale metallic deformation and unveiling new science.” 

Mechanical Engineering student and NSF S-STEM Scholar Keegan Suero

The study revealed that the induced 2D morphologies of the gold leaves were dependent on various factors, including the precursor nanoparticles' original shape, size, and ordering before their compression. Because of the malleability of gold, this nanomanufacturing technique has the potential to precisely control the 2D gold leaf's shape, lateral size, and thickness, opening up new avenues in diverse applications.

“The effort we put in towards achieving uniform large-area compression of nanocrystals paid off in the end," said Keegan Suero, a Mechanical Engineering junior and USF S-STEM Scholar who has been working in Wang's lab throughout his undergraduate studies. "I am thrilled to be a part of this remarkable endeavor, and, of course, there is a wealth of science yet to be unearthed!” 

With the convergence of ancient artistry and nanotechnology, this study not only expands our understanding of nanoscale materials but also showcases the timeless appeal of gold and its significance in shaping our past, present, and future.

This research was made possible through USF’s Nanotechnology Research & Education Center and with support from the National Science Foundation (NSF) and American Chemical Society (ACS).

Photo credit: Ryan Wakefield

Mechanical Engineering doctoral students Md Rubayat-E Tanjil and Zhewen Yin working in the NanoMechanics, NanoMaterials, NanoManufacturing Laboratory (NM3L) of Assistant Professor Michael Cai Wang.

Metmuseum.org

https://www.metmuseum.org/toah/hd/egold/hd_egold.htm

Gold in Ancient Egypt | Essay | Heilbrunn Timeline of Art Hi... 

The granules were generally attached using a method known as colloidal hard soldering, which relies on the chemical reduction of a finely ground copper-mineral ...

Ncbi.nlm.nih.gov

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10446819

Nanoscale goldbeating: Solid-state transformation of 0D and ... 

Aug 18, 2023 ... Goldbeating is the ancient craft of thinning bulk gold (Au) into gossamer leaves. Pioneered by ancient Egyptian craftsmen, modern mechanized ...

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.