BMO bankers terminated after allegations of homophobic harassment and bullying

NIALL MCGEE

MINING REPORTER
STEFANIE MAROTTA

BANKING REPORTER
ERIC REGULY

EUROPEAN BUREAU CHIEF

THE GLOBE AND MAIL

PUBLISHED YESTERDAY

Bank of Montreal late last week terminated four mining bankers in Toronto and another two resigned after allegations of bullying and harassment of a colleague, four sources told The Globe and Mail, behaviour the bank is calling “completely unacceptable.”

The targeted individual was a young male investment banker in the Toronto office of BMO’s mining group. The individual was subject to homophobic slurs, and targeted both in person and virtually on Teams chats, the sources said.

The Globe is not identifying the sources because they were not authorized to speak publicly.

declined to comment on the specifics of the alleged harassment of the victim, the bank acknowledged a serious incident took place. BMO said the victim raised concerns, and that the bank terminated a number of individuals who allegedly engaged in the behaviour, after an internal probe.

“An employee escalated a complaint that alleged completely unacceptable behaviour,” John Fenton, head, media relations with BMO, wrote in a statement to The Globe.

“We take matters of misconduct very seriously. An investigation was launched immediately. Six individuals are no longer with the bank.”

Four of the six were terminated and two resigned, a source familiar with the matter said.

Mr. Fenton added that all BMO employees are expected to meet the bank’s standards of respect, inclusivity and professionalism.

“Breaches of this standard are not tolerated and are subject to disciplinary actions up to and including termination of employment.”

Five of the six were junior bankers in the metals and mining division, and the other was a director responsible for overseeing the juniors, sources said.

BMO declined to comment on individuals who were no longer with the bank because of the incident, citing individual privacy constraints.

BMO Nesbitt Burns is a global leader in mining banking and regularly advises Canada’s biggest mining companies on mergers and acquisitions. Last year, BMO advised a special committee of the board of Teck Resources Ltd. in its US$8.9-billion deal to sell its coal division to Glencore PLC. BMO also prides itself on arranging financings for mining companies worth billions every year. Last September, it acted as lead bookrunner for Robert Friedland’s Ivanhoe Electric Inc. in a US$184-million capital raise.

The terminations of the BMO bankers took place not long after Dan Barclay retired as chief executive officer of the investment bank after a more than three decade career.

Alan Tannenbaum, who had been with the company since 2010, replaced Mr. Barclay in November.

Last Friday, the day after the terminations, Mr. Tannenbaum, who is CEO and group head, capital markets, with BMO Nesbitt Burns, in a weekly memo to staff dispensed with his usual jovial tone and instead started off with a stern message to staff.

He said that he’d been doing “some reflecting” on the bank’s culture and wanted to stress that BMO should be an inclusive environment “where we all feel safe.”

“Any inappropriate behaviour that undermines our culture and reputation will not be tolerated. The consequences are serious and broad reaching,” he said.

He also encouraged people to raise alarm bells when they notice bad behaviour in the workplace.

“It’s our responsibility to act and behave according to our code of conduct. It’s also our responsibility to speak up when something doesn’t seem right,” he said.

Investment banking is known as a lucrative, but competitive industry. Junior bankers are expected to put in extremely long hours. Most start out as analysts in their 20s, working for senior bankers, preparing materials such as slide shows that are used in presentations to clients.

Codelco secures first lithium asset with Australian firm buy

Cecilia Jamasmie | January 23, 2024 | 

The Maricunga lithium project sits on its namesake salt flat, Chile’s second-largest in terms of reserves. (Image courtesy of Lithium Power International.)

Chilean state-owned copper miner Codelco, the world’s largest copper producer, has secured it first lithium asset in the home country after Australia’s Lithium Power International (ASX: LPI) shareholders approved the firm’s takeover.


The A$385 million ($254 million) acquisition of the Sydney-based miner hands Codelco the Maricunga lithium project, located on the namesake salt flat, which is Chile’s second largest salt-encrusted field in terms of reserves of the battery metal.

The Maricunga project, located within the so-called lithium triangle in northern Chile, is estimated to contain about 1.9 million tonnes of lithium carbonate equivalent (LCE).

The transaction, which now only needs the Federal Court of Australia’s backing, is expected to conclude on Feb. 23, Codelco said.

“With this purchase, Codelco moves forward with its mandate of becoming leaders in the production of critical minerals for the energy transition,” chairman Máximo Pacheco said in the statement.

Chile gave the copper giant a key role in the new public-private model for the sector, announced in April last year, which calls for public-private partnerships for future lithium projects.

The seamless nature of this deal contrasts with a recent string of failed Australian lithium juniors acquisitions. Local mining billionaires gatecrashed a series of deals in the latter half of 2023, including Albemarle’s (NYSE: ALB) A$6.6 billion attempt to buy Liontown Resources (ASX: LTR) and SQM’s bid for Azure Minerals (ASX: AZS).

Chile is already the world’s no. 2 producer of lithium after Australia and holds the world’s largest known deposits of the coveted battery metal.

Codelco entered in late December the first lithium business tie-up with SQM for the future development and production of the metal in the Atacama salt flat, the only area where lithium is currently extracted in Chile.

China’s CBC raises its ownership in lithium mining operations in Bolivia.

Admin2 Days Ago

The Chinese consortium CBC, including battery giant CATL, and Bolivia, inked a deal on Wednesday, strengthening their collaboration in one of the world’s largest lithium reserves.

As Bolivia aims to enhance its role in the battery production chain with China, President Luiz Arce mentioned that Bolivia could launch a new international tender this month. Arce emphasized the country’s desire to participate in the entire production chain, not just in mining.

This recent agreement builds upon a prior deal made with Bolivia’s state-owned lithium company in January 2023. In that agreement, CBC committed to investing over $1 billion to initiate the processing of Bolivian lithium, involving the installation of two industrial direct lithium extraction (DLE) plants.

The new agreement entails an additional investment of $90 million and expands CBC’s involvement in Bolivia’s growing lithium industry. Bolivia is home to the Uyuni salt flat, boasting one of the largest lithium reserves globally.

Karla Calderon, President of YLB, stated at the government palace in La Paz that the agreements include the development of a pilot plant with an initial production capacity of 2,500 metric tons per year. There are plans for a future industrial plant with a capacity of 25,000 metric tons per year, although no specific date for the expansion was provided.

CBC representative Qinghua Zhou highlighted the strategic significance of the pilot, stating that CBC would leverage its advanced technology and expertise to conduct pilot tests, positioning Bolivia as a vital global hub in the lithium battery industry chain.

Bolivia has also signed agreements with two other Chinese companies, CBC and Citic Guoan, along with a Russian company, Uranium One Group, to construct industrial facilities for lithium carbonate production. Additionally, an agreement has been inked with India’s Altmin to collaborate on the development of cathode materials technology for lithium batteries.

Endeavour Mining’s second-biggest gold mine hit by strike

Wednesday, January 24, 2024

Workers at Endeavour Mining’s Hondué mine in Burkina Faso, the company second-biggest gold operation, have walked off the job on Tuesday, blocking the access road to the site.
Zoom:

A memo seen by Bloomberg revealed that an “illegal” and “unplanned” strike began affecting operations at Hondue on Sunday, in the latest setback for the Canadian miner, which earlier this month fired its chief executive over a hefty irregular payment.

Share in the company have lost nearly more than 23% of their value since Jan. 4, when Endeavour dismissed Sébastien de Montessus.

Neither the company or the former executive have disclosed the asset in question or its location.

Endeavour said it became aware of the payment instruction during a review of acquisitions and disposals, which is ongoing. In the past two years, Endeavor has sold mines in Burkina Faso and its stake in an Ivory Coast gold project.

The Houndé gold mine, which began production in 2017, is one of Endeavour’s cornerstone assets. It accounted for almost 30% of the 1.1 million ounces of gold produced by Endeavour last year.

The operation is located southwest of Ouagadougou, Burkina Faso’s capital. It is accessed by a 250km paved highway, currently blocked.

Lamborghini licenses MIT’s new high-capacity, fast-charging organic battery tech

Cobalt-free batteries could power cars of the future

MIT chemists developed a battery cathode based on organic materials, which could reduce the EV industry’s reliance on scarce metals.

Anne Trafton | MIT News
 Date:January 18, 2024

Caption:A new MIT battery material could offer a more sustainable way to power electric cars. Instead of cobalt or nickel, the new lithium-ion battery includes a cathode based on organic materials. In this image, lithium molecules are shown in glowing pink.
Credits:Image: Courtesy of the researchers. Edited by MIT News.


Many electric vehicles are powered by batteries that contain cobalt — a metal that carries high financial, environmental, and social costs.

MIT researchers have now designed a battery material that could offer a more sustainable way to power electric cars. The new lithium-ion battery includes a cathode based on organic materials, instead of cobalt or nickel (another metal often used in lithium-ion batteries).

In a new study, the researchers showed that this material, which could be produced at much lower cost than cobalt-containing batteries, can conduct electricity at similar rates as cobalt batteries. The new battery also has comparable storage capacity and can be charged up faster than cobalt batteries, the researchers report.

“I think this material could have a big impact because it works really well,” says Mircea Dincă, the W.M. Keck Professor of Energy at MIT. “It is already competitive with incumbent technologies, and it can save a lot of the cost and pain and environmental issues related to mining the metals that currently go into batteries.”

Dincă is the senior author of the study, which appears today in the journal ACS Central Science. Tianyang Chen PhD ’23 and Harish Banda, a former MIT postdoc, are the lead authors of the paper. Other authors include Jiande Wang, an MIT postdoc; Julius Oppenheim, an MIT graduate student; and Alessandro Franceschi, a research fellow at the University of Bologna.

Alternatives to cobalt

Most electric cars are powered by lithium-ion batteries, a type of battery that is recharged when lithium ions flow from a positively charged electrode, called a cathode, to a negatively electrode, called an anode. In most lithium-ion batteries, the cathode contains cobalt, a metal that offers high stability and energy density.

However, cobalt has significant downsides. A scarce metal, its price can fluctuate dramatically, and much of the world’s cobalt deposits are located in politically unstable countries. Cobalt extraction creates hazardous working conditions and generates toxic waste that contaminates land, air, and water surrounding the mines.

“Cobalt batteries can store a lot of energy, and they have all of features that people care about in terms of performance, but they have the issue of not being widely available, and the cost fluctuates broadly with commodity prices. And, as you transition to a much higher proportion of electrified vehicles in the consumer market, it’s certainly going to get more expensive,” Dincă says.

Because of the many drawbacks to cobalt, a great deal of research has gone into trying to develop alternative battery materials. One such material is lithium-iron-phosphate (LFP), which some car manufacturers are beginning to use in electric vehicles. Although still practically useful, LFP has only about half the energy density of cobalt and nickel batteries.

Another appealing option are organic materials, but so far most of these materials have not been able to match the conductivity, storage capacity, and lifetime of cobalt-containing batteries. Because of their low conductivity, such materials typically need to be mixed with binders such as polymers, which help them maintain a conductive network. These binders, which make up at least 50 percent of the overall material, bring down the battery’s storage capacity.

About six years ago, Dincă’s lab began working on a project, funded by Lamborghini, to develop an organic battery that could be used to power electric cars. While working on porous materials that were partly organic and partly inorganic, Dincă and his students realized that a fully organic material they had made appeared that it might be a strong conductor.

This material consists of many layers of TAQ (bis-tetraaminobenzoquinone), an organic small molecule that contains three fused hexagonal rings. These layers can extend outward in every direction, forming a structure similar to graphite. Within the molecules are chemical groups called quinones, which are the electron reservoirs, and amines, which help the material to form strong hydrogen bonds.

Those hydrogen bonds make the material highly stable and also very insoluble. That insolubility is important because it prevents the material from dissolving into the battery electrolyte, as some organic battery materials do, thereby extending its lifetime.

“One of the main methods of degradation for organic materials is that they simply dissolve into the battery electrolyte and cross over to the other side of the battery, essentially creating a short circuit. If you make the material completely insoluble, that process doesn’t happen, so we can go to over 2,000 charge cycles with minimal degradation,” Dincă says.

Strong performance

Tests of this material showed that its conductivity and storage capacity were comparable to that of traditional cobalt-containing batteries. Also, batteries with a TAQ cathode can be charged and discharged faster than existing batteries, which could speed up the charging rate for electric vehicles.

To stabilize the organic material and increase its ability to adhere to the battery’s current collector, which is made of copper or aluminum, the researchers added filler materials such as cellulose and rubber. These fillers make up less than one-tenth of the overall cathode composite, so they don’t significantly reduce the battery’s storage capacity.

These fillers also extend the lifetime of the battery cathode by preventing it from cracking when lithium ions flow into the cathode as the battery charges.

The primary materials needed to manufacture this type of cathode are a quinone precursor and an amine precursor, which are already commercially available and produced in large quantities as commodity chemicals. The researchers estimate that the material cost of assembling these organic batteries could be about one-third to one-half the cost of cobalt batteries.

Lamborghini has licensed the patent on the technology. Dincă’s lab plans to continue developing alternative battery materials and is exploring possible replacement of lithium with sodium or magnesium, which are cheaper and more abundant than lithium.

Wyloo Metals CEO gives update on Ring of Fire mining projects, though First Nations resistance continues

Some First Nations still opposed to development as need for critical minerals grows

Kristan Straub, CEO of Wyloo metals, says mining can be done in a sustainable way within the Ring of Fire.(Marc Doucette/CBC)

January 23, 2024

CBC Indigenous: As the demand for critical minerals grows, the CEO of the main company involved in northern Ontario’s Ring of Fire says it’s developing a nickel deposit that could be producing minerals for two decades.

Wyloo Metals CEO Kristan Straub gave the update Tuesday in a speech to business leaders in Thunder Bay, where he outlined the company’s plans for the Ring of Fire and discussed how his company is engaging with First Nations in the region now and into the future.

“[Eagle’s Nest] is Canada’s best opportunity for a new nickel sulphide deposit,” Straub said.

Straub was speaking about Wyloo’s Eagles Nest site, approximately 500 kilometers northeast of Thunder Bay. Of all the company’s mining hopes in northern Ontario’s Ring of Fire mineral deposit, he said this site is where it is choosing to develop first. It’s the most promising discovery and the mining project closest to production in the region.

Eagle’s Nest would produce 15,000 tons of nickel annually for an expected 20 years, said Straub.

Wyloo metals, (formerly known as Ring of Fire Metals and Noront Resources) is an Australian-based mining giant ultimately controlled by billionaire Andrew Forrest. The company holds the majority of established mining claims in the region, which it says contains minerals worth around $90 billion.
Thousands protest mining exploration on Indigenous land in Ontario

WATCH | Protest against mineral development draws thousands to Queen’s Park: 4 months ago – Duration 2:01

Thousands of Indigenous people people gathered at the Ontario Legislature to demand a face-to-face meeting with Premier Doug Ford. They say the province has allowed thousands of mining applications without their knowledge or consent.

Click on the following link to view the video:

https://www.cbc.ca/news/canada/thunder-bay/wyloo-metals-ceo-update-1.7092369

The province considers nine First Nations to be within the Ring of Fire– and Wyloo has promises for them. Straub said the company is aiming for a workforce composed of at least 50 per cent Indigenous employees, and plans to award millions of dollars of contracts to local, Indigenous-owned businesses willing to collaborate.

Two of those First Nations — Webequie and Marten Falls — have signed memorandums of understanding with Wyloo, and they are both leading an environmental assessment on a proposed road to the Ring of Fire, Straub said. Ontario approves environmental assessment terms of reference for 3rd and final road to Ring of Fire
Consultations continue as 2 First Nations work toward road to Ring of Fire in northern Ontario

The Northern Road Link project would connect two other proposed roads: one is an access road that will connect the community with the provincial highway system to the south. The second project is the so-called “Northern Road Link” that would lead to a proposed Ring of Fire mining site known as Eagle’s Nest.

The Northern Road Link is being touted as a critical lifeline. For prospectors, it would provide a pathway to minerals needed to build the electric vehicle batteries that are hoped to fuel Canada’s green economy.

For Webequie and Marten Falls, it’s hoped to bring wide-scale economic development and better access to goods and services.

“Webequie and Marten Falls are definitely the two closest First Nations in a nearby framework, and those are the two that we continue to work with,” said Straub. “The First Nations that are in the region around, we’ll look to build the support and the collaboration with them. Ultimately that’s their decision whether they partner in or not.”

While other First Nations say they respect Webequie and Marten Falls’ position, many aren’t willing to go along with development just yet.
Resistance from some First Nations in northwestern Ontario

There’s been pushback surrounding mining in the Ring of Fire and how consultations with Indigenous communities are handled, with recent rallies led by members of the First Nations Land Defence Alliance at Queen’s Park.

Last summer, 10 First Nations from Treaty 9 filed a lawsuit against Ontario and the federal government to fundamentally change the way resources and land management decisions are made in the region. That case is early on in the court process.

The Ojibways of Onigaming are the latest nation to join the Land Defence Alliance. Elected Chief Jeff Copenace said they signed on for strength in numbers he hopes will protect their lands and waters.

“We’re not going to stand by idly and let you destroy our lakes as our young people are dying,” said Copenace. “If you’re not going to help save our lives… then you can’t have access to land and waters.”

https://www.cbc.ca/news/canada/thunder-bay/wyloo-metals-ceo-update-1.7092369

Like many northern Ontario First Nations, Onigaming has declared a state of emergency as youth suffer from mental health issues, addiction and suicide. Copenace said he can remember at least 32 community members who have died over just the past 2.5 years– which is felt heavily by the reserve of 490. Inside the battle over Ontario’s Ring of Fire
Mining claims jump in northern Ontario’s Ring of Fire as EV battery interest grows
First Nations leaders demand equal partnership in Ottawa’s ‘broken’ regional assessment for Ring of Fire

Onigaming plans to develop a youth crisis center and recreation multiplex, in hopes it will help struggling community members. The recreation center will also provide a much-needed space to hold the community’s many funerals.

“We’ve been doing them in the school and we just made a decision this past year not to do them in the school anymore because of how heavily we’re traumatizing the children,” said Copenace.

Responding to the state of emergency means there is little bandwidth left for resource negotiation, he said. “It’s impossible for us to come to the table because we’re always having funerals, because we’re always dealing with young people that are suicidal,” said Copenace.

ABOUT THE AUTHOR

Michelle Allan, Reporter

Michelle Allan is a reporter at CBC Thunder Bay. She’s worked with the CBC’s Investigative Unit, CBC Ottawa and ran a pop-up bureau in Kingston. She won a 2021 Canadian Association of Journalists national award for investigative reporting. You can reach her at michelle.allan@cbc.ca.

Graphic: Tin shackled by surplus, but green industry demand poised to mop up supplies

Reuters | January 24, 2024 | 

Tin man statue. (Stock Image)

The potential for a build-up of tin supplies this year is likely to put pressure on prices, but accelerating demand from the energy transition sector, including solar panels and electric vehicles, should support prices in the future.


Tin is used in circuit-board soldering for products like mobile phones and in electric cars and also in the manufacture of solar panels. Solder currently accounts for about half of global tin consumption.




Sluggish demand particularly from the semiconductor industry pushed the market into surplus for the past two years. This was despite a ban imposed last August on tin mining in Myanmar’s Wa region, which exports to China, the top producer of refined tin and also the biggest consumer.


The Wa state authorized a partial resumption of mining from January 3 “with the notable exception of the Man Maw mine area, which accounts for almost all tin production in the autonomous region”, according to the International Tin Association.


Tin prices on the London Metal Exchange (LME) have dropped 20% to around $26,500 a metric ton, since hitting a six-month high at $32,680 in January last year.

“The market may ease in 2024, especially if more supply comes through from Myanmar,” said Bank of America strategist Danica Averion.

“Against near-term headwinds, fundamentals look robust longer term on solar and electric vehicles.”

Bank of America estimates the tin market surplus at 5,800 tons last year and global consumption at 360,400 tons.

Myanmar accounted for 72% of China’s total imports of tin ores and concentrates last year, amounting to more than 180,000 tons, compared with a number above 187,000 tons or nearly 77% in 2022, according to Trade Data Monitor (TDM).


Short-term support for tin prices could come from Indonesia, the world’s second largest producer of refined tin after China.

“Over the last few years, we have seen Indonesian tin exports slump in the early months of the year due to export licence renewals,” Citi analysts said in a December note.

Longer term, investment in and sales of electric vehicles and solar panels will see tin consumption pick up pace.

“Tin demand from the green sector could more than double by 2030, potentially topping 70,000 tons per annum equivalent to a fifth of current consumption,” Averion said.

“This suggests that fundamentals are set to remain strong and the focus will be on the supply side and the extent to which producers will be able to meet this additional demand.”

(By Pratima Desai; Editing by Jane Merriman)

Plaintiffs demand 582m euros from TÜV Süd over Brazil dam burst

Reuters | January 25, 2024 |

The Fire Brigade of Minas Gerais searches for missing bodies. (Image: Ibama)

More than 1,400 plaintiffs are demanding over 582 million euros ($634 million) in damages from German industrial inspector TÜV Süd over its alleged role in the deadly collapse of a dam in Brazil, their lawyers said on Thursday.


The Jan. 25, 2019 tailings dam burst, in the Brazilian state of Minas Gerais, unleashed a wave of mud that left 270 dead, while also ravaging local forests, rivers and communities.

TÜV Süd, whose Brazilian subsidiary had certified the dam, has rejected any legal responsibility for the burst.

The Munich Regional Court will decide whether Brazilian law can be applied during the proceedings, the plaintiffs said, adding that this would make it easier to hold the German company accountable.

According to the plaintiffs’ lawyers, the court has commissioned an expert in Brazilian law to clarify the question.

TÜV Süd’s lawyers have referred responsibility to Brazil’s Vale, the world’s largest iron ore producer, that operated the dam.

“The responsibility of the dam operator was legally established in Brazil and the affected parties are being comprehensively compensated … The claims asserted by the plaintiffs against TÜV Süd therefore do not exist”, the company said in an emailed statement.

The Brazilian company promised to spend 7.8 billion reais ($1.58 billion) on repairs last year, after having spent around 10.2 billion reais in disbursements in 2022.

($1 = 4.9335 reais)

($1 = 0.9178 euros)

(By Joern Poltz and Nette Noestlinger; Editing by Matthias Williams and Tomasz Janowski)

Brazil judge orders Vale, BHP and Samarco to pay $9.7 billion in damages

Staff Writer | January 25, 2024 |

Reconstruction efforts at Samarco’s Fundão tailings dam in 2017. (Image courtesy of BHP)

A Brazilian judge has sentenced Vale (NYSE: VALE) and BHP (ASX: BHP) and their joint venture Samarco to pay 47.6 billion reais ($9.67 billion) in damage repairs over a burst tailings dam in 2015, according to a legal decision on Thursday seen by Reuters.


The Samarco Fundão dam burst occurred in November 2015, releasing 39.2 million cubic meters of tailings waste into the Rio Doce Basin. It was Brazil’s worst environmental disaster ever, resulting in the death of 19 people.

In 2015, the year of the tragedy, Samarco produced 25 million tonnes of iron ore. The joint venture was eventually shuttered for five years. During that time, BHP and Vale focused on reparations, compensations and clean-up efforts.

The companies also faced several lawsuits and site inspections until they were ready to safely reopen Mariana Complex in December 2020.

Brazilian prosecutors said that year that the Renova Foundation created by the miners for the reparation of the damages did not deliver on any of its promises.

Samarco said in 2020 that it had developed a new security system, which includes a monitoring and inspection center.

Brazil probes Mercado Libre sales of mercury used by illegal gold miners

Reuters | January 24, 2024 |

Stock image.

Public prosecutors chasing illegal gold mining in Brazil’s Amazon region on Wednesday opened an investigation into on-line sales of mercury through Mercado Libre, Latin America’s largest e-commerce site.


The Federal Prosecutors’ Office recommended Mercado Libre ban mercury ads from its platform, or inform authorities who is placing them and establish better controls over the trade in what it called “an extremely dangerous pollutant.”


Wildcat miners in the Amazon use liquid mercury to agglutinate gold particles and separate them from ore and dirt when they dredge through muddy excavations in the rainforest.

Mercury pollutes the rivers and poisons the fish, a staple for Indigenous communities in the Amazon where studies show women and children with dangerously high levels of mercury in their blood.

Stopping the sale mercury, along with fuel supplies and the financing of mine prospects is part of the Brazilian government’s crackdown on illegal gold mining that has surged in recent years in the Amazon.

“Mercado Libre sales platform has been used indiscriminately for trading liquid mercury, without any control over the origin of the material and the parties involved in the transactions,” the prosecutors recommendation said.

Mercado Libre said it was ready to help prosecutors with their investigations into the sale of prohibited products.

“As soon as such products are identified, the ads are removed and the seller is notified, and could be banned from the platform,” Mercado Libre said in a statement.

Mercury is a controlled substance in Brazil and sales are illegal if not registered stating its origin and use.

Brazil does not produce mercury, which must be imported and illegal purchases are made by Internet on platforms such as Mercado Libre, an Argentine company headquartered in Uruguay and incorporated in the United States.

Mercury poisoning can cause serious neurological damage and malformation of babies.

A 2019 study led by Fiocruz, Brazil’s top biomedical research lab, found the presence of mercury in 56% of Yanomami women and children in the Maturacá region of the Amazon.

Brazil is a signatory of the Minamata Convention, an international treaty designed to protect human health and the environment, named after the devastating incident of mercury poisoning in Japan.

(By Anthony Boadle; Editing by Diane Craft)

Sandvik to cut 1,100 jobs as Q4 profit lags expectations
Reuters | January 25, 2024 | 

Sandvik’s Toro LH518iB. Credit: Sandvik.

Sandvik plans to cut around 1,100 jobs as part of a cost-saving drive, the Swedish mining equipment maker said on Thursday, as it reported adjusted fourth-quarter profits just below expectations.


The company said orders with major mining companies were at a good level, but that it had seen a slowdown from smaller miners and softness in infrastructure markets.

It also said shipping disruption in the Red Sea was leading to some delays in larger mining equipment, but that it was manageable.

“But the longer it goes on the more troublesome it might become … it will also contribute to a new uncertainty on the logistics front just when we thought things had normalized,” CEO Stefan Widing told reporters, adding the company was not hiking prices due to any extra costs.

Sandvik said it planned to reduce annual costs by around 1.2 billion Swedish crowns ($115 million), including cutting nearly 3% of its workforce.

“The new measures include consolidation of productions units and optimizing the structure of the organization. The measures are group-wide and global,” it said, adding restructuring costs would total around 2.4 billion crowns.

Fourth-quarter operating profit before items affecting comparability fell to 5.74 billion crowns from 5.98 billion a year-earlier, below the 5.87 billion expected by analysts polled by LSEG.

The miss was due mainly to adverse currency moves and weak volumes, Jefferies analysts said.

The company proposed a 2023 dividend of 5.50 crowns per share, up from 5.00 crowns a year earlier and roughly in line with the 5.59 crowns expected by analysts.

Its shares were up almost 1% at 1043 GMT.

Widing said the slower demand from smaller mining companies was “mainly due to higher interest rates, so it takes a little bit longer for them to get financing”.

Sandvik’s overall order intake came to 30.1 billion crowns, roughly in line with the consensus estimate, according to Jefferies.

Excluding acquisitions and at fixed exchange rates, orders fell 4%.

($1 = 10.4351 Swedish crowns)

(By Marie Mannes; Editing by Emelia Sithole-Matarise and Mark Potter)

Rio Tinto utilizes Australia’s largest solar farm to supply power to its aluminum assets.

Admin2 Days Ago

Rio Tinto announced on Wednesday a power purchase agreement to source electricity from a new solar farm in Queensland, as part of its commitment to environmentally sustainable practices for its aluminum operations on the east coast of Australia. The company aims to reduce its direct and indirect emissions by 50% by 2030.

Under a 25-year agreement with green energy firm European Energy Australia, Rio Tinto will purchase power from the upcoming 1.1-gigawatt Upper Calliope solar farm, expected to become the largest in the country upon completion.

Once operational, the solar farm has the potential to reduce Rio’s carbon emissions by 1.8 million tonnes annually. Rio Tinto currently ranks as Australia’s 10th largest emitter, with approximately two-thirds of its reported 2022 emissions of 30.3 million tonnes CO2 equivalent originating from its aluminum division.

Construction of the Upper Calliope solar farm is slated to commence in 2025 or 2026, with the facility situated about 50 kilometers southwest of Gladstone. The solar power agreement is also anticipated to contribute to the repowering of Rio’s three production assets in Gladstone: the Boyne aluminum smelter, Yarwun alumina refinery, and Queensland Alumina refinery.

Rio Tinto had previously sought proposals in June 2022 for the development of wind and solar energy plants in Queensland to supply power to three aluminum projects by 2030. The Upper Calliope project is the initial successful applicant resulting from Rio’s formal request for renewable power and firming projects in Central and Southern Queensland.