Monday 22nd October 2018

Resource Clips


Posts tagged ‘platinum group metals’

Streamers turn to cobalt as Vale extends Voisey’s Bay nickel operations

June 11th, 2018

by Greg Klein | June 11, 2018

It was a day of big moves for energy minerals as China bought into Ivanhoe, Vale lengthened Voisey’s and streaming companies went after the Labrador nickel mine’s cobalt.

On June 11 Robert Friedland announced CITIC Metal would pay $723 million for a 19.9% interest in Ivanhoe Mines TSX:IVN, surpassing the boss’ own 17% stake to make the Chinese state-owned company Ivanhoe’s largest single shareholder. Another $78 million might also materialize, should China’s Zijin Mining Group decide to exercise its anti-dilution rights to increase its current 9.9% piece of Ivanhoe.

Streamers turn to cobalt as Vale extends Voisey’s Bay nickel operations

At peak production, Voisey’s underground operations are expected to
ship about 45,000 tonnes of nickel concentrate annually to Vale’s
processing plant at Long Harbour, Newfoundland.

Proceeds would help develop the flagship Kamoa-Kakula copper-cobalt mine in the Democratic Republic of Congo and the Platreef platinum-palladium-nickel-copper-gold mine in South Africa, as well as upgrade the DRC’s historic Kipushi zinc-copper-silver-germanium mine. Ivanhoe and Zijin each hold a 39.6% share in the Kamoa-Kakula joint venture.

Even bigger news came from St. John’s, where Newfoundland and Labrador Premier Dwight Ball joined Vale NYSE:VALE brass to herald the company’s decision to extend Voisey’s Bay operations by building an underground mine.

The announcement marked the 16th anniversary of Vale’s original decision to put Voisey (a Friedland company discovery) into production. Mining began in 2005, producing about $15 billion worth of nickel, copper and cobalt so far. Open pit operations were expected to end by 2022. Although a 2013 decision to go ahead with underground development was confirmed in 2015, the commitment seemed uncertain as nickel prices fell. That changed dramatically over the last 12 months.

With construction beginning this summer, nearly $2 billion in new investment should have underground operations running by April 2021, adding at least 15 years to Voisey’s life. The company estimates 16,000 person-years of employment during five years of construction, followed by 1,700 jobs at the underground mine and Long Harbour processing plant, with 2,135 person-years in indirect and induced employment annually.

Nickel’s 75% price improvement over the last year must have prodded Vale’s decision. But streaming companies were quick to go after Voisey’s cobalt. In separate deals Wheaton Precious Metals TSX:WPM and Cobalt 27 Capital TSXV:KBLT have agreed to buy a total of 75% of the mine’s cobalt beginning in 2021, paying US$390 million and US$300 million respectively. They foresee an average 2.6 million pounds of cobalt per year for the first 10 years, with a life-of-mine average of 2.4 million pounds annually.

Both companies attribute cobalt’s attraction to clean energy demand and a decided lack of DRC-style jurisdictional risk. But Vale also emphasizes nickel’s promise as a battery metal. Last month spokesperson Robert Morris told Metal Bulletin that nickel demand for EVs could rise 10-fold by 2025, reaching 350,000 to 500,000 tonnes.

Total nickel demand currently sits at slightly more than two million tonnes, Morris said. New supply would call for price increases well above the record levels set this year, he added.

Can’t live without them

March 23rd, 2018

The U.S. Critical Materials Institute develops new technologies for crucial commodities

by Greg Klein

A rare earths supply chain outside China? It exists in the United States and Alex King has proof on his desk in the form of neodymium-iron-boron magnets, an all-American achievement from mine to finished product. But the Critical Materials Institute director says it’s up to manufacturers to take this pilot project to an industry-wide scale. Meanwhile the CMI looks back on its first five years of successful research while preparing future projects to help supply the stuff of modern life.

The U.S. Critical Materials Institute develops new technologies and strategies for crucial commodities

Alex King: “There’s a lot of steps in rebuilding that supply chain.
Our role as researchers is to demonstrate it can be done.
We’ve done that.” (Photo: Colorado School of Mines)

The CMI’s genesis came in the wake of crisis. China’s 2010 ban on rare earths exports to Japan abruptly destroyed non-Chinese supply chains. As other countries began developing their own deposits, China changed tactics to flood the market with relatively cheap output.

Since then the country has held the rest of the world dependent, producing upwards of 90% of global production for these metals considered essential to energy, defence and the overall economy.

That scenario prompted U.S. Congress to create the CMI in 2013, as one of four Department of Energy innovation hubs. Involving four national laboratories, seven universities, about a dozen corporations and roughly 350 researchers, the interdisciplinary group gets US$25 million a year and “a considerable amount of freedom” to pursue its mandate, King says.

The CMI channels all that into four areas. One is to develop technologies that help make new mines viable. The second, “in direct conflict with the first,” is to find alternative materials. Efficient use of commodities comprises the third focus, through improvements in manufacturing, recycling and re-use.

“Those three areas are supported by a fourth, which is a kind of cross-cutting research focus extending across a wide range of areas including quantum physics, chemistry, environmental impact studies and, last but certainly not least, economics—what’s the economic impact of the work we do, what’s its potential, where are the economically most impactful areas for our researchers to address,” King relates.

With 30 to 35 individual projects underway at any time, CMI successes include the Nd-Fe-B batteries. They began with ore from Mountain Pass, the California mine whose 2015 shutdown set back Western rare earths aspirations.

The U.S. Critical Materials Institute develops new technologies and strategies for crucial commodities

Nevertheless “that ore was separated into individual rare earth oxides in a pilot scale facility in Idaho National Lab,” explains King. “The separated rare earth oxides were reduced to master alloys at a company called Infinium in the Boston area. The master alloys were brought to the Ames Lab here at Iowa State University and fabricated into magnets. So all the skills are here in the U.S. We know how to do it. I have the magnets on my desk as proof.”

But, he asks, “can we do that on an industrial scale? That depends on companies picking up and taking ownership of some of these processes.”

In part, that would require the manufacturers who use the magnets to leave Asia. “Whether it’s an electric motor, a hard disk drive, the speakers in your phone or whatever, all that’s done in Asia,” King points out. “And that means it is most advantageous to make the magnets in Asia.”

America does have existing potential domestic demand, however. The U.S. remains a world leader in manufacturing loudspeakers and is a significant builder of industrial motors. Those two sectors might welcome a reliable rare earths supply chain.

“There’s a lot of steps in rebuilding that supply chain. Our role as researchers is to demonstrate it can be done. We’ve done that.”

Among other accomplishments over its first five years, the CMI found alternatives to both europium and terbium in efficient lighting, developed a number of improvements in the viability of rare earths mining and created much more efficient RE separation.

“We also developed a new use for cerium, which is an over-produced rare earth that is a burden on mining,” King says. “We have an aluminum-cerium alloy that is now in production and has actually entered the commercial marketplace and is being sold. Generating use for cerium should generate additional cash flow for some of the traditional forms of rare earths mining.”

Getting back to magnets, “we also invented a way of making them that is much more efficient, greatly reduces sensitive materials like neodymium and dysprosium, and makes electric devices like motors and generators much more efficient.”

All these materials have multiple uses. It’s not like they don’t have interest in the Pentagon and other places.—Alex King

Future projects will focus less on rare earths but more on lithium. The CMI will also tackle several others from the draft list of 35 critical minerals the U.S. released in February: cobalt, manganese, gallium, indium, tellurium, platinum group metals, vanadium and graphite. “These are the ones where we feel we can make the most impact.”

While the emphasis remains on energy minerals, “all these materials have multiple uses. It’s not like they don’t have interest in the Pentagon and other places.”

But the list is hardly permanent, while the challenges will continue. “We’ve learned a huge amount over the last five years about how the market responds when a material becomes critical,” he recalls. “And that knowledge is incredibly valuable because we anticipate there will be increasing incidences of materials going critical. Technology’s moving so fast and demand is shifting so fast that supply will have a hard time keeping up. That will cause short-term supply shortfalls or even excesses. What we need to do is capture the wisdom that has been won in the rare earths crisis and recovery, and be ready to apply that as other materials go critical in the future.”

Alex King speaks at Argus Specialty Metals Week, held in Henderson, Nevada, from April 16 to 18. For a 15% discount on registration, enter code RARE2018.

U.S. releases draft list of 35 critical minerals, seeks public comment

February 21st, 2018

by Greg Klein | February 21, 2018

The world’s largest economy and strongest military has taken another step to mitigate some surprising vulnerabilities. On February 16 the U.S. Department of the Interior released a draft list of 35 minerals deemed critical to American well-being. The move follows December’s presidential executive order calling for a “federal strategy to ensure secure and reliable supplies of critical minerals.” In response the U.S. Geological Survey compiled the new list, which now awaits input from the public. Americans have until March 19 to respond.

U.S. releases draft list of 35 critical minerals, seeks public comment

“The work of the USGS is at the heart of our nation’s mission to reduce our vulnerability to disruptions in the supply of critical minerals,” commented the DOI’s Tim Petty. “Any shortage of these resources constitutes a strategic vulnerability for the security and prosperity of the United States.”

The list defines “critical” as “a non-fuel mineral or mineral material essential to the economic and national security of the United States, the supply chain of which is vulnerable to disruption, and that serves an essential function in the manufacturing of a product, the absence of which would have significant consequences for the economy or national security.”

Among them are “aluminum—used in almost all sectors of the economy; the platinum group metals—used for catalytic agents; rare earth elements—used in batteries and electronics; tin—used as protective coatings and alloys for steel; and titanium—overwhelmingly used as a white pigment or as a metal alloy.”

Just one day before Donald Trump issued the order, the USGS released a nearly 900-page report, the first thorough examination of the subject since 1973, detailing 23 critical minerals. All 23 made the new list, with 12 newcomers including scandium, uranium and tungsten. Rare earths come under a single category of 17 elements. The list can be seen here, with links to USGS reports on each mineral.

Speaking with ResourceClips.com days after the president’s order, Jeff Green called it the country’s “most substantive development in critical mineral policy in 20 years.” The U.S. Air Force Reserve colonel, former USAF commander and Washington defence lobbyist added that a new critical minerals policy would largely benefit American companies and supply chains. But he pointed out that Trump “also said that international co-operation and partnerships with our strongest allies will be really important.”

See the USGS draft list of 35 critical minerals.

Read more about the U.S. critical minerals initiative.

Robert Friedland talks copper, zinc, PGMs and China’s “airpocalypse”

August 28th, 2017

…Read more

Robert Friedland’s favourites

July 28th, 2017

Unprecedented demand calls for unparalleled grades, the industry legend says

by Greg Klein

For all that’s being said about lithium and cobalt, Robert Friedland argues that the energy revolution also depends on copper and platinum group elements. Of course he has a stake in them himself, with Kamoa-Kakula and Platreef among his current enthusiasms. Still, whether motivated by self-interest or not, the mining titan whom Rick Rule calls “serially successful” presented a compelling case for his favourite metals at the Sprott Natural Resource Symposium in Vancouver on July 25.

We’re living in “an era of unprecedented change,” said Ivanhoe Mines’ TSX:IVN founding chairperson. China’s the main cause. That country’s “breeding mega-cities prodigiously.” But one result is “incredibly toxic air… with a whole suite of health effects” from heart attacks to stroke, asthma to Alzheimer’s.

Unprecedented demand calls for unparalleled grades, the industry legend says

A crew operates jumbo rigs to bring
Ivanhoe’s Platreef mine into PGM production.

China’s not alone. Friedland pegs current global population growth at 83 million a year, with a projected 8.5 billion people populating the planet by 2030. Five billion will inhabit urban areas. Forecasts for 2050 show 6.3 billion city-dwellers. But China, notorious for its poisoned atmosphere, “is on an air pollution jihad.” It’s an all-out effort to turn back the “airpocalypse” and, with a command economy, a goal that shall be achieved.

The main target will be the internal combustion engine, responsible for about 60% of urban air pollution, Friedland said. China now manufactures 19 million cars annually, he adds. The country plans to increase output to 60 million, a goal obviously contrary to the war on pollution unless it emphasizes electric vehicles.

Like others, Friedland sees massive disruption as the economics of EVs overtake those of internal combustion engines, a scenario he expects by 2022 or 2023.

Demand for lithium-ion batteries (comprising 4% lithium, 80% nickel sulphate and 15% cobalt) has sent cobalt prices soaring. But bigger EVs will likely rely on hydrogen fuel cells, he pointed out. They’re already used in electric SUVs, pickup trucks, double-decker buses in London, trains in Germany and China, and, expected imminently, autonomous air taxis in Dubai.

Hydrogen fuel cells need PGMs. If only one-tenth of China’s planned EV output used the technology, demand would call for the world’s entire platinum supply, Friedland said.

“I would rather own platinum than gold,” he declared. Additionally, “there’s no platinum central reserve bank to puke out platinum.”

Ivanhoe just happens to have PGMs, about 42 million ounces indicated and 52.8 million ounces inferred, at its 64%-held Platreef project in South Africa.

Unprecedented demand calls for unparalleled grades, the industry legend says

Underground development progresses at the Kansoko mine,
part of the Kamoa copper deposit and adjacent to Kakula.

Electricity for the grid also ranks high among China’s airpocalyptic priorities. A study produced for the United Nations Environment Programme credits the country with a 17% increase in renewable electricity investment last year, most of it going to wind and solar. Almost $103 billion, China’s renewables investment comes to 36% of the world total.

Just as EVs remain more copper-dependent than internal combustion, wind and solar call for much more of the conductive commodity than do other types of electricity generation. Friedland sees additional disruptive demand in easily cleaned copper surfaces now increasingly used in hospitals, care homes, cruise ships and other places where infectious diseases might lurk.

He sees a modest copper supply deficit now, with a crisis possibly starting as soon as 2019. The world needs a new generation of copper mines, he said, repeating his unkind comparison of today’s low-grade, depleting mines to “little old ladies waiting to die.” The world’s largest producer, the BHP Billiton NYSE:BHP/Rio Tinto NYSE:RIO Escondida mine in Chile, is down to a 0.52% grade.

Copper recently hit a two-year high of about $6,400 a tonne. But, citing Bernstein data, Friedland said new mines would require a $12,000 price.

Not Kamoa-Kakula, though. He proudly noted that, with an indicated resource grading 6.09%, it hosts “the richest conceivable copper deposit on this planet.”

I’ve never been as bullish in my 35 years on a project.—Robert Friedland

A JV with Ivanhoe and Zjin Mining Group each holding 39.6% and the DRC 20%, Kamoa-Kakula inspires “a plethora of superlatives.” The veteran of Voisey’s Bay and Oyu Tolgoi added, “I’ve never been as bullish in my 35 years on a project.”

The zillionaire likes zinc too, which his company also has in the DRC at the 68%-held Kipushi project. With a measured and indicated grade of 34.89%, the Big Zinc zone more than doubles the world’s next-highest-grade zinc project, according to Ivanhoe. There’s copper too, with three other zones averaging an M&I grade of 4.01%.

“Everything good in the Congo starts with a ‘K’,” he said enthusiastically.

But recklessly, in light of the DRC’s controversial Kabila family. In June Ivanhoe was hit by reports that the company has done deals with businesses held by the president’s brother, Zoe Kabila, although no allegations were made of wrongdoing.

The family has run the country, one of Africa’s poorest, since 1997. Current president Joseph Kabila has been ruling unconstitutionally since November, a cause of sometimes violent protest that threatens to further destabilize the DRC.

As the New York Times reported earlier this month:

An implosion of the Democratic Republic of Congo, a country almost the size of western Europe, could spill into and involve some of the nine countries it borders. In the late 1990s, neighbouring countries were sucked into what became known as the Great War of Africa, which resulted in several million deaths.

Friedland’s nearly hour-long address made no mention of jurisdictional risk. But the audience of hundreds, presumably most of them retail investors, responded warmly to the serial success story. He’s the one who, after Ivanhoe languished at five-year lows in early 2016, propelled the stock more than 300% over the last 12 months.

Program could cut Group Ten Metals’ Ontario exploration costs by 33%

July 12th, 2016

by Greg Klein | July 12, 2016

A rebate could save Group Ten Metals TSXV:PGE up to a third of its exploration spending on the Drayton-Black Lake gold project in northwestern Ontario. On July 12 the company announced the Junior Exploration Assistance Program approved a maximum $100,000 rebate. The provincial government’s Northern Ontario Heritage Fund and the Ontario Prospectors Association sponsor the program.

Program could cut Group Ten Metals’ Ontario exploration costs by 33%

The company proposed a 20-hole, 2,000-metre drill campaign for the project’s Moretti area where historic, non-43-101 results averaged 18.65 grams per tonne gold in a 4,087-kilogram bulk sample and 14.1 g/t for an 8,069-kilo sample.

The property, partly staked and partly under option, sits 10 kilometres south of the town of Sioux Lookout in the vicinity of First Mining Finance’s (TSXV:FF) Goldlund project and Treasury Metals’ (TSX:TML) Goliath project.

The Northern Ontario Heritage Fund is a provincial Crown corporation that invests in regional businesses. The Ontario Prospectors Association approves JEAP funding following a review of expenses submitted after early exploration work has been completed.

In the Yukon, Group Ten has Phase II exploration planned for its Catalyst PGM-nickel-copper project adjacent to Wellgreen Platinum TSX:WG. Group Ten holds three Yukon projects with the dominant land position in the Kluane Ultramafic Belt. The company’s portfolio also includes the Duke Island copper-nickel-PGE project on the Alaska Panhandle.

Sudbury asserts itself as the “Silicon Valley of hard-rock mining”

July 8th, 2016

by Greg Klein | July 8, 2016

All this despite the downturn—19,780 Sudburians directly employed in mining and closely related jobs. Local Liberal MP Marc Serré attributes the number to “a globally unique concentration of Canadian hard-rock expertise and innovation, unique in North America and found in very few other cities around the world.” Yet Sudbury was snubbed, he says, when it was ignored by a recent report on industrial clusters in Ontario.

Sudbury asserts itself as the “Silicon Valley of hard-rock mining”

A rejuvenated Sudbury now promotes its outdoor recreation.
(Photo: Vale)

Last week the Institute for Competitiveness and Prosperity called on governments to enhance encouragement for clusters such as financial services in Toronto and Ottawa, and the automotive industry in Windsor, Guelph and Kitchener-Cambridge-Waterloo.

Miffed by Sudbury’s exclusion, Serré and the Sudbury Area Mining Supply and Service Association extolled their city’s importance:

  • 5,630 people work in nine underground mines, two mills, two smelters and one nickel refinery that comprise the continent’s largest concentration of mineral sector activity

  • 13,500 people work for 300 Sudbury-area mining supply and service businesses, or about 23,000 people at 500 northern Ontario businesses, which generate around $4 billion in sales in the Sudbury Basin and $5 billion in northern Ontario

  • 400 people work in mineral sector research institutes and schools like Laurentian University, Cambrian College, College Boreal, the Centre for Mining Excellence, NORCAT, the Vale Living With Lakes Centre, Mirarco Mining Innovation, Laurentian Earth Science’s Mineral Exploration Research Centre and others

  • Another 250 people work locally at the Ontario Ministry of Northern Development and Mines, the Ontario Geological Survey and other mining-related ministries

“The richest mining district in North America,” Serré’s communiqué continued, “its unique polymetallic ore bodies not only produce nickel but copper, cobalt, gold, silver, sulphuric acid and platinum group metals.” The Basin is the world’s third-largest producer of PGMs and a significant producer of cobalt, a increasingly vital commodity.

Over 130 years of mining and smelting took its toll on the region, which at one point was often compared to a moonscape. But years of effort have nullified the effect of a 1970s-era ditty:

Only God can make a tree
He’s never tried in Sudbury

As Serré said, “The community has garnered significant international acclaim for its extensive land restoration activities—planting over nine million trees over the past few decades and reducing sulphur dioxide emissions by over 95% from 1970 levels.”

Bruce Jago of the Laurentian Goodman School of Mines added, “The enormous amount of mining and environmental and earth science related research in the Sudbury region—both private sector and government funded—has established the community as a global Silicon Valley of hard-rock mining.”

Snubbed by some, Sudbury’s stature is recognized by others. The previous week the provincial government’s Northern Ontario Heritage Fund announced $5 million in funding over seven years to help support Laurentian University’s mineral exploration research.

And, with another perspective on Sudbury’s mining heritage, here’s Stompin’ Tom Connors…

Exploring opportunity

June 17th, 2016

A capacity crowd attends the first annual Vancouver Commodity Forum

by Greg Klein
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A capacity crowd attends the first annual Vancouver Commodity Forum

 

“There’s excitement in the air,” said Cambridge House International founder Joe Martin. That’s the mood he senses as junior explorers emerge from the downturn. And certainly optimism was evident on June 14 as more than 450 people converged on the Vancouver Commodity Forum for an afternoon of expert talks amid a showcase of two dozen companies. Keynote speakers included Martin, Chris Berry of the Disruptive Discoveries Journal, Jon Hykawy of Stormcrow Capital, John Kaiser of Kaiser Research Online and Stephan Bogner of Rockstone Research.

A capacity crowd attends the first annual Vancouver Commodity Forum

Lithium, not surprisingly, stood out as a commodity of interest. While cautioning against over-enthusiasm for the exploration rush, Berry and Hykawy each affirmed the need for juniors to find new sources of the metal. Cobalt and scandium featured prominently too, as did other commodities including what Kaiser called “the weird metals”—lesser known stuff that’s vital to our lives but threatened with security of supply.

Kaiser also noted he was addressing a crowd larger than his last PDAC audience, another indication that “we’ve turned the corner.”

Attendees also met and mingled with company reps. Potential investors learned about a wide gamut of projects aspiring to meet a growing demand for necessities, conveniences and luxuries.

Presented by Zimtu Capital TSXV:ZC, the forum’s success will make it an annual event, said company president Dave Hodge. Berry emceed the conference, holding the unenviable task of “making sure Dave stays well-behaved.”

Read interviews with keynote speakers:

Meet the companies

Most companies were core holdings of Zimtu, a prospect generator that connects explorers with properties and also shares management, technical and financing expertise. Zimtu offers investors participation in a range of commodities and companies, including some at the pre-IPO stage.

After sampling high-grade lithium on its Hidden Lake project in the Northwest Territories earlier this month, 92 Resources TSXV:NTY plans to return in mid-July for a program of mapping, exposing spodumene-bearing pegmatite dykes, and channel sampling. The company closed the final tranche of a private placement totalling $318,836 in April. Hidden Lake’s located near Highway 4, about 40 kilometres from Yellowknife and within the Yellowknife Pegmatite Belt.

With one of the Athabasca Basin’s largest and most prospective exploration portfolios, ALX Uranium TSXV:AL has a number of projects competing for flagship status. Among them is Hook-Carter, which covers extensions of three known conductive trends, one of them hosting the sensational discoveries of Fission Uranium TSX:FCU and NexGen Energy TSXV:NXE. ALX’s strategic partnership with Holystone Energy allows that company to invest up to $750,000 in ALX and retain the right to maintain its ownership level for three years. ALX closed a private placement first tranche of $255,000 last month, amid this year’s busy news flow from a number of the company’s active projects.

A capacity crowd attends the first annual Vancouver Commodity Forum

Arctic Star Exploration TSXV:ADD boasts one of northern Canada’s largest 100%-held diamond exploration portfolios. Among the properties are the drill-ready Stein project in Nunavut and others in the Lac de Gras region that’s the world’s third-largest diamond producer by value. North Arrow Minerals TSXV:NAR holds an option to earn up to 55% of Arctic Star’s Redemption property.

Aurvista Gold TSXV:AVA considers its Douay property one of Quebec’s largest and last undeveloped gold projects. The Abitibi property has resources totalling 238,400 ounces of gold indicated and 2.75 million ounces inferred. Now, with $1.1 million raised last month, the company hopes to increase those numbers through a summer program including 4,000 metres of drilling. Douay’s 2014 PEA used a 5% discount rate to forecast a post-tax NPV of $16.6 million and a post-tax IRR of 40%.

Looking for lithium in Nevada, Belmont Resources TSXV:BEA now has a geophysics crew en route to its Kibby Basin property, which the company believes could potentially host lithium-bearing brines in a similar geological setting to the Clayton Valley, about 65 kilometres south. Results from the gravity survey will help identify targets for direct push drilling and sampling.

A mineral perhaps overlooked in the effort to supply green technologies, zeolite has several environmental applications. Canadian Zeolite TSXV:CNZ holds two projects in southern British Columbia, Sun Group and Bromley Creek, the latter an active quarrying operation.

With a high-grade, near-surface rare earths deposit hosted in minerals that have proven processing, Commerce Resources TSXV:CCE takes its Ashram project in Quebec towards pre-feasibility. The relatively straightforward mineralogy contributes to steady progress in metallurgical studies. Commerce also holds southeastern B.C.’s Blue River tantalum-niobium deposit, which reached PEA in 2011 and a resource update in 2013.

Permitted for construction following a 2014 PEA, Copper North Mining’s (TSXV:COL) Carmacks copper-gold-silver project now undergoes revised PEA studies. The agenda calls for improved economics by creating a new leach and development plan for the south-central Yukon property. In central B.C. the company holds the Thor exploration property, 20 kilometres south of the historic Kemess mine.

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Luxembourg offers space industry €200 million, plans asteroid mining survey

June 6th, 2016

by Greg Klein | June 6, 2016

One of the tiniest countries on this planet wants to make a big impression elsewhere. So Luxembourg’s backing its space industry with another €200 million—and there’s more to come. The announcement came on June 3 as the duchy updated its plan to establish a legal framework for asteroid mining. Luxembourg also stated its intention to launch an extraterrestrial mining survey within three years. The overall agenda is to maintain a position among the world’s “top 10 space-faring nations.”

Luxembourg offers space industry €200 million, plans asteroid mining survey

A recent design by SES. The world’s largest commercial satellite
operator was founded in 1985 with Luxembourg’s support.
(Image: Airbus Defence and Space)

Interestingly, the funding amount came out not in the government’s news release but in response to a press conference question from Reuters. But economy minister Etienne Schneider added, “If we need more money we will be able to provide that money.”

Among the likely beneficiaries will be two American companies, Deep Space Industries and Planetary Resources. Deep Space signed an MOU with Luxembourg in May to co-fund R&D projects related to asteroid mining. The country anticipates a similar agreement with Planetary.

“We are discussing becoming shareholders as well,” said Schneider.

The entrepreneurial duchy provides funding and investment to a number of high-tech sectors. Since it helped create commercial satellite operator SES in 1985, Luxembourg has attracted and nurtured 25 companies and two public research organizations devoted to outer space, according to a government website. Or, according to Schneider, the country hosts 30 to 40 companies “active in the space business.”

Luxembourg first stated its intention to establish a legal and regulatory regimen for space mining in February, following legislation enacted by the U.S. the previous November. That law granted Americans the right to keep resources extracted from near-earth objects. Schneider said similar legislation will attract even more companies to Luxembourg and provide greater investor confidence.

The country’s first space mining survey will launch in three years, maybe sooner, according to government adviser Simon “Pete” Worden. The NASA vet said a small satellite would “fly by a selected asteroid and figure out what the resources are.”

In November Planetary Resources president/chief engineer Chris Lewicki told ResourceClips.com the company planned to use a spacecraft this spring to determine the makeup of some space rocks with an infrared imager. He anticipated small scale extraction of water, hydrogen and oxygen within the first half of the next decade.

Those components of rocket fuel would be the first targeted resources. But the company maintains that a 500-metre asteroid “can contain more platinum group metals than have ever been mined in human history.”

Nickel One Resources president/CEO Vance Loeber discusses the Tyko project’s nickel-copper-PGM prospects

May 11th, 2016

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