Friday 17th August 2018

Resource Clips


Posts tagged ‘TMAC Resources Inc (TMR)’

Agnico Eagle CEO Sean Boyd remarks on the Arctic imagery of a collector’s coin minted from Nunavut gold

July 30th, 2018

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More than just money

June 27th, 2018

The Royal Canadian Mint breaks the numismatic mould to cast creative coins

by Greg Klein

The Royal Canadian Mint breaks the numismatic mould to cast creative coins

Although often extending the bounds of traditional coinage, the Mint acknowledged its heritage
with a Colonial Currency of the Atlantic Provinces set that mimics the condition of used currency.
(All photos: Royal Canadian Mint)

 

Money’s appeal couldn’t be more obvious, yet coins specifically bring to mind values intrinsic, speculative or esthetic. By no means neglecting the first two, the Royal Canadian Mint has been emphasizing the third, and in ways increasingly innovative. Issuing over 200 such products each year, its “coins” have become more and more exotic. That shows in two recent releases, which can be said to source their materials from the end of the Earth and beyond.

“As a commercial Crown corporation, we don’t rely on any taxpayer funding to finance our operations,” explains communications officer Alex Reeves. “So we need to finance ourselves and that has led us to a number of competitive fields, collector coins being one, bullion being a big part of it as well, and foreign circulating coins also.”

Although this year’s Q1 results suggest more modest gains, the Mint reported a 2017 consolidated profit of $36.1 million, up from $24.5 million the previous year and buoyed partly by Canada 150 collectibles. Ottawa raked in $93.2 million in dividends last year.

While the Bank of Canada prints paper money, the Mint strikes currency coins for Canada as well as countries on every continent. Its bullion, especially the one-ounce Maple Leaf gold coin, is sought after by the world’s speculators and hoarders, as well as collectors.

But can the Mint’s increasingly creative collectibles still be considered coinage? Yes, according to Reeves. “They are coins by definition as legal tender, having a denomination and identifying country of origin,” he points out. That doesn’t mean they can’t be innovative.

“Collectors come to us from all over the world so innovation helps us stand out in a crowded marketplace. We use it to get people’s attention and increase the appeal of our products.”

The Royal Canadian Mint breaks the numismatic mould to cast creative coins

That’s illustrated in the two newest releases. Each commemorating a special date, one coin contains purely Nunavut-mined gold, the other a little chunk of meteorite.

The gold coin gets its yellow metal from TMAC Resources’ (TSX:TMR) Hope Bay and Agnico Eagle Mines’ (TSX:AEM) Meadowbank to present Andrew Qappik’s images of a walrus, ptarmigan, polar bear, bowhead whale and narwhal. In another innovation, the one-tenth-ounce piece has the same diameter as a quarter-ounce coin, providing a larger canvas for the Inuk artist’s work. Part of the Symbols of the North series, the coin anticipates Nunavut’s 20th anniversary next April.

“Our Inuit employees, suppliers and partners can all take great pride in knowing that they have participated in making this unique coin that celebrates their heritage and culture,” commented Agnico Eagle CEO Sean Boyd. With a face value of $20, the coin sells for $359 in a limited mintage of 1,500.

At a ceremony attended by former Canadian astronaut Dave Williams, the Mint used the Royal Astronomical Society of Canada’s 150th anniversary to unveil “a truly out-of-this-world collectible.” As if to make the one-ounce silver coin impractical for vending machines, a bit of rock from Campo del Cielo sticks out of the surface. The fragment fell to earth about 4,500 years ago when the Argentinian field underwent a meteorite bombardment.

The Royal Canadian Mint breaks the numismatic mould to cast creative coins

Using designs from Canadian artist Alexandra Lefort, the coin depicts the Eagle Nebula and its pillars of interstellar gas and dust along with the Moon, the Andromeda Galaxy and a blazing meteorite in addition to the genuine iron-enriched supplement.

Also with a $20 face value, 5,500 versions—each unique for the shape of its other-worldly content—went on the market for $149.95 each.

In April the Mint marked another extra-terrestrial event with an elliptical black-light-glowing piece portraying Manitoba’s 1967 Falcon Lake UFO sighting.

Last year’s glow-in-the-dark toonie was named Most Innovative Circulating Coin by the International Mint Directors Conference.

The Mint’s collectibles date back to a 1935 silver dollar commemorating King George V’s Silver Jubilee and portraying a voyageur paddling his canoe against a faint Northern Lights backdrop. “It gradually evolved to commemorative circulation coins, coin sets and then, with the advent of the Montreal Olympics, we started producing a higher volume of annual collector coins in silver and some in gold as well,” Reeves says. “We’ve continued to grow that part of our business.”

The Royal Canadian Mint breaks the numismatic mould to cast creative coins

Some other unusual creations this month included a six-ounce silver coin with a gold-plated miniature carousel that rotates with the help of a magnet. “Even the horses move up and down on this dazzling creation which is limited to a worldwide mintage of only 1,000,” states a promo.

But musical accompaniment, apparently, has thus far escaped the Mint’s R&D ingeniousness.

Still, last May Mint boffins announced one of their most complicated technical projects ever with a “coin” that’s half of a miniature Stanley Cup. “If you put two of them together, you would have an entire Stanley Cup replica, albeit a fraction of the size of the actual trophy,” the Mint quoted techie Michael Groves. He compared the project’s complexity to that of the Mint’s 100-kilo, million-dollar gold coin and the 2010 Vancouver Winter Olympics medals.

To keep the ideas flowing, the Mint maintains two R&D departments, one at the Winnipeg home of circulating coin production, the other in Ottawa, location of the head office, as well as bullion and collectible production.

“We do have a broad range of expertise in our staff and it’s something we take seriously and keep investing in,” Reeves says. “We see ourselves as industry leaders for innovation” with some examples including colouring processes and security features. “We’ve made security features on our bullion coins that can’t be found elsewhere, and we have a broad range of innovation on our collector products as well. It benefits the industry if you’re able to raise the bar, create something new and inspire others to look at their own ways of improving coin-making or coming up with something brand new.”

Whether others have been inspired to imitate the Mint’s ideas or steal them is a question currently before Australian courts. The Mint has demanded its Down Under counterpart turn over or destroy some $2 million worth of collectibles that allegedly appropriated a patented method of applying colour to metal. Australia responded with a counter-claim asking that Canada’s patent be declared invalid.

But high-tech expertise notwithstanding, Canada’s coin creator won’t be venturing into the world of cryptocurrencies, Reeves insists. “The Mint is a manufacturer of physical coins, of cash in other words, and for the foreseeable future we see cash continuing to play an important role in Canadian daily commerce. We’re going to continue innovating in that area in ways that increase the security and durability of our products.”

Learn more about the Royal Canadian Mint.

Royal Canadian Mint breaks the numismatic mould to cast creative coins

June 26th, 2018

This story has been expanded and moved here.

Rediscovering the planet

September 9th, 2016

Laurentian University and its partners hope to re-write the geoscientific Book of Genesis

by Greg Klein

Laurentian University and its partners hope to re-write the geoscientific Book of Genesis

Metal Earth puts some of the world’s best-exposed, best-known
rocks under additional scrutiny to unlock evolutionary secrets.

 

Looked at this way, the future of mineral exploration lies in the past—billions of years in the past. But with state-of-the-art tools, techniques and expertise, Precambrian mysteries can be solved, leading to another generation of discoveries. Researchers with Laurentian University’s Metal Earth project intend to do just that, confidently stating they will transform our understanding of how mineral deposits originated during the planet’s evolution.

What accounts for such boldness? “We are trying new techniques, doing research on a scale that has not been done before and I’m confident that we’re going to make discoveries,” Harold Gibson tells ResourceClips.com. As director of the Mineral Exploration Research Centre at Laurentian’s Harquail School of Earth Sciences and head of the Metal Earth project, he can barely contain his enthusiasm.

Laurentian University and its partners hope to re-write the geoscientific Book of Genesis

An extensive, innovative, seven-year study makes
its headquarters at Sudbury’s Laurentian University.
(Photo: Laurentian University)

“It’s a fully integrated study of our Earth,” he continues. “We’re looking at producing MRI-like images through transects of known endowed areas and structures and compare them with structures that appear to be similar but not endowed. It’ll be backed up by a lot of geology, geochemistry, mantle xenolith geochemistry, geophysics. We’re going to apply the same scrutiny to the less endowed areas to determine the underlying processes and help guide industry to select areas. We’re going to peel back time, peel back the Earth’s crust, essentially. This has never been done before.”

Gibson’s hardly alone in his confidence. Barely a week into the project’s existence, Metal Earth has attracted cash and in-kind backing totalling over $104 million. That includes a very prestigious award of $49.27 million from the Canada First Research Excellence Fund.

With money sufficient for a seven-year run, Metal Earth will draw researchers from Laurentian and other schools, including over 35 post-doctoral fellows, research assistants, technicians and support staff, over 80 grad students, 100 undergrads and numerous subcontractors.

Industry partners so far include the looming Sudbury presence of Vale NYSE:VALE, TMAC Resources TSX:TMR, nearing production at Hope Bay in Nunavut, and Ring of Fire explorer Noront Resources TSXV:NOT. Mira Geoscience brings its world-class earth modelling expertise while the Centre for Excellence in Mining Innovation provides additional computational facilities. Several universities and geological surveys have also joined in partnership.

Gibson expects ground-breaking results, in more ways than one.

Metal Earth will surpass Lithoprobe as Canada’s most extensive earth science project, he says. Some experts consider the 1980s-to-’90s endeavour to be the world’s best project of its kind. “Metal Earth is building on that with much more detail, much better equipment. We have more tools now,” he points out.

“Some ore deposits were integrated into Lithoprobe, but not a lot.” Even so the project “revolutionized ideas of tectonics, the evolution of our Shield, as well as ore deposits. This is much more focused on ore deposits and large-scale systems, so I know we’re going to have new results that will be extremely interesting. If we’re only 20% successful we’ll still change a lot of ideas.”

We’re going to peel back time, peel back the Earth’s crust, essentially. This has never been done before.—Harold Gibson,
Metal Earth project lead

Probably starting in October, field work will begin with the Abitibi Greenstone Belt. That puts a number of familiar areas under additional scrutiny. Then boots hit the ground on a less prolific belt, northwestern Ontario’s Wabigoon. Hope Bay, the Sudbury area and Manitoba will also come under investigation.

“We focused on Canada because we have the best-exposed and best-known Shield in the world—and tons of expertise. We can do this research best here but we see the results applicable globally and to younger terrains.”

Some data provided by companies will be kept confidential, but the results “will all be open source,” Gibson says. “All the data that we collect, which will be enormous, will be open to the public.”

That’ll primarily be “spatial data, on maps, plotted in 3D, in formats need by industry, government and other researchers.” Some of it will even be 4D, with the fourth dimension being time.

“We want to understand how time fits into this equation. We want to look back at the geometry, the morphology, the tectonics of the Precambrian,” he explains. “We’re going to do that through geochronology and isotope geochemistry. We’ll be looking at zircons collected by researchers and at government surveys throughout the Superior and Slave provinces, analyze them and use them as surrogates for looking at the nature of the crust at that time…. We can start reconstructing our paleo shields and look into how and when deposits fit into that.”

The results will offer a multitude of uses for exploration companies, Gibson says. He anticipates they’ll begin by poring over “an incredible amount of new data. Then we’ll be interpreting that data, creating images, integrating it all and making that available. We’ll be generating new algorithms, new ways of treating the data to see patterns that haven’t been seen before.” Info will be accessible online through Laurentian and through government partners.

While his enthusiasm’s obvious, Gibson’s well aware of the enormous challenge ahead of his team.

“This is a tremendous opportunity for us, a tremendous opportunity for geoscience in Canada, but with that comes a tremendous responsibility to do it right,” he emphasizes. “And that’s what we’re going to do.”

Controversial ex-environment minister joins TMAC board of directors

March 15th, 2016

by Greg Klein | March 15, 2016

The announcement was somewhat muted, coming in the subhead and second paragraph of a February press release about Q4 financial and operating results. TMAC Resources TSX:TMR has appointed Leona Aglukkaq to its board of directors. The last environment minister in Canada’s former Conservative cabinet, Aglukkaq figures prominently in a lawsuit from Taseko Mines TSX:TKO against the federal government.

Controversial ex-environment minister appointed to miner’s board of directors

Leona Aglukkaq

Taseko alleged that senior officials including Aglukkaq’s deputy minister and parliamentary secretary held undisclosed meetings with opponents of the company’s proposed New Prosperity copper-gold mine after a Canadian Environmental Assessment Agency-appointed panel completed its review. According to Taseko, opponents “provided input on draft conditions for the decision statement.”

Taseko further claimed that “the minister relied on this information to conclude that the project was likely to cause significant adverse environmental effects.”

The lawsuit doesn’t name Aglukkaq as a defendant. Taseko’s allegations haven’t been proven in court.

Months before Aglukkaq’s decision, Taseko stated that the environmental review considered a tailings storage design “completely different” from the company’s proposal.

Aglukkaq, the first Inuk to be appointed to cabinet, served two terms as MP for Nunavut until her defeat in last October’s federal election. She had previously served four years in the territorial legislature.

Located in the Kitikmeot region of western Nunavut, TMAC’s Hope Bay project has a 2015 pre-feasibility study that foresees a 20-year mine life producing 3.2 million gold ounces.

In his February announcement, TMAC executive chairperson Terry MacGibbon said, “In addition to her federal government experience, Ms. Aglukkaq has broad public government exposure, including international diplomatic experience as a minister of the Arctic Council (2012-2015), a leading inter-governmental forum promoting co-operation, co-ordination and interaction among the arctic states, arctic indigenous communities and other arctic inhabitants on common arctic issues, in particular on issues of sustainable development and environmental protection.” She has also served on the Nunavut Impact Review Board.

Aglukkaq’s TMAC board appointment took effect February 25, exactly two years after she issued her New Prosperity decision.