The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
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Having enjoyed one of the warmest and driest summers on record, most of Alaska is now paying the piper as unseasonably cold and in many areas, snowy, weather takes hold of the state. With the termination dust come news that is both good and bad, a common theme in what is turning out to be a year of significant cutbacks for exploration, development and production plans. Earlier in 2013, I summarized the expected decrease in exploration expenditures this year. Now that the bulk...
This month's mining news is a smorgasbord to delight the appetites of explorers, developers and miners alike. We had quarterly reports out from Teck, Kinross, Hecla and Coeur d'Alene discussing their respective results from operating mines around the state. We had one preliminary economic analysis by NovaCopper on its Arctic massive sulfide project and one feasibility study announced by International Tower Hill Mines Ltd. on its Livengood gold project. We had Freegold and...
Before we take a peek at what is happening across Alaska, I'd like to summarize a superb presentation on the world's exploration industry presented by MinEx Consulting's Richard Shodde at a mining conference in South Africa. He pointed out that since 1990 there has been a very strong correlation between gold price and exploration expenditures. While not earth-shattering in itself, he took the conclusion one step farther: analyst predictions for the gold price through 2020 are...
Further proof that the mining industry is undergoing fundamental changes can be found in "Mine: A Confidence Crisis," the 10th edition of PricewaterhouseCoopers's annual report on the global mining industry. This recently released report indicates that in 2012 the top 40 global mining companies saw net profits plummet 49 percent to US$68 billion. To make matters worse, after a 25 percent decline in average mining stock value in 2011 and a slower but still downward trend in 201...
Mineral consulting group Behre Dolbear Group Inc. released its 2013 "Ranking of Countries For Mining Investment Where Not to Invest." Since 1999 the group has compiled annual political risk assessments from key players in the global mining industry. Geology and mineral potential are not considered in this survey, since such potential is inherently indicated by the fact that mineral exploration, development, and mining activity are occurring in these countries. The only...
In a year that has started off with more than its share of mining industry gloom and doom, this year's Fraser Institute "Survey of Mining Companies, 2012/2013" provided a bit of sunshine for Alaska. The annual survey of exploration and mining companies gauges the pros and cons of working in various political jurisdictions around the world. This year's results came from 742 mineral industry companies working in 96 jurisdictions worldwide and represented cumulative 2012 explorat...
The annual Cordilleran Roundup Mining Convention is held in Vancouver at the end of January each year, and this year's convention was unlike any of the nearly 20 such conventions I have attended. The norm for this convention is a sort of anticipatory excitement that permeates every facet of the event. Mineral exploration is the focus of this gathering, and explorationists are by and large optimistic people. While there was no lack of optimism at the 2013 convention, if you...
The mining industry just passed through one of the quietest year-end transitions in over a decade. The last month has seen few new public announcements regarding Alaska mineral occurrences but that relative silence is about to change. Within a week of completing this summary, the 2013 Cordilleran Roundup mineral convention will begin in Vancouver, B.C. This annual event is well-attended by individuals and corporations that are active in Alaska's mineral industry or looking to...
Over the past six months, the single-most common question I have gotten asked about Alaska's mineral industry is, "Have there been any significant new discoveries?" While there may be an as-yet unannounced new discovery in Alaska, it seems the above question is being asked more frequently in other parts of the world as well and the most common answer is a simple "no." While information on new discoveries in other sectors of the mining industry is out there, it's not as...
As the first cooler days and termination dust start appearing across Alaska, seasonal exploration activities are winding down and operating mines are preparing for another winter. To be sure, less money was spent on fewer projects by the mineral industry exploring and developing Alaska's mineral resources in 2012 versus 2011. More advanced-stage projects that added ounces or pounds to their resource base had a better go of it than early-stage exploration projects which have...
Over a year ago, Natural Resource Holdings published a report entitled "How Rare are One Million Ounce Gold Deposits?" At that time, the publisher ranked 296 gold deposits that have more than 1 million ounces of gold in all resources categories. The same firm recently published a follow-up report titled, "Global Gold Mines & Deposits 2012 Ranking." The report ranks gold deposits above 1 million ounces, whose numbers have increased to 439 deposits with total resources of...
In a long overdue step to bring Alaska into the 21st Century, state and federal agencies met in late June to discuss collaborative funding strategies for Alaska's Statewide Digital Mapping Initiative, an enterprise designed to create Alaska's first high-quality digital topographic map. The roundtable was convened by Alaska Lt. Gov. Mead Treadwell and the Assistant Secretary for Water and Science, U.S. Department of Interior. Alaska remains the only state in the United States...
If you are looking for proof that the mining industry is experiencing unparalleled changes, look no further than "Mine 2012: The growing disconnect," the 9th edition of PricewaterhouseCoopers' annual report on the global mining industry. This recently released report indicates that in 2011 the top 40 global mining companies posted record profits of $133 billion and generated record operating cash flows of $174 billion. However, over the course of the year, market...
Although spring took its good old time in arriving across much of Alaska, the mining industry's busy summer exploration and development season has arrived. Five of Alaska's major mines reported strong first-quarter operating results, and two new companies acquired exploration properties in Alaska in the last month. These new acquisitions are not expected to be the last, as the prolonged venture capital drought continues with no end in sight. The news this month is sparse, prim...
The winds of change are once again blowing across Alaska's mineral industry, not only because the industry is gearing up for another busy summer season, but also because the mining investment climate has turned from cautiously optimistic to decidedly undecided. The sea change occurred steadily and without a lot of fanfare between mid-January and mid-March. As is always the case, good projects continue to advance with those that are drilling and adding resources or moving throu...
The Fraser Institute's "Survey of Mining Companies, 2011/2012" was recently released to the public. This annual survey of exploration and mining companies gauges the pros and cons of working in various countries around the world. This year's results came from over 800 mineral industry companies working in 93 jurisdictions and representing cumulative 2011 exploration expenditures of over US$6.3 billion. The perception of Alaska from the companies that work here was about the...
There are some new statistics just out from the Alaska Miners Association that I thought you might like to see. For 2011, the Alaska mining industry accounted for 4,500 direct jobs and 9,000 indirect jobs. The industry paid US$620 million in payroll with the average salary totaling US$100,000 per year, which is double the statewide average for all sectors. The industry paid US$148 million in rents, royalties, taxes and other fees to the State of Alaska (up 170 percent over...
After an extremely busy, productive year, the final weeks of 2011 and the first few weeks of the New Year were remarkably quiet for Alaska's mining industry. But not to worry, it appears to be just a pause, while everyone catches their breath before heading into what promises to be another eventful year. While reading the plentiful (and sometimes bizarre) end of year reviews and forecasts, I came upon one that surprised me. In a Dec. 30 news release, Reuters noted that gold...
I was tempted to make a few 2012 predictions now that 2011 is nearly gone, but I decided not to when I came across the following lines and was struck by how closely they mimic our current mining climate: "On a more local level, several old Alaska properties have been rejuvenated by new players to the Alaska mineral scene. Reserve announcements have touched off renewed land acquisitions and property negotiations. Contracts for technical personnel, drill rigs, helicopters and...
As a busy year in the Alaska and global mining industry starts to slide closer to its end, I figured now was a good time to gaze into my crystal ball (rutilated quartz, of course) to see what next year might bring. While strong metals prices promise another busy year for Alaska, a dose of global reality was provided by the financial giant Ernst & Young, who recently published a list of the top 10 business risks for the mining and metals industry for the coming year. Resource n...
Every year about this time, I notice new ways to gauge just how busy the Alaska mining industry is. This year, it is the silence. Not the amazing silence of a mountaintop in the Alaska Range but the virtual and literal silence being practiced by the people who make up the industry. In an age where communications options are abundant and the opportunity to be "connected" is a 24-7 reality, people in the Alaska mining industry go silent in the depths of summer, primarily...
The last month has seen a massive transition in Alaska from planning to execution, from getting ready to go to the field to boots on the outcrop and drills in the ground. Each year the hustle and bustle of the Alaska summer exploration season subsumes virtually everything else (except the Stanley Cup) as field programs launch around the state. This year has been no different with base metal programs in the Brooks Range, gold programs in Interior Alaska and the Seward...
Some months ago I was talking to a senior exploration manager regarding the lack of new discoveries worldwide in the last few years. The subject came up of just how rare a +1-million-ounce gold deposit really was. Then last week one of our project geologists lays a publication in front of me entitled "How Rare are One Million Ounce Gold Deposits?" by Natural Resources Holdings, Ltd. Although this publication comes at the question from the standpoint of which new deposits are...
Although the mining news for the last month was rather on the thin side in terms of volume, a number of significant milestones were reached by the Alaska mineral industry. Over the past 30 days or so, we have had new mineral resources published on three gold deposits and one polymetallic deposit. We've had the first preliminary economic analysis released on a deposit from the Ambler Mining District and the schedule for a second preliminary economic analysis announced for...
The Fraser Institute recently released its "Survey of Mining Companies, 2010/2011," an annual survey of exploration and mining companies that gauges the pros and cons of working in various countries around the world. This year the survey results came from 494 mining companies working in 79 jurisdictions and representing cumulative exploration expenditures of more than US$2.4 billion in 2010. There was a bit of honey and a bit of vinegar for Alaska in this report. Let's do...
