May 17, 2020

Discover which 5 Canadian gold mines are doing well

Canadian mines
Canadian gold mines
2 min
Despite an overwhelming, gloomy environment, Canadian gold mines seem to be doing well - here's why!
Kirkland Lake, Ontario seems to be a booming place for gold miners in Canada.

Underground in Kirkland Lake, some 300 kilometers north of Sudbury, crews...

Kirkland Lake, Ontario seems to be a booming place for gold miners in Canada.

Underground in Kirkland Lake, some 300 kilometers north of Sudbury, crews are currently working 5,400 to 5,600 feet below the surface — and it’s hot!

In fact, known as one of Canada’s deepest gold mines, mining this far down is quite challenging and not for the weak of heart. The heat and humidity in the mines are quite overpowering. First time visitors would most likely find the surrounding temperatures suffocating.

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But despite these troubles, as well as the gloomy price of gold, this North Ontario mine is still as active as ever — even 100 years after the first shaft was originally sunk.

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Originally reported by our sister brand Business Review Canada, the Kirkland Lake operation, also known as Macassa, is one of the world’s richest gold mines by all measures. It has the kind of high-quality operation that was built to withstand even the worst bear market in gold.

And it’s not the only one! Four other mines are still making a name for themselves.

Other small and medium-sized Canadian gold producers in the region have been able to create turnarounds, even though they were once left for dead. Following in Kirkland Lake Gold’s footsteps are Detour Gold Corporation, Lake Shore Gold Corporation, Claude Resources Inc. and Richmont Mines Inc.

It looks as if major operational improvements have also assisted with this success. These mines have re-aligned business plans to become prosperous in a low-environment by raising money where necessary and then investing it.

“We’ve all put in optimization plans and turned our operations around, “ said George Ogilvie, Kirkland Lake Gold’s chief executive.

Take a look at the following table provided and the Financial Post.   

RELATED TOPIC: Discover why these are the top 5 mining companies in Canada

[SOURCE: Financial Post]

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Jul 20, 2021

British Lithium Pressured Due To Calls for Electric Cars

3 min
The ever-increasing need for electric vehicles is mounting pressure on British Lithium as the 2035 deadline inches closer

The British demand for lithium is set to reach 75,000 tonnes by 2035 as the government works towards their ban on the sale of high-polluting diesel and petrol vehicles within the UK. This comes as automakers worldwide continue to insist on the benefits electric vehicles will have on slowing the rate of climate change. 

It is estimated that the UK will require 50,000-60,000 MT of lithium carbonate a year by 2035 for battery production to satisfy government needs. This is assuming production remains at 1.2 million vehicles per year, and the amount of lithium required does not increase.

British Lithium, which hopes to begin constructing a quarry to produce 20,000 MT of lithium carbonate a year in a $400 million investment, are not without competitors, both within the UK and abroad. 

Competition For Lithium Rises In Europe 

After only five years after its initial launch, Cornish Lithium is setting its sights on becoming a UK powerhouse in mining lithium, aiming to begin commercial production in under four years. Jeremy Wrathall, a former investment banker and current managing director of Cornish Lithium, had the future in mind when founding the company. 

“In 2016, I started to think about the electric vehicle revolution and what that would mean for metal demand, and I started to think about lithium,” he said in an interview with AFP. “A friend of mine mentioned lithium being identified in Cornwall, and I just wondered if that was a sort of unrecognised thing in the UK.”

Lithium was first discovered in Cornwall around 1864 and has not been mined again since 1914 when it was produced as an ingredient in fireworks. Now, however, Cornish Lithium is reportedly in the testing stage to see if the metal can be produced commercially to meet the growing demand required for the electric car sector. 

Despite Cornwall’s close historic ties to mining lithium, Wrathall insists that the project is purely commercial. 

Cornish Mining Revival For Lithium Production

“It’s not a mission that drives me to the point of being emotional or romantic,” he says. “It’s vitally important that we do get this technology otherwise Europe has got no lithium supply.”

The European Commission has also stated their goal to end the sale of new petrol and diesel cars by 2035 to aid the environment. That being said, the majority of lithium extraction currently relies on power provided by environmentally damaging fossil fuels─a slight contradiction. 

Alex Keynes, from the Brussels-based lobby group Transport & Environment, is adamant that mining for lithium should be done sustainably. 

“Our view is that medium-to-long term, the majority of materials including lithium should come from efficient and clean recycling.

“Europe from a strategic point of view should be looking at securing its own supply of lithium.”

Despite growing competition from abroad, British Lithium Chairman, Roderick Smith, continues to place importance on the mining of lithium within the UK. 

“Imagine what the UK economy would look like if we lost our automotive industry,” Smith says. “The stakes are high for the UK.”

Smith expects the UK to compete with other European countries to secure a lithium battery plant in the near future.

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