Top mining companies on the Toronto Stock Exchange
Stock exchanges other than New York’s present alternative opportunities for people seeking to invest.The World Federation of Exchanges ranks the TSX as the eighth largest in the world based on its total market capitalization of $2.2 trillion in 2014.
The number of companies on the TSX has varied over the years. There were more than 1,500 in 2014. In 2016, the two exchanges owned by the TMX Group, the TSX and the TSX Venture Exchange, listed 1,294 companies.
Out of these companies on the two exchanges, 241 are mining companies. According to a TMX report on mining, 53 percent of the financing of the world’s mining companies was done on the two exchanges in 2015.
Standard & Poor’s keeps track of 60 large companies listed on the Toronto Stock Exchange via its S&P/TSX 60 Index. There are 12 mining companies on this index. In rough order of annual revenues, they are:
1. Barrick Gold Corporation
The Toronto-based company made just over $9 billion in revenues in 2015, according to its annual report. It’s the largest gold mining company in the world, with operations on five continents. The annual report lists four mining sites based in the United States: the Goldstrike mine, the Cortez mine and the Turquoise Ridge JV mine, all in Nevada; and the Golden Sunlight mine in Montana. Barrick also has mines in Canada, the Dominican Republic, Peru, Chile, Argentina, Tanzania, Zambia, Saudi Arabia, and Papua New Guinea. Barrick’s leaders include Executive Chairman John L. Thornton and President Kelvin Dushnisky.
2. Teck Resources Limited
Based in Vancouver, Teck Resources made $8.3 billion in revenue in 2015, according to its annual report. It has operations in the United States, Canada, Chile, and Peru. Its mines include: the Antamina copper and zinc mine in Peru; the Carmen de Andacollo copper and gold mine and the Quebrada Blanca copper mines both in Chile; the Frontier oil sands mine in Alberta; the Red Dog zinc mine in Alaska; the Pend Oreille zinc and lead mine in Washington state; and several steelmaking coal mines in British Columbia. The company’s leaders include Chairman of the Board Norman Keevil and President and CEO Donald Lindsay.
3. Goldcorp Inc.
Another Vancouver-based company, Goldcorp made more than $5.1 billion in revenues in 2015, according to its “Financial Highlights” report. The company has mines and projects in Canada, the United States, and Latin America, according to its website. The company projects it will produce hundreds of thousands of ounces of gold from its Canadian gold mines in Eleonore, Porcupine, and Red Lake. It had record production from its gold mine in Penasquito, Mexico in 2015 as well as mines in the Dominican Republic, Argentina, and Guatemala. The company’s leaders include President and CEO David Garofalo and Executive Vice President Russell Ball.
4. Kinross Gold Corporation
Headquartered in Toronto, Kinross earned about $3.05 billion in revenues in 2015, according to its 2015 Annual Report. The company has 10 mines in the Americas, West Africa, and Russia, according to its Operations report. Its American mines include the Fort Knox Gold Mine in Alaska, the Buckhorn Gold Mine in the state of Washington, and the Round Mountain Gold Mine in Nevada. Its Paracatu mine is the largest gold mine in Brazil and one of the largest in the world. The corporate leaders of Kinross include President and CEO J. Paul Rollinson and Executive Vice President Tony Giardini.
5. Cameco Corporation
Saskatoon, Saskatchewan-based Cameco was the world’s second largest producer of uranium in 2014, according to this World Nuclear Association report. Its McArthur River mine in Canada was the world’s largest uranium-producing mine in the world. Two of its other mines, the Inkai mine in Kazakhstan and the Rabbit Lake mine in Canada, are also among the world’s largest producers. Cameco earned roughly $2.75 billion in revenues in 2015, according to the company’s 2015 Annual Report. Its corporate leaders include Chair of the Board Neil McMillan and CEO Tim Gitzel.
6. First Quantum Minerals Ltd.
The third Vancouver-based company on this list, First Quantum Minerals earned just under $2.7 billion in revenue in 2015, according to this press release about its 2015 performance. The company boasted that it produced a large amount of copper from its Sentinel mine in Zambia, the Kevitsa mine in Finland, the Las Cruces mine in Spain, and the GuelbMoghrein mine in Mauritania. Some of the company’s mines, including the ones mentioned above, also produce gold, nickel, zinc, and cobalt, according to itsOperating Mines report. First Quantum’s leaders include Chairman of the Board and CEO Philip Pascall and President Clive Newall.
7. Agnico Eagle Mines Limited
Headquartered in Toronto, Agnico Eagle Mines made $1.985 billion in revenue in 2015 from its mining operations, according tothis news release about its 2015 performance. Its mines include the LaRonde, Canadian Malartic, Goldex, and La India gold mines, with the first three in Quebec and the latter in northern Mexico. Agnico also owns the Kittila gold mine in Finland and other gold mines in Canada and Mexico. The company’s corporate leadership includes Vice Chairman and CEO Sean Boyd and President Ammar Al-Joundi.
8. Yamana Gold Inc.
Yamana Gold is also based in Toronto. Its 2015 revenue totaled $1.8 billion, basedon the sale of 1,248,401 ounces of gold, 8.9 million ounces of silver, and 126 million pounds of copper, according to its 2015 Annual Report. Its mines include the Chapada gold-copper mine in Brazil, the El Penon gold-silver mine in Chile, and the Canadian Malartic gold mine in Quebec. The company’s leaders include Chairman/CEO Peter Marrone and Executive Vice President Charles Main.
Read the May 2016 issue of Mining Global magazine
British Lithium Pressured Due To Calls for Electric Cars
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.