Anaconda Mining, the fastest growing natural resources company in Canada
Anaconda Mining Inc., the Canadian gold mining and exploration company, has recently announced that it has been named as one of the fastest growing companies in Canada in the 28th Profit 500 List.
In the “definitive ranking” of canada’s fastest growing companies, Anaconda was the only company within the natural resources category to make the list. This comes after the company reported a five-year revenue growth of 96 percent.
So, what do we know about Anaconda Mining?
- Founded in 2007
- Chief Executive of the company is Dustin Angelo, who has been in position since 2010
- Angelo was named one of Atlantic Canada’s Top 50 CEO’s for 2016 in May this year.
- Anaconda Mining has two major projects, a producing project named the Point Rousse Project and the exploration and development Viking Project
- The Point Rousse Project, located in the Baie Verte Mining District in Newfoundland, Canada, currently produces an approximate 16,000 ounces of gold per year
- Long term plans for the Point Rousse Project will hope to double production from the current to approximately 30,000 ounces of gold per year
- Point Rousse contains the Pine Cove gold deposit, first discovered in June 1987
- The Pine Cone gold deposit has estimated probable gold reserves of around 858,800 tonnes
- mining at the Pine Cove open pit mine since 2008 has seen 76,379.34 ounces of gold extracted
- The Viking Project, 180 km away from Pine Cone Mill (approximately) is located in White Bay, Newfoundland and Labrador
- The Viking Property is host to several gold bearing trends including the Thor Trend and Deposit and the Viking, Asgard, Thor’s Cross and Odin’s Triangle Trends.
- The company’s ambition is to become a prominent junior gold mining company in North America, with annual production of approximately 100,000 ounces per year
- Anaconda is the only pure play gold producer in Atlantic Canada
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Vale invests $150mn to extend life of Manitoba operations
Vale has announced a $150mn CAD investment to extend current mining activities in Thompson, Manitoba by 10 years while aggressive exploration drilling of known orebodies holds the promise of mining well past 2040.
Global energy transition is boosting the market for nickel
The Thompson Mine Expansion is a two-phase project. The announcement represents Phase 1 and includes critical infrastructure such as new ventilation raises and fans, increased backfill capacity and additional power distribution. The changes are forecast to improve current production by 30%.
“This is the largest single investment we have made in our Thompson operations in the past two decades,” said Mark Travers, Executive Vice-President for Base Metals with Vale. “It is significant news for our employees, for the Thompson community and for the Province of Manitoba.
“The global movement to electric vehicles, renewable energies and carbon reduction has shone a welcome spotlight on nickel – positioning the metal we mine as a key contributor to a greener future and boosting world demand. We are proud that Thompson can be part of that future and part of the low carbon solution.”
Vale continues drilling program at Manitoba
Coupled with today’s announcement, Vale is continuing an extensive drilling program to further define known orebodies and search for new mineralization.
“This $150mn investment is just one part of our ambitious Thompson turnaround story. It is an indicator of our confidence in a long future for the Thompson operations,” added Dino Otranto, Chief Operating Officer for Vale’s North Atlantic Base Metals operations.
“Active collaboration between our design team, technical services, USW Local 6166, and our entire Thompson workforce has delivered a safe, efficient and fit-for-purpose plan that will enable us to extract the Thompson nickel resources for many years to come.”
The Thompson orebody was first discovered in 1956 by Vale (then known as Inco) following the adoption of new exploration technology and the largest exploration program to-date in the company’s history. Mining of the Thompson orebody began in 1961.
“We see the lighting of a path forward to a sustainable and prosperous future for Vale Base Metals in Manitoba,” said Gary Annett, General Manager of Vale’s Manitoba Operations.