Chilean mining associations speak out against new constitution plans
Leading figures Alberto Salas of private mining association S...
Mining bodies in Chile have rounded on the government’s plans to draft a new constitution.
Leading figures Alberto Salas of private mining association Sonami and Joaquín Villarino, head of the mining council representing the largest firms in the sector, have been speaking out at a trade fair in Santiago.
They claim the new constitution will further strain already tense relations between the government and private enterprise. This, they say, would then lead to more uncertainty which could put off investment into the country.
Plans for a new constitution do actually have a legitimate mandate, as this was in the manifesto of President Michelle Bachelet, elected in 2013.
"The political world and its relationship with the business world are covered by a blanket of doubt, sometimes with a good cause, sometimes not so much," Villarino said.
The idea that change caused by democratic process presents challenges to business is also hot on the agenda in Europe, driven by the uncertainty created by the UK’s upcoming referendum on EU membership.
Chile’s mining minister Aurora Williams backed up the President by stating that the proposed reform will provide fundamental change for the better, and is something the country has been asking for.
Newmont acquires Canada’s GT Gold in $325mn deal
Newmont, the world’s biggest gold miner, has acquired Canada’s GT Gold in a deal worth $325mn. The gold giant now controls the Tatogga gold-copper project in the Traditional Territory of the Tahltan Nation.
“With the acquisition of GT Gold and the Tatogga project in the highly sought-after Golden Triangle district of British Columbia, Canada, Newmont continues to strengthen our world-class portfolio,” commented Newmont President and CEO Tom Palmer.
“We look forward to continuing to build a respectful and meaningful relationship with the Tahltan Nation, including the community of Iskut. The relationships we have with Indigenous communities, First Nations and host communities are critical to the way we operate. We will partner with the Tahltan Nation at all levels, and with the Government of British Columbia to ensure a shared path forward as the Company understands and acknowledges that Tahltan consent is necessary for advancing the Tatogga project.”
Newmont’s acquisition includes the Tatogga project, comprised primarily of the Saddle North deposit, which has the potential to contribute future significant gold and copper annual production. There are also further exploration opportunities beyond the known deposits at Saddle North within the land package. The Tatogga project adds to Newmont’s existing interest in the prospective Golden Triangle through the company’s 50% ownership in the Galore Creek project.
Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. A world-class portfolio of assets, prospects and talent is anchored in favourable mining jurisdictions in North America, South America, Australia and Africa. The American miner is celebrating its 100th anniversary this month.
With gold prices on the rise, the last six months has seen gold industry M&A activity accelerating. A recent Mckinsey report, advises that the industry need to be mindful of mistakes made during the previous gold price boom, when growth was chased unidirectionally by several companies.