Attractive Copper Project raises $200 million in funds

Attractive Copper Project raises $200 million in funds

Everyone in the market right now has its eyes on copper prices ever since its recent high rise in years, to over $3.70 per pound.

It is speculated that this recent surge in prices has to do with the metal’s high demand for future technology used in renewable resources. So copper mines and are all in to take advantage and fasten their projects to start production.

Taskeo is accelerating its Florence copper project, moving forward with final design engineering of the commercial productions

They have announced a completed offering of $400 million aggregate principal, amount of 7.0% senior secured notes due in 2026. Taking this into the equation, they will have $131 million available for capital expenditures, working capital and general corporate purposes. This will help strengthen their financial position and lower capital cost.

Taseko stated that Florence is one of the least capital-intensive copper production facilities with an estimated $0.90 per pound of copper once operating and a production of 40,000 tons of high-quality cathode copper annually for the US market.

References: M. (2021, February 10). Taseko raises $200m to fund Florence copper project. Retrieved from https://www.mining.com/taseko-raises-200m-to-fund-florence-copper-project

Future looks bright for green mining

Future looks bright for green mining

As more and more governments are trying to comply with the Paris Agreements goals, it is expected to see incentives to reduce carbon emissions in the mining industry in EU countries, the UK and Canada. Mining companies aim to reduce their emissions by investing in renewable energy installations as well as the progressive usage of electric mining truck fleets. Steel and aluminum producers will focus on the efficiency of operations and on waste recovery to comply with said governments regulations. As for Oil and Gas Producers, they will go for methane leakage and the decrease of venting and flaring in the pursuit of the reduction of carbon emissions[i].

However, with the Coronavirus epidemic, impacting the economy of many countries, governments might strive to achieve economic recovery pre-COVID-19. This could be materialized by more investments in infrastructures and a preference for economic growth over climate change contingency plans1.

 

In Canada, with the green Mining Initiative, mining companies, research centers, provincial governments and natural resources Canada are working around 4 Innovation pillars to make mining more efficient, safer, and more sustainable. As Mining is a huge part of our daily lives, it is important for the Industry to come together and work on ways to improve mining activities for future generations. The 1st Pillar is about Footprint Reduction. In Alberta for example, researchers are looking for non – aqueous alternatives to extract oil sands and avoid wet tailings. In Val d’Or, researchers are working on non-explosive extraction methods. The 2nd pillar is about mitigating the negative impacts of mineral processing. Rehabilitating mine sites to profit from them constitutes the goal of the 3rd pillar. Last, the 4th pillar focuses on studies about the impacts of mining on the fauna and flora[ii]

In addition, the Mining Association of Canada sets a world‑recognized sustainability standard, the Towards Sustainable Mining (TSM) initiative in 2004. Companies adhering to this initiative, pledge to responsible mining and their performance is measured by multiple indicators and tools. De Facto, all members are obligated to adhere to this Initiative and the program has been adopted by other countries like Finland, Argentina, Botswana, the Philippines, and Spain[iii].

Canada is leading by example and paving the way for a more sustainable mining industry. Past progress in the sector shows hope that despite COVID-19, sustainability is nowadays a goal of mining companies, governments, and academia. 

[i] MINING.com Editor. (January 27, 2021). Five green energy trends topping miners’ agendas in 2021 – report. MINING.com.

https://www.mining.com/climate-to-top-energy-and-mining-agendas-in-2021-report/

[ii] Natural Resources Canada. (2018). Green Mining Innovation Video [Online Video]. Government of Canada. https://www.nrcan.gc.ca/our-natural-resources/minerals-mining/mining-resources/green-mining-innovation-video/8260

[iii] Trade Commissionner Service. (January 18, 2021). Canada sets a world standard for sustainable mining. Government of Canada.

https://www.tradecommissioner.gc.ca/canadexport/0003604.aspx?lang=eng

 

PROMINE GIVEAWAY – ORE: THE MINING GAME

PROMINE GIVEAWAY – ORE: THE MINING GAME

Follow us on Instagram @prominesoftware and run the chance to win the brand-new board game “ORE – THE MINING GAME”!

Answer the post’s question in the comment section on Instagram on February 2nd at 2:00 pm ET.

The first 4 people to answer the question correctly win the prize!

Rules:
Must have a Canadian home address
Must be following us on Instagram @prominesoftware
Must use the comment section on Instagram’s post on February 2nd to answer the question

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