Latest news with #palladium
CBC
9 hours ago
- Business
- CBC
Kiashke Zaaging Anishinaabek chief "ambivalent" about Lac Des Iles mine closure
The closing of Impala Canada's Lac Des Iles palladium mine is being greeted with a mixture of ambivalence and confusion by those close to the site. Over the past decade, the mine has been a source of tension between various owners of the operation, and the local First Nation. The palladium mine is located within Kiashke Zaaging Anishinaabek, also known as Gull Bay First Nation, roughly 90 kilometres northwest of Thunder Bay. Impala Canada's CEO, Tim Hill, announced the mine's closure at July 3. Kiashke Zaaging Anishinaabek's chief, Wilfred King, says very few of the mine's employees are members of the First Nation. Despite the mine being located on their land, King describes Kiashke Zaaging Anishinaabek's relationship with Impala as minimal , which adds to why he feels "ambivalent" toward the mine's closure. In 2018, the mine's previous owner, North American Palladium, and Kiashke Zaaging Anishinaabek announced they had signed a letter of intent. North American Palladium was acquired by Impala Canada in October 2019. King says dialogue was not carried over with the new owners. "We were involved in the negotiations with Impala to look at a community benefit agreement and they basically shut the negotiations down," King said, adding Impala notified Kiashke Zaaging Anishinaabek "that they were no longer interested in developing a relationship with Gull Bay First Nation." The relationship between Impala Canada and Kiashke Zaaging Anishinaabek got off to a rocky start, due to a COVID-19 outbreak within the community the following May, with King attributing it to a previous outbreak at the mine. Despite a lack of a community benefit agreement with Kiashke Zaaging Anishinaabek, Impala Canada spokeswoman Emily Robb confirmed the company has community benefits with Fort William First Nation and Whitesand First Nation. "Impala Canada is always striving for and working towards caring and respectful relationships with all of our community partners, Indigenous communities, and the Union representing our workforce, and we will continue to do so," Robb said in a statement to the CBC. Union left scratching its head over closure Impala's decision to close the mine was rooted in a nearly two year period of slumping palladium prices, according to Robb. When the company first purchased North American Palladium, the cost of palladium per ounce was roughly $2416.63 on the New York Mercantile Exchange. By the end of April 2021, the stock price had risen 68 percent to $4065.57 per ounce. Although prices dropped below $1237.11 last May, they have been steadily on the rise ever since. On Thursday, the closing stock price for an ounce of palladium was $1809.36. The rise in stock prices over the past year has left the union representing the mine's workers baffled at Impala's decision to close down its Lac Des Iles operations. United Steel Workers (USW) currently represents 530 workers at the site. "I'm not buying it's because of low palladium prices," said Cody Alexander, USW's staff representative for Thunder Bay and the surrounding area. "it seems like there's a failure to have meaningful relationships with the First Nations there in order to get the support that they need to expand those ponds." Alexander added Hill sent out a memo last March indicating the company was financially stable, a sentiment that was later reiterated at a collective bargaining meeting between the company and USW in October. A history of environmental concerns Issues relating to the mining site's tailing pond have arisen in repeated accusations of environmental damage from Kiashke Zaaging Anishinaabek. In 2015, before Impala Canada took over operations, untreated water spilled over from the tailings pond into the adjacent Lac Des Iles after a period of heavy spring rain. And in the days prior to signing a letter of intent with North American Palladium, members of Kiashke Zaaging Anishinaabek blocked off the flow of traffic on the private road leading into the mine, in part due to the environmental impact of the mine. "Very little benefit accrued to Gull Bay First Nations by the results of that mining operation in the core of our traditional territory," King said. Regarding Impala's efforts to operate in an environmentally responsible manner, Robb said "we have worked very hard to care for the environment, we have always complied with environmental regulations, and we will do so going forward as well." Kiashke Zaaging Anishinaabek's chief confirmed that the tailings pond was at capacity, and said that expanding the tailing pond had been discussed, but that the First Nation had repeated concerns over the design and methods used for any proposed expansion to the pond. If the tailings ever breached the dam, copper would flow into the adjacent lake, King said, adding that after the tailings leak in 2015, Kiashke Zaaging Anishinaabek was never "given any kind of assurances that this would never happen again." Next steps In his memo to Lac Des Iles staff, Hill said the mine would work to shut down operations by the end of May next year, though the final closing date is dependent on multiple factors including tailings pond capacity, and the company's ability to meet production targets. Currently, the company is in negotiations with USW to formulate a closure agreement. Alexander said for steel workers, the union is looking for enhanced severance above Employment Standards Act standards, including a retention bonus for employees who decide to stay on to help with the closure of the mine and extended benefits. Upon closure, the mine will be returned to Kiashke Zaaging Anishinaabek, though King sees little evidence the site can be remediated, calling it a "wasteland." However, King did not rule out the possibility of continuing mining operations at the site after Impala's closure, so long as the right agreements are in place. He also says that a separate tailings facility would have to be built. "We're not against development," King said. "Our first and foremost concern has always been the environment, and we're for development providing it's done in a sustainable way and that there are minimal impacts to the environment."
Forbes
4 days ago
- Business
- Forbes
Platinum And Palladium: The Next Bubble Minerals
palladium, a transition metal, used in the production of military aerospace equipment and in the ... More manufacture of catalysts, palladium stones, Metal used in industry. local focus I last wrote about platinum for Forbes on June 23rd. This was the chart: The palladium chart on June 23rd When I first wrote about it here on May 15th, platinum was around $1,000. It is now at $1,400. This is the current situation: The current palladium chart Certainly, a trend of appreciating precious metals is at work, but there is also the theme of 'strategic and critical metals' anxiety pushing platinum. On top of that, under the hood, is AI – not the AI under the hood of cars, but AI as a core driver of market moves. AI means that the internal combustion engine is not going away because the implied future demand for energy is now infinite. This is because the demand for AI is infinite, and AI depends heavily on silicon and pure energy consumption. As such, all forms of energy will be utilized, which is why, if you wondered, nuclear energy is no longer the scourge of humanity and back in favor like it was in the 1950s. As the world continues to burn carbon-based fuels alongside all the other energy-generating materials, you better have platinum to try to clean up the mess. You also better have palladium. The trouble is, only roughly 200 tonnes of each metal are mined every year. That is basically none. Even precious and rare gold has a production of 3,200 tonne a year. I focus on these numbers because they are so simple and stark. 200 tonnes is about what 100 American families consume by weight of stuff a year. It's a rounding error in the modern economic scheme of things. The price of platinum and palladium must rise. It is quite a tricky prospect to ride this near certainty, and as such I hold ETFs and Sibanye Stillwater (NYSE:SBSW). I'm not fan of pricey or difficult-to-hold stocks. This is why physical ETFs are my preferred instrument, and SBSW sneaks in as the only stock I can stomach. Meanwhile, the chartist in me sees palladium as the sweet spot. Here is why: Platinum and palladium charts compared In old market parlance, palladium is the fast horse. But like the market stall trader selling steak knives I have to say, 'That's not all, Mister, take a look at this!' Platinum, palladium and gold charts compared This chart tells a story of platinum and palladium following gold. You expect that, but what you see in 2016 was how gold and platinum used to be valued: they were 1:1. That parity is gone, but why wouldn't it return? Production is 3,200 tonnes for gold and 200 tonnes for platinum, and for a very long time, platinum was more expensive than gold – just as it is for Rolex owners today. From this chart, you can also see how their prices can explode, as palladium did in 2020–2022. The supply is tight because production is so small. In consequence, I am very much talking my own book because I am well vested in platinum and palladium. This technical setup looks spectacular, and the fundamentals are there to back it up. When I started writing about platinum and palladium, it was contrarian. Not anymore.
National Post
4 days ago
- Business
- National Post
Generation Mining Appoints Kyle Kuntz to Board of Directors Strengthening Development and Construction Expertise
Article content TORONTO — Generation Mining Limited (TSX:GENM)(OTCQB: GENMF) (' Generation Mining ' or the ' Company ') is pleased to announce the appointment of Kyle Kuntz to its Board of Directors. Article content Mr. Kuntz is a mining project executive with over a decade of experience leading large-scale mining developments across North America. He currently holds the position of Vice President, Projects at Equinox Gold Corp. Before joining Equinox, he served as Director, Projects at Marathon Gold Corp., where he remained through its acquisition by Calibre Mining and the subsequent merger with Equinox. During his tenure at Calibre, he was responsible for overseeing the construction of the Valentine Gold Project. Earlier in his career, he held key roles with JDS Energy & Mining Inc., the Nuna Group of Companies, and Stantec. Mr. Kuntz brings deep expertise in transforming mineral projects from feasibility studies into operational assets, with a focus on project management, engineering leadership, procurement strategies, and construction execution. Article content Article content 'We are delighted to welcome Kyle to our Board of Directors,' said Kerry Knoll, Chairman of Generation Mining. 'His leadership at the Valentine Gold Project and his deep understanding of the technical, regulatory, and stakeholder engagement processes will strengthen our Board as we advance our Marathon Copper-Palladium Project toward construction. His hands-on experience guiding a major Canadian mining project through construction brings added technical capacity to our Board as Generation Mining enters its next phase of growth.' Article content 'I'm excited to join the Generation Mining Board and contribute to the advancement of the Marathon Project,' said Mr. Kuntz. 'With the growing importance of critical minerals like copper and palladium, this project is strategically positioned to play a key role in Canada's resource future.' Article content About the Company Article content Generation Mining's focus is the development of the Marathon Project, a large undeveloped copper-palladium deposit in Northwestern Ontario. The Marathon Property covers a land package of approximately 26,000 hectares, or 260 square kilometers. Generation Mining is dedicated to fostering a greener future by promoting sustainability, empowering communities, and delivering value to our stakeholders. Article content The Feasibility Study (the ' Technical Report ') estimated a Net Present Value (using a 6% discount rate) of C$1.07 billion, an Internal Rate of Return of 28%, and a 1.9-year payback based on the 3-yr trailing average metal prices at the effective date of the Technical Report. Over the anticipated 13-year mine life, the Marathon Project is expected to produce 2,161,000 ounces of palladium, 532 million lbs of copper, 488,000 ounces of platinum, 160,000 ounces of gold and 3,051,000 ounces of silver in payable metals. For more information, please review the Feasibility Study filed under the Company's profile at or on the Company's website at Article content Qualified Person Article content The scientific and technical content of this news release has been reviewed and approved by Daniel Janusauskas, Technical Services Manager of Generation PGM Inc., a wholly-owned subsidiary of the Company, and a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 Standards of Disclosure for Mineral Projects. Article content Forward-Looking Information Article content This news release contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively referred to herein as 'forward-looking statements)'. Forward-looking statements reflect current expectations or beliefs regarding future events or the Company's future performance. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as 'plans', 'expects', 'is expected', 'budget', 'scheduled', 'estimates', 'continues', 'forecasts', 'projects', 'predicts', 'intends', 'anticipates', 'targets' or 'believes', or variations of, or the negatives of, such words and phrases or state that certain actions, events or results 'may', 'could', 'would', 'should', 'might' or 'will' be taken, occur or be achieved, including statements relating to the Article content including statements relating to projected capital and operating costs (including the AISC); the timing and volume of payable metal production and revenues; and the economic analysis and results (including NPVs and payback periods). Article content Although the Company believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the statements. There are certain factors that could cause actual results to differ materially from those in the forward-looking information. These include the timing for a construction decision; the progress of development at the Marathon Project, including progress of project expenditures and contracting processes, the Company's plans and expectations with respect to liquidity management, continued availability of capital and financing, the future prices of palladium, copper and other commodities, permitting timelines, exchange rates and currency fluctuations, increases in costs, requirements for additional capital, and the Company's decisions with respect to capital allocation, inflation, global supply chain disruptions, global conflicts, including the wars in Ukraine and Israel, the project schedule for the Marathon Project, key inputs, staffing and contractors, continued availability of capital and financing, uncertainties involved in interpreting geological data and the accuracy of mineral reserve and resource estimates, environmental compliance and changes in environmental legislation and regulation, the Company's relationships with Indigenous communities, results from planned exploration and drilling activities, local access conditions for drilling, and general economic, market or business conditions, as well as those risk factors set out in the Company's annual information form for the year ended December 31, 2024, and in the continuous disclosure documents filed by the Company on SEDAR+ at Article content Article content . Article content Readers are cautioned that the foregoing list of factors is not exhaustive of the factors that may affect forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release speak only as of the date of this news release or as of the date or dates specified in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. For more information on the Company, investors are encouraged to review the Company's public filings on SEDAR+ at Article content Article content Article content Article content Article content Contacts Article content For further information please contact: Article content
CTV News
09-07-2025
- Business
- CTV News
Impala plans to close Ontario palladium mine due to low prices
The logo of Impala Canada is shown. THE CANADIAN PRESS/Handout - Impala Canada (Mandatory Credit) THUNDER BAY — Impala Platinum Holding Ltd. plans to end production at its Lac des Iles mine in northwestern Ontario at the end of May next year due to low palladium prices. The South African company currently employs about 750 people at the mine north of Thunder Bay, Ont. The operation includes underground and surface mining operations and a concentrator. Impala Canada says due to a prolonged period of low palladium prices the business is not generating the cash flow required to sustain the operation. In a message to employees last week, Impala Canada chief executive Tim Hill said there is still plenty of work to be done in the operation and responsible closure of the mine. He thanked workers for their commitment and safety performance. --- This report by The Canadian Press was first published July 9, 2025.
News24
09-07-2025
- Business
- News24
South African-owned palladium mine in Canada to close, 750 jobs at risk
• For more financial news, go to the News24 Business front page. Low palladium prices are forcing Impala Platinum to shut down its mine in Canada, putting 750 jobs at risk. The Lac des Iles mine is about 1 500 kilometers northwest of Toronto. Impala Canada expects to end production by May 31, 2026, Chief Executive Officer Timothy Hill told workers in an email seen by Bloomberg News, but 'the final date of operations is dependent on several factors, including available tailings capacity and our ability to meet production targets.' 'We've been in a prolonged period of low prices, and as a result, the business is not generating the cash flow required to sustain the operation despite the team's strong performance,' an Impala Canada spokesperson said Tuesday in an email. The price of palladium — a metal mostly used to curb emissions from petrol vehicles — has fallen over the past three years because demand from auto manufacturers has weakened. Electric vehicles have captured a larger share of the global auto market, and they don't need catalytic converters to filter exhaust fumes. In 2024, Impala Canada cut 95 jobs, also citing lower palladium prices. Parent company Implats, based in Johannesburg, acquired the Ontario mine in 2019 through its purchase of North American Palladium. The mine closure was first reported by online publication TBnewswatch.
