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CANADA ’ S FIRST MINING PUBLICATION HEAVY EQUIPMENT TRENDS EQUINOX JOINS THE TOP 40 CANADA’S TOP Our annual ranking40 of producers AUGUST 2020 | www.canadianminingjournal.com | PM # 40069240 Partner for positive change The world around us – from skyscrapers, bridges and highways to the internet and all the devices connected to it – is made of aggregates, minerals and metals. The newly formed Metso Outotec provides the technologies and services needed to responsibly produce the commodities that build modern society. We lean on more than 150 years of experience to continuously innovate solutions for a more efficient and sustainable tomorrow. That’s why we are your partner for positive change. Over 15,000 experts in more than 50 countries, all at your service. mogroup.com mogroup.com AUGUST 2020 VOL. 141, NO.6 CANADIANMINIJOURNANGL CANADA’S TOP 40 17 Partner for 17 Our annual ranking of Canada’s Top 40 miners. 29 Equinox Gold joins the Top 40. FEATURES 14 Waubetek•• and Laurentian University partner to create a Centre of positive change Excellence for Indigenous Mineral Development. CANADIAN MINING JOURNAL The world around us – from skyscrapers, bridges and highways C 34 Pure GoldM poised for productionJ in Red Lake; Plus, five other gold projects to the internet and all the devices connected to it – is made of we’re watching. aggregates, minerals and metals. The newly formed Metso Outotec 34 provides the technologies and services needed to responsibly 40 Hatch shares practical ways for miners to incorporate green energy into produce the commodities that build modern society. We lean on their operations. more than 150 years of experience to continuously innovate solutions for a more efficient and sustainable tomorrow. That’s why we are NEW MINING TECHNOLOGY your partner for positive change. 43 A new gold assay method could offer a faster, simpler alternative to fire assaying. HEAVY EQUIPMENT Over 15,000 experts in more than 47 Sandvik discusses why battery electric vehicles are 43 50 countries, all at your service. becoming more popular in mining. mogroup.com DEPARTMENTS 4 EDITORIAL | Right now, it’s all about gold. 6 LAW | Alison Babbitt and Michael Cockburn of Norton Rose Fulbright Canada discuss how the updated Equator Principles will affect Canadian miners. 8 CSR & MINING | Carolyn Burns and Jane Church of NetPositive outline some considerations for driving anti-racism in the mining sector. ABOUT THE COVER Newmont’s Tanami gold mine, in Australia’s 10 UNEARTHING TRENDS | EY’s Theo Yameogo explains how a digital strategy Northern Territory. CREDIT: NEWMONT can help reinvent mining, during and well after COVID-19. Coming in September 11 FAST NEWS | Updates from across the mining ecosystem. Canadian Mining Journal’s annual gold issue, which will include a feature report on screens, 51 ON THE MOVE | Tracking executive, management and board changes in crushers and conveyors.. Canada’s mining sector. For More Information Please visit www.canadianminingjournal.com for regular updates on what’s happening with Canadian mining companies and their personnel mogroup.com both here and abroad. A digital version of the magazine is also available www.canadianminingjournal.com at www.digital.canadianminingjournal.com AUGUST 2020 CANADIAN MINING JOURNAL | 3 FROM THE EDITOR AUGUST 2020 Vol. 141 – No. 6 225 Duncan Mill Rd. Suite 320, CAToronto, NADIANOntario M3B 3K9 MINIJOURNANGL Tel. (416) 510-6789 Fax (416) 510-5138 ANSWERING MINING’S www.canadianminingjournal.com Right now, Editor-in-Chief Alisha Hiyate it’s all about gold 416-510-6742 [email protected] Twitter:•• @Cdn_Mining_Jrnl TOUGHEST QUESTIONS Alisha Hiyate News Editor Magda Gardner [email protected] MINING JOURNAJL MJ has been publishing its ranking of Canada’s Top 40 mining companies for Production Manager over 40 years. Jessica Jubb CWhile the industry has been through many shocks during that time, including [email protected] commodity price swings, the Bre-X scandal and stock market crashes, 2020 is an Art Director Barbara Burrows interesting time to be evaluating the industry’s performance. Last year’s performance was already mixed, with 22 of the Top 40 reporting a net Advisory Board David Brown (Golder Associates) profit, and 10 companies reporting a net loss for both 2019 and 2018. Michael Fox (Indigenous Community Engagement) As a backward looking exercise, the effects of the ongoing global coronavirus pan- Scott Hayne (Redpath Canada) demic, which began in earnest in March, won’t be measured until next year’s Top 40. Anthony Moreau (Iamgold) Gary Poxleitner (SRK) However, looking at the names in our ranking that have already disappeared Manager of Product Distribution through mergers during the first half of 2020 highlights some themes that will Jackie Dupuis undoubtedly show up in next year’s report. 403-209-3507 [email protected] Detour Gold (No. 20), Leagold Mining (No. 28) and Semafo (No. 30) – all gold Publisher & Sales producers – have been acquired in takeovers that closed in the first seven months of 2020. Robert Seagraves With a gold price that was heading toward US$1,900 per oz. at press time, up 416-510-6891 [email protected] from US$1,500 at the end of 2019, gold M&A is certain to continue and accelerate. Sales, Western Canada George Agelopoulos That’s likely to include more no-premium, merger-of-equal deals – a trend that began 416-510-5104 [email protected] with the Barrick Gold-Randgold tieup in 2019. (We profile Equinox Gold, a new Top Toll Free Canada & U.S.A.: 40 entry that acquired Leagold Mining in just such a deal this year, on page 29.) 1-888-502-3456 ext 2 or 43734 By the way, keep an eye on Kirkland Lake Gold, which acquired Detour Gold this Circulation Toll Free Canada & U.S.A.: January and seems determined to make it into the top 10. The company jumped 1-800-387-2446 ext 3505 eight spots this year to No. 11 – before any impacts from the Detour takeover. Group Publisher Kirkland Lake has been advancing steadily in the Top 40, climbing two spots to No. Anthony Vaccaro 19 last year, and nine spots in our 2018 ranking. Notably, this is the first year that gold giant Newmont has been eligible for our Established 1882 Canadian Mining Journal provides articles and information of list, after closing its acquisition of Goldcorp in April 2019. This allows us to com- practical use to those who work in the technical, administrative and supervisory aspects of exploration, mining and processing pare the world’s two biggest gold miners, Newmont and Barrick Gold, which in the Canadian mineral exploration and mining industry. Canadian Mining Journal (ISSN 0008-4492) is published reported nearly identical revenue last year (see comparison on page 24-25). 10 times a year by Glacier Resource Innovation Group (GRIG). GRIG is located at 225 Duncan Mill Rd., Ste. 320, Toronto, This is also the first year that Magda Gardner, who joined our team as news editor ON, M3B 3K9. Phone (416) 510-6891. last fall, has compiled our Top 40 report. Trained as a mining engineer and having Legal deposit: National Library, Ottawa. Printed in Canada. All rights reserved. The contents of this magazine are protected by worked as a research associate, Magda brings a sharp eye to the analysis. copyright and may be used only for your personal non-commercial purposes. All other rights are reserved and commercial use is Based on her experience, she’s made some changes to the ratios we use to assess prohibited. To make use of any of this material you must first Fletcher values what their customers say. Since 1937, Fletcher has been answering some obtain the permission of the owner of the copyright. For further financial performance. She’s also separated out oilsands companies from the main information please contact Robert Seagraves at 416-510-6891. ranking, as their business is materially different from mining. Subscriptions – Canada: $51.95 per year; $81.50 for two years. of underground mining’s toughest questions. At Fletcher we provide an atmosphere for an USA: US$64.95 per year. Foreign: US$77.95 per year. Single As the two oilsands companies excluded from the main list would have both been in copies: Canada $10; USA and foreign: US$10. Canadian open dialogue with customers to ensure their operations subscribers must add HST and Provincial tax where necessary. ® the Top 10 (Suncor Energy would be No. 2 and Canadian Natural Resources at No. HST registration # 809744071RT001. From time to time we make our subscription list available to are reaching maximum efciency. Is your operation facing 6), readers should be aware that this means that this year’s list is not directly compara- select companies and organizations whose product or service ble with previous years. may interest you. If you do not wish your contact information obstacles that mass produced equipment isn’t addressing? CMJ to be made available, please contact us via one of the following As ever, we welcome your feedback at [email protected]. methods: Phone: 1-800-387-2446 ext 3505; Fax: 403-245-8666 ; E-mail: [email protected] Mail to: Jackie Dupuis, 2nd Flr. 816–55th Ave. N.E. Calgary, Alberta T2E 6Y4. C ontact F letch er. A sk Q u estions. W e ll h av e A nsw ers. We acknowledge the financial support of the Government of Canada. 402 HIGH STREET 800.549.5491 HUNTINGTON, WV WWW.JHFLETCHER.COM J.H. Fletcher & Co. cannot anticipate every mine hazard that may develop during use of these products. Follow your mine plan and/or roof control plan prior to use of the product. Proper use, maintenance and continued use of (OEM) original equipment parts will be essential for maximum operating results.