DOCSLIB.ORG

Canada's Producers

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Canada's Producers CANADA ’ S FIRST MINING PUBLICATION CANADIANCANADIAN Mining JournalAugust 2014 Mwww.canadianminingjournal.comining Journal CANADA’S PRODUCERS A LOOK AT OUR BEST MINERS Canada Post Canadian Publications Mail Sales Product Agreement No. 40069240 Departments CANADIANCANADIAN 5 Editorial Mining Journal Publisher Robert Seagraves comments in this month’s Editorial about the recent decision by the Supreme CONTENTS Court of Canada and the First Nations. CANADA’S TOP 40 MINERS 6 Investing Columnist Ned Goodman Not much has changed talks about ‘stagflation,’ a Canadian Mining Journal’s annual look at the term used to describe a peri- top performers in mining in Canada. od of stagnant economic 11 growth and soaring rates of inflation. DEVELOPMENT 22 8 Law 22 Waking the giant Norton Rose Fulbright TerraX Minerals works at bringing Yellowknife’s historic Canada’s Martin Valasek, a Giant mine back to life. Partner with the company, takes a look at investor-state 26 arbitration and the Canadian 26 On top of what’s below mining industry. TANCO Mine’s Bernic Lake mine in Manitoba poses many challenges. 60 In My Mine(d) 30 In for the long haul This month’s guest column is Copper Mountain Mining overcomes transportation written by Shane Troyer, a challenges to get equipment to B.C. mine. 30 principal with the firm of Grant Thornton LLP. He talks about why small and 34 Flying high mid-cap companies are Yukon prospector Shawn Ryan comes up with a great prime targets for regulatory way to make exploring less expensive and more reliable. headaches. 38 Stepping out in big, big way 38 Detour Gold’s Ontario mine thrives as the company 62 Unearthing Trends continues to step out for more gold in its own backyard. This month’s regular column by Ernst & Young LLP, Vancouver, talks about 46 Without limits Resource Nationalism and Nova Scotia’s Department of Natural Resources says ‘prospects’ are good. why it is a key business risk 46 for the mining sector. 50 Looking positive Newfoundland and Labrador continue to report a strong performance. 54 A busy season An AME-BC look at prospecting and development 56 activities in the province. CANADA ’ S FIRST MINING PUBLICATION ABOUT THE COVER CANADIAN This month’s cover clearly Mining JournalAugust 2014 Mwww.canadianminingjournal.comining Journal shows robust activity at a CANADA’S 56 Site of all sites mine site while also serving to PRODUCERS CMJ’s Eastern Correspondent D’Arcy Jenish reports on A LOOK AT OUR convey the message of pro- BEST MINERS ductivity that is evident by the his recent tour of Sweden. financial rewards of this year’s Top 40 mining companies in Canada Post Canadian Publications Mail Sales Product Agreement No. 40069240 Canada. To see what we mean, see the Top 40 Report For More Information starting on page 11. Cover Please visit www.canadianminingjournal.com for regular updates on what's happening photo provided by Caterpillar. with Canadian mining companies and their personnel both here and abroad. A digital version of the magazine is also available at www.digital.canadianminingjournal.com Coming in September ‘Gold’ will be the main theme of the September issue. www.canadianminingjournal.com August 2014 • Canadian Mining Journal | 3 NORDBAK® WEARING COMPOSITES Wear and corrosion are common causes for failure in industrial equipment. Loctite® Nordbak® Wear Resistant and Protective coatings offer superior protection for new and worn equipment in a variety of applications. • Extend surface life and increase efficiency through reduced friction. • Use the superior wear properties of ceramic and the convenience of two-part epoxies to protect equipment like pump chutes, and augers in harsh environments. • Stand up to almost any corrosion, abrasion and wear problem. • Make large-scale repairs that last. • Available in trowelable, brushable and sprayable forms. To arrange direct factory support for your applications, or to learn about additional Nordbak® wearing composites or backing compounds, call 1.855.436.5354, or visit henkelna.com/mining All marks used are trademarks and/or registered trademarks of Henkel and/or its affiliates in the U.S. and elsewhere. ® = registered in the U.S. Patent and Trademark Office. © Henkel Corporation, 2014. All rights reserved. AD-170-14. Editorial CANADIANMining Journal August 2014 Vol. 135 — No. 6 80 Valleybrook Drive, Toronto, Ontario M3B 2S9 Tel. (416) 442-5600 Fax (416) 510-5138 www.canadianminingjournal.com “Rule of Law” Editor Russell B. Noble 416 510-6742 wins the day [email protected] Field Editor By Robert Seagraves, Publisher Marilyn Scales 613-270-0213 [email protected] Art Director anada had always prid- Mark Ryan ed itself on its adherence Production Manager Print Production Manager Steve Hofmann Phyllis Wright Cto the “rule of law.” As Circulation Manager such, the recent and seismic Cindi Holder 416 442-5600, ext. 3544 ruling by the Supreme Court [email protected] of Canada regarding the First Publisher & Sales Nations is a chance for the Robert Seagraves 416 510-6891 resource companies of [email protected] Canada to “walk the walk.” Sales This has been a ruling 40 Western Canada, Western U.S.A. and Quebec Joelle Glasroth years in the making with 416-510-5245 aboriginal groups winning [email protected] every land claim challenge Toll Free Canada: along the way. Now there is 1-800-268-7742 ext 6891 or 5245 Toll Free USA: no more need to challenge. 1-800-387-0273 ext 6891 or 5245 Clarity has come to the land claim wars between President Vice-president resource companies and the Historical treaties of Canada. Bruce Creighton Alex Papanou First Nations. If there is no Established 1882 Canadian Mining Journal provides articles and information of practical treaty signed, and the use to those who work in the technical, administrative and supervisory aspects aboriginals can prove title to the land, British Columbia has the most work to of exploration, mining and processing in the Canadian mineral exploration and mining industry. Canadian Mining Journal (ISSN 0008-4492) is published resource companies and governments do in terms of establishing who owns title 10 times a year by Business Information Group L.P. BIG is located at 80 Valleybrook Dr., Toronto, ON, M3B 2S9. Phone (416) 442-5600. must get consent. to the land as historically, very few treaties Legal deposit: National Library, Ottawa. Printed in Canada. All rights reserved. Now it is no longer good CSR policy to were signed. It will be in the interests of The contents of this magazine are protected by copyright and may be used only for your personal non-commercial purposes. All other rights are reserved and consult and get permission - it is the law. both parties to establish their claims of commercial use is prohibited. To make use of any of this material you must first obtain the permission of the owner of the copyright. For further information To quote the ruling from Chief Justice ownership but First Nations’ claims will please contact Russell Noble at 416-510-6742. supersede claims by the province. Subscriptions — Canada: $47.95 per year; $76.95 for two years. USA: US$60.95 Beverly McLachlin, title to the land means per year. Foreign: US$72.95 per year. Single copies: Canada $10; USA and foreign: the aboriginal group has “the exclusive Aboriginal groups are obviously ecstat- US$10. Canadian subscribers must add GST and Provincial tax where necessary. GST registration # 809744071RT001. right to decide how the land is used, and ic over the decision. If they can prove title From time to time we make our subscription list available to select companies and organizations whose product or service may interest you. If you do not the right to benefit from those uses.” to the land, they must be taken as equal wish your contact information to be made available, please contact us via one But this is not an absolute right. There partners in the economic development of of the following methods: Phone: 1-800-668-2374; Fax: 416-442-2191; E-mail: privacy [email protected]; Mail to: Privacy Officer, are a few caveats, such as if the government natural resources. Business Information Group, 80 Valleybrook Dr., Toronto, ON, M3B 2S9. Publications Mail Agreement #40069240. PAP Registration No. 11000. We can show that the project has a “compelling In truth, this is all they have been ask- acknowledge the financial support of the Government of Canada through the and substantial public interest.” I am sure ing for, and as a country that prides itself Publication Assistance Program towards our mailing costs. Return undeliver- able Canadian addresses to: Circulation Dept., Canadian Mining Journal, 80 there will be a lot of arguments that the on rule of law, this is the least we can give Valleybrook Dr., Toronto, ON, M3B 2S9. E-mail: [email protected] Canada Post: Publications Mail Agreement PM40069240. Please forward financial well-being of the province is a them. Will there be drop in resource Forms 29B and 67B to 80,Valleybrook, Toronto, ON M3B 2S9. compelling reason to proceed with certain development in B.C.? Well, it certainly got Canadian Mining Journal, USPS 752-250. US office of publication: 2221 Niagara Falls Blvd., Niagara Falls, NY 14304-5709. Periodicals Postage Paid at Niagara Falls, projects, such as the Northern Gateway tougher to proceed with projects but NY. US postmaster: Send address changes to Canadian Mining Journal, PO Box 1118, Niagara Falls NY 14304. pipeline, or closer to home here in Ontario, provinces that have treaties may in turn We acknowledge the financial support of the Government of Canada through the Canada development of the Ring of Fire. see an increase in development, such as Magazine Fund toward our editorial costs.
Load more

Recommended publications
  • March 2006 Commentary
    PRIMEVEST CAPITAL CORP. COMMENTARIES June 30, 2021 Commentary The major theme this quarter and particularly over the last few weeks is whether current increases in inflation are transitory or persistent. The data have been showing general prices rising including for commodities and consumer items like used cars. The debate focuses on whether the price rises are due to the “base effect” from lower prices at the start of Covid and whether they will continue. The other change in rhetoric from the first quarter was in the focus on inflation instead of reflation. The reflation trade fueled the Value over Growth rotation, which included commodity prices, and the inflation trade put a quick two-day stop to any allocation of capital to the long side, and then the Fed’s convicted transitory comments fueled the Growth over Value allocation. Going forward, wage inflation will be the prominent factor in that debate (items like used cars can only go so high, as the limiting factor are new car prices). In addition, the Chinese government also successfully orchestrated a correction in runaway commodity prices for base metals. While this has worked for the short term (also complemented by a strengthening US dollar in June), we strongly believe there is a mid-term secular opportunity in base metals, as outlined in previous commentaries, that will be durable for some time. We identified this secular opportunity in the copper space several years ago and determined that the best prospects lie in the copper development area. In fact, I believe we can justify that these investment profiles have potentially the most attractive reward-to-risk ratios of any potential investments across sectors.
    [Show full text]
  • 2013 Global Gold Price Report Annually, Pwc Surveys Gold Mining Companies from Around the World
    www.pwc.com/ca/mining 2013 Global Gold Price Report Annually, PwC surveys gold mining companies from around the world. This year, we contacted executives from a cross-section of senior, mid-tier and junior gold mining companies representing 35 million ounces of gold mined in 2012 and 35 million ounces expected to be mined in 2013. Inside 1 Survey participants 14 Interview with Randy Smallwood, President and CEO, Silver Wheaton Corporation 2 PwC’s point of view 17 Global silver price survey responses 4 Gold price performance 18 Deals activity in 2012 6 Interview with Jamie Sokalsky, President and CEO, Barrick Gold Corporation 20 Gold deal activity 8 Gold miners’ cash allocation and capital 22 Mining in South Africa — 2013 outlook investment strategies Back Contact information 10 Mine planning data ii Global gold price Global silver price survey participants survey participants We would like to thank the senior executives from the companies We would like to thank the senior executives listed below for participating in our Global Gold Price Survey. from the companies listed below for participating in our Global Silver Price Survey. Agnico-Eagle Mines Ltd McEwen Mining Inc Coeur d’Alene Mines Corp Amara Mining plc Midway Gold Corp Endeavour Silver Corp B2Gold Corp New Gold Inc First Majestic Silver Corp Barrick Gold Corp Newmont Mining Corp Fortuna Silver Mines Inc Caledonia Mining Corp Northern Star Mining Corp Great Panther Silver Ltd Cerro Grande Mining Corp OceanaGold Corp Impact Silver Corp Centerra Gold Inc Orvana Minerals Corp Pan American
    [Show full text]
  • Dedicated and Pragmatic, Melanie Is Considered “An Extremely Capable
    Dedicated and pragmatic, Melanie is considered “an extremely capable M&A lawyer,” with one client stating she is “one of the best strategic deal counsellors we’ve come across in any sector, not just mining.” Chambers Global 2017 Melanie’s ability to bring strategic thinking to clients’ public and private mergers Melanie A. Shishler and acquisitions is the reason organizations across numerous sectors rely on Partner her expertise for their complex transactions. A significant portion of Melanie’s M&A practice is working with clients in the Office mining sector. Her skill in this area has earned Melanie recognition in Chambers Toronto Global for Mining. She is lead counsel on worldwide and significant M&A initiatives for Barrick Gold Corporation as well as numerous intermediate and Tel 416.863.5510 junior mining companies. She is well regarded by clients for her insight into the business realities of Email Canadian and international M&A. Melanie, says a client, “gives frank advice, [email protected] which is always top notch, but also grounded in commercial sense, regarding what’s possible and how to do the transaction.” (Chambers Global 2016) Expertise Mergers & Acquisitions Melanie is a member of our Management Committee. Mining Corporate Governance REPRESENTATIVE WORK Capital Markets & Securities Roxgold Inc. Bar Admissions Acted for Roxgold Inc. in its C$1.1­billion business combination with Fortuna Ontario, 1999 Silver Mines Inc. to create a premier growth­oriented global intermediate gold and silver producer. The Pallinghurst Group Acted for The Pallinghurst Group, a private investor in the global natural resources sector, in its joint 50­50 acquisition with Investissement Québec of Québec­based Nemaska Lithium Inc.
    [Show full text]
  • Annual Management Report of Fund Performance Contains Financial Highlights but Does Not Contain the Complete Annual Financial Statements of the Fund
    MANAGEMENT REPORT OF FUND PERFORMANCE Harvest Global Gold Giants Index ETF December 31, 2019 Th e Fund’s proxy voting policies and procedures, proxy voting disclosure record, or quarterly portfolio disclosure, can be obtained at your request, and at no cost, by calling us at 1-866-998-8298; by writing to us at Harvest Portfolios Group Inc., 610 Chartwell Road, Suite 204, Oakville, Ontario, L6J 4A5; by visiting our website at www. harvestportfolios.com; or on SEDAR at www.sedar.com. Harvest Global Gold Giants Index ETF CORPORATE OVERVIEW Harvest Portfolios Group Inc. (“Harvest” or the “Manager”) is a Canadian Investment Manager founded in 2009. Harvest is focused on developing investment products that follow three investment criteria. We (i) endeavor to develop investment products that are clear in their mandate and easy for investors to understand, (ii) strive to be transparent so that our investors can review their financial reports and know exactly what they own and (iii) seek to provide investors with consistent monthly or quarterly income by investing the fund portfolios in well managed companies that have a steady cash flow and dividend-paying history. INVESTMENT PRODUCT The Harvest Global Gold Giants Index ETF (the “Fund”) seeks to replicate, to the extent reasonably possible and before fees and expenses, the performance of the Solactive Global Gold Giants Index TR. The Fund primarily invests in large gold mining issuers that are listed on a regulated stock exchange in North America, Australia or in certain European countries. 1 Harvest Global Gold Giants Index ETF PRESIDENT’S MESSAGE Harvest Global Gold Giants Index ETF Unitholder letter March 2020 Dear Valued Investor, “In the business world, the rear-view mirror is always clearer than the windshield” − Warren Buffet As a long time follower of Warren Buffett, I think this particular quote makes sense when looking back at the previous year of activity in markets, what is difficult is looking ahead and trying to adjust your investments accordingly.
    [Show full text]
  • Annual Management Report of Fund Performance Contains Financial Highlights but Does Not Contain the Complete Annual Financial Statements of the Fund
    MANAGEMENT REPORT OF FUND PERFORMANCE Harvest Global Gold Giants Index ETF December 31, 2020 Th e Fund’s proxy voting policies and procedures, proxy voting disclosure record, or quarterly portfolio disclosure, can be obtained at your request, and at no cost, by calling us at 1-866-998-8298; by writing to us at Harvest Portfolios Group Inc., 610 Chartwell Road, Suite 204, Oakville, Ontario, L6J 4A5; by visiting our website at www. harvestportfolios.com; or on SEDAR at www.sedar.com. Harvest Global Gold Giants Index ETF CORPORATE OVERVIEW Harvest Portfolios Group Inc. (“Harvest” or the “Manager”) is a Canadian Investment Manager founded in 2009. Harvest is focused on developing investment products that follow three investment criteria. We (i) endeavor to develop investment products that are clear in their mandate and easy for investors to understand, (ii) strive to be transparent so that our investors can review their financial reports and know exactly what they own and (iii) seek to provide investors with consistent monthly or quarterly income by investing the fund portfolios in well managed companies that have a steady cash flow and dividend-paying history. INVESTMENT PRODUCT The Harvest Global Gold Giants Index ETF (the “Fund”) seeks to replicate, to the extent reasonably possible and before fees and expenses, the performance of the Solactive Global Gold Giants Index TR. The Fund primarily invests in large gold mining issuers that are listed on a regulated stock exchange in North America, Australia or in certain European countries. 1 Harvest Global Gold Giants Index ETF PRESIDENT’S MESSAGE Harvest Global Gold Giants Index ETF Unitholder letter March 2021 Dear Valued Investor, Thank you for your patience and persistence in what was an unprecedented year of disruption to human health, global economics and markets.
    [Show full text]
  • Largest Gold Companies
    Largest gold companies There are different methods by which gold mining companies are ranked. One is by their annual production. Another is by their cash cost per ounce, that is, how much money it costs them to mine the gold. Since gold prices are the same everywhere, companies with lower costs per ounce make more profit. The most common method lists by market capitalization which considers the total value of capital holdings by that company. Also considered when comparing companies is their market capitalization per ounce of gold equivalent (sometimes abbreviated MV-GEO, EVO if the enterprise value is used) which takes the market value and total reserves and resources for each company as well as the price of gold into consideration. The figures for each company can be used to determine the value the stock market gives to each company's reserves on an ounce to ounce basis.[1] If the calculation is to exclude financial assets the enterprise value is used instead of market capitalization.[2] EVO = Enterprise Value/Ounce (gold equivalent) = Enterprise Value divided by resources. The enterprise value is the difference between a company's market capitalization (product of the number of company shares and listed stock price) and its cash, investments less debt (amortization). Three of the 10 largest companies by market cap that engage in gold mining, Fresnillo, Buenaventura and Freeport-McMoran (copper/molybdenum) are not included in the first list because they are minor gold producers/most of their revenue comes from a metal other than gold
    [Show full text]
  • Global Gold Sector Metals & Mining Special Report
    Deutsche Bank Markets Research North America Industry Date United States 22 May 2017 Industrials Global Gold Sector Metals & Mining Special Report Jorge Beristain, CFA Research Analyst (+1) 203 863-2381 [email protected] Chris Terry Corinne Blanchard Research Analyst Research Associate (+1) 212 250-5434 (+1) 904 645-2360 [email protected] [email protected] Patrick Mann, CFA Tim Hoff Research Analyst Research Analyst (+27) 11 775-7282 (+61) 2 8258-1424 [email protected] [email protected] Sharon Ding George Buzhenitsa Research Analyst Research Analyst (-) - - (+971) 4 361-1734 [email protected] [email protected] Global gold study: Find your 'safe place' Determining value in gold sector a necessity in uncertain geopolitical times Increasing geopolitical risks has seen gold regain its 'safe haven' status, lifting 10% so far this year. In an uncertain global climate, we feel investors should prepare for a flight to gold and, in that event, understand which gold stocks provide the desired exposure: value, growth or leverage. The global gold sector is trading on 7.6x EV/EBITDA, below its 10-year average (10x). Free cash flow is strong and balance sheets are improving, but upside is stock-specific. In this report, we compare and rank 22 covered gold stocks to identify the stand-outs. Our top global gold picks are Newmont (NEM.N), Evolution Mining (EVN.AX), St. Barbara Mining (SBM.AX), Alacer Gold (AQG.AX) & Dacian Gold (DCN.AX). ________________________________________________________________________________________________________________ Deutsche Bank Securities Inc. Distributed on: 22/05/2017 18:06:29 GMT Deutsche Bank does and seeks to do business with companies covered in its research reports.
    [Show full text]
  • Goldcorp-Newmont Deal Points to More M&A
    Goldcorp-Newmont Deal Points To More M&A Jan 17, 2019 By Richard (Rick) Mills Ahead of the Herd As a general rule, the most successful man in life is the man who has the best information. Goldcorp-Newmont deal points to more M&A More gold mines will be going on the block thanks to a blockbuster gold mining company tie-up announced Monday. And major gold companies will also be looking to acquire large, preferably high-grade deposits, due to the ever-present problem of depleting mine reserves, as extraction costs become more expensive and profit margins squeezed without a significant rise in the gold price. These are the two main takeaways from the merger of Goldcorp and Newmont Mining which creates the largest gold company in the world - knocking “New Barrick” (the merged Barrick Gold and Randgold) off the top of the pedestal. The consolidation started with the takeover of Africa-focused Randgold by Barrick in September; the all-share deal was worth $6.5 billion. After years of languishing gold and gold mining stock prices following gold’s record price of $1,900 an ounce in 2011, some of the biggest gold miners are finally ready to raise the white flag - overwhelmed by eroded profit margins amid (relatively) low gold prices compared to the 2011 top, and higher costs of production. The gold price was down 5% in 2018 due mostly to the appreciation of the US dollar throughout last year and steady demand for US Treasury bills. More importantly though, gold is getting harder to find.
    [Show full text]
  • 2013 Global Gold Price Report Responsibly Optimistic Annually, Pwc Surveys Gold Mining Companies from Around the World
    www.pwc.com/ca/goldsurvey 2013 Global Gold Price Report Responsibly optimistic Annually, PwC surveys gold mining companies from around the world. This year, we contacted executives from a cross-section of senior, mid-tier and junior gold mining companies representing 35 million ounces of gold mined in 2012 and 35 million ounces expected to be mined in 2013. Inside 1 Survey participants 14 Interview with Randy Smallwood, President and CEO, Silver Wheaton Corporation 2 PwC’s point of view 17 Global silver price survey responses 4 Gold price performance 18 Deals activity in 2012 6 Interview with Jamie Sokalsky, President and CEO, Barrick Gold Corporation 20 Gold deal activity 8 Gold miners’ cash allocation and capital 22 Mining in South Africa — 2013 outlook investment strategies Back Contact information 10 Mine planning data ii Global gold price Global silver price survey participants survey participants We would like to thank the senior executives from the companies We would like to thank the senior executives listed below for participating in our Global Gold Price Survey. from the companies listed below for participating in our Global Silver Price Survey. Agnico-Eagle Mines Ltd McEwen Mining Inc Coeur d’Alene Mines Corp Amara Mining plc Midway Gold Corp Endeavour Silver Corp B2Gold Corp New Gold Inc First Majestic Silver Corp Barrick Gold Corp Newmont Mining Corp Fortuna Silver Mines Inc Caledonia Mining Corp Northern Star Mining Corp Great Panther Silver Ltd Cerro Grande Mining Corp OceanaGold Corp Impact Silver Corp Centerra Gold Inc
    [Show full text]
  • Q1 2013 – TSX Quarterly Review
    Linde Equity Research TSX Performance Review 2013 Q1: TSX Composite records modest gain in Q1 Largest sectors hold index back from stronger gains 2013 Q1 Capped Sector Performance Information Technology 15.77% Industrials 13.96% Health Care 13.96% Consumer Discretionary 11.79% Telecommunications Services 9.05% Consumer Staples 5.16% Financials 3.46% S&P/TSX Composite 2.54% Energy 1.87% -1.05% Utilities -10.74% Materials -15% -10% -5% 0% 5% 10% 15% 20% • The S&P/TSX Composite gained 2.5% in Q1. 2013 Index Returns Q1 YTD • Of the 243 stocks that were in the TSX S&P/TSX Composite +2.54% +2.54% Composite at some point during Q1, 152 (63%) were higher for the quarter. S&P/TSX 60 (Large Cap) +2.47% +2.47% • The TSX 60 (large cap) underperformed mid- S&P/TSX Completion (Mid) +2.78% +2.78% caps but outperformed small-cap stocks in Q1. S&P/TSX Small Cap -0.06% -0.06% • In Q1, the Canadian market severely underperformed the US market in home currency Q1 Biggest Contributors Q1 Biggest Detractors terms (US returned +10.0%) and in Canadian dollar terms (US market returned +12.4% in C$ Canadian Pacific Railway Barrick Gold terms). Valeant Pharmaceuticals Teck Resources • Seven sectors outperformed the index in Q1 with Information Technology, Industrials and Health Canadian National Railways Suncor Energy Care leading the way. Cdn Natural Resources Eldorado Gold • Unfortunately the three largest sectors that BCE Inc Goldcorp dominate the Canadian market (together 74% of Canadian market capitalization) were among the Enbridge Kinross Gold four worst performing sectors in Q1, leading to Thomson Reuters Agnico-Eagle Mines the mediocre performance of the index.
    [Show full text]
  • Corporate Social Responsibility in Mining: the Effects of External Pressures and Corporate Leadership
    International Development ISSN 1470-2320 Working paper Series 2014 No.14-155 Corporate Social Responsibility in Mining: The effects of external pressures and Corporate Leadership Leah Henderson Published: April 2014 Department of International Development London School of Economics and Political Science Houghton Street Tel: +44 (020) 7955 7425/6252 London Email: [email protected] WC2A 2AE UK Web site: www.lse.ac.uk/depts/ID Abstract The central question addressed by this paper is: ‘How do interactions of external pressures and corporate leadership differentially affect corporate social responsibility (CSR) policy and performance?’ This question is addressed using a comparative case study of three Canadian gold mining firms. It is concluded that treating external and internal influences as interacting rather than independent variables can lead to a more comprehensive understanding of what triggers change in corporate social behaviour. It was also determined that an assessment of corporate leadership values was necessary to explain certain changes in CSR performance. Table of Contents 1 Introduction 1 2 An Introduction to Corporate Social Responsibility 3 2.1 CSR: Debates and Definitions 3 2.1.1 CSR Definition 5 2.2 External and Internal Drivers of CSR 5 2.3 Internal Factors: Corporate Leadership 7 2.4 Measuring Impact 9 3 The Case Study: Canadian Gold Mining 11 3.1 An Overview of Gold Mining 11 3.1.1. Canadian Gold Mining 13 3.2 Selection of Firms and Timeline 13 3.3 External Factors Analysis 14 3.3.1 Barrick Gold 15 3.3.2 Goldcorp 15 3.3.3 Kinross 16 3.4 Corporate Leadership Analysis 20 3.5 Evaluation of CSR Performance 23 3.6 Discussion of Results 27 3.6.1 Barrick Gold 27 3.6.2 Goldcorp 29 3.6.3 Kinross 31 4 Conclusion 33 Appendix A: Firm Variables 35 Appendix B: CEO Content Analysis Results 40 Appendix C: CSR Performance Analysis 44 References 48 Page 1 of 61 1 Introduction Over the past 20 years, the world has seen a dramatic increase in the number and size of multinational corporations (Ravenhill 2011, 17-18).
    [Show full text]
  • COMMODITIES at a GLANCE Special Issue on Gold
    UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT COMMODITIES AT A GLANCE Special issue on gold N°6 Photo credit: Fotolia © Roman Bodnarchuk Fotolia Photo credit: Layout and Printing at United Nations, Geneva – 1606266 (E) – April 2016 – 1,033 – UNCTAD/SUC/2015/3 UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT COMMODITIES AT A GLANCE Special issue on gold N°6 New York and Geneva 2016 iii The series Commodities at a Glance aims to collect, present and disseminate accurate and relevant statistical information linked to international primary commodity markets in a clear, concise and reader-friendly format. This edition of Commodities at a Glance has been prepared by Alexandra Laurent, statistical assistant for the Special Unit on Commodities (SUC) of UNCTAD, under the overall guidance of Samuel Gayi, Head of SUC, and the direct supervision of Janvier Nkurunziza, Chief of the Commodity Research and Analysis Section of SUC. The cover of this publication was created by Nadège Hadjemian, UNCTAD; desktop publishing and graphics were performed by the prepress subunit with the invaluable collaboration of Nathalie Loriot of the UNOG Printing Section. For further information about this publication, please contact the Special Unit on Commodities, UNCTAD, Palais des Nations, CH-1211 Geneva 10, Switzerland, tel. +41 22 917 5676, e-mail: [email protected]. EXPLANATORY NOTE All data sources are indicated under each table and figure. Reference to dollars or use of the symbol, $, signifies United States dollars, unless otherwise specified. The term “tons” refers to metric tons. Unless otherwise stated, all prices in this report are in nominal terms. DISCLAIMER The opinions expressed in this publication are those of the author and are not to be taken as the official views of the UNCTAD secretariat or its member States.
    [Show full text]