Skillings Mining Review January 2021 by CFX Network, LLC

2021 JANUARY IN REVIEW

110/01

ROBOTS REVOLUTIONIZING MINING Here Is How Robots Are Revolutionizing Mining

Hearst-area mining company has strategy to contain the spread of Covid-19

U.S. investigators were told to take 'no further action' on Caterpillar, ex-client of Barr

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www.optiro.com 2 | SKILLINGS MINING REVIEW January 2021

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AMERICAS

08 Newmont overcomes Covid-19 challenges to complete Musselwhite gold mine work

12 Kerr Mines and Star Royalties reach an agreement over a £13.6 million streaming deal

13 Nova gains rights to loyalties on Antofagasta’s Twin Metals Plans

16 Bull Moves Analysts Just Upgraded these 3 Hot Stocks

19 Nominations for the 2021 Peter Munk and Eira Thomas Awards are Now Open

20 DNR, Mesabi Metallics seek mineral lease changes

28 Minnesota voters have demonstrated that clean water and the Boundary Waters is a critical issue

30 US coking coal relaxed amidst Biden

EQUIPMENT

06 Innovative new jumbo and bolter utilize common platform, an industry first

14 Rockwell Automation releases DCS for plant operations

27 Covid-19 hits drilling contractor's bottom line

32 Here Is How Robots Are Revolutionizing Mining

23 Barrick does not want to get involved in PNG political tension

24 Hearst-area mining company has strategy to contain the spread of Covid-19

29 US, Norwegian investors pressure SBI over loan to Adani mine in Australia

35 As more countries pledge zero emissions, coal finance evaporates

36 Minerals and metals demand recovery in 2021

GLOBAL

05 China launches coal safety checks 08 Perth could become a mining finance centre

10 Is there an opportunity to build back South Africa’s mining industry?

22 Mothballed NT iron ore mines reopen

37 Rare earth mining can be done safely, says researcher

STATISTICS

46 November 2020 crude steel production 46 World steel announces steelChallenge-15 Finalists

amid soaring demand for steel in China

Presidency

38 U.S. investigators were told to take 'no further action' on Caterpillar, ex-client of Barr

41 Solar-to-battery storage system planned for Grand Rapids

42 Once booming,sand mines shuttered www.skillings.net | 3

JANUARY 2021 VOL.110. NO.01 2021 JANUARY IN REVIEW

110/01

ROBOTS REVOLUTIONIZING MINING Here Is How Robots Are Revolutionizing Mining

Hearst-area mining company has strategy to contain the spread of Covid-19

U.S. investigators were told to take 'no further action' on Caterpillar, ex-client of Barr

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China launches coal safety checks After many recent deadly incidents, China has initiated a safety inspection campaign targeting all operating coal mines and coal mining ventures, a statement released by its State Council or cabinet on Tuesday showed. In 2020, more than 100 coal mining incidents were reported by the world's largest coal producer and coal user. The inspections, which operate from Friday to the end of next year, concentrate on coal mining facilities, risk reduction control for major incidents, and emergency response and rescue capability, the statement indi-

GLOBAL

cated. Miners working outside their expected production or authorised capability would also be cracked down by inspectors.National coal mine protection authorities pledged to tighten oversight on local government reviews on coal safety in a statement on Friday. As strict curbs on coal imports halved October deliveries in China, the recent campaign is projected to place a cap on the expansion of coal production and further tighten the supply of power. In the first 10 months, China produced 3.13 billion tonnes of coal, up just 0.1 percent from the same period last year, official data reveals. On Tuesday, the Zhengzhou Commodity Exchange's most successful thermal coal futures reached a record high of 619 yuan ($94.28) a tonne.

www.skillings.net | 5

EQUIPMENT

Innovative new jumbo and bolter utilize common platform, an industry first Komatsu is pleased to launch a new jumbo drill and bolter that utilizes a revolutionary common underground hard rock mining carrier and control device engineered to fulfill the needs of the industry for higher efficiency and flexibility thus helping lower capital costs.

ur latest small-class ZJ21 jumbo drill and ZB21 bolter, built through comprehensive testing and cooperation with our customers, utilize a standard framework that enables operators to transform their system from a jumbo to a bolter, or vice versa. From the rear skirt to the outer boom frame, the platform provides 100 percent structural commonality between bolter and jumbo, allowing it a smooth conversion. The flexibility offered by the popular framework was designed to help mining operations understand job site productivity benefits and help minimize costs with the common components, service and maintenance. Furthermore, operator monitors are universal between the jumbo and the bolter, from a customer preparation and acceptance viewpoint, to support mining organizations. The ZJ21 jumbo drill is built to provide outstanding coverage, providing up to 66 square meters of face coverage on a tiny jumbo pad. When drilling anywhere on the face, the innovative boom configuration facilitates zero interference with the operator's enclosure or the carrier or leveling jacks. The flexibility offered by

the common platform was designed to help mining operations understand gains in the productivity of the work site and to minimize costs with the common components, service and repair. Furthermore, operator monitors are universal between the jumbo and the bolter, from a customer preparation and acceptance viewpoint, to support mining organizations. The ZJ21 jumbo drill is built to provide outstanding coverage, providing up to 66 square meters of face coverage on a tiny jumbo pad. When drilling somewhere on the face, the special boom arrangement facilitates zero interaction with the operator's enclosure or the carrier or leveling jacks. The ZB21 bolter allows it easier for operators to bolt in either direction and can accommodate up to an 8-foot bolt head. Using our integrated screen handler and revolutionary chemical injection device, operators may execute 100 percent of the bolting period from inside the enclosure, allowing mining operations to move towards zero harm. "Our new drilling and bolting platform was specifically designed to address the difficult challenges faced by our under-

6 | SKILLINGS MINING REVIEW January 2021

ground hard rock customers," said Doug Eamer, director of Komatsu Underground Drilling. "The ZJ21 and ZB21 are just the first two of 14 new models planned, so you can look forward to seeing more from us in the near future." Both the ZJ21 jumbo and the ZB21 bolter diesel variant are eligible for order right now with a battery option expected to be rolled out next year. Call a Komatsu dealer for more details or visit our website showcasing our newest hard rock mining equipment. "Our new drilling and bolting platform was specifically designed to address the difficult challenges faced by our underground hard rock customers," said Doug Eamer, director of Komatsu Underground Drilling. "The ZJ21 and ZB21 are just the first two of 14 new models planned, so you can look forward to seeing more from us in the near future. "Both the ZJ21 jumbo and the ZB21 bolter diesel variant are eligible for order right now with a battery option expected to be rolled out next year. Call a Komatsu dealer for more details or visit our website showcasing our newest hard rock mining equipment.

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AMERICAS

GLOBAL

Newmont overcomes Covid-19 challenges to complete Musselwhite gold mine work

Perth could become a mining finance centre The "bold idea" was unveiled last night at an event in Perth attended by Bill Johnston, the Western Australian mining and petroleum minister.

e are the leading province for capital internationally," Johnston said. "They are still the center of knowledge for the mining industry internationally."Johnston said the vision of the CFA Society Perth will support the WA government's ambition for the state to be the global hub of capital. "We have to take advantage of everything together," he said. "Our chance for diversity is not to neglect the resource sector, but to stand on the resource sector's shoulders."

ewmont zays that two main ventures at its Musselwhite mine at Lake Opapimiskan, Ontario, Canada, with maximum commissioning of the conveyor system of the mine and the material handling project, have been completed successfully. Tom Palmer, President and CEO of Newmont, said I am extremely proud of the work that the team at Musselwhite has completed to securely deliver these two critical projects while managing the unprecedented challenges caused by COVID-19." Musselwhite is an important aspect of our area of North America, and it is poised to add to Newmont's portfolio for years to come with the commissioning of these two initiatives. The conveyor machine and the material handling systems operate in association to effectively transfer material from lower mine depths to the floor, according to Newmont. When the ore crushed at depth is hoisted from the underground crushers to the conveyor system and carried to the surface for processing, haul distances are decreased. Research began back in 2016 on the $90 million materials handling project to enhance the movement of ore to the plant. established mining district of the Mesabi Iron Range in northeastern Minnesota.

Bill Johnston, the Western Australian mining and petroleum minister.

Next year, CFA Society Perth will host a symposium focused on solving some of the key economic, political, social and environmental issues confronting the resource market, including climate change and ESG, for natural resources finance and investment practitioners. In the meantime the market is looking for feedback.

Claire Mortoni, co-president of the CFA Society Perth, said With Western Australia's wealth of natural resources and internationally acknowledged excellence in oil, resources and agriculture, Perth is the logical home for creating a center for financing natural resources and investment excellence." "CFA charterholders are known for adapting investment recommendations, risk assessment and accountability to a comprehensive, legal and knowledgeable methodology. In essence, exploiting these tools would bring tangible value to the sector of natural resources." Executive Vice President and Chief Financial Officer Sherry Duhe of Woodside Energy spoke at the event and said that while recruiting, she was attracted to CFA charterholders. Ross Dinsdale, general manager, corporate and CFA board member of Myanmar Metals, said it will produce prospects for jobs." What we hope to see over time is that Perth's global capital players are discovering their potential in the financial business," he added. "I feel this also offers an incentive for those working out of colleges and learners to see a concrete way ahead for them in today's non-existent job sector." Dinsdale recognized that Perth was not a diversified finance center and that financial practitioners were typically exported to other cities. Around 70 percent of the members of the CFA Society Perth function explicitly and indirectly in the resource business.

8 | SKILLINGS MINING REVIEW January 2021

HALCOR PRODUCTS Copper tubes with or without lining or industrial insulation for applications in: • Drinking water and heating networks • Underfloor heating and cooling • Gas and medical distribution networks gases • Cooling and air conditioning systems • Solar energy applications • Various industrial applications

The copper segment of ElvalHalcor S.A. is composed of six subsidiaries and seven associates/joint ventures, based in Greece, Belgium, Bulgaria, Romania and Turkey, while it operates a total of five production plants in Greece, Bulgaria and Turkey. The copper segment of ElvalHalcor S.A. develops and distributes a wide range of products, including copper and copper-alloy rolled and extruded products with Halcor being the sole producer of

Halcor is the copper tubes division of ElvalHalcor S.A. and together with four more companies form the copper segment of ElvalHalcor S.A. that specializes in the production, processing and marketing of copper and copper alloys products with dynamic commercial presence in the European and global markets. For more than 80 years, Halcor has been offering innovative and added-value solutions that meet contemporary client demands in fields, such as plumbing, HVAC&R, renewable energy, architecture, engineering and industrial production.

copper tubes in Greece. High quality in production is achieved through strict controls applied throughout the production process. With a consistent quality focus, the company implements an ISO 9001:2015 Certified Quality Management System and leverages high technologies and expert staff. As a result of the Group’s strategic investments in research & development, Halcor is recognized as one of the leading copper producers globally, setting new

standards in copper processing. The company maintains a consistent focus on quality and environmental protection and a strong commitment to the principles of sustainable development. In this context, all production facilities in the Group’s plants leverage advanced technologies to bring in the market innovative products that are energy efficient and environmentally friendly. For more information, please visit our website www.halcor.com www.skillings.net | 9

GLOBAL

Is there an opportunity to build back South Africaâ&#x20AC;&#x2122;s mining industry? The mining industry in South Africa may have shown resilience and weathered the Covid-19 hurricane, but businesses, particularly when it comes to environmental, social and governance (ESG) problems, still continue to concentrate on their strategies.

his is according to a new study on the status of the mining sector in the world by PwC. The study portrays the industry in a favorable light, noting that mining companies stayed resilient and delivered on all fronts during an incredibly difficult year.

percent YOY in April as government legislation restricted industrial operation only to critical resources, with maximum capacity working only coal mines. As more mines were permitted to open, the fall in mineral production and sales eased to 27.6 percent YOY and 12.2 percent YOP under Lockdown Stage 4, respectively.

Stakeholders gained from increased profitability by strengthening their true social license to act in favor of their workers and the societies in which they reside with mining companies. The COVID-19 storm has been weathered by the mining industry, largely unscathed and definitely stronger than many other industries. Learn more regarding the role of COVID19 on the mining business.

In June, under Lockdown Level 3, the majority of mines were able to return to 100 percent output, while production and revenues were still down 28.2 percent YOY and 14.2 percent YOY, owing to technical restrictions and foreign market conditions, respectively.

It should be remembered that before the COVID-19 pandemic, the South African economy was still in a slump, with the country's GDP contraction for three consecutive quarters culminating in March 2020. At this time, the contribution of the mining sector to GDP decreased by three quarters year on year (YOY) in both of the recessions.

Amid a relatively gloomy forecast, as platinum basket prices rose and investors switched to gold as a safe haven security amid worries about the COVID-19

The second quarter of 2020 began with a 51.2 percent decrease in hard lockdown and mining output and revenue by 28.8 10 | SKILLINGS MINING REVIEW January 2021

pandemic and global trade conflicts, mining firms continued to enjoy increases in commodity prices, supported by a weakened rand. Some of the keys to the reports are: CAPITALISATION OF THE SECTOR

Total market capitalisation has risen from R840 billion to R1 280 billion in 2020. This sum is a YOY rise of R439 billion (52 percent) from 2019, primarily due to the increase in market capitalization of gold and PGM industry firms. Gold and PGM accounted for 80 per cent of the examined companies' market capitalisation this year and appear to lead the business. FINANCIAL PRODUCTION

For the year ended 30 June 2020, the overall revenue produced by the South African mining industry increased by 4% . It was largely powered by PGMs, gold and iron ore, which for the 12-month cycle witnessed sales rises. The largest portion of revenue was generated by PGM (28 percent), showing a 56 percent rise from

the previous year, overtaking coal for the first time since 2010. Gold mining firms saw a sales boost of 35 percent. Revenue rose by 7% for the other mining' divisions. As of April 2020, the effect of the COVID-19 pandemic was apparent, with industry-wide sales declines being seen. PGMs and gold from South Africa are primarily extracted in deep-level surface mines and have thus been struck hardest. The producers of PGM and gold have stated that they plan to hit maximum rate of output by the end of the year. MANUFACTURING

Output decreased by 8% YOY, with a 44% decrease in performance recorded as a consequence of the pandemic in April 2020, the most important of which was attributed to declines in gold, diamonds and PGM production. Since the relaxation of lockout limits, production volumes rose in May 2020. THE EQUIVALENT OF HYDROGEN

The study reports that hydrogen has been attracting interest for quite some time in South African mines. Several transport projects in the sector have been conducted that are strongly focused on the usage of PGMs in fuel cell catalysts. LEARN ALL ON SOUTHERN AFRICAN MINES

Although these pilot projects are a successful start to introduce hydrogen technology into mines, the focus of their deployment is very limited, with only the transport component of a mining activity being decarbonized. As such, there is a far greater potential to exploit hydrogen's cross-sector advantages on a microgrid scale, building a truly green and resilient mining activity. "Now may be the right time for mining companies to consider the enormous benefits of hydrogen, given that the cost of producing renewable hydrogen is expected to fall by up to 60% over the next decade," notes the paper. MINING SAFELY

According to the study, the value of prioritizing environmental, social and governance (ESG) issues on the corporate

For mining and future benefit prospects, liberalization of the energy sector to ensure stable and costcompetitive electricity is important. In addition, changes in the regulatory climate can proceed with the need for process streamlining and accountability enhancements for current and future investors. agenda has been steadily recognized by corporations and investors. The study describes four main ESG priority areas that should be top of mind for any enterprise that wants to better reconstruct and maintain a fair transition to a new environment and boost their social license to operate. There are: 1) stability in the supply chain; 2) effect measurement; 3) threats associated with the climate; and 4) quality of capital.

utter necessity to "build back better." In the recovery, mining can play a key role. It is also unfortunate that capital spending has only risen slightly, considering the increased profitability. Although a conservative attitude is understandable, it is important to eliminate impediments to investment. For mining and future benefit prospects, liberalization of the energy sector to ensure stable and cost-competitive electricity is important.

The study reveals, however, that while mining companies are sometimes at the forefront of ESG activities, when it comes to setting goals and assessing themselves, they are poor in their reporting.

In addition, changes in the regulatory climate can proceed with the need for process streamlining and accountability enhancements for current and future investors."The additional report states, "The mining tax environment as a whole should be regarded, with an incentive to promote exploration investment.

The COVID-19 pandemic called for a renewed government and company emphasis on enhancing the lives of citizens and strengthening local communities. As such, this suggests a need for ESG to be taken into consideration in its entirety. The pandemic emphasized the

It will have instant recovery benefits and increase long-term viability by enabling utilities, promoting the supply chain and mine-to-market logistics.It is only feasible to draw investment if the SA mining sector will be cost-competitive with its global peers. www.skillings.net | 11

AMERICAS

Kerr Mines and Star Royalties reach an agreement over a £13.6 million streaming deal The American gold producer Kerr Mines and the Canadian metals-focused royalty and streaming business Star Royalties jointly reported the implementation of a definitive gold purchase and selling arrangement (streaming agreement) of £ 13.6 million to fund the restart of underground activities and gold output at the Arizona Copperstone Gold Mine.

At the eventual closure, which is scheduled to take place on or before November 20, the first instalment of £ 4.5 million would be advanced. At Kerr's order, the other two tranches will be accelerated while costs for the restart of the Copperstone Gold Mine Project are incurred, with £ 4.5 million on or before 28 February 2021, and a further £ 4.5 million on or before next year's 30 April. We assume that this streaming agreement further validates the importance we have defined at Copperstone through our recent enhancement activities with the extensive project assessment conducted by Star Royalty. We also notice that under a whole ore leach processing scenario, we will advance the restart of operations, resulting in improved gold recoveries and output against floata.

life of the mine. In addition, with any ounce of gold shipped equivalent to 25 percent of the average London Bullion Market Association gold spot price for five consecutive trading days prior to delivery, Star Royalty would provide Kerr with a cash payout. "This Streaming Arrangement offers the requisite project finance to resume the development of gold at our Copperstone Gold Mine, which is scheduled for Q4-2021. We are very pleased to pursue this financing deal with Star Royalty, which has an experienced team of mining professionals who will prove to be a trusted collaborator as we transfer Copperstone to production," says Giulio T Bonifacio, We assume that this streaming agreement further validates the impor-

As one of the primary transaction provisions of the deal, Star Royalty will buy from Kerr a volume of refined gold equivalent to 9.9% of the gold generated at Copperstone until a total of 21,000 ounces of refined gold is shipped, then 3.3% of the gold produced until a total of 27,200 ounces is delivered, and 1.2% of the gold produced afterwards for the remaining 12 | SKILLINGS MINING REVIEW January 2021

tance we have defined at Copperstone through our recent enhancement activities with the extensive project assessment conducted by Star Royalty. We also notice that under a whole ore leach processing scenario, we will advance the restart of operations, resulting in improved gold recoveries and output against floata. As one of the primary transaction provisions of the deal, Star Royalty will buy from Kerr a volume of refined gold equivalent to 9.9% of the gold generated at Copperstone until a total of 21,000 ounces of refined gold is shipped, then 3.3% of the gold produced until a total of 27,200 ounces is delivered, and 1.2% of the gold produced afterwards for the remaining life of the mine. In addition, with any ounce of gold shipped equivalent to 25 percent of the average London Bullion Market Association gold spot price for five consecutive trading days prior to delivery, Star Royalty would provide Kerr with a cash payout. We are pleased to announce our Kerr collaboration transaction to promote the Copperstone restart. We have formed a mutually advantageous streaming deal that can convert into a win-win result for shareholders on both parties. This gold stream would generate substantial cash flow from an extremely prospective mine in a world-class jurisdiction in the short term. We look forward to the successful restart at Copperstone and the upside of its discovery under the seasoned and competent management team of Kerr, says Alex Pernin, Star Royalties Chief Executive Officer.

Nova gains rights to loyalties on Antofagasta’s Twin Metals Plans

ova Royalty (TSXV: NOVR) has entered into a royalty acquisition arrangement with Boart Longyear's (ASX: BLY) affiliate to buy an established 2.4% net smelter return royalty on a portion of the Antofagasta PLC (LSE: ANTO) owned Twin Metals project. Twin Metals is a project of the copper, nickel and platinum metals group based in the northeastern Minnesota mining camp of the Duluth Complex. "The Duluth Complex is one of the great metal districts in the world and accounts for 34 percent of all copper reserves and 95 percent of all nickel reserves in the United States," commented Alex Tsukernik, president and CEO of Nova, on the new royalty buy, which will be the first in the United States for the group.

Complete resources were reported at approximately 1.8 billion tonnes for the Maturi and Maturi Southwest deposits. Because of the public outrage about its environmental threats, the planned mine has been under intense review for years, including its proximity to the Border Waters Canoe Region Wilderness. "In its early stages, our idea is advancing. We built it in an environmentally sustainable manner,” Antofagasta leader Ivan Arriagada recently said during a virtual case, adding that it would take a few years for the due process to qualify for this greenfield initiative. WHAT WILL BIDEN’S PRESIDENCY MEAN?

Analysts forecast that a multi-year boon for EV metals such as copper and nickel would be ignited by a Biden administration, which may improve

Antofagasta's chances of obtaining the main federal permits. "We will allow this project in a manner that would enable the environmentally protected region to stay that way, and at the same time, we can get the metals that are needed for a greener economy out of the earth," Arriagada said. An initial permit to build the Twin Metals mine project has already been applied for by the firm. "The shift to fossil fuel power has become a concerted goal for the global community," said Alex Tsukernik, CEO of Nova. "Twin Metals is a natural strategic supply of these... building blocks of renewable energy for North America, with more than 25 billion pounds of contained copper and 9 billion pounds of contained nickel," Tsukernik said.

Nova will offer up to $6 million in cash and common stock, plus an initial cost of $2 million, for consideration. Upon the issuance of all major federal and state licenses needed to build the mine, an extra $2 million would be charged. The $2 million left is dependent on the commercial output of the Twin Metals mine. In the Maturi and Maturi Southwest deposits, the royalty field comprises nearly 18 percent of the total resources that form the entire mine proposal, as pointed out in a 2014 pre-feasibility report. A 30-year mining venture, focused on 527 million tonnes of confirmed and probable reserves, is disclosed in the technical study. It is projected that combined output would exceed 5.8 billion pounds of copper, 1.2 billion pounds of nickel, 4 million ounces of palladium, 1.5 million ounces of platinum, 1 million ounces of gold and 25 million ounces of silver. www.skillings.net | 13

EQUIPMENT

Rockwell Automation releases DCS for plant operations

To optimize the lifecycle of plant activities by digitisation, Rockwell Automation has introduced the PlantPAx 5.0 distributed control system (DCS).

his is RockWell Automation's new DCS which is capable of digitally transforming an enterprise by leveraging process functions that are native to the controller, improving the availability of compliance-driving system properties and using analytics. Through utilizing plant-wide and modular solutions aligned with digital transformation, Rockwell Automation is assured that this will extend plant operational lifecycles. "Jim Winter, global process director of Rockwell Auotmation, said We

are pleased to introduce PlantPAx DCS 5.0 to our customers. New capabilities of the framework are step-changes in supporting our clients reduce the total construction and commissioning costs. The functionality strengthens the overall initiative to align the organization with the process management layer. "We continue to find innovative ways to bring more value to end-users by reducing the system's lifecycle cost and lowering operational risks." By implementing PlantPAx 5.0.0, the total costs

14 | SKILLINGS MINING REVIEW January 2021

associated with a plant lifecycle are projected to be minimized. Footprint reduction; project continuity to establish control strategies that are applicable to all projects; better user interfaces with smooth workflows; strong cybersecurity requirements and processes for moving data from the DCS to analysis tools are areas that the current DCS enhances. Centered in Wisconsin, the United States, the 23,000 staff of Rockwell Automation support clients in over 100 nations.

FloLevel Technologies

AMERICAS

BULL MOVES

Analysts Just Upgraded these 3 Hot Stocks The world's largest fund manager is pleased with the recent progress achieved by the sector and by updating US securities, has made that feeling evident. A general upgrade for Wall Street was provided by the investing firm BlackRock in its latest reassessment of conditions in the American financial markets. This was not a boost on individual stocks, but on the US business as a whole.

epidemic disappears into the past and the political landscape shifts back to preTrump trends, the organization hopes to see a cyclical upturn in the US economy. Just one indication of confidence in the US markets was the general upgrade by BlackRock. Several investment companies from Wall Street have already given updated positions, taken a micro view and extended their updates to particular equities. We took three from the TipRanks database and noticed that they suit the preference of BlackRock: mid- to largecap firms with proven market positions. We'll start with Cleveland-Cliffs, a mining business located in Ohio. Specializing in the manufacture of iron, Cleveland-Cliffs has four active mines in Minnesota and Michigan.

he BlackRock notice, justifying the change, points out that the daily COVID coverage is all noise-the true news is on the front of the vaccine, where at least two effective vaccinations are just months away from mass delivery. A viable coronavirus disease vaccination would push us back to regular conditions, and

immeasurably improve the mood of investors. The update, hence. "We are upgrading US equities to overweight, with a preference for large quality caps driving structural growth patterns, as well as smaller businesses geared to a possible cyclical upswing," said BlackRock. In 2021, when the coronavirus

16 | SKILLINGS MINING REVIEW January 2021

The business focuses on extracting, benefiting, and pelletizing the rock, a method that creates iron pellets appropriate for blast furnace smelting, steelmaking, and alloying in a range of grades. Cleveland-Cliffs is capable of generating more than 40 percent of the estimated US iron pellet potential on its own. It also creates biomass, stainless steel, and electrical steel items that are flat-rolled. The sales of Cleveland-Cliffs have been increasing as the economy ramps back up, emerging from the deepest corona-

virus impacts. Since the first quarter of 2020, the company's top line has risen, reporting sequential increases in both Q2 and Q3. The figure of the third quarter, at $1.65 billion, was in accordance with investor estimates, and was slightly ahead of the $555.6 million reported in the quarter last year. This turnaround has followed the share price. In mid-March, the stock reached bottom again, at only $3.14 per share. Gordon Johnson, GLJ Investment analyst, sees Cleveland-Cliffs gaining as the pandemic draws back and its clients restore regular economic life. The analyst upgraded CLF from Hold to Buy to this end, and his $15.80 price goal indicates that in the coming year it has a 46 percent upside.

Just one indication of confidence in the US markets was the general upgrade by BlackRock. Several investment companies from Wall Street have already given updated positions, taken a micro view and extended their updates to particular equities. "As ~27 percent of its (soon-to-be) steel demand comes from that market, US automotive output has rebounded to pre-pandemic peaks, a strong positive for Cliffs. Although still sharply down y/y, even oil/gas rig counts seem to have turned a corner in terms of progress. In addition, our tests reveal possible gaps in delivering additions. As we see it these trends,

which last week sent US HRC rates to close to $734/short ton, have the capacity to support... price levels maintained until 2021, Johnson said. Overall, CLF's Moderate Buy consensus rating is focused on an even split; 3 Buys and 3 Holds are on record for the portfolio. It has however been propelled beyond the average price target by its recent market appreciation. The securities are

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AMERICAS trading for $10.85, although the average goal for now remains $10.09. It has seen remarkable progress since then. Those mid-winter declines have been completely restored by the shares and are now trading up 32 percent year-to-date. General Electric was also revamped today. The business once boasted one of the most popular commercial jingles in ads, relating to its role as a large home appliance maker, "We bring good things to life." Today, in a broad spectrum of industrial industries, from transportation to electric power to clean energies, this global corporation has its paws. After the firm published the Q3 earnings update at the end of October, GE's stock has been on an upward trajectory. The findings demonstrated strong sequential improvements and came in beyond analyst estimates, though down yearover-year. Revenue improved from $17.7 billion to $19.4 billion at the top of the chart, while EPS, which was negative

in Q2, turned positive and hit 6 cents per share. The outlook for EPS was for a 6-cent loss. Christopher Glynn, Oppenheimer's five-star analyst, sees GE in a profoundly stable role. The analyst upgraded GE, bringing it to Outperform from Neutral (i.e. Buy). For the next 12 months, his $12 price goal suggests an upward prospect of ~15 percent. Our Outperform ranking represents the experience of more pointed read-through of cost control programs, culminating in early phases of clearer operational traction across the divisions. We assume that the output of working capital could surprise to the upside in 2021, given that GE operates through widespread consolidations of facilities and manages working capital in the midst of that throughout 2020 (and ongoing). "We also like the extended duration of the debt structure and strong liquidity, which now provides a backdrop for the aviation downturn to emerge in a resilient position," the analyst

stated. The recent share appreciation by GE has moved the stock price above the target of the average price. At present, the stock is selling at $10.45 a share, but $9.29 is the average goal. It remains to be seen if the update of Glynn and the higher goal are the beginning of this stock's general reassessment. For now, based on 13 ratings that involve 8 Buys and 5 Holds, GE has a Moderate Buy analyst consensus ranking. Third but not least, Wells Fargo, whose market value of $118 billion renders it the fourth-largest bank in the country. It is also the fourth biggest in the US, boasting overall assets of about $2 trillion. Wells Fargo provides a complete spectrum of financial options to private and business clients, as well as to large companies and brokerage firms. The 2020 corona crisis struck Well Fargo hard, and the share price of the bank has not yet recovered from the decline it took in February and March of this year. Over the last nine months, sales have been regaining territory, albeit slowly-the $18.7 billion Q3 figure was up a whole billion dollars from Q1, but also down from 4Q19, the last pre-corona quarter. The low interest rate stance of the Fed has placed a damper on bank earnings, and the net interest income of Wells Fargo for Q3 was down 19 percent year-over-year to $9.4 billion. Despite these headwinds, analyst David Long of Raymond James is turning positive on WFC shares. The analyst

18 | SKILLINGS MINING REVIEW January 2021

double-upgraded WFC from Underperform (i.e. Sell) to Outperform (i.e. Buy) in a research note released today, along with a $32 price goal. "Long notes the composition of Wells Fargo's loan portfolio as a structural strength in his comments on the stock: "We anticipate Wells Fargo's credit output to be better than its peers through this credit cycle because of its strong exposure to residential real estate loans, which account for 35 percent of its overall loan portfolio (compared to peers at 23 percent), as home values have been higher than their peers. In comparison, its hotel exposure (1.3% of loans) and entertainment (1.0%) was far below the rate of its peers. "With the worst likely in the past, we now believe that its pretax pre-provision income has troughed, revenue is nearing a bottom, a multiyear expense rationalization initiative can finally be taken on and repurchase activity can return in the near future."We now believe that its pre-tax pre-provision income has troughed, income is approaching a bottom, a multi-year cost rationalization initiative can finally be taken on and repurchase activity will return in the foreseeable future. All in all, a Moderate Buy is the analyst average recommendation here, based on 14 ratings that involve 7 Sells, 6 Keeps, and 1 Sell. The average price goal, though, represents the restraint of Wall Street here it indicates just modest acceleration at $29.08 â&#x20AC;&#x201D; 1.64 percent to be exact.

Nominations for the 2021 Peter Munk and Eira Thomas Awards are Now Open Woods are former winners of the Eira Thomas Medal. YMP would like to thank the outstanding YMP Awards sponsors and supporters: Barrick Gold, KPMG, Cassels Brock and Rio Tinto, whose contribution to the future generation in our sector is important in acknowledging innovative and dedicated workers in the mining sector. • Under 40 years of age as of 31 December 2020; and • She is currently involved in the coal and metals sectors. Nominations are available to the public until January 29, 2021, for the Peter Munk Award (male) and the Eira Thomas Award (female). The selection committee, made up of YMP Directors and Senior Executives at The Northern Miner, would pick a winner from the candidates submitted in each division. The winners of each award will be revealed in March 2021 on a simulated basis.

Young Mining Professionals ('YMP') are delighted to reveal, in conjunction with The Northern Miner, that the Young Mining Professional of the Year Awards ('YMP Awards') applications are now available.

he YMP Awards are named after Peter Munk and Eira Thomas, two legendary entrepreneurs in the mining industry. YMP is demanding public nominations to recognize the top mining and metals sector executives. The YMP Awards honor two successful mining pioneers, male and female, who have exhibited outstanding leadership skills and creative thinking over the past year and over the duration of their careers to generate value for their businesses and shareholders, as well as for themselves. The nomination conditions are as follows:

Nominations are available to the public until January 29, 2021, for the Peter Munk Award (male) and the Eira Thomas Award (female). The selection committee, made up of YMP Directors and Senior Executives at The Northern Miner, would pick a winner from the candidates submitted in each division. The winners of each award will be revealed in March 2021 on a simulated basis. David Cataford, Jose Vizquerra, Stephen de Jong and Nolan Watson are former winners of the Peter Munk Prize. Ashley Kirwan, Andrée St Germain, Catherine Raw, and Alicia

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www.skillings.net | 19

AMERICAS

DNR, Mesabi Metallics seek mineral lease changes Any big mineral lease improvements may be seen in a partly constructed and beleaguered iron ore mining project in Nashwauk, even though it skipped crucial deadlines over the past year.

n Wednesday, the Minnesota Department of Natural Resources would order the Minnesota Executive Council to accept an amendment amending the mineral leases for Mesabi Metallics, the corporation seeking to turn a Nashwauk site into an iron ore mine, a pellet plant and a hot-briquetted iron plant.

If the deal is accepted by the Executive Council, comprising of Gov. Tim Walz, State Secretary Steve Simon, State Auditor Julie Blaha and Attorney General Keith Ellison, Mesabi Metallics will have until May 1 to complete a variety of conditions for the lease amendments to take effect. In addition, Essar Global, which began the Nashwauk project in 2008 but

stepped away in the middle of bankruptcy in 2015 and is now back in the frame, shall resolve all its Mesabi Metallics debts and equity interest in a DNR trust arrangement. The mineral lease then establishes a series of benchmarks that the company must reach in the next three years to guarantee that work on the pellet project is finished by June 2024, progress is made on a feasibility report and funding for the HBI facility, and annual royalty payments are provided to the DNR of at least $11.8 million if it achieves those conditions. However under current leases, Mesabi Metallics has breached several targets, including completion of the pellet plant

by the end of 2019 and missing lease and dividend payments. The lack of those deadlines renders it necessary for the DNR to cancel the leases, a move that the department has so far failed to pursue over worries that it will put years back for the project and reopen the permitting phase under another corporation. Iron Range legislators have encouraged the DNR regularly to do exactly that. Legislators wrote a letter to Gov. Tim Walz in early October, asking him to cancel the leases. State Rep. Julie Sandstede, DFL-Hibbing, said in an interview with the News Tribune on Monday evening that she and the other members of the Iron Range delegation were stunned and "frustrated" to hear last week that the DNR was discussing a new mineral lease deal with Mesabi Metallics. Sandstede, whose district covers Nashwauk and the location of the plant, said she was not aware what would cause the organization to obey the conditions of this lease because it had not already met the terms. So another time, extending leases? I'm not really sure what's going to be different,"So extending leases another time? I'm not really sure what's going to be different," "I am very skeptical. " Rep. Dave Lislegard, DFL-Aurora, expressed Sandstede's reservations in an emailed response. He pointed to both Essar and Mesabi Metallics' broken commitments on the web. It is impossible to see if much of the same might or will be supported by someone who has followed or been personally impacted by the aftermath left behind from years of false promises. Although tempting, the $12 million payable in this

20 | SKILLINGS MINING REVIEW January 2021

the logical place to have these leases. In a previous interview with the News Tribune on Monday, Sandstede and Lislegard proposed that Cliffs could mine the iron ore at the Nashwauk site to feed the processing plant of Hibbing Taconite to prolong its existence beyond 2025, when it is projected to run out of iron ore. When the transaction closes in December, Cliffs will become the controlling owner and manager of Hibtac via its takeover of ArcelorMittal USA. WDIO-TV, a News Tribune news affiliate, first published news of the deal. SPECIFICATIONS INCLUDE:

Put $24.5 million in an escrow account, of which $13 million will go to the settlement of the Department of Jobs and Economic Growth and $11.5 million will go to missed rentals and royalties for 2019. Safe $850 million in pellet plant funding equity and loan obligations. Develop binding and enforceable offtake agreements with a minimum of 4 million metric tons per year of taconite pellets.

Jess Richards, DNR Assistant Commissioner, did not respond to many emailed queries regarding the deal and said further details would be accessible at the meeting of the Executive Council on Wednesday. potential offer is not fresh money," Lislegard said. "It's money already owing. The track record of recurring cycles of deceit and broken promises to our societies and governance must be taken into consideration when considering a decision of this significance. Cleveland-Cliffs, an iron ore mining and steelmaking firm, already owns a patchwork of land at the Nashwauk site and has lobbied the DNR to let it mine there and operate a pellet factory. "Cliffs is the logical place to have these leases,"Cliffs are www.skillings.net | 21

GLOBAL

Mothballed NT iron ore mines reopen amid soaring demand for steel in China As Chinese demand for steel soars and prices sit at a sevenyear peak, Northern Territory iron ore mines are making a comeback.

n the last few months, two mothballed mines have restarted operations and are projected to be in maximum supply in 2021. As trade tensions between Beijing and Canberra improve, the resurgence of the NT's iron ore market comes as Chinese demand pushes prices over $US135 a tonne.

to China left its load-out facility at the port of Bing Bong on the Gulf of Carpentaria and is currently arranging a second shipment. In the next three years, the original aim is to mine 6 million tonnes while seeking new reserves and downstream processing prospects that will push the existence of the mine to 20 years.

"We need to be very careful, and I think there's reason to be concerned, but the fundamental reality is that China's reliance on imported iron ore is very high and rising," said Philip Kirchlechner, an iron ore market analyst.

The restart of these mines arrives at a delicate period when the partnership between Australia and China, the world's largest purchaser of iron ore, is evidently souring.Commodities were the victims of trade wars, such as barley, wine, and beef.

China now has to import 70 per cent of its iron ore requirement, so China is now not only the biggest user of iron ore in the world but the biggest importer of iron ore in the world.

Mr Kirchlechner, the director of Iron Ore Research and a member of the Australia China Business Council, said, however that the trade in iron ore would most likely be unaffected since China was increasingly relying on imported iron ore. "For the calendar year we're looking at another year of record [Chinese] steel production exceeding 1 billion tonnes, and that is why the iron ore price has continued to strengthen," he added.

A $250 million investment in facilities and properties, Mr Murphy said, indicated that the mine could survive potential market fluctuations. We also approached the project because we want to be willing to supply US$60 a tonne to China,"We've approached the project in that we want to be able to deliver into China for $US60 a tonne."

According to Mr. Kirchlechner, Xi Jinping has ordered a "inward turn" and an emphasis on China's domestic economy to ease the blow of the US trade war and more recently, the COVID-19 pandemic. Mr. Kirchlechner said that the strategy had sparked fresh expenditure in building and infrastructure and that Australia, the largest supplier of iron ore in the world, wanted to meet the new demand.

REOPENING MOTHBALLED MINES

The Roper Bar mine, situated approximately 600 kilometers southeast of Darwin, and the Frances Creek mine, located 200 kilometers south of Darwin, both shut down after the price of iron ore plummeted below US$90 a ton in 2014. In 2017, Nathan River Resources, a private sector affiliate of the British Maritime Group, bought the Roper Bar mine and has restarted mining in the last six weeks. Stefan Murphy, CEO of Nathan River Resources, said the mine will boost production by up to 2 million tonnes per year and operations would generate 250 jobs. Last month, the company's maiden export

The Frances Creek mine is now operated by Darwin-based NT Bullion and is making its first export shipment of stockpiled ore left by Territory Iron, previously owned, by the end of the year. The firm recently entered into an arrangement with Anglo American, the multinational mining corporation, to sell iron ore from the Frances Creek mine to foreign customers. Until the stockpiled gold has been sold, NT Bullion plans to resume mining at Frances Creek early next year.

22 | SKILLINGS MINING REVIEW January 2021

Barrick does not want to get involved in PNG political tension

ast week, key senior MPs, including Deputy Prime Minister Sam Basil, crossed the floor to join the opposition to PNG. Marape said they were within their rights to do so on Facebook, but he stayed prime minister in the meantime and lobbied for a greater return of capital from the region, including Porgera. This week, Barrick Nuigini (BNL) said that "patently false comments made by some individuals connecting the recent visit of Bristow to the political maneuver were meant solely to establish a fabricated story about the role of BNL in advancing

team, did not consult with anyone other than Prime Minister Marape." In October, Bristow and Marape also conducted talks to explore the road to Porgera's reopening.

their own political agenda. "Those defamatory and absolutely false posts were sent to the PNG authorities calling for corrective action and were also submitted to Facebook," said BNL.In good conscience, Mr. Bristow and his team traveled to PNG under a mutual arrangement between Prime Minister Marape and Mr. Bristow to partake in discussions on the restart of the Porgera mine.

After April, after PNG declined to expand a special mining lease (SML), the mine has been mothballed, with BNL opposing both the rejection and the August decision by PNG to grant an SML to state-owned Kumul Minerals Holdings. Porgera is 47.5 percent held by both Barrick and Zijin Mining, with the Enga provincial government and landowners owning the remaining 5 percent.

"On his recent tour, Mr. Bristow and his staff, along with some of his ministerial colleagues, Enga Governor Peter Ipatas, representatives of the State Negotiation Team, and Porgera landowners and their

For Porgera, which last year delivered 284,000 ounces of gold at all-in sustaining costs of US$1003/oz for the Canada-based firm, Barrick removed the 2020 guidance.

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GLOBAL

Hearst-area mining company has strategy to contain the spread of Covid-19 A manufacturing business with a Northern Ontario graphite reserve, ZEN Graphene Solutions, has developed a mineral-based solution that when added to personal protective equipment (PPE), destroys the COVID-19 virus.

graphene-based virucidal ink coating was produced by the Thunder Bay and Guelph-based business that can be applied as an agent to N-95 masks or fabrics that indicates that third-party laboratory research is 99 percent successful in making the COVID-19 virus inactive, providing health care staff an additional layer of security.

24 | SKILLINGS MINING REVIEW January 2021

ZEN Graphene, west of Hearst, has a high-grade graphite deposit which was first found in 2011. The anti-viral ink formulation they have come up with is from a refined graphene substance collected at its Albany deposit near Constance Lake First Nation from bulk sample material removed.

Earlier this year the firm submitted the ink substance to the biosafety lab of Western University in London, Ontario to assess its usefulness in destroying the virus. Calls began to flood in from multinational PPE manufacturers, including Trebor Rx CEO George Irwin, within days of ZEN publishing the exceptional lab findings in September, contributing to ZEN signing a binding letter of intent with the Collingwood-based maker. Trebor expects a patent-pending reusable respirator mask that will use ZEN's graphene-based virudical coating to obtain Health Canada clearance immediately to launch early development this month. Trebor plans to employ between 80 and 100 workers to produce more than 700,000 masks a day for a manufacturing facility in Collingwood by early 2021. The ink may be added with a dip coating or spray coating on face masks, gowns and other materials.

researchers to destroy earlier forms of the coronavirus. Fenton said its coating approach for recyclable masks provides a major saving for health care facilities and fewer pollution from landfills, provided that the global demand of disposal masks is 129 billion per month. As Trebor ramps up in Collingwood for complete development come January, ZEN is doing the same. The organization also doubled the size of its testing facilities in Guelph to 4,000 square feet, while further leasing 10 minutes away a 26,000-square-foot building that will act as a 2021 industrial manufacturing center.

ZEN hailed the signing of the contractual agreement as a "watershed moment" for the group. It's crazy," said Greg Fenton, Chief Strategy Officer of ZEN, marveling at how easily the transaction fell together." The initial order for Trebor is to provide at least 100 million masks with appropriate ink coatings. Fenton said, "We estimate it to be a tiny fraction of what the real amount would be." He thinks that by next year, his organization will be able to manufacture enough ink for around 10 billion masks. A three-ply surgical mask with ZEN viricidal protection would also be carried out by Trebor. Yet many more producers may be in the mix. Fenton said they have made calls from more than 30 companies in Australia, South Africa, South Korea, Denmark, and the United States since the announcement of their test results on Sept. 22. Because of its versatility, resilience and capacity to conduct heat, graphene is considered a miniature, multi-faceted miracle substance. A carbon nanomaterial that can be used as an ingredient in auto parts, automotive coatings, lubricants, lithium-ion batteries, high-strength concrete, water desalination and purification membranes is the graphene commodity ZEN developed at its Guelph R&D store. ZEN developed a combination graphene and silver nanoparticle-infused oxide ink for this specific bio-medical solution that had been reported by www.skillings.net | 25

ZEN collaborated with the University of Guelph to develop a patented method for converting Albany ore into top-quality graphene oxide for shipping, aerospace, bio-medical, civil engineering and water treatment applications. Because of the legitimacy of their reporting standards as a mining corporation, Fenton is unable to elaborate on their production output outside their Nov. 9 press release. It remains to be seen how things would finally turn out for the company's Albany deposit in northeastern Ontario.

"It's actually better for us to go and start taking tonnes out and selling tonnes on the street, setting the price rate, to be willing to tell, here's what the deposit is worth. For us, it's a little bit like chicken and egg". -Fenton

The land found just off Highway 11 has been dubbed the "freak of nature" of high-purity graphite. What this has achieved has provided us with a great precursor material for graphene processing," Fenton said." A tentative economic assessment (PEA) was published by the former ZEN management, then known as Zenyatta Ventures, in 2015, predicting an open-pit life of 22 years with the capacity to generate 30,000 tons of graphite annually. They have six tons of content on hand, collected from a 110-tonne bulk sample taken in the winter of 2019, Fenton said. Their regional authorization requires

another 900 tons of ore to be harvested. In addition, they will have to receive extra authorization or acquire a mine permit to actually begin mining. It doesn't require much graphite when it comes to producing graphene. "Fenton said To put this in context, one gram of graphene will cover half a football field. It's extremely small, but only a fraction of graphite is the volume of graphene that

you really need to be successful." He said it is possible that the mine layout would be significantly changed from what was initially planned. If the burgeoning global graphene industry were to really take off, industrial demand will definitely be in the low thousands of tonnes with the potential to scale up. ZEN started the environmental review process more than a year ago while planning for mining activities, but activity was placed on pause earlier this year due to pandemic-related travel restrictions. In 2021, they intend to restart the process. Before spending another year to do the mine permitting work, Fenton said the firm is around a year away from finishing the environmental evaluation. There was some internal company discussion on whether to upgrade the PEA, but it is a daunting job to attempt to put an exact valuation on their content in order to conduct an economic analysis, provided that the graphene industry remains in its early stages. "Fenton said It's actually better for us to go and start taking tonnes out and selling tonnes on the street, setting the price rate, to be willing to tell, here's what the deposit is worth. For us, it's a little bit like chicken and egg. When we start marketing our ink, the opportunity to know that the consumer is selling our ink, and how much we're selling it for, we're going to be able to work backwards. I'm not sure that we'll really need a PEA at that stage. "We will probably finance it and go right to output while we are getting substantial cash flow from this venture." This close-to-commercial deal with Trebor, Fenton said, would not place their other future business lines focused on graphene on the backburner. He expects the organization to report a large amount of news in the next six months. "Right now it is a wonderful spot to be."

26 | SKILLINGS MINING REVIEW January 2021

EQUIPMENT

Covid-19 hits drilling contractor's bottom line For the year, sales fell 10 percent year-on-year to US$172 million, which the firm said was favorable relative to the June quarter's 30 percent downturn. For the nine months to September 30, income was down 17 percent, or 15 percent after adjusted for foreign exchange impacts.

oth the global drilling services and the divisions of global goods were affected. Quarterly adjusted EBITDA plummeted 25% to $21 million, although the firm reported a net loss of $13 million for the month. For the time the total after-tax loss was $74 million. The 25 percent growth in total cash from activities to $39 million was a good one. Boart CEO Jeff Olsen said that in his firm,

the organization was seeing a return to usual operating levels. "Many parts of the world classified mining activities as essential services which has allowed the business to continue to support our customer base; however, there are some parts of our business still dealing with the direct impacts of the pandemic and this has seen lower company revenue to date," he added. We are pleased to see recent reinvestments in

our industry, with major mining houses flagging expanded exploration spending and junior miners now accessing capital through equity raises that enable them to get out and discover the opportunities of tomorrow. "We anticipate activity levels will continue longer into the year and will start earlier in 2021 as mining houses look to recover lost ground in 2020." Liquidity was $53 million at September 30, consisting of $30 million in cash and $23 million in lending facilities open. Total debt rose 8 percent to 823 million dollars. Boart shares were flat at A38.5c today, valuing the business at just under $34 million. Since the start of the year the stock has fallen more than 75 percent. www.skillings.net | 27

AMERICAS

Minnesota voters have demonstrated that clean water and the Boundary Waters is a critical issue One thing is clear, when the country still awaits the final vote count, and social media, talking heads and newspaper columnists scramble to decipher the tea leaves and what the result means: Minnesotans want politicians to advocate for the climate.

innesotans have been galvanized in recent years by significant environmental scandals, including the risks of two planned copper-sulfide mining, PolyMet and Twin Metals. Nearly 70% of the 54 candidates supported by the Boundary Waters Action Network's Friends of the Boundary Waters Action Network because of their unwavering advocacy for Boundary Waters and safe water won.

IT'S A MUCH SPOKEN ABOUT TOPIC

In Minnesota, the environmental movement has always been solid, but in the August DFL primaries, electorally, the bellwether really came when Jen McEwen, who was unabashedly proclean water and opposed both the PolyMet and Twin Metals schemes, beat out a staunch supporter of Erik Simonson, the copper-sulfide mining industry. Although Republicans have generally opposed tackling environmental

concerns, the DFL has experienced internal divisions between proponents and opponents of copper-sulfide mining. This has led many lawmakers around the state to waffle on the issue. Indeed, it's a dilemma everyone would like to stop. THAT'S BEEN UPDATED.

The DFL Central Committee, after McEwen's primary triumph, approved a resolution asking for a ban on sulfide mining. The will of the plurality of Minnesotans was expressed in this position. Minnesota Public Radio and Star Tribune surveys suggest that 60% of all Minnesotans, 57% of northern Minnesotans, and 80% of DFLers are opposed to copper-sulfide mining along the BWCA. There were many within the DFL who felt it was a political duty to take such a firm stance. Such worries should be laid to bed. This referendum shows that it's

28 | SKILLINGS MINING REVIEW January 2021

a winning problem to secure the Border Waters from copper-sulfide extraction. IT WASN'T ONLY A WIN FOR MCEWEN.

Friends of the Boundary Waters Action Network screened and questioned various state office candidates in the runup to November, effectively supporting 54 candidates who were unabashedly proclean water, pro-Boundary Waters and ready to take a firm stand on the subject. 37 of those 54 endorsements have earned their elections. What's more of the 10 candidates that we have defined as crucial and close contests, 8 have won. Voters have indicated that they are profoundly worried about the Boundary Waters' future and about shielding our safe water from the copper-sulfide mining hazard. The political bombast and narrow economic vision linked to the opening of these poisonous mines is dismissed. They have dismissed multinational mining conglomerates' tired falsehoods and empty claims of track records of environmental destruction and misuse of labour. Since voters approved the Clean Water, Property & Legacy Amendment in 2008, no major environmental measure has been passed in Minnesota for over a decade. Minnesotans are eager for action at a moment when safe, fresh water is becoming a global shortage, and following four years of the Trump administration waging an all-out attack on natural lands and wild spaces. They are ready to enact legislation that preserves our environmental resources, supports the wilderness gem, the Border Waters, and offers legal safeguards against the hazards of copper-sulfide extraction for those they have selected.

GLOBAL

US, Norwegian investors pressure SBI over loan to Adani mine in Australia India's largest bank's shareholders are posing questions over a planned loan to Adani Enterprises Ltd. to help finance the opening of the infamous Carmichael coal mine in northern Australia.

ew York-based BlackRock Inc. and Norway's Storebrand ASA officials have approached the Indian government's State Bank of India, which is majorityowned, regarding the loan. According to Indian media sources, the loan's valuation is estimated to be as high as 50 billion rupees ($678 million).

Since it was proposed in 2010, the Carmichael mine has been the subject of environmental demonstrators, most notably protesting at a Nov. 27 cricket match between Australia and India in Sydney. Last month, Adani modified its trade name to Bravus Mines and Energy in Australia, likely to further dampen the uproar over the mine situated in the Galilee Basin in the province of northeastern Queensland. The initiative has been a subject of outrage from the country's climate change advocates, who this year have seen record temperatures and widespread wildfires. "It is clearly not part of a sustainable future to finance new coal plants," Andreas Bjørbak Alnæs, Senior Sustainable Investment Advisor at Storebrand, said in an emailed comment. BlackRock, which owns both Adani and SBI securities, has spoken with the entities connected to the Carmichael project and raised its concerns because according to an individual familiar with the matter, the venture has ESG-related dangers, who refused to be named because the conversations remain private. In February, when it negotiated an 18 million euro ($21.8 million) deal to supply rail-signalling systems for the mine, BlackRock rebuked Siemens AG for similar purposes. An SBI official who refused to be named challenged the bank's critique, provided that the mine's license was officially accepted last year by the government of Queensland. The press office of the bank did not respond immediately to a request for clarification on the loan. "The State Bank of India can surely see that the time to build massive new thermal coal mines has passed for economic and climate reasons," said Pablo Brait, a campaigner for the Market Forces advocacy party. "India is already struggling with the disastrous impacts of climate change, like Australia, and Adani's

mega-mine is going to make climate change worse." According to stock-exchange disclosures in India, officials from BNP Paribas Asset Management visited their SBI counterparts on Tuesday. A BNP Paribas representative refused to share the specifics of the conference. Amundi Asset Management has stated that if the Adani loan goes forward it will sell SBI's green bonds. As recently as June, it kept around $21 million of bonds in its Amundi World Emerging Green One portfolio.

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AMERICAS

US coking coal relaxed amidst Biden Presidency US mining industries anticipate Joe Biden's presidency to lift certain barriers to the coking coal sector, but there is optimism that more attractive business dynamics can be fostered by infrastructure spending and a new approach to international ties.

n the last year or so, job cuts and mine closures related to a poor economy indicated that the Donald Trump administration struggled, as the industry had planned, to boost coal jobs substantially. But in the last election, support for the outgoing president in the big coal mining states of West Virginia and Alabama stayed high, although Biden won Pennsylvania over Trump by a narrow margin of 0.8pc.

Meanwhile, ahead of Biden's presidency, mining companies remain relatively unfazed, with most of them concentrating on taking advantage of the recent rise in Chinese demand for low-volatile and mid-volatile alternatives to Australian coals in the midst of an import curb. TIGHTER RULES BUT CONSTRAINED BARRIERS

US mining businesses anticipate stricter emissions regulations and more stringent

permitting procedures, which may slow construction ventures and in certain situations, increase prices. "It is possible that pollution and stream security and methane emissions will be re-examined, but I do not anticipate a coal battle, and I do not expect the use of financial arms against coal," said one miner. In late 2016, soon after taking office, Trump began unwinding legislation set in motion by former President Barack Obama. Yet market pressures have proven to be more strong than Trump's attempts to support a comprehensive deregulation of the sector. Competition with lower-priced shutdowns of natural gas and power plants connected to the mercury and air toxics law of Obama put the coal sector under threat, and would continue to do so under Biden. US coal mining companies have also started a trend of moving into a relatively more profitable and competitive coking coal market in recent years, as global steel supply and demand continue to climb. "During Trump's presidency, coal was still in great financial difficulty," one mining company said. Trump's presidency also struggled to increase jobs in the US coal sector substantially, and coal output has also declined over the time. In 2019, the bituminous coal industry employed an average of 51,605 employees, just marginally up from 50,735 in 2016, though overall coal output grew from 725 million st in 2016 to 773 million st in 2017, production only reached 703 million st in 2019, well below the 998 million st reported in 2014. For the first half of 2020, gross coal output in the US was 260 mn st, with estimates for the second half very difficult to keep up with last year's in the middle of continuing supply cuts and mine closures. Trump's tenure in office coincided with higher output and prices of coal, helped in part by increasing domestic demand, but

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mostly by rising exports. In March-April 2017, for example, disruption to Australia's Queensland Port caused by Cyclone Debbie pushed demand and US coal prices up sharply. In the second half of April 2017, the Argus measured US strong unpredictable A price peaked at $273/t Hampton Roads fob, relative to $119/t Hampton Roads fob today. Although the US coal sector has traditionally been seen as a swing producer over the years, financial institutions' reluctance to engage with fossil fuels, particularly coal, has also rendered it challenging for many firms to access capital to increase mine production. Despite the good pricing climate in 2017-19, this delayed US coal production expansion. Last year, the US shipped 55.3 million kilos of coking coal, up 35 percent from 2016. Yet exports are still below the highs of over 63 mn t in 2011 and 2012. US exports of coking coal dropped from 37.06mn t in the same span of 2019 to 27.99mn t in the first nine months of this year, weighed down by widespread market disturbances related to Covid-19, especially in Europe. Biden's plan to invest in infrastructure is a good sign for US mining companies as far as US steel demand is concerned. Market hopes are that Biden would be able to enact a sort of infrastructure bill and come to Congress with an additional stimulus agreement to drive recovery from the Covid-19 pandemic's economic fallout. As a result, each of these may raise steel production and domestic demand for coking coal by promoting increased investment and use of steel that would not have existed otherwise. The sector would benefit from better international ties. Since China imposed tariffs on US coal aimed at Trump's promise to bring coal miners back to work and revitalize the industry, US coal exports have not returned to the peak of 55.36

US coal mining companies have also started a trend of moving into a relatively more profitable and competitive coking coal market in recent years, as global steel supply and demand continue to climb. "During Trump's presidency, coal was still in great financial difficulty," one mining company said. Trump's presidency also struggled to increase jobs in the US coal sector substantially, and coal output has also declined over the time. million t in 2018, with every state in the Appalachia area having voted for Trump in the 2016 presidential election apart from Virginia.

as well. There is little question that the elimination of import tariffs has encouraged the recent increase in US trade in coking coal to China.

"Under a Biden administration, coking coal mining businesses are hopeful regarding foreign trade ties. "Biden would be a strong negotiator," one miner said, "I hope he will continue to negotiate with partners and persuade countries to play by world trade laws instead of moving alone like Trump has attempted to do. "Another miner said, "I don't anticipate odd taxes as they've been in the last few years, because it would be more difficult for countries to fight trade wars.

But China has been sluggish to react to Biden's victory by releasing a formal acknowledgment only today at a briefing in Beijing by Chinese foreign ministry spokesman Wang Wenbin, though President Xi Jinping has yet to give public congratulations.

The Protectionist Section 232 tariffs on imported steel, one of the hallmarks of US trade strategy under Trump, are also supposed to tend to be modified under Biden, but not abolished. If the administration of Biden leads, as mining companies hope, to a more peaceful foreign trading climate, this will allow them to focus on continued trade with conventional customers whilst finding opportunities with non-traditional customers. If Biden will proceed to expand on the phase-one trade agreement signed by the Trump administration remains to be seen

Though earlier market hopes were that China's impasse with Australia will not possibly continue past the planned seasonal demand peak for the lunar new year holiday cycle in mid-February, the speculation over the removal of import curbs is now less clear. The Argus estimated the price of Australian premium hard coking coal dropped today to a fouryear low of $99.40/t fob. We have not got any reports on the current condition. But it is fair to say that any loosening of sanctions would not be seen until next February after the lunar new year festivities," a steel producer from northern China told Argus last week." A longer-term approach to re-establishing partnerships with US suppliers is being taken by Chinese mills, with cargo talks reported to stretch deep into deliveries by 2021. www.skillings.net | 31

EQUIPMENT

Here Is How Robots Are Revolutionizing Mining Mining robots will revolutionize the mining industry by automating the diverse activities involved in mining, from the discovery of minerals and other resources to excavation. As a consequence, the usage of mining robotics is helping to improve efficiency and profitability for mining firms.

he mica used in glittery eyeshadow colors and coal used to produce power to deliver electricity to a house was both excavated from mines. Mining is a work that is risky and complex. Life is placed at stake every day in order to harvest valuable raw materials from the earth. In 2018, 27 miners died, which was the second-lowest death count in an academic year, according to a survey from the Mine Protection and Health Administration (MSHA). With the usage of mining robots that are replacing humans in the hazardous extraction process, the death counts are further declining. AI-enabled mining robots will identify dangerous gases in the mines through the help of machine learning algorithms and warn miners to take

precautions. Mining robots are revolutionizing the mining sector, from assisting in the drilling, extraction, and transport of minerals to managing and tracking mines. WHY MINE ROBOTICS TRANSFORM THE MINING INDUSTRY

It hasn't been long before robotics landed at mine sites to run above and below the soil alongside humans. Mining machines can take over risky roles and people can run these robots without the need to endanger their life by traveling to the site to perform assignments. The mining business is promoting digital automation. AUTOMATED CONVEYANCE

The extracted material is transferred from where it is mined to the land above in all forms of underground mining. The commodity is usually transported with

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the support of either human-operated conveyors, transport equipment, or hoisted containers. Tedious and difficult activities may be manually operating the trucks and moving the collected products to the surface or the underground loading points. Like AI-enabled self-driving automobiles, the media or vehicles used for transporting minerals may be automated. Improved performance and protection are two clear reasons for the modernization of transport vehicles. The laborers are at risk of rockfall when carrying mined rocks, and the risk can be removed with automated transport vehicles. Automated cars can minimize labour costs and run around the clock, thereby growing performance and competitiveness. Automated vehicles can navigate underwater quickly and use GPS navigation systems. For eg, one of Australia's largest mining companies uses over 80 automated three-story trucks to transport minerals. The organization is now trying to build autonomous trains on tracks. mining robots with both hands to trans-

port the excavated rocks to hundreds of miles due to the effect their usage cases may have. EXPLOSIVE POSITIONING AND DRILLING

The first job to be completed in the mining phase is drilling. Only after digging into mines is the mining of minerals feasible. To dig into the mine, to construct a tunnel to move material from the mined field to the surface, drilling is necessary for any mining job. The drilling method is now automated. There are semi-automated drilling machines available that will drill hole rings over time with a little supervision. To smash up rocks, drilling means planting explosives. Automated drill machines will bore to a depth of many meters into the earth. For obstacle detection and automatic drilling into the earth, the automated devices use GPS technologies. Mining robots may assist with the positioning of the explosive necessary to dig a site. To trigger the blast, explosives, detonators, and primers are currently manually positioned and linked by wires. For rock smashing and digging deep into the earth, automatic boring devices are capable of packing the explosive ingredients into the field holes. ROCK SPLITTING SECONDARY

For the second time, another field where AI-robots can be used in the mining industry is to crack rocks. Some enormous boulders are produced that are hard to tackle after placing explosives for drilling and for cracking the rock for the first time. The mining field might be jammed with huge boulders. The volume of explosives used and the region to deploy them was prepared for specific rock breaking in order to maximize the use

of the blast. With the aid of algorithms, AI-enabled mining robots can easily prepare the ideal quantity of explosives required for precise rock fragmentation. The enormous boulders can be smashed into tiny rocks by rock crusher mining robots that can be operated by transport vehicles. To clear the path in the pits, the haulage vehicles will then take the crushed rocks to the ground level. CREATION OF METALLIFEROUS ROADWAYS

Metalliferous underground mines utilize roadways to reach the minerals within and other services such as transportation. There are numerous kinds of roadways, such as drops, hills, drifts, drives, and crosscuts. The roadway construction phases involve mapping the geology and identifying the explosion space, digging blasting holes, scraping exploded rocks, and then freeing up space for running vehicles and www.skillings.net | 33

other machines. To find the right spot to dig, mining robots will survey the mining area. In order to build roadways in mines, the robots will then place the explosives and extract the undesirable and fragile rocks. Mining robots may also sense the conditions in the mines and the existence of dangerous gases, if any, when creating roadways for transportation. Mining robots will allow miners and leaders to take the required measures to deter unnecessary accidents by send-

ing a warning about the air and state of the mine. FLOODED AND FAILED MINES DISCOVER

After collecting minerals, those mines are abandoned and flooded with water. For some purposes, AI systems may find mines that are either flooded or abandoned. Excavation of minerals that were not valuable in the past yet may be useful in the present day may be the explanation for reopening abandoned mines. For example, in the past few years, demand for rare earth elements,

which are a set of 15 to 17 elements, has skyrocketed. The usage of rare earth elements in modern-day technology is the explanation for increased production. In laptops, hard disks, and LED TVs, among others, rare earth elements are used for example. The abandoned mines can be revived at a fast speed by mining robots. Flexibility for building IoT equipment in abandoned mines is supported by mining robots. For continuous surveillance of the mine, robots will enter narrow surface areas that could not be reached by humans and location IoT devices. Miners will estimate the energy and other resources needed for extracting the mineral from the mine by applying AI algorithms on the data obtained by IoT devices. A difficult job is manually deciding which abandoned and flooded mine will produce rare earth and other useful minerals. For human divers, traveling across the mine and assessing the identity of some valuable mineral may be dangerous. Visibility is still very poor in the submerged mines, which makes it much harder for human divers to maneuver. Without placing human life at risk, mining robots will crash into mines to detect valuable minerals. Through the introduction of mining robotics, the idea of how AI would revolutionise the mining sector is becoming a fact. In the mining sector, mining robots have recently been introduced and a great deal of progress in mining robots has been done to render the mining process easy and effective. Much still needs to be accomplished, though. Robots are now unable to function on a completely autonomous basis, operating hand in hand with humans. Eventually, mining firms may someday see fully automatic mining machines with improvements in technology that can reduce the danger and strain on human miners.

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GLOBAL

As more countries pledge zero emissions, coal finance evaporates Funding for coal ventures is drying up at ever rising rates as more countries are seeking zero carbon emissions in the middle of the world's energy transformation, participants said on Tuesday at Asia's largest coal industry meeting.

other financiers pulling out of coal," Lachlan Shaw, head of commodity analysis at ANZ, told the virtual Coaltrans Asia meeting.

"We are seeing a real tide of all these forces moving in the capital markets with insurance companies, banks and

"What has changed lately is that China, Japan and South Korea have all committed themselves to net zero carbon emission targets," he added. Carbon pricing and credits would become critical instruments for businesses to raise financing for new ventures, so they "can go to the financial

s the dirtiest fossil fuel is gradually shunned, the withdrawal from coal by major multinational banks and government-backed entities, which has intensified this year is likely to force coal firms to use offsets to get financing and listed ones to go private to escape shareholder pressure.

markets and say we have a package here that is fully offset from the point of view of carbon emissions," he added. Shaw said he plans to go private with more publicly traded firms while shareholders concentrate more on the dangers of coal investments. Ben Lawson, vice-chairman of the Djakarta Mining Club and chief operating officer of PT Sandman Coal Indonesia, said that even cleaner ventures such as a coal gasification plant in Indonesia under consideration by coal miner PT Bukit Asam would fail to secure financing. Although gasification is the cleanest way for coal to produce energy or downstream commodity, it is still coal," he told the conference." "I think it's going to be a hard sell to get financing." www.skillings.net | 35

GLOBAL

Minerals and metals demand recovery in 2021 A more favorable market climate can be seen by miners and metal producers in 2021, as almost all mineral and metal prices (except iron ore) are predicted to average higher year-on-year (y-o-y) in 2021, Fitch Solutions forecasts in its latest study.

hile metal prices have recovered impressively over Q2-Q420, following the decline reported at the beginning of the year due to covid-19, Fitch states that prices will continue to fall on average year-on-year basis in 2020.

help reduce the threats to operations seen in 2020. According to Fitch, mining and metal activities would therefore increase in 2021, after the industry encountered massive disturbances in 2020 due to government-imposed lockdown steps and tighter procedures for health and safety.

In 2021, Fitch says that the wider and stronger global economic growth would boost rates when covid-19 vaccinations are made available. In some primary mining nations, such as Peru and South Africa, access to vaccinations would also

This was especially the case for the copper sector, as the pandemic had a major effect on Peru and Chile, which account for a large share of the mine's output. The resulting pickup in production is likely to retain something of a price

36 | SKILLINGS MINING REVIEW January 2021

limit. Fitch, however, expects a sharp recovery in global mineral and metal demand in 2021. As infrastructure projects continue to make progress, China's metal consumption will remain high, backed by the Covid-19 stimulus program. Other nations, such as the US, the EU, Japan and India, in the case of steel and aluminum, which have seen their mining and metal activities interrupted and impacted by lower end demand, would see a sharper production turnaround. Fitch states that the continuing acceleration of decarbonisation policies and corporate environmental, social and governance (ESG) programs, while a slow-burning and longer-term development in nature, suggests that demand for some metals used in renewable energy

Rare earth mining can be done safely, says researcher A writer on rare earth elements has advised science and not politics to be the foundation for debates on rare earth mining. Azizan Abu Samah, chairman of the Sustainable Mining Task Force of Akademi Sains Malaysia, said rare earth mining could be carried out with minimal effect on the ecosystem and while maintaining protection.

e said that the mining process most likely to be used in Malaysia will mimic the methods of some Chinese companies that mine rare earth elements with comparable ion absorption. He said there was also overblown concern of radioactivity and harmful by-products. He said, "I think people are politicising it and making it a big issue, but the radioactivity level is lower than what you get from tin mining."

infrastructure and for electric vehicle batteries (including copper, nickel and aluminium) will be funded in 2021 and beyond. Elevated rates will help to benefit gold miners. Compared with 2020, Fitch sees mines and metals capital spending improving in 2021. Although 2020 forecasts began to decline marginally as the pandemic advanced from April to November, the budget forecast for 2021 changed as a result. This move is possibly attributed to businesses postponing expansion initiatives from 2020 to 2021 and in the wake of the pandemic, focused on saving cash in the interim. The outlook for mines and metal producers is favorable for next year, Fitch maintains, as overall costs, output and demand of minerals and metals may increase in 2021. The fall in input prices expected by Fitch for steel in 2021, due to increased supply (iron ore prices and coking coal), would allow the sector to achieve profitability.

"Sunway Lagoon is an ancient mine lake, after all. The Horas water pumping facility for Sungai Selangor in Bestari Jaya is a set of old tin mining ponds. Science is tossed away anytime you try to spin it into a political problem. Azizan said that only in selected areas could rare earth mining be undertaken. "If mining is carried out in the watersheds of the Pedu and Muda dams, you will build up sediments that will reduce the dams' storage capacity and longevity." He said the Ulu Muda region provides 70 percent of Perlis's raw water needs, and 96 percent of Kedah's, while the Sungai Muda, which is directly linked to the catchment area, meets 80 percent of Penang's raw water needs. "Any disturbance could be extremely damaging to the supply of water to these areas," he added. When we have cowboy-ish mining as we had in Selinsing with gold, that's when we're going to have a lot of issues. There should be no free-for-all. Rare earth mining hit the headlines recently after Kedah Menteri Besar Muhammad Sanusi Md Nor reported an arrangement to mine rare earth resources in the state with a Kuala Lumpur-based firm. He said such deposits had a capacity of RM62 billion. However, Minister Shamsul Anuar Nasarah of Energy and Natural Resources said rare earth mining will not be allowed in forest reserves or without technological permission. There are many commercial applications of rare earth metals, from having applied to magnets used in electric generators to interactive screens for smartphones and TVs. China currently has around 90% of the industry, but if Malaysia is able to mine our own, we might one day rule up to 50% of the world market," said Azizan." China does not want us to crack their monopoly, however he said. He said that only established companies should be granted rare earth mine licenses, with greater regulation to ensure minimum environmental damage and human impact." www.skillings.net | 37

AMERICAS

William Barr, Former United States Attorney General

EXCLUSIVE

U.S. investigators were told to take 'no further action' on Caterpillar, ex-client of Barr The option of President Donald Trump to rule the U.S. until William Barr became President Department of Justice, in a federal criminal inquiry by the department, he represented Caterpillar Inc, a Fortune 100 company.

uch was at risk for Caterpillar: Since 2018, $2.3 billion in business fees have been requested by the Internal Revenue Service in conjunction with tax issues under criminal

inquiry. The organisation is contesting the conclusion. According to an email written by one of the agents and checked by Reuters, a week after Barr was named for the role

38 | SKILLINGS MINING REVIEW January 2021

of attorney general, justice officials in Washington told the investigation team in the ongoing criminal inquiry of Caterpillar to take' no more steps' in the matter. The decision, the email said, originated from the Tax Section of the Justice Department

and the office of Rod Rosenstein, the deputy attorney general. On December 13, 2018," wrote the agent, Jason LeBeau, "I was told that the Division and the Deputy Attorney General's Office collectively agreed that no more action could be taken on the matter before further notice." LeBeau, a U.S. inspector general agent." The Federal Deposit Insurance Company rejected calls from Reuters for interviews. Since then the inquiry has "stalled," a source close to the case reports. The decision to freeze the Caterpillar investigation has not been publicly stated. Reuters was unable to ascertain whether the "no further action" order was provided by Justice. As it came before he was confirmed, it was not released by Barr. A Justice Department spokesperson said that after he became attorney general, Barr recused himself from all Caterpillar talks, but refused to comment. During his confirmation hearings, Barr, in testimony, claimed legal protection laws prohibited him from disclosing his job with the organization. In May 2019, Rosenstein, who quit the government, did not respond to a telephone message or emails requesting clarification.

The government's concerns regarding the tax system of Caterpillar began in 2009 with a whistleblower complaint that pointed forth what it alleged was a sophisticated "tax dodge" to route Caterpillar revenues via a business in Switzerland on parts sales. a lawsuit concerning Swiss Bank UBS, a prior customer, in 2009. But Green said he did not remember a situation where, without any kind of clarification, agents were ordered to pursue no further action on a matter concerning the previous client of an incoming attorney general. Why will you just quit doing that? "Asked him. A person acquainted with the success of the inquiry that is being carried out outside the United States The Illinois

Central District Attorney's Office has said that since December 2018, "it's slowed down, it's stalled, it's languishing." Not a lot of action is being taken." But the source stressed that the probe is not technically closed and that "missing" could not be called." The government's concerns regarding the tax system of Caterpillar began in 2009 with a whistleblower complaint that pointed forth what it alleged was a sophisticated "tax dodge" to route Caterpillar revenues via a business in

The IRS refused to elaborate on the event. For its part, Caterpillar has confirmed to investors that the inquiry by the grand jury is continuing. The firm told Reuters the report is being investigated by the DOJ's Tax Division. For years, Caterpillar has said it did nothing wrong. When high-powered attorneys turn between private practice and govermment service, possible conflicts of interest, whether actual or obvious, sometimes occur. Bruce A. Green, a retired federal prosecutor who lectures at Fordham Law School, said finding customers who had company before the DOJ is not unheard of for attorney generals. He noticed that the attorney general of President Barack Obama, Eric Holder, recused himself from www.skillings.net | 39

AMERICAS

Switzerland on parts sales. Then, the U.S. in 2014 The Senate Permanent Inquiry Subcommittee dug into the issue, arguing that the corporation pursued a distribution policy that "shifted billions of dollars in profits away from the United States and into Switzerland, where Caterpillar had negotiated an effective 4% to 6% corporate tax rate." The Senate investigators cited insiders of the company who claimed the scheme was designed for "tax." Caterpillar stated at the time that the deals, and the tax policy, were absolutely legitimate. A Caterpillar vice president testified to the committee that it was nothing more than the standard business operations and tax planning that any prudent multinational business would employ to have an offshore subsidiary collect profits and pay taxes." A criminal probe was initiated before a federal grand jury in Illinois the same year. Three Caterpillar offices were seized by federal agents in March 2017, wheeling out proof in huge black cardboard cases. A researcher for the investigators, Leslie Robinson, named the tax plan' deceptive rather than incompetent' in a study prepared for the government. Jim Umpleby, Chief Executive of Caterpillar, confirmed the appointment of Barr as business attorney two weeks after the raid. Barr will "take a fresh look at the disputes between Caterpillar and the government, get all the facts, and then help us to correctly resolve these issues based on the merits."

mation or the basis for her conclusion. In November 2018, Barr's name was among those floated when the White House scanned possible lawyers to assume the position of attorney general. The White House declared his appointment on December 7. "From day one, he was my first choice," Trump added.

have invested too much of my time and energies on something and yet to have no idea whether it would amount to something meaningful. "Quite frankly, I'm also kind of in the dark," responded LeBeau. He said he believed the Caterpillar was in talks with a new U.S. solicitor, but he knew nothing else. "I know that the process goes incredibly slowly."

Barr has emerged as one of the most militant advisors to Trump, most notably authorizing federal authorities to probe the counting of votes that Trump lost to Democrat Joe Biden in the presidential election this month.

Robinson communicated again with the prosecutors this October. She questioned what happened to the case in emails checked by Reuters, adding that a Reuters writer had inquired.

"Robinson, a professor at the Tuck School of Business at Dartmouth College, sent a note to FDIC agent LeBeau in January 2019 asking if the case was "dead or moving." Robinson wrote, "From a personal point of view, it is a little strange to

That's when LeBeau clarified that they had been ordered to pursue no more steps a week after Barr's appointment 20 months earlier, copying other agents and a lawyer on the email. "No additional explanation was given to us," he wrote.

Robinson, the investigation analyst who challenged the strategies of Caterpillar, told Reuters that in May 2017 she visited Barr, advising him about why she believed the tax policy was unconstitutional, and to learn why the firm thought it was not. Robinson said she would not clarify in the government's study the meeting information or the basis for her conclusion.

Solar-to-battery storage system planned for Grand Rapids The first solar-to-battery storage facility in the area is moving for Grand Rapids. A 2-megawatt solar array and 1-megawatt energy storage battery were approved by the Grand Rapids Public Utilities Board, a wholesale electricity customer of Minnesota Power, on Wednesday to help supply its 7,000 customers with fuel.

carbon-free energy to the region."Last week, Minnesota Power urged state regulators to support a different proposal for the installation at sites in Hoyt Lakes, Brainerd and Duluth of 20 megawatts of solar arrays.

"By pairing a utility-sized battery with a large-scale solar system, we will be able to store energy generated from the solar panels and use it during times when electrical power demand is higher," By pairing a large-scale solar system with a utility-sized battery, we will be able to store energy generated from the solar screen.

he solar array near the Grand Rapids/Itasca County Airport is under development. Minnesota Power said in a news release Thursday that electricity produced by the panels would be stored in adjacent batteries, then released "when demand for energy is high or when the sun isn't shining," The solar array will power 390 homes while running at peak, according to Minnesota Power, while the completely

charged energy battery will power 1,000 homes for two and a half hours. It's Minnesota Power's first battery system for batteries. JULIE PIERCE, VICE PRESIDENT OF POLICY AND PLANNING AT MINNESOTA POWER, SAID IN THE REPORT,

"It's a great opportunity for us to implement and learn about solar-plusstorage technology while working closely with a valued municipal client and our partners in Grand Rapids to bring more

US Solar, headquartered in Minneapolis, is building a $6 million project that will sustain more than 25 construction workers and is scheduled to begin power production by the end of next year. www.skillings.net | 41

AMERICAS

Once booming, sand mines shuttered Sand mining in Trempealeau County has proved to be a boom and bust business. The fortunes of local frac sand firms have fluctuated with oil prices and rivalry from generating scores of workers and taking in millions of profits to idling plants. The sector has been at one of its lowest points since the pandemic crushed the worldwide market for crude.

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i-Crush, one of the region's largest broken sand mining firms, closed its Whitehall mine earlier this year, permanently laid off 35 employees, and this year went bankrupt. HiCrush and Badger Mining Company lay off a collective 70 workers in nearby Taylor, Wis. Another mine in Arcadia, operated by Canadian Silica Industries (CSI), was also idled, and a report was conducted by the city to ensure that the company's $722,000 set aside for mine recovery is adequate. Hi-Crush generated hundreds of jobs at its Whitehall mine and neighboring Blair, Wis., processing facility, improved the local tax base, and contributed to local charities, however over the years, it had sporadic closures and employment cuts, briefly laid off over 35 employees in 2018 and 2019. This spring, at the Whitehall and Blair plants, Hi-Crush permanently laid off 67 workers, blaming energy costs, and sued for bankruptcy this summer. Last month, the downsized corporation concluded its debt plan, but it is uncertain if the Whitehall and Blair facilities would ever reopen. The Hi-Crush mine, amid its ups and downs, was nice for Whitehall overall, Mayor Jeff Hauser said. "Some jobs are always good. They took some company to some of our local companies downtown, and I know they made a large contribution for some supplies and contributions elsewhere in the city to the fire department...

They charged our community somewhere near $270,000 in taxes, and that's a piece of change that's pretty relevant to our size budget, he said. Hauser revealed that Hi-Crush had nearly 10 million in a fund set aside to clean up its massive mine. The confidence is intended to guarantee that there is funding enough to clean up the mines and taxpayers are not left with the bag, even though mining firms go bankrupt. Asked what will cause the mine's reclamation to begin, Hauser answered, "You know, for all of us, these are all uncharted waters, pretty much, but I'd assume there would be some kind of final liquidation or a full-fledged bankruptcy that says, 'We're not going to operate forever anymore.'" City administrator Chad Hawkins said that in Arcadia, the smaller CSI mine has $722,000 put aside for reclamation. The mine has been abandoned for some time now and owes over $150,000 in taxes, according to Trempealeau County reports. I recognize their struggles right now on a personal perspective," Hawkins said." Frac sand is a reservoir of sorts. I feel for them However, Hawkins would love to see the property restored and repurposed for any much-needed homes or other projects if the mine is not being used. In order to study the reclamation proposal, the city recently retained an architecture company. That could contribute to a new mine clean-up cost estimate and a need to set aside more funds, Hawkins reported.

The Wisconsin Department of Natural Resources offers local municipalities with some guidelines about the value of financial protection for rehabilitation and how much funding is required for mines of various sizes and forms, although it is up to local governments to enact and execute them. The state isn't keeping track. A request for comment was not replied by Hi-Crush. The CSI members weren't eligible directly. The drilling industry has earned some positive indicators. Oil prices are still poor, but have rebounded slightly since cratering early in the pandemic, and those in the sector are optimistic that once COVID-19 vaccinations become readily accessible, demand can completely recover. MINNESOTA SANDS IN FILLMORE CO. EYED THE ONE-OFF MINE.

This fall, Minnesota Sands investigated opening a single frac sand mine in Fillmore City, but did not officially apply for a permit. Before it could do that, there will be major regulatory barriers for the business to tackle. Minnesota Sands is the company which in 2012 proposed a constellation of 11 frac sand mines throughout the counties of Winona, Fillmore, and Houston. Since the 11 mines were seen as one big undertaking, a comprehensive environmental impact analysis was mandated by the state (EIS). Before suing Winona County in 2017 over its 2016 frac sand mining ban, the firm volunteered to do an

www.skillings.net | 43

EIS, but still neither finished the analysis or attempted the mining ventures. The legal fight went all the way up to the Supreme Court of Minnesota, where the court decided in favour of Winona City.

mine, but representatives of the EQB refused the appeal, citing the litigation against Winona County by Minnesota Sands as proof that it was deliberately seeking to open more than only one mine.

Minnesota Sands questioned the officials of Fillmore County this fall what it might take to allow a single mine in Fillmore County. For Fillmore County Zoning Administrator Cristal Adkins, it raised a question: was the EIS rule still in place? If only one mine was being explored by Minnesota Sands, not 11, should it be excused from the research?

Minnesota Sands is now in a role close to this. This fall, the U.S. questioned Minnesota Sands. To send the appeal against Winona County to the Supreme Court. The high court does not consider the appeal, but it leaves Minnesota Sands at present informing regulators that it just needs to operate one mine while still seeking legal threats to open others theoretically. The EQB did not make a statement about whether to waive the EIS because Fillmore County has not yet submitted a formal permit application. A Minnesota Sands spokesperson did not respond to a request for clarification.

The Minnesota Environmental Quality Board (EQB), the organization in control of the EIS provision, considered the issue this fall. Any board members were doubtful about whether just one mine was indeed wanted by the group. Minnesota Sands had previously sought to be excused from the EIS to explore a single

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STATISTICS United States Exports to World of All Steel Mill Products in Thousands of Metric Tons

NOVEMBER 2020 CRUDE STEEL PRODUCTION

orld crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 158.3 million tonnes (Mt) in November 2020, a 6.6% increase compared to November 2019. Due to the ongoing difficulties presented by the COVID-19 pandemic, many of this month’s figures are estimates that may be revised with next month’s production update. In Asia, China produced 87.7 Mt of crude steel in November 2020, an increase of 8.0% compared to November 2019. India produced 9.2 Mt of crude steel in November 2020, up 3.5% on November 2019. Japan produced 7.3 Mt of crude steel in November 2020, down 5.9% on November 2019. South Korea’s crude steel production for November 2020 was 5.8 Mt, down by 2.4% on November 2019. In the European Union, Germany produced 3.4 Mt of crude steel in November 2020, up 14.8% on November 2019. Italy produced 2.0 Mt of crude steel in November 2020, up 3.2% on November 2019. France produced 1.1 Mt of crude steel in November 2020, up 3.7% on November

2019. In North America, the United States produced 6.1 Mt of crude steel in November 2020, a decrease of 13.7% compared to November 2019. In the C.I.S., production is estimated to be 8.2 Mt in November 2020, up 7.0% on November 2019. Ukraine produced

1.7 Mt of crude steel in November 2020, up 30.8% on November 2019. In other Europe, Turkey’s crude steel production for November 2020 was 3.2 Mt, up by 11.6% on November 2019. In South America, Brazil produced 3.0 Mt of crude steel in November 2020, up 11.2% on November 2019.

WORLDSTEEL ANNOUNCES STEELCHALLENGE-15 FINALISTS

he Regional Championship took place online for 24 hours on 25 November 2020. This year’s steelChallenge attracted over 1200 participants representing more than 50 companies and about 90 academic institutions from 27 countries. New this year, all participants successfully completing a simulation run receive a competition certificate. There were over 10,700 attempts with the combined electric arc furnace steelmaking and secondary steelmaking simulation, with 6,119 successful runs completed. The top-placed people in the ‘Industry’ and ‘Student’ categories will be invited to the World Championship in April 2021. Also qualifying for the World Championship are the first-placed people in each of the five regions. All Finalists will be awarded certificates and cash prizes. The World Champions in both categories will also be awarded a World Champion certificate, an additional cash prize and the steelChal-

46 | SKILLINGS MINING REVIEW January 2021

lenge trophy. steelChallenge-15 utilised steeluniversity’s secondary steelmaking and continuous casting courses in a combined simulation. Competitors were tasked to produce a grade of steel meeting technical requirements at the lowest cost per tonne. The simulation used a grade of steel specifically designed for steelChallenge-15. Competitors could undertake unlimited ‘runs’ of the simulation during the 24-hour competition period. A ‘run’ was concluded when the simulation had completed the set time, the result had been registered in the competition database, and the competitor had received a confirmation of successful completion. The best ‘run’ of each competitor was to determine their score and placement in the Regional Championship. New this year, all registered participants received access to the Secondary Steelmaking and Continuous Casting courses, including e-learning, 3D interactive models and simulators.

CRUDE STEEL PRODUCTION NOVEMBER 2020. Source â&#x20AC;&#x201C; World Steel Association COUNTRY

NOV 2020

NOV 2019

%CHANGE OCT20/19

2020

% CHANGE

COUNTRY

NOV 2020

NOV 2019

%CHANGE OCT20/19

2020

% CHANGE

Austria

550 e

562

-2.1

6 023

-12.7

Mexico

1 450 e

1 426

1.7

15 220

-10.6

Belgium

530 e

628

-15.6

5 955

-17.9

United States

6 120

7 088

-13.7

66 073

-17.9

Bulgaria

40 e

-5.4

443

-15.3

Croatia

0 e

North America

8 497

9 527

-10.8

91 581

-16.7

391

358

9.3

3 263

-24.4

2 954

2 657

11.2

28 085

-6.7

100 e

113

-11.2

1 051

2.6

0 -100.0

Argentina

Czech Republic

413

348

18.8

4 054

-3.3

Finland

336

258

30.4

3 162

-3.8

France

1 149

1 109

3.7

10 441

-22.8

Chile

Germany

3 376

2 941

14.8

32 521

-11.6

Colombia

95 e

10.8

1 007

-18.5

Brazil

Greece

115 e

115

0.0

1 252

-0.3

Ecuador

40 e

-21.3

418

-25.0

Hungary

111

163

-32.1

1 421

-11.5

Paraguay

2 e

-44.0

-25.6

2 049

1 986

3.2

18 702

-14.2

Peru

70 e

103

-31.8

528

-53.7

Uruguay

5 e

-27.5

-27.6

Venezuela

2 e

322.8

-47.7

3 659

3 377

8.3

34 437

-10.6

Egypt

672

604

11.2

7 235

8.3

Libya

6.7

422

-22.4

431

-24.4

3 584

-38.8

Italy Luxembourg

175 e

178

-1.9

1 770

-12.5

Netherlands

554

545

1.7

5 514

-10.1

Poland

670 e

644

4.1

7 209

-13.3

Slovenia

50 e

-1.1

519

-11.8

1 019

11.2

10 043

-21.7

Spain

1 133

Sweden

400 e

309

29.5

3 978

-8.4

United Kingdom

702

542

29.6

6 481

-2.8

Other E.U. (28) (e)

455 e

699

-34.9

5671

-32.9

5.5 125 159

-14.6

European Union (28) 12 809

12 137

Bosnia-Herzegovina

40 e

-41.5

465

-36.3

Macedonia

25 e

20.4

175

-18.4

Norway

65 e

23.6

592

2.0

Serbia

121

154

-21.2

1 337

-24.5

Turkey

3 220

2 886

11.6

32 360

4.9

Other Europe

3 471

3 181

9.1

34 930

2.3

Byelorussia

215 e

174

23.5

2 323

-3.0

Kazakhstan

330 e

363

-9.2

3 425

-8.9

40 e

-2.4

401

12.4

Russia

5 855 e

5 746

1.9

65 182

-0.6

Ukraine

1 733

1 325

30.8

18 710

-3.0

34.6

846

45.4

7 701

7.0

90 887

-1.2

885 e

954

-7.2

9 858

-16.5

15 e

-34.5

155

-25.5

El Salvador

7 e

-26.7

-26.1

Guatemala

20 e

-26.1

205

-26.6

Moldova

Uzbekistan C.I.S. (6) Canada Cuba

70 e 8 243

South America

South Africa

326 e

Africa

1 068

1 101

-3.0

11 241

-14.1

Iran

2 575 e

2 256

14.1

26 369

12.8

174

-53.7

1 133

-52.2

Saudi Arabia

720

641

12.3

6 884

-8.5

United Arab Emirates

239

289

-17.1

2 442

-19.4

3 615

3 360

7.6

36 829

1.4

China

87 660

81 191

8.0 961 158

5.5

India

9 245

8 933

3.5

89 393

-12.3

Japan

7 264

7 716

-5.9

75 669

-17.3

South Korea

5 760

5 904

-2.4

60 800

-7.2

370 e

260

42.3

3 352

10.2

1 565 e

1 650

-5.2

18 749

-7.5

445 e

333

33.5

4 059

4.4

4 098

1 537

166.7

26 609

43.6

116 407

107526

450

Qatar

Middle East

Pakistan Taiwan, China Thailand Vietnam Asia Australia New Zealand Oceania

8.3 1 239 789

2.0

448

0.3

5 017

-0.5

-28.7

526

-13.7

492

508

-3.1

5 544

-1.9

Total 64 countries (1) 158 261

148 417

6.6 1670396

-1.3

(1) - HADEED only. (2) - the 64 countries included in this table accounted for approximately 99% of total world crude steel production in 2019. e - estimated

Skillings Mining Review January 2021

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