SMR May 2022

2022 M AY I N R E V I E W

111/05

22

On Earth and Beyond Now, from Ancient Profession to Modern Mining

38

OKLAHOMA REPORT

AMC has a Gold Mine!

Climate Change Plays Chaos With Mining Education

AMC Theatres, the world's largest theatrical exhibitor, is purchasing 22% of Hycroft Mining Holding Corporation and its 71,000-acre Hycroft Mine in northern Nevada.

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Interview with Ta M. Li, Retired Vice President, Operations, Tetra Tech

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THE LEAD

10 Oklahoma Report: Climate Change Plays Chaos With Mining Education

MINING FINANCE

29 Cash Abundance in the Mining Sector?

PROFILES IN MINING

30 Interview with Ta M. Li,

STATISTICS

46 March 2022 crude steel production

47 crude steel production December 2020 UNDERGROUND MINING

05 Advisory Appointment for Quimbaya Gold Inc.

06 Anne Currie appointed to the FPX Nickel Board of Directors

06 Lithium reserves in India and the game-changing Australian lithium partnership

08 SME Statement: Domestic Mining Education Act of 2022

26 With Rio's bid, Turquoise Hill Stockholders Might Make Lots of Profits

28 Nickel Price Spike could Pull the IGO’s Western Area Deal into Shreds

Retired Vice President, Operations, Tetra Tech

SPECIAL FOCUS

22 On Earth and Beyond Now, from Ancient Profession to Modern Mining

38 AMC has a Gold Mine!

43 Former Rio Tinto Executive for Uranium Mine Leadership: Environmentalists’ Criticize and Concern

SURFACE MINING

25 Mining Jobs In India www.skillings.net | 3

PUBLISHER

2022 MAY VOL.111.

NO.05

CHARLES PITTS Skillings Mining Review of CFX Network LLC, publishes comprehensive information on global mining, iron ore markets and critical industry issues via Skillings Mining Review Monthly Magazine and weekly. SMR Americas, Global Skillings and Skilling Equipment Gear newsletters.

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Advisory Appointment for Quimbaya Gold Inc.

M

has worked for a number of mining firms as a president, vice president, and director. As a Director of Gold Hawk Resources Inc., he was involved in the acquisition and reactivation of the Cobre San Juan base metal mine in San Mateo, Peru.

r. Jean Depatie has been appointed as a Senior Technical Advisor to Quimbaya Gold Inc. ("Quimbaya Gold" or the "Company"), according to the company.

Mr. Depatie's addition strengthens Quimbaya Gold's internal expertise in mineral exploration and development, as well as minerals and mining corporate financing. This appointment offers a major gain in Latin American mining exploration knowledge and experience. Mr. Depatie

Jean Depatie

His extensive experience in mining corporate finance, including financing and mergers & acquisitions, will assist the Company in developing its strategy as it continues to grow and advance the industry.

www.skillings.net | 5

UNDERGROUND MINING

Lithium reserves in India Anne Currie appointed to the FPX Nickel Board of Directors She is a former Senior Partner with Environmental Resources Management.

A

nne Currie has been appointed to the Board of Directors of FPX Nickel Corp. (TSXV: FPX) (OTCQB: FPOCF) (" FPX " or the " Company "), effective immediately (12th April 2022). With over 30 years of experience in the private and public sectors, Ms. Currie is a recognized leader in the permitting of major Canadian mining projects, including as a former senior partner with the leading global consultancy Environmental Resources Management (" ERM "), and in her previous role as British Columbia's Chief Gold Commissioner, the chief regulatory authority for the Mineral Tenure Act. "We are pleased to welcome Anne to the FPX Board," said Peter Bradshaw, Chairman of the Company. "Anne has a proven track record of guiding significant mining projects in British Columbia through environmental assessment and permitting processes, including the KSM, Brucejack, Kemess Underground, and Blackwater projects. She will assist management in promoting the development of ties with government officials at the regional, provincial, and federal levels, as well as our Indigenous partners, as a recognized leader in the Canadian mining industry."

Ms. Currie's current responsibilities include advising Canadian mining firms on permitting applications, stakeholder and Indigenous engagement, sustainability and ESG reporting and disclosure, and sustainability and ESG reporting and disclosure.

She graduated from the University of Guelph with a Bachelor of Science and the University of Victoria with a Master of Public Administration.

6 | SKILLINGS MINING REVIEW May 2022

The game-changing Australian lithium partnership

l

ithium reserves in India might not be the world’s largest. India is not playing any games when it comes to ensuring that it will be one of the frontrunners for lithium mining in the years to come. This comes after traces of lithium were recently reported in the country’s Karnataka Mandya.

Although lithium reserves in India are minimal compared to some of the world’s largest lithium powerhouse producers, a few opportunities exist for India to profit from these traces and position itself as one of the latest lithium producers in the world. Four of the world’s biggest mining firms in lithium mining are the Albemarle, SQM, Tianqi, and FMC mines, which reportedly dominate 77% of the global lithium market. These mines are owned by the USA, Chile, Australia, and the USA. India wants a share of this market.

China leads the pack as the world’s leader in the lithium-ion supplier list and supplies most of its domestic lithium supply. According to Bloomberg, the country also controls 80% of the world’s raw material refining capacity, 77% of the global lithium cell capacity, and 60% of the world’s total manufacturing component.

LITHIUM RESERVES IN INDIA AND BATTERY IMPORTS

The Indian government heavily imports lithium batteries from countries with ample lithium reserves, such as Chile, Argentina, Bolivia, and China. With almost all of the lithium batteries for electric vehicles in the nation currently being imported from China, India’s public and private sectors are making plans to cause a substantial reduction in lithium technologies imports.

With the Electric Vehicle (EV) market steadily growing, it has been widely reported that India expects that in 2030, almost 75% of all two-wheelers and new cars in the country will be electric vehicles, with the larger share of these being lithium powered. India’s use of lithium batteries and lithium-ion technologies also presents the country with an opportunity to reduce its carbon footprint by over 30% from its 2005 levels by 2030.

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UNDERGROUND MINING

SME Statement

Domestic Mining Education Act of 2022

W

hile introducing the Mining Schools Act of 2022, the Society for Mining, Metallurgy, and Exploration (SME) made the following statement (also known as the Technology Grants to Strengthen Domestic Mining Education Act of 2022).

The bill would demand the Secretary of the United States Department of Energy to form a reliable grant program that would offer $10 million per year to eligible colleges and universities for an eight-year period to train the next generation of mining engineers and other mining professionals.

"The bill is a critical first step in correcting what has been a long-standing drop in both mining school enrolment and graduation rates," SME Executive Director Dave Kanagy stated. Since 1980, the number of recognized mining engineering programs at colleges and universities has declined from 25 to 14 in the year 2020."

"The count of graduating students with mining engineering degrees has also decreased significantly," he noted.

The severity of this trend is illustrated in a briefing document published by SME, which notes that the number of graduates has plummeted by 43 percent since 2015.

According to Kanagy, "the drop in mining school enrolment and completion rates is a national disaster." "It also comes at a time when the United States is growing progressively more reliant on crucial and rare earth materials supplied from elsewhere." Minerals are required to support the US economy, national defense, and clean energy transition.

This law would let eligible colleges and universities, both public and private, apply for competitive grants to help recruit the best and brightest students, fund important research into technologies to increase domestic production of critical minerals and reduce reliance on imported 8 | SKILLINGS MINING REVIEW May 2022

“The bill is a critical first step in correcting what has been a longstanding drop in both mining school enrolment and graduation rates.”

-SME EXECUTIVE DIRECTOR DAVE KANAGY.

minerals and develop better environmental technologies. Senators John Barrasso (R-WY) and Joe Manchin (D-WV), ranking Republicans on the Senate Energy and Natural Resources Committee, are co-sponsoring the bill, which will be referred to that committee for a hearing in the coming weeks.

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THE LEAD

OKLAHOMA REPORT

Climate Change Plays Chaos With Mining Education

10 | SKILLINGS MINING REVIEW May 2022

Concerns about global warming deter students from seeking professions as coal miners and oil drillers. Universities that shape future coal miners and oil drillers are retooling their recruitment efforts.

Professors are being coached on how to "sell petroleum engineering" to prospective undergrads, this work of coaching being done by public relations professionals at some schools with declining enrolment.

www.skillings.net | 11

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Other colleges have developed online courses for high school students, paid for mining-related search ads, and dispatched professors to China and other countries to attract students.

The initiatives come as the number of people graduating from petroleum and mining engineering programmes has dropped by more than a third in recent years, a trend that Senate Energy and Natural Resources Committee leaders are hoping to reverse.

Meanwhile, according to students at an oil industry conference last month, several undergrads presently studying fossil fuel production feel stigmatised for pursuing careers with businesses blamed for global warming. While the climate catastrophe was not discussed, a panel on "alternative career alternatives for petroleum engineers" was held.

Stephanie Hall, a higher education specialist at the Century Foundation, a progressive think tank, stated, "An enrollment fight is a financial struggle." "Hiring a PR agency may feel a little icky, but that's because it's a desperate move."

According to research, the global transition away from fossil fuels by nations and corporations to address mounting climate change damages poses serious difficulties to all seven U.S. colleges that offer petroleum and mining engineering programmes. Data from the National Center for Education Statistics, a number of internal planning documents, and interviews with more than a dozen university executives, students, and experts were used to gather the information we mentioned in this article.

The fossil fuel business hires their graduates and helps support their mining and drilling programmes, according to the century-old public schools examined 12 | SKILLINGS MINING REVIEW May 2022

Meanwhile, according to students at an oil industry conference last month, several undergrads presently studying fossil fuel production feel stigmatised for pursuing careers with businesses blamed for global warming. by our team. Prospective students ask challenging questions about the value of those degrees in a warming world where scientists and officials believe the globe needs to drastically reduce its reliance on coal, gas, and oil.

"Now, aside from the income, the families are most concerned about the pollutants and pollution" involved with drilling, according to Hamid Rahnema, chair of the New Mexico Institute of Mining and Technology's petroleum and natural gas department. The university is located in the heart of New Mexico, between the

San Juan and Permian oil basins, and was founded in 1889, more than two decades before the Land of Enchantment became a state.

The number of diplomas awarded by New Mexico Tech's drilling department, like similar petroleum engineering programmes across the country, decreased by more than 43% between 2018 and 2020.

Despite the high salaries graduates can earn by constructing and supervising oil well pads, this is the case. The median

annual compensation for a petroleum engineer in 2022, according to the US Bureau of Labor Statistics, will be over $137,000.

The Future is Uncertain Newly minted drilling professionals, on the other hand, are taught to produce a single commodity that world leaders are attempting to wean their economies away from. That means they'll be joining a profession with a bleak future, as some of the industry's top petroleum engineers have begun to admit.

"Will there be as many petroleum engineers in 50 years as there are now?"

"Probably not," said Dan Trudnowski, a dean at Montana Technological University who heads the petroleum and mining engineering schools.

hazards to their career. "We might have less petroleum engineers, or we might have more," said Gabe Knudsen, a Montana Tech senior who wrongly believes climate change is primarily caused by natural factors.

"I believe the students are aware of this," he stated. "Our petroleum faculty is aware of this and speaks with them about it."

"It gets warm after an ice age," he explained. The fundamental driver of global warming is the use of fossil fuels for power, transportation, and other purposes.

According to interviews conducted at a conference organised by the Society of Petroleum Engineers in Oklahoma City, some students seemed less aware of the

Knudsen reported, "Oil just runs in my blood," he remarked, because his father

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students and funding mineral-related research and demonstration initiatives.

The bill could help address a dearth of student enthusiasm in mining, which coincides with a surge in demand for electric vehicles and other emissions-free technologies manufactured from mined raw materials. In 2020, the median annual compensation for mining engineers was over $94,000.

"Young people either don't know anything about mining or believe that with the green economy, mining would become obsolete," said Kwame Awuah-Offei, the director of Missouri University of Science and Technology's mining and explosives engineering department. "In fact, it's the polar opposite.

Talking points

In 2016, the number of mining graduates in the United States reached a high of 533. The annual number of mining degrees conferred by US institutions plummeted by more than 38% over the next four years.

was a former roughneck and his mother works at a gas station. The summit was held on the same day as a major United Nations report warned that humans are heating the world rapidly that some ecosystems and populations may soon be unable to adapt. It was released during Russia's invasion of Ukraine, which has pushed oil, gas, coal, and other commodities prices rising.

According to attendance, neither the UN report nor climate change were discussed during the conference. Not only has uncertainty about the future stifled enrolment in oil-related degrees, but it has also 14 | SKILLINGS MINING REVIEW May 2022

stifled enrollment in mining and mineral engineering programmes.

Almost no other university in the country produces as many petroleum and mining engineers as the Colorado School of Mines. With the university's sesquicentennial approaching, the Territorial School of Mines is preparing for a future with fewer drilling and mining students.

According to the latest news, Mines is focusing on cutting-edge programmes in quantum engineering, sophisticated manufacturing, and data science.

In 2016, the number of mining graduates in the United States reached a high of 533.

The annual number of mining degrees conferred by US institutions plummeted by more than 38% over the next four years.

In a February 2021 address, the university's president, Paul Johnson, said, "The fourth industrial revolution is here." With governmental funding for the school decreasing, Mines must "prepare for jobs that do not exist today."

Sens. Joe Manchin (D-WV) and John Barrasso (R-WY) proposed a bill that aimed at increasing participation in mining engineering schools in coal-dependent states.

It would establish a grant programme to assist universities in recruiting mining

In the same month, the school's chief marketing officer, Jason Hughes, accepted a contract with Group Gordon to assist Johnson in realising his goal. A former Clinton administration education policy adviser founded the PR agency, which

was given just over four months to craft a strategic communications plan to increase the school's media exposure.

For the petroleum and mining engineering schools, this entailed generating "standard communications" documents. Group Gordon then used the internet to conduct mock interviews with professors, in which PR staff pretended to be reporters or parents of prospective students. Last June, the professors and Hughes received the taped interviews and notes on their performance.

"It can be risky to bring up counter-arguments to your major themes — in this example, the association of mining with human rights and environmental abuse," Bell said in an email to M. Stephen Enders, the mining engineering department's chief. "However, you governed to bring it up in a manner that demonstrates that the mining sector is conscious of its history and is taking steps to avoid future problems."

Jennifer Miskimins, the director of the petroleum engineering department, was also persuaded by Bell to utilise the

talking points that the firm had developed.

"When confronted with difficult questions, such as the last question in the reporter interview, which blamed oil and gas firms for climate change, you really want to rely on your 2-3 key messages," she wrote in a separate note.

"Rather of attempting to make a line between firms and customers that may or may not be important," Bell said, "you can emphasise that, regardless of what has happened in the past, oil and gas professionals still have critical insights needed to manage the energy transition."

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She also advised Miskimins on how to increase the number of students in her programme, in part by obfuscating the oil industry's boom-and-bust nature.

"Focus on the employment opportunities available rather than having a love for getting through the cyclical industry while answering the question regarding it.

Every firm, in reality, goes through cycles "Bell remarked.

"When speaking with parents, keep in mind that students may not know what they want to do, and your goal is to market petroleum engineering," she noted.

The goal Group Gordon's counsel "feels extremely close" to the predatory recruitment tactics she's seen from some for-profit colleges, according to Hall, the Century Foundation higher education expert.

If a professor's "only goal is to market a certain curriculum to students or parents," Hall added, "that's a somebody who is working solely for the institution." "It's a big aim, but we expect [officials] to behave as counsellors, not simply as salespeople, in both public and nonprofit schools."

In response to Bell's suggestions, Miskimins said, "I appreciate [all] of this and the work that you've put into helping me and the department out." According to the National Center for Education Statistics,

the number of petroleum engineering degrees issued by her programme decreased by nearly half between 2018 and 2020.

and media about relevant research, is a critical public service — and an extension of our public mission at Colorado School of Mines."

The contract with Group Gordon was due to expire at the end of June 2021, but it was extended after certain lecturers lobbied Mines to keep the firm. According to the school, it worked with Group Gordon until the end of last year and paid the firm $69,000.

"Not only is the university cognizant of the difficulties facing industry and society," she said, "but it is also actively developing the research, scientists, and engineers required to meet those challenges."

In a statement, Emilie Rusch, Mines' director of communications, stated, "Engaging a public relations firm is a typical practise throughout higher education."

"Providing knowledge and support to journalists, as well as informing the public

For the petroleum and mining engineering schools, this entailed generating "standard communications" documents. Group Gordon then used the internet to conduct mock interviews with professors, in which PR staff pretended to be reporters or parents of prospective students.

16 | SKILLINGS MINING REVIEW May 2022

Bell commented that Group Gordon was "hired to support all of Mines' programmes and did," and that Miskimins' department "believes that petroleum engineers will have vital insights for the energy future," according to a comment provided for this story. "They wanted to be a part of the answer to climate change and sought our advice on how to do so."

International Recruitements Officials at New Mexico Tech, Montana Tech, and Missouri S&T, as well as the three other colleges in the United States that offer both petroleum and mining engineering programmes, said they haven't hired public relations consultants to help with strategic messaging. The University of Alaska

Fairbanks, Pennsylvania State University, and West Virginia University are the schools in question.

Some school leaders, such as those at WVU and Missouri S&T, have stated that if they had the funds, they would hire public relations help.

Others, such as Penn State, have strategic messaging departments on staff.

However, climate change and the energy transition are posing the same enrollment and strategy issues to all of the schools.

WVU has responded to these pressures by recruiting students from other coun-

New Mexico Tech has followed a similar approach. "State financing is drying away — we need new revenue sources," the school wrote in a 10-year plan released in 2017.

tries. "International exposure is really beneficial to us, especially in promoting our school here at West Virginia University," said Vlad Kecojevic, the mining engineering department chair.

"It also helps us recruit graduate students to our programmes since we don't have enough undergraduate students," said Kecojevic, who was born in Yugoslavia and now serves as secretary-general of the International Society of Mining Professors. "Our graduate students are really helping to cover some of the gaps that the mining engineering programmes in the United States have."

Outreach in the Community Other institutions are utilising digital tools to reach out to local miners and drillers.

Students for the University of Alaska Anchorage's new online engineering class are being recruited through high school guidance counsellors and science teachers.

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Colorado School of Mines Admin building. Stock image.

"Essentially, we're exposing them to technical subjects relevant to our state," William Schnabel, dean of UAF's College of Engineering and Mines, said.For example, one module of the course covers how to run an oil pump station on the TransAlaska Pipeline System.

media and geographically focused Google ads for terms like "important minerals."

Professor Awuah-Offei believes that the next generation of mining engineering students will be more concerned with sustainability than past generations, who have been more focused in explosives.

"We talk about pipelines and utilise them to talk about petroleum engineering and fluid dynamics," he explained. "We hope that students all around Alaska will have access to this Alaska-based introduction to engineering while they're still deciding what they want to do and where they want to go."

"I'm definitely going to get the kids who want to blow stuff up," Awuah-Offei remarked. "But I also want to recruit children who are interested in making a positive impact on the environment.

Because if we don't figure out the environmental implications of mining before we make this energy transition, we'll be solving a global problem on the backs of those who live near mines."

Missouri S&T attempts to attract the next generation of miners by using social 18 | SKILLINGS MINING REVIEW May 2022

Climate challenge on campus However, public relations agencies and targeted advertisements can't address the most difficult topic facing petroleum and mining engineering programmes: how to educate students for the climate-driven disruption that's already transforming the oil, gas, and coal industries.

Kecojevic is working at West Virginia University to broaden the mining program's curriculum beyond its usual focus on coal, the most carbon-intensive fuel source. At an Appalachian university with strong ties to the coal industry, that's no easy assignment.

"If I look at the list of my benefactors right now, most of them come from the coal

sector," said Kecojevic, whose department chair was endowed by coal billionaire Robert Murray before his death in 2020. "As a result, I am quite grateful. But, at the same time, those individuals fully comprehend and support the department's need to diversify." The bleak prospects of the coal industry, not the climate risks linked with the fuel, drive Kecojevic's attempts to train more engineers for aggregate and metals mining, he added.

"I can't talk about climate change," he remarked. "I lack experience and training. That's all there is to it."

Questions concerning the urgent threats posed by climate change, particularly to communities in developing countries, perplexed petroleum engineering students at the Oklahoma conference. According to NASA, they include increasing sea levels as well as longer and more powerful heat waves.

Nik Kadirisani, a senior at the Colorado School of Mines, stated, "I'm not very confident of the data on these countries that are being affected by climate change." "And I'm not sure how much these countries or these individuals would be harmed in comparison to the benefits of having oil and gas in the society."

"Everyone's attention is drawn to the negative aspects," he explained. "They never pay attention to the positive aspects of the oil and gas business, such as their environmental donations and reclamation initiatives."

The 'primary issue' is jobs Felipe Cruz, a University of Oklahoma Ph.D. student, suggested that institutions and businesses need to do a better job of teaching about the climate issues driving oil firms to reduce emissions.

During a conference break, Cruz said, "There are still a lot of folks who don't believe in climate change." "It's past time for us as a culture — and as students and professionals — to recognise that this is a real issue that has been since the Industrial Revolution, and that we should be moving much more quickly than we are."

Kadirisani said he chose petroleum engineering over becoming a doctor because he wanted to "impact the world in a positive way."

Casey Johnson, a senior at the University of Tulsa, said the field appealed to him because of the possibility for financial gain.

Despite the fact that Johnson has accepted a job with an energy business that is pioneering the technology of collecting carbon dioxide from the atmosphere, he claims to be unconcerned about climate change.

"Everyone replies, 'Oh, it's not my concern,'" the 21-year-old remarked outside a brewpub near the Devon tower. "This is a problem that future generations, including perhaps my children, will have to deal with."

At the same time, petroleum engineering students are aware that their chosen profession is not popular.

"Even at University of Tulsa, which is historically an oil and gas school," Johnson said, "the public image of petroleum engineers is pretty negative." He mentioned that the Oilers and Drillers are minor league sports teams that play in the city. "When I tell people I'm studying petroleum engineering, they believe I'm trying to kill five young seals with every barrel I pull out of the earth," said Montana Tech student Knudsen. Knudsen attributed this notion to the media's focus on oil spills. www.skillings.net | 19

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fossil fuel industry. "We feel this funding constitutes an inherent conflict of interest, is contradictory to universities' core academic and social ideals, and fosters industrial greenwashing," wrote Mann and over 500 other climate experts and academics in a letter signed by Mann and over 500 others.

Kump, who is in charge of Mann's department, stated that the university had no intentions to terminate connections with the fossil fuel business.In response to the letter, he stated, "Universities like Penn State are in the unique position to serve as a neutral venue to foster debate concerning approaches to energy transition that minimise environmental effect while promoting global wealth."

Climate change is gradually being incorporated into how petroleum and mining engineers are taught in some engineering programmes.

Cruz is working on novel ways to store hydrogen, a clean-burning alternative to oil and gas that may be produced using renewable energy. He is from Brazil, which he said earlier this year had been hit by devastating mudslides and flooding caused by climate change.

Climate change is gradually being incorporated into how petroleum and mining engineers are taught in some engineering programmes.

Penn State boasts "expertise in all stages of coal mining," but it also has one of the best climate science research programmes in the country. Meanwhile, the university's John and Willie Leone Family Department of Energy and Mineral Engineering, named after a drilling equipment manufacturer, has a strategic plan that "fully recognises the important 20 | SKILLINGS MINING REVIEW May 2022

role of natural gas in the transition to a low carbon energy footprint, especially given the abundance of such resources in Pennsylvania." Penn State's fossil fuel industry supporters, according to Lee Kump, dean of earth and mineral science, desire engineers who understand why the world needs to reach net-zero emissions and are seeking for technology advances that can help with that transition.

Last month, Kump added, "I was just down in Houston and had conversations with industry leaders, and our discussions were all about climate change." "I believe they value the fact that our pupils are educated about climate change."

Michael Mann, a Penn State atmospheric science professor, signed a letter earlier this week urging institutions to stop accepting research funding from the

Other university administrators are encouraging students to pursue careers in oil and gas to combat climate change.

"People believe that the petroleum sector is a source of pollution. However, in my opinion, the petroleum business is the most viable answer "Rahnema of New Mexico Tech agreed.

Petroleum engineers can help right now, he added, by rapidly cutting the oil industry's emissions of methane, a greenhouse gas that traps 80 times more heat in the short term than carbon dioxide. They could also apply their engineering skills to the design of carbon dioxide storage sites and geothermal energy production.

However, he added, those employment are currently difficult to come by. As a result, New Mexico Tech is primarily concerned with extracting fossil fuels from the earth.

"I want to make sure that students who graduate with these kinds of abilities can find work," Rahnema added. "That is my main issue as chair of the department."

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SPECIAL FOCUS

On Earth and Beyond Now, from Ancient Profession to Modern Mining Dr. Kwame Awuah-Offei proposes that you consider your smartphone if you

still think of mining as an ancient, low-tech business in today’s scenario. "Every one of the 46 elements in your iPhone comes from the soil," says Awuah-Offei, a Union Pacific/Rocky Mountain Energy Professor of mining engineering at Missouri S&T and temporary director of mining and explosives engineering.

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s per the United States Geological Survey, the production value of your smartphone was over $82 billion in 2020. (USGS). The housing is made of aerospace-grade aluminum, the battery cathode is made of lithium cobalt oxide chemistry, the screen is made of rare-earth metals, and the electronics are made of various materials.

Even if the smartphone market slows, Awuah-Offei believes the mining and minerals industries will continue to be in high demand. Minerals are used in industries as diverse as aircraft, computers, buildings, and electronics, according to him. "If it can't be cultivated, it needs to be mined," he says, quoting an adage.

engineering degrees were awarded in the United States. As per a survey carried by the Society for Mining, Metallurgy, and Exploration (SME), enrollment in mining engineering programs in the United States decreased by 46% between 2015 and 2020.

Despite a minor increase in graduates (11.9 percent between 2019 and 2020), many people are concerned that the approaching wave of aged workers departing would lead to a worsening talent shortage.

THE MINING LEGACY OF MISSOURI S&T

Mining is nothing new to Missouri S&T. The University of Missouri School of Mines and Metallurgy, established in 1870, was the first mining school west of the Mississippi.

According to College Factual, Missouri S&T is one of about 17 universities in the United States that offers a mining engineering degree of some form, and its program is ranked second on the list of highest-paid graduates. Over 80 graduate and undergraduate students were

In his conviction in the importance of mining, Awuah-Offei is far from alone.

George Webber of Redlands, California, is a mining engineering consultant with nearly 50 years of experience and two mining engineering degrees from S&T. He and his wife, Helma, recently created a $1 million scholarship fund to aid mining engineering students at S&T. "More mining engineers are needed now than ever before," he argues. "Minerals underpin everything in this world, including today's demand for essential minerals used in the production of lithium-ion batteries for electric vehicles and other renewable energy gadgets."

MINING HAS BECOME A SPECIALIZED FIELD

Mining engineers are in high demand, according to Awuah-Offei, and this trend is expected to continue. The steep fall in the number of mining engineers graduating and entering the sector is helping to increase demand. Each year, around 300 mining engineers graduate in the United States, according to College Factual. In the most recent year for which we have information, 327 mining

Dr. Kwame Awuah-Offei

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SPECIAL FOCUS

enrolled in the S&T program last fall. The mining engineering program of today looks a lot different than it did in the past.

To begin with, it has branched out into the field of explosives engineering.

S&T pioneered the field, awarding the first M.S. in 2010 and the first Ph.D. in 2014.

This field is crucial for typical mining procedures. Still, it's also expanding into a specialty niche where engineers are trained to become pyrotechnics specialists for professional sports and the entertainment business.

tries move toward renewable energy in the face of climate change.

S&T is paying attention to this issue.

In consequence to the World Bank's estimate that 22 million metric tonnes of copper, 20 million metric tonnes of lithium, and an additional 36 million tonnes of nickel and other materials will be required to power the energy transition in a 2-degree warming scene, S&T's Thomas J. O'Keefe Institute calculated that the required mining holes would total 4 billion cubic meters of excavation.

In addition to teaching and typical research, Missouri S&T academics train ATF agents and military engineers at neighboring Fort Leonard Wood, Missouri, undertake traumatic brain injury research, and are exploring with techniques to 3-D print explosives.

A MINING PROGRAM THAT ADDRESSES THE PROBLEMS THAT THE SECTOR IS FACING

S&T's program also considers the issues that the mining industry faces. Ernst & Young (EY) has published a report highlighting the top 10 business risks and opportunities for mining and metals in 2022. Environmental and social concerns are at the top of the list. According to the paper, miners who can demonstrate that they are contributing to a sustainable future will have a competitive edge.

Prioritizing sustainability is also at the heart of decarbonization and the "green" plan, ranking second on the EY list. Last May, Awuah-Offei spoke on this topic during the second of a series of webinars funded by The National Academies of Sciences, Engineering, and Medicine titled "Earth Resources for the Energy Transition."

He described the problematic issue of securing a long-term supply of resources like copper, lithium, and nickel as coun24 | SKILLINGS MINING REVIEW May 2022

The mining engineering program of today looks a lot different than it did in the past. To begin with, it has branched out into the field of explosives engineering.

The institute also estimated that such an undertaking would result in 2.8 billion cubic meters of tailings, which are the waste materials left over after the desired mineral is removed from the ore.

By checking the size of mining pits against sports stadium, Awuah-Offei puts such figures into context. He claims that mining for copper alone would result in 2,563 holes the size of Melbourne Cricket Grounds, one of the world's largest stadiums. "The stadium has a volume of

around 1.6 million cubic meters." He also mentions Missouri S&T's graduate degree in mining sustainability as an example of how the university adapts its courses in response to industry demand. The curriculum is aimed to provide students with the knowledge and skills necessary to incorporate environmental considerations into mine design and operation.

CRITICAL MINERALS OF THE FUTURE

According to EY, geopolitics is fourth among the top five challenges facing the mining industry. According to AwuahOffei, the USGS identified 35 minerals in 2018 that are regarded as "essential" to the country's economic well-being but are not being produced in adequate numbers in the United States. The cost of things like cellphones, which require metals that are currently in limited supply, could rise due to global instability.

Awuah-Offei and other S&T faculty convened a virtual session last August, in 2021, to gain insight into challenges with materials like cobalt for lithium-ion batteries in electric vehicles and tellurium for solar cells.

The event, financed by a National Science Foundation grant, was the first in a planned series of national talks aimed at spurring action and disseminating vital mineral research. The keynote speakers discussed everything from supply networks to global politics to recycling and reprocessing.

The event also addressed the illicit critical-mineral trade, which is becoming increasingly important as essential minerals are occasionally extracted unethically. According to Awuah-Offei, he expects that the workshop's discussions will be used to influence Congress and promote federal funding efforts in 2022 and the coming years.

Jobs in the mining sector in India come with various scopes and opportunities. The main employers for this division are mainly government and private mining organizations.

Some of the best employers are as follows:

Adani Mining Pvt. Ltd. Coal India Ltd. Bharat Forge Limited Cairn Energy Arcelor Mittal Damodar Valley Corporation Uranium Corporation Of India Essel Mining & Industries Ltd. Hindustan Zinc Limited DRDO Neyveli Lignite Corporation MMTC Limited Hindustan Zinc Limited

Mining Jobs In India As the coal and metal mining industry hits a productivity record, there will be plenty of opportunities for those who want to go for the coal mining jobs in India or the 2nd class mining engineer jobs in India.

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esides this, there are numerous oil and gas drilling jobs and mining engineer jobs in India.

There are a number of jobs that you can find for semi-skilled and skilled workers.

If you want to land an entry-level or expert-level miner job, check out the list of the skills required to enter any kind of job in the mining industry.

HERE ARE THE KEY REQUIREMENTS FOR ENTERING INTO THE FIELD OF MINING:

Some mining positions are unskilled jobs that propose on-the-job training, and these may demand a minimum of high school schooling. Other positions, particularly higher-level supervisory

roles, are likely to mandate a university degree and at least a Certificate III qualification.

Besides the educational qualifications, there are certain skills that one should possess in order to get into private mining jobs in India. Let's take a quick glance at those hard and soft masteries that the mining industry requires.

Mining is a profession that requires several soft and hard skills.

SOME ESSENTIAL MINING SKILLS ARE:

Physical Fitness Dexterity Teamwork Knowledge Of Safety Regulations Adaptability

SOME OF THE OTHER ESSENTIALS FOR MINING JOBS MAY INCORPORATE:

Medical Evaluation Spirometry Assessment Fitness Examination Driver's License Heavy Rigid License Security Clearances

SALARY SCALE

Compared to other professions, mining engineers earn the highest salary in India.

They will receive lucrative salaries in the field of mining engineering. In India, they will acquire an average salary of 6 to 8 lacs per year.

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UNDERGROUND MINING

Image courtesy of Turquoise Hill Twitter.

With Rio's bid, Turquoise Hill Stockholders Might Make Lots of Profits Rio Tinto owns and operates the Oyu Tolgoi mine, which is located 550 kilometres (342 miles) south of Mongolia's capital Ulaanbaatar, thanks to Turquoise Hill's 66 percent share. Mongolia's government controls 34% of the company.

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urquoise Hill's investors, according to market experts, may get a better offer. Analysts at Scotiabank expect that the company's shareholders will demand a significantly bigger offer from Rio Tinto than the current offer price of C$34/ share, possibly exceeding C$50/share.

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The second-largest miner in the world has the financial means to pay a larger premium. Rio has $1.6 billion in net cash as of December, and rising iron ore prices are adding to that.

According to Macquarie, acquiring the Vancouver-based miner would increase Rio Tinto's copper output by 10% over the next five years, 17% on average over ten years, and more than 30% by 2032.

The company's readiness to pay is unclear, making the purchase very speculative.

Rio's offer may be a 32 percent premium to Turquoise's closing price, but it is just

has climbed 254 percent since January 2021, to C$34.04 from C$9.6, and it concerns that cash returns could be harmed this year, with Rio Tinto having already invested $3.5 billion in mergers and acquisitions.

BMO Capital Markets' Alexander Pearce and David Gagliano said the company's plan for its ownership in Turquoise Hill has been debated for years, but that the acquisition might "make sense."

"In the past, Rio Tinto was happy to share the risk of its assets with minority shareholders," they wrote in a note to clients.

"However, given the scarcity of copper opportunities elsewhere, perhaps increasing its exposure to Oyu Tolgoi now makes sense and could simplify the remaining funding hurdles for the underground project," they added.

a 12 percent premium to the bank's target price for the stock, according to the bank.

Rio Tinto and the world's largest new copper mine, Oyu Tolgoi, have had a tumultuous relationship, particularly over how to pay the project's growth. Some of Turquoise Hill's smaller owners have criticised the top miner for exerting too much influence over the company.

Given the scarcity of copper opportunities elsewhere and its recently reduced risk profile, it may be time to increase its Oyu Tolgoi exposure.

The underground section of Oyu Tolgoi, once completed, will increase production from 125,000–150,000 tonnes in 2019 to 560,000 tonnes at peak output, which is currently expected in 2025 at the earliest. This would make it the largest new copper mine in several years to come online.

Rio's offer may be a 32 percent premium to Turquoise's closing price, but it is just a 12 percent premium to the bank's target price for the stock, according to the bank.

THE DIAMOND IN THE CROWN

Oyu Tolgoi, according to Jefferies analysts, will become a "crown gem" in Rio Tinto's portfolio. They also see the purchase as an opportunity to clean up the project's jumbled financing structure, which is one of the reasons for the underground copper mine's delays.

Rio's attributable copper output would be increased as a result of this deal, which involves an asset that the company has built, is presently operating, and well understands.While the Mongolian mine has a high-quality deposit, it is located in a difficult jurisdiction, according to UBS analysts, making it a "overall poor investment."

They also warned that the timing could be off, considering Turquoise Hill's shares

Oyu Tolgoi mine

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UNDERGROUND MINING

June. Western Areas has halted trading, but IGO has spilt the beans. IGO wants to buy WSA's Forrestania and Odysseus nickel mines to offset the shortened life of its Nova nickel and copper mine.

"IGO's understanding of the primary reason for this trading halt is that Western Areas' Independent Expert has concluded in its draught Independent Expert's Report (IER), which IGO has not seen, that the Scheme is neither fair nor reasonable to Western Areas shareholders and, as a result, is not in the best interests of Western Areas shareholders; as a result, the Board of Western Areas intends to adversely change the Scheme based on the terms of the current Scheme."

Nickel Price Spike could Pull the IGO’s Western Area Deal into Shreds Nickel's historically violent run in March 2022, following Russia's war in Ukraine, might rip IGO's (ASX:IGO) $1.1 billion deal to buy Western Areas (ASX:WSA) apart, according to reports.

An independent analyst stated the price proposed was neither fair nor acceptable.

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tainless steel, a key component in batteries, was the bestperforming metal among the major commodities in March, rising more than 30% to US$32,107/t. It is currently purchasing US$33,245 per tonne. That's a 70.5 percent increase over the US$19,500/t price when IGO announced the recommended all-

28 | SKILLINGS MINING REVIEW May 2022

cash buyout for $3.36 per share on December 16 last year.

Western Areas' independent expert KPMG now believes its proposal is out of the money, according to IGO, after a reassessment spurred by nickel's crazy bull market had pushed the scheme of arrangement's closing date from April to

To boil it down, WSA intends to inform its shareholders that they should not sell to IGO at this time. It comes after IGO reached an agreement with potentially contentious WSA stakeholder Andrew Forrest, who had built a 10% position in the company through his private explorer Wyloo Metals.

Despite the fact that WSA was trading significantly above the IGO offer price at $3.65 prior to the trading halt, IGO believes its $3.36 bid is still a fair call.

"As previously stated, IGO's valuation of Western Areas and the proposed Scheme consideration of $3.36 per share in cash were based on IGO's long-term assessment of nickel market fundamentals and price. Despite recent nickel price volatility, "IGO's long-term view on the nickel price has not fundamentally changed," according to the business.

"IGO is committed to exploring growth opportunities that benefit its shareholders.

IGO will remain diligent in the execution of all merger and acquisition activity as it evaluates all options available with respect to the Scheme."

Cash Abundance in the Mining Sector?

As mining supply problems occur and reserves of key energy

transition metals decline, the majors are returning record dividends to shareholders! Cash is aplenty in the mining industry. However, in a boom-and-bust industry where earnings are presently at decade or record highs because of skyrocketing commodity prices, others fear that an emphasis on rewards would exacerbate the companies' longer-term problems.

remain high. Additional investors wanting growth, on the other hand, maybe unhappy if their money is merely used to sustain cash profit margins rather than, say, sourcing new nickel for wind turbines or assisting in the development of the next Tesla (US:TSLA).

Massive rewards to investors are appealing, but they raise the danger of more suffering down the road if the energy shift is slowed by a dearth of copper wire or nickel for electric vehicle batteries. In a nutshell, the world's largest miners must decide how to effectively utilize their record cash flows.

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he generation of CEOs who took over major corporations saddled with debt from the low-price circumstances of the most recent downturn have learned from the previous bear market, which lasted until roughly 2016. That repair-focused generation is gone, replaced by finance-focused successors who lurked in the shadows throughout the weak market and are concerned about racking up debt through risky acquisitions.

This has resulted in record dividends and share buyback programs, as capital is utilized to keep investors happy rather than grow mineral reserves. Given that Russia is a significant supplier of nickel and copper, and supply has not been maximized, the invasion of Ukraine has created greater concerns regarding production.

Oil and gas corporations have stated that increasing prices are partially the responsibility of investors who have sought supply discipline in recent years in the energy market, where a similar dynamic is visible. There are also other elements in play. Even mining executives are promoting 'future-facing metals' and the industry's positive contribution to the energy transition in an attempt to attract new investors eager to put their money into companies that are contributing to the transition to greener energy and lower emissions in a world increasingly governed by sustainable investing considerations.

The difficulty (and opportunity) is that demand for metals like copper and nickel will only grow as a result of catalysts like the shift to electric vehicles and a higher share of renewables supplying electricity systems. The fact that supply is already stretched should ensure that prices and, as a result, earnings

SOLVING YOUR MOST COMPLEX CHALLENGES. With SEH, you are a true partner and collaborator.

Engineers | Architects | Planners | Scientists 800.325.2055 | sehinc.com/subscribe

www.skillings.net | 29

TA M. LI RETIRED VICE PRESIDENT, OPERATIONS, TETRA TECH

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profiles in mining

Please share your educational background and the feathers that you have to your hat!

Growing up in New York City, I took and passed the Specialized High School Exams and was admitted to Brooklyn Technical H.S., a STEM oriented secondary school, which focused into the engineering fields. From here a technical society careers publication led me to pursue a career in mining engineering. Columbia University’s Henry Krumb School of Mines was the oldest school in North America and was my home for the next 4 years. During the summers I worked in the industry, first for the Sterling Hill U/G zinc mine in Ogdensburg, NJ, followed by the Robbins Pyrophyllite mine in North Carolina and lastly as a Rock Mechanics Research Associate at Columbia.

While school was tough, I was highly active in extra-curricular activities and enjoyed many leadership roles including Student Council, Sophomore Class officer, Blue Key Service, Theta Tau, and others. In 1968, the year of radical student protests, I thought one outcome was the need student organized forum for dialog.

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PROFILES IN MINING

As a result, I conceived and organized the first Ivy League Engineering Conference focus on Sustainability and Social Responsibilities for Engineers. Twenty representatives from each Ivy League School attended a three-day event. At graduation, the Columbia Alumni Association awarded me the Charles Kandal Medal primarily for this effort.

Kindly throw some light into Kennecott Copper Company@ Bingham Canyon Copper mine Working for the Utah Copper Division of Kennecott proved to be an outstanding first opportunity. At that time, Bingham Canyon was the world largest open pit copper mine which produced 14% of the U.S. Copper. Initial assignments were in the daily production roles in the drill and blast, and truck haulage departments.

We also had ongoing training in the unit’s concentrator, smelting and refining operations, which led to a better understanding of the mining production cycle. The safety culture was of major importance and followed throughout my professional career.

Optimizing production was a continuing directive which addressed the needs to lower costs for the extractive of lowgrade ore which averaged only 0.8% copper in the pit. The mine also recovered molybdenum, gold, silver, and other minerals. The firm’s work simplification program added to reducing mining unit costs.

What contributions have you made in the publications and communications area in the field of mining?

My years in publications included stints with Engineering and Mining Journal (E/MJ), a McGraw Hill publication, and Mining Engineering (ME) magazine.

Highlights of my work included writing 32 | SKILLINGS MINING REVIEW May 2022

Bingham Canyon Mine also known as the Kennecott Copper Mine south of Salt Lake City Utah.

The safety culture was of major importance and followed throughout my professional career. Optimizing production was a continuing directive which addressed the needs to lower costs for the extractive of low-grade ore which averaged only 0.8% copper in the pit.

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profiles in mining

Mission with stops in the Philippines, Indonesia, and Thailand. During the seminars, my speech addressed “Priorities for Developing Countries in mineral development.” A year later, as Editor in Chief of ME, the Ministry of Coal invited us to visit the Peoples Republic of China.

Together with K.P. Wang, US Bureau of Mines we embarked on a month-long adventure stopping at coal, iron ore, copper, and phosphate mines in the China interior. As a remerging mining country, our trip revealed that mining operations tended to be more labor intensive as a means for utilizing its large workforce.

In later years, large scale modern equipment became the norm as it joined the list of global producers. Special issues were developed for both trips appearing in ME. I received a US Dept of Commerce citation for excellence following the Trade Mission.

Please tell us in detail how you moved to consulting, what were the challenges and what were the advantages that you had?

Culminating a successful stint in the publications area, a need to grow professionally in the minerals engineering

and economics business led me into the consulting business. Golder Associates has procured a series of contracts with the U.S. Bureau of Mines, focused on global mineral supplys.

An expanding interest in global mining commodities was a perfect fit to for my desire to investigate present and future mining projects. Armed with an extensive global contacts established from my publication days, I was immediately put to work on data collection and engineering cost estimation for global copper, bauxite, chromite, nickel, platinum production.

Over one hundred minerals deposit profiles and cost engineering reports were completed and delivered to the Bureau of Mines. Global site visits and investigations further expanded by contact network, so much so that Golder challenged me to venture into the marketing and business development areas of the consulting business.

Planning and executing a business development project integrated project teams to identify, strategize and capture mining project from exploration planning, mine feasibility, development, operations, and reclamation and closure. Additional

feature articles in mining operations, technical innovations, commodity reviews and global mining development perspectives. In May 1976, I coauthored a Special Issue on Offshore and Deep Ocean Mining, which was subsequently used by the U.S. House Interior Subcommittee on Mines as a source document for future policy.

In 1978, I was invited by the U.S. Department of Commerce to head-up a Mining and Exploration Symposium and Trade www.skillings.net | 33

PROFILES IN MINING

efforts also included equity and project financing which expanded my sphere to include banks and other financial organizations. Working in the consulting business required a lot of global travel with the consulting firms I joined, always increased my contact network.

With such a large network, I remember telling a colleague that I was always two contacts from answering any question regarding the mining business.

What is “Wheeling and Dealing”?

While I was moving along in the consulting business, many of our clients thought they could use a well-connected engineer to further advance their corporate development functions.

In this sector, “wheeler dealing” became a way of life in making things happen for the company. Making deals involved a host of activities including venture financings (equity and project), property buying,

joint ventures, and potential mergers and their associated synergies.

My entry point was joining Minex C.A. of Venezuela, which had a prime property in the Km-88 region of Guyana Province. With minimal capital we designed, constructed a small C-I-L gold plant, and initiated limited production. By some crafty “wheeling and dealing,” we sold the concession in 9 months for C$60 million in cash and stock considerations.

working capital. With the fulfillment of my goals in this area, I looked to return to the U.S. and focus on engineering consulting, but this time with a larger engineering entity.

How did you contribute at Washington Group International?

Moving on from here, I led our team in a 60-day RTO (Reverse Takeover) exercise creating Anglo-Andean Explorations (AAN), listed on the then Vancouver Stock Exchange. Three flagship properties were vetted into this new company funded initially by my Minex partners.

Initially, I rejoined Behre Dolbear, the oldest continuous consulting entity in the U.S. Getting to work immediately, I was successful in winning several highly profile projects including due diligence assignments for Las Cristinas Gold (Venezuela), Bajo de la Alumbrera Gold (Argentina) and resource audits for Fort Knox (Alaska). Surprisingly, we also captured the Lega Dembi (Ethiopia) project feasibility study.

Again, armed with an extensive contact network with Canadian finance companies, I was able to negotiate an initial credit facility of C$10 million for initial

These quick wins did not go unnoticed

by Washington Group International, who came knocking and convinced me to join their group.

Planning and executing a business development project integrated project teams to identify, strategize and capture mining project from exploration planning, mine feasibility, development, operations, and reclamation and closure.

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profiles in mining

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PROFILES IN MINING

The workplace environment was larger and contained a great diversity of talent to support the business development efforts.

Here I found success in the contract mining field.

Armed with multidisciplinary capture teams, we were successful in winning deals for contract mining in Nevada, Wyoming, Mexico, and Bolivia, adding over $300 million to the company backlog. Washington Group recognized our proposal teams by awarding us

five consecutive corporate excellence awards between 2003-07. Also, the firms marketing efforts at trade shows was recognized by the organizers with presentation of two “best large exhibitor” awards to Washington Group during the Canadian Institute of Mining shows in Edmonton and Toronto.

What was your role at Tetra Tech Inc.?

In 2011, Tetra Tech (TT) recruited me to head up their mining practices in Golden,

The need for marketing and business development skills keeps me going as the number of experienced baby-boom professionals continue to decline, leaving a gap for personnel. Mining services companies have long been focused on project execution and not on the front-end business development role.

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CO. The engineering and environmental firm was known for its focus on all things-to-do with water, i.e., treatment, surface & underground management, and tailings. To better focus on their expertise to the mining sector, TT consolidated activities in Colorado.

Starting in 2011, Golden sales climbed to almost $20 million –up 125% from the previous year. The firm’s expertise in the front-end work for the mining development cycle expanded into the EPCM area.

With growing momentum for the firm in mining, I returned exclusively to the business development areas of the firm.

Can you talk about the role of professional societies in your professional career?

Joining professional groups have been integral in my career advancement.

Besides the business contacts, they have been a source for continued education, innovation, and forums for industry

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profiles in mining

Where do you see yourself going forward in the metals and mining sector, and what is your advice to young budding miners, who want to make it big in the mining industry?

At near retirement age, I have significantly reduced my professional activities and continue in company advisory roles.

The need for marketing and business development skills keeps me going as the number of experienced baby-boom professionals continue to decline, leaving a gap for personnel. Mining services companies have long been focused on project execution and not on the frontend business development role.

trends and leadership development. In my career I was fortunate enough to join and advance to president and/or chair of four major organizations.

However, with many new graduates entering the mining business, it’s time to let this generation of specialists develop their own ideas and priorities for company growth and strategy. To our newer

graduates, I would recommend getting your basic training with a degree of patience for your earlier years.

In a field where there’s not a lot of people entering the business of mining, you will find yourself in positions of increasing responsibility, when compared to other technical fields. Expand your education focus to those areas that will impact the makeup of your industry.

Subjects include health and safety planning, Environmental Social Governance (ESG) management, energy applications through battery powered equipment, autonomous truck haulage, mill automation and workforce diversity execution. It is important to also supplement participation in professional societies and trade shows. Technology exchanges, and short courses will facilitate your professional growth as well as hone in your management and leadership skills.

These were the Northwest Mining (now American Exploration and Mining Society), Colorado Mining Associations, Society for Mining, Metallurgy and Exploration, and the Denver Gold Group. The latter included being a founder and director. The Gold Group organizes the world’s largest precious metals forums meeting annually in Denver and Zurich.

These societies became the training grounds for skills including management organization, strategic planning, technical presentations, marketing/sales planning, company politics and corporate policy making. In each professional instance, I left the organization in better shape that when I started. Again, the industry contact network simplified getting things done in timely and cost-effective manner. www.skillings.net | 37

SPECIAL FOCUS

AMC has a Gold Mine!

AMC Theatres (NYSE:AMC), the world's largest

theatrical exhibitor, announced it is purchasing 22 percent of Hycroft Mining Holding Corporation (NASDAQ:HYMC) and its 71,000-acre Hycroft Mine in northern Nevada.

Independent third-party studies reveal that the Hycroft Mine possesses a gold deposit of 15 million ounces and a silver deposit of 600 million ounces. AMC will also receive an extra 23.4 million Hycroft warrants valued at $1.07 per share.

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HycroftMine

while for a reason. The great financial market story of 2021 was AMC — along with GameStop, Dogecoin, non-fungible tokens, and the broader rise in meme investing — but 2022 has signaled a bleak return to normal.

The market nowadays is more concerned with war, inflation, and sovereign default than with whether Adam Aron wore pants during a Zoom interview.

It's possible that the whole meme-stock craze was fueled by plenty of cash and Covid lockdowns and that it's now over.

Still, "AMC gets a stake in a micro-cap gold miner" is a fantastic end-of-thememe-stock-era quiz. What the hell is

going on! In today's corporate finance, "diversification" is frowned upon. Diversification is an option for investors. You can own a meme-stock movie theatre chain and a penny-stock gold mine. You can purchase AMC on the stock exchange, Hycroft on the stock exchange, or both in whatever combination you wish. Except that today, whether you like it or not, when you buy AMC, you also get some Hycroft. Aron's purchase of a portion of Hycroft for AMC stockholders narrows their options.

"We're in a declining industry, we're making good money now, but we're worried about the future," one reason for a company to diversify might be: "We're in

T

he success of SPIDER-MAN: NO WAY HOME and THE BATMAN and 2022's encouraging industry box office heighten AMC Entertainment's conviction that we are on a glide route to recovery" stated Adam Aron, chairman, and CEO of AMC Entertainment.

Our strategic investment, which we announced today, is the result of our discovery of a firm in a completely unrelated industry that looks eerily similar to AMC a year ago. It, too, has good assets, but it has been dealing with a serious and immediate cash problem for various reasons.

So, its stock price has plummeted. We are certain that our engagement will substantially assist it in overcoming its issues – to both its and our benefit."

We haven't checked in with AMC in a www.skillings.net | 39

SPECIAL FOCUS

a declining industry, we're making good money now, but we're worried about the future, so we'd better get into some new industries with a brighter future." In the metaverse, a thesis like that for AMC may advocate investing in a streaming service or a chain of movie theatres. Use some of AMC's experience in the entertainment industry to go into a nearby but more futuristic form of entertainment. No, it's a gold mine.

Even yet, you may make a semblance of a diversification logic here. AMC stock is a financial instrument that reflects Adam Aron's ability to do funny things that attract attention and delight people online.

It is in some ways an ownership share in a movie theatre chain, but it is also a financial instrument that reflects Adam Aron's ability to do funny things that attract attention and delight people online.

It makes sense for AMC to grow into new and unrelated methods to do hilarious stuff online since the stock rises because people online get thrilled, not because AMC sells more movie tickets.

As a result, AMC is diversifying its memes by purchasing a stake in a gold mine. For starters, this purchase is amusing in and of itself, attracting attention and delighting people online. (As of 11 a.m. today, AMC's

Adam Aron, Chairman of the Board and CEO, AMC Entertainment, speaks at the 2021 Milken Institute Global Conference in Beverly Hills, California, U.S., October 18, 2021. REUTERS/David Swanson

stock was up nearly 2.5 percent.) But, you know, gold has been a meme for millennia; owning a gold mine only offers you more chances to say things and get attention.

"The Fed has printed too much money, and hyperinflation is on the way; purchase movie tickets!" It seems strange, doesn't it? "... purchase gold!" on the other hand, works perfectly. Simply put, this is a

massive increase in the meme arsenal. If you're a micro-cap gold company in need of cash, you might consider going to AMC in the near future. If AMC puts $28 million into your stock, it will become a meme and attract individual investors. This will increase the value of your stock, making it easier for you to raise a large sum of money at a lower cost. So it's fine for you to borrow $28 million from AMC for a pittance. Who cares if you give it a nice deal; it will make everything else better for you.

AMC's main business isn't gold mining, but neither is running movie theatres. It is raising funds through the meme-stock system, and it is currently offering its knowledge to other businesses.

AMC is an investment bank, or more accurately, a merchant bank, that assists small businesses with meme-driven at-the-market products in exchange for stock. It's an odd niche, but I suppose it's lucrative. It does, without a doubt, diversify AMC's cash flows.

40 | SKILLINGS MINING REVIEW May 2022

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42 | SKILLINGS MINING REVIEW May 2022

Former Rio Tinto Executive for Uranium Mine Leadership Environmentalists’ Criticize and Concern A former Rio Tinto senior executive who stepped down following the devastation of Juukan Gorge has been named to the proposed leadership team that would oversee the development of a contentious uranium mine in Western Australia.

C

hris Salisbury, the former Rio Tinto iron ore boss, was one of three senior executives to resign after the destruction of the 46,000-year-old sacred site on his watch.

In May 2021, Mr. Salisbury was named the uranium exploration company Deep Yellow chair. He was recently named the proposed chair of a $658 million merger between the company and Vimy Resources. Vimy is developing WA's first uranium mine in the Goldfields region, 240 kilometers northeast of Kalgoorlie-Boulder.

Vimy's board has agreed to a beefed-up plan and will take the merger to shareholders in June after rejecting a $317 million offer from rival Deep Yellow, which is developing a uranium mine in Namibia.

The merger is expected to provide the necessary financial backing to complete the Mulga Rock uranium project.

Uranium mining is prohibited in Western Australia following the reinstatement of a prohibition by the current Labor government in 2017.

Limited or its associates, he noted governance difficulties with projects in Malawi and Namibia.

However, the old Liberal-National government awarded environmental approval to the Mulga Rock mine, as well as three other projects, prior to the prohibition, which Labor claimed it would accept.

One worker lost his life, and two others got injured at a mine in Malawi in 2013, another worker died, and two others were hurt in a mine in Namibia in 2013. A vehicle transporting uranium oxide from a Malawi mine toppled in 2014, releasing some of the substance.

Mulga Rock is the sole project that is progressing. The deal would not stymie Mulga Rock's progress, according to Vimy Resources managing director Steven Michael, who claimed the business plans to start production in 2025.

Mr. Sweeney was also concerned about Mr. Salisbury's appointment as chairman because of his involvement in the devastation of Juukan Gorge.

CONCERNS ABOUT LEADERSHIP

Deep Yellow's managing director, John Borshoff, is the proposed chief executive of the amalgamated business, according to Australian Conservation Foundation nuclear policy specialist Dave Sweeney.

When Mr. Borshoff was a senior executive with mining business Paladin Energy

"Neither of those, we believe, are a basis for confidence or leadership of a corporation suited for purpose in a high-risk industrial area like uranium mining," he said. Mr. Michael, on the other hand, claimed the Deep Yellow duo provided "great value to the amalgamated group" because of their combined uranium experience. www.skillings.net | 43

SPECIAL FOCUS

mine. "Starting a new uranium mine like Mulga Rock carries risks," he said, citing the need for managerial experience to resolve technical, construction, and commissioning challenges, as well as community engagement, environmental, and government permissions.

THOUSANDS OF US DIED!

The proposed uranium mining location in WA's central desert is the subject of a native title claim. Debbie Carmody, a claimant for Upurli Upurli Nguratja Native Title, claimed Vimy had not visited the group since the petition was filed in 2020.

"We're afraid that the work they've done there is causing damage to our cultural heritage," she stated.

"It actually damages critical habitat for the endangered sandhill dunnart, and we're concerned about the long-term effects of radioactive tailings," said the group.

Even though the mine would only provide uranium for nuclear energy, Ms. Carmody said the group did not want the project to go through because of family ties to the terrible past of British nuclear experiments at Maralinga, which exposed 1,200 Aboriginal people to radiation.

Chris Salisbury.

Mr. Michael stated, "We did considerable due diligence on Deep Yellow and met with their board of management on multiple occasions."

ENVIRONMENTAL GOVERNANCE IS A PRIORITY

Mr. Borshoff issued a statement, calling the Juukan Gorge tragedy a "terrible disaster" that underscored the need for heritage management, community interactions, and environmental and social governance (ESG). "Investigations revealed that the Juukan George event was caused by systemic difficulties at 44 | SKILLINGS MINING REVIEW May 2022

Rio rather than individual actions," Mr. Borshoff added. "Chris's knowledge of the issues that gave rise to Juukan will ensure Deep Yellow builds these learnings into heritage management."

Community relations and ESG are at the forefront of all Deep Yellow strategic decisions, and we see ourselves as a sector leader when it comes to driving positive change and impact in the communities we operate in.

Mr. Borshoff also recognized the "huge responsibility" that comes with establishing Western Australia's first uranium

"Because we were unable to return to our homeland, our people became refugees within their own territory," she explained.

"Thousands of people perished as a result of radiation exposure, including my grandmother and uncle. Because the claim was filed in 2020, after the tenement was approved, Vimy is under no legal obligation to meet with the group.

Mr. Michael, on the other hand, said Vimy had made contact with Upurli Upurli Nguratja's legal counsel and attempted to meet with the group.

WHERE DOES URANIUM FROM AUSTRALIA END UP?

While nuclear energy is prohibited in Australia, two working mines export

7,000 tons of uranium each year, accounting for 10% of the global market.

The Mulga Rock mine is estimated to generate 1,500 tons of gold each year, worth $300 million.

"Approximately half of our uranium goes to the United States, and about a quarter goes to north Asia, including Japan – albeit less so since Fukushima – Korea, and Taiwan," Mr. Sweeney said. "The remaining 25% or so goes to the Euro-

pean Union and the United Kingdom."

Mr. Sweeney stated that Australia only exports uranium to countries for use as an energy source, which was critical because uranium is a "weapon-sensitive fuel."

He explained, "It can power a nuclear reactor, but it can also be enriched and concentrated and used to power a nuclear bomb." Mr. Michael said that while the firm had no control over

what a facility did with uranium once it left Australia, there were strong controls for the use of nuclear fuel in the countries where they planned to export, such as North America, Western Europe, and Japan, were in place.

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www.skillings.net | 45

STATISTICS

MARCH 2022 CRUDE STEEL PRODUCTION

W

orld crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 161.0 million tonnes (Mt) in March 2022, a 5.8% decrease compared to March 2021.

CRUDE STEEL PRODUCTION BY REGION

Global crude steel production was 456.6 Mt in the first three months of 2022, down by 6.8% compared to the same period in 2021. Asia and Oceania produced 331.3 Mt of crude steel in the first quarter of 2022, a decrease of 7.8% on the first quarter of 2021. The EU (27) produced 36.8 Mt of crude steel in the first quarter of 2022, down by 3.8% compared to the same quarter of 2021.

North America’s crude steel production in the first three months of 2022 was 28.1 Mt, a decrease of 0.9% compared to the first quarter of 2021. Russia & other CIS + Ukraine produced 24.0 Mt of crude steel in the first quarter of 2022, a decrease of 8.5% on the first quarter of 2021.

TOP 10 STEEL-PRODUCING COUNTRIES

China produced 88.3 Mt in March 2022, down 6.4% on March 2021.

India produced 10.9 Mt, up 4.4%. Japan produced 8.0 Mt, down 4.3%. The United States produced 7.0 Mt, down 1.7%.

Russia is estimated to have produced 6.6

Table 1. Crude steel production by region

africa asia and oceania eu (27) europe, other

Mt, down 1.8%. South Korea produced 5.7 Mt, down 6.1%. Germany produced 3.3 Mt, down 11.8%. Turkey produced 3.3 Mt, down 2.9%. Brazil is estimated to have produced 3.0 Mt, up 5.4%.

Iran is estimated to have produced 2.3 Mt, down 6.1%.

Table 2. Top 10 steel-producing countries

change mar 2022 % change jan-mar %jan-mar (mt) mar 22/21 2021 (mt) 22/22 1.2 -17.1 3.8 -2.9

mar 2022 (mt)

% change mar 22/21

jan-mar 22 (mt)

% change jan-mar 22/21

china

88.3

-6.4

243.4

-10.5

10.9

4.4

31.9

5.9

8.0

-4.3

23.0

-2.9

118.6

-5.0

331.3

-7.8

india

12.8

-8.5

36.8

-3.8

japan

4.2

-3.5

11.9

-5.3

united states

7.0

1.7

20.3

-0.4

e 6.6

-1.8

18.7

1.2

16.9

-3.8

middle east

3.5

-3.5

10.2

-1.9

russia

north america

9.7

-2.8

28.1

-0.9

south korea

5.7

-6.1

russia & cis + ukraine

7.4

-19.2

24.0

-8.5

germany

3.3

-11.8

9.8

-3.7

turkey

3.3

-2.9

9.4

-4.7

brazil

e 3.0

5.4

8.5

-2.2

iran

e 2.3

-6.1

6.9

-4.4

south america total 64 countries

3.7

1.7

10.6

-3.6

161.0

-5.8

456.6

-6.8

The 64 countries included in this table accounted for approximately 98% of total world crude steel production in 2020. Regions and countries covered by the table: Africa: Egypt, Libya, South Africa. Asia and Oceania: Australia, China, India, Japan, New Zealand, Pakistan, South Korea, Taiwan (China), Vietnam. CIS: Belarus, Kazakhstan, Moldova, Russia, Ukraine, Uzbekistan. European Union (27). Europe, Other: Bosnia-Herzegovina, Macedonia, Norway, Serbia, Turkey, United Kingdom. Middle East: Iran, Qatar, Saudi Arabia, United Arab Emirates. North America: Canada, Cuba, El Salvador, Guatemala, Mexico, United States. South America: Argentina, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru, Uruguay, Venezuela

46 | SKILLINGS MINING REVIEW May 2022

CRUDE STEEL PRODUCTION DECEMBER 2020. Source – World Steel Association COUNTRY

DEC 2020

DEC 2019

%CHANGE DEC-20/19

2020

% CHANGE

COUNTRY

DEC 2020

DEC 2019

%CHANGE DEC-20/19

2020

% CHANGE

Austria

530 e

521

1.7

6 665

-10.2

Mexico

1 550 e

1 361

13.9

16 854

-8.3

Belgium

359

505

-28.9

6 119

-21.1

United States

6 434

7 292

-11.8

72 690

-17.2

Bulgaria

40 e

43

-6.3

485

-14.3

Croatia

15 e

7

101.9

47

-32.0

North America

9 107

9 801

-7.1

101 119

-15.5

388

326

19.0

3 651

-21.4

2 886

2 462

17.2

30 971

-4.9

Argentina

Czech Republic

408

359

13.7

4 465

0.6

Finland

339

186

81.8

3 500

0.8

France

1 155

918

25.7

11 596

-19.8

Chile

105 e

109

-3.5

1 165

2.8

Germany

3 137

2 835

10.6

35 658

-10.0

Colombia

110 e

97

13.5

1 126

-15.5

94

17.0

1 430

5.9

Ecuador

50 e

50

0.5

477

-21.5

164

-44.8

1 513

-14.5

Paraguay

3 e

3

-4.4

22

-17.5

1 404

6.9

20 200

-12.9

Peru

105 e

91

15.8

671

-45.4

Uruguay

5 e

5

-7.2

47

-24.6

Venezuela

2 e

0

315.8

29

-43.6

3 654

3 143

16.3

38 158

-8.4

Egypt

994

574

73.0

8 229

13.4

Libya

73

63

16.2

495

-18.4

297

-1.5

3 877

-37.0

934

45.5

12 600

-10.1

2 224

19.6

29 030

13.4

85

186

-54.3

1 218

-52.4

Saudi Arabia

440

664

-33.8

7 775

-5.1

United Arab Emirates

280

297

-5.8

2 722

-18.2

3 465

3 371

2.8

40 745

2.7

China

91 252

84 692

7.7 1 052 999

5.2

India

9 796

9 383

4.4

99 570

-10.6

Japan

7 526

7 785

-3.3

83 194

-16.2

South Korea

5 952

5 880

1.2

67 121

-6.0

380 e

261

45.6

3 743

13.3

1 700 e

1 693

0.4

20 570

-6.3

Thailand

410 e

357

14.8

4 420

4.1

Vietnam

1 600 e

1 876

…

19 500

11.6

118 616

111927

6.0

1 351 117

1.6

473

449

5.4

5 490

0.0

59

57

3.8

586

-12.2

533

506

5.2

6 076

-1.4

Greece Hungary Italy

110 e 90 1 500 e

Luxembourg

113

97

17.3

1 886

-11.0

Netherlands

540

521

3.6

6 054

-9.1

Poland

680 e

642

5.9

7 890

-11.9

Slovenia

50 e

34

45.0

570

-8.5

Spain

891

765

16.4

10 934

-19.5

Sweden

410

376

8.9

4 409

-6.6

United Kingdom

710 e

550

29.0

7 185

-0.5

Other E.U. (28) (e)

680 e

642

6.0

8180

-12.1

10 665

10.2

138 786

-11.8

European Union (28) 11 757 Bosnia-Herzegovina

75

70

6.5

759

-5.2

Macedonia

33

24

35.9

180

-24.8

Norway

41

40

3.2

624

0.5

Serbia

119

158

-24.8

1 456

-24.6

Turkey

3 403

2 893

17.7

35 763

6.0

Other Europe

3 671

3 185

15.3

38 782

3.9

Byelorussia

200 e

225

-11.2

2 490

-5.0

Kazakhstan

355 e

374

-5.0

3 835

-7.2

45 e

35

28.2

465

18.7

Russia

6 110 e

6 159

-0.8

73 400

2.6

Ukraine

1 906

1 561

22.1

20 616

-1.1

84

-4.8

950

42.6

Moldova

Uzbekistan

80 e

C.I.S. (6)

8 696

8 438

3.1

101 756

1.5

Canada

1 070 e

1 092

-2.0

11 078

-14.1

20 e

22

-8.5

181

-21.4

El Salvador

8 e

8

-5.7

79

-22.5

Guatemala

25 e

26

-3.9

237

-22.6

Cuba

Brazil

South America

South Africa

292 e

Africa

1 359

Iran

2 660 e

Qatar

Middle East

Pakistan Taiwan, China

Asia Australia New Zealand Oceania

Total 64 countries (1) 160 858

151 969

5.8 1 829 140

-0.9

(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

www.skillings.net | 47