The contract of hourly paid workers at two Inco installations in Ontario is about to expire, and concerns are growing that a strike could send already-high nickel prices through the roof.
Members of the United Steelworkers of America who work at Sudbury and Port Colbourne — roughly 6,500 in total — are nearing the end of a 3-year contract at a time when the metal is in short supply. Nickel recently hit a record US$10.84 per lb. on the London Metal Exchange after averaging US$2.21 for the year to date. At presstime, nickel was trading at US$7.93 per lb.
New policy for placer miners
A new federal government policy governing placer mining in the Yukon has been approved by the territory’s placer mining industry.
Released in mid-May, the Yukon Fisheries Protection Authorization resolves the conflicts between the three federal acts that govern the territory’s placer industry and gives legal certainty to miners. It took effect June 1.
Gold Standard wants Mercur back
Gold Standard has launched a second lawsuit in its bid to regain control of the Mercur mine in Utah from American Barrick Resources.
While Gold Standard already holds a 15% net profits interest in the mine, which produced more than 108,000 oz. gold last year, the Salt Lake City-based company is trying to win back the mine plus all the gold extracted from it.
The junior exploration company filed a complaint in a Utah district court against an English merchant banking company, Samuel Montagu & Co., Montagu Mining Finance, and John Van Der Westhuizen.
The complaint alleges that the banking outfit profited from information provided by Gold Standard by helping Barrick acquire the Mercur mine from Texaco.
Uranium producers breathe easier
The current uncertainty in the U.S. uranium market could be cleared up soon.
The U.S. government is prepared to accept about $1 billion in uranium tailings reclamation work in exchange for not pushing through legislation that would prevent the importation of foreign uranium.
If the U.S. imports are permitted to continue, Canada’s uranium producers would have the assurance of continual access to the lucrative U.S. electrical utility market.
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