The Investment Whisperer
  • Business
  • Politics
  • Investing
  • World
  • Business
  • Politics
  • Investing
  • World

The Investment Whisperer

Investing

Mining Sector Faces Repeated Disruptions as Wildfires Burn Across Canada

by admin August 1, 2024
August 1, 2024
Mining Sector Faces Repeated Disruptions as Wildfires Burn Across Canada

Canadian wildfires are impacting mining companies in various areas, disrupting their activities.

Explorers and producing companies operating in BC, Québec and Newfoundland and Labrador and are among those that have been affected during this year’s wildfire season, with activity starting as early as May.

In BC, Osisko Development (TSXV:ODV,NYSE:ODV) suspended non-essential activities at its Cariboo gold project on July 22 following an evacuation order. The order was lifted on July 26, and Osisko was able to resume work immediately.

Also on July 22, Independence Gold (TSXV:IGO,OTCQB:IEGCF) evacuated its 3Ts gold-silver project in BC. The BC Wildfire Service issued an evacuation notice on July 21, as the fire was deemed ‘out of control,’ at an estimated 51 hectares.

CEO Randy Turner said exploration will resume when it is safe, following guidance from the BC Wildfire Service.

Across the country, Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) initiated a coordinated shutdown at Iron Ore Company of Canada (IOC) in response to an evacuation order from the Newfoundland and Labrador government.

The news was reported by Reuters on July 15, with a spokesperson for Rio Tinto confirming there had been no injuries or damage to infrastructure; they also said operations would resume once deemed safe by authorities.

IOC is a joint venture between Rio Tinto, Mitsubishi (TSE:8058) and Labrador Iron Ore Royalty Income Corporation. Last year, it produced 16.48 million metric tons of iron ore across five operational pits, according to company estimates.

Reuters also notes that Champion Iron (TSX:CIA,OTC Pink:CHPRF) temporarily shut down its Bloom Lake mine in Québec due to wildfire activity. The company implemented emergency response protocols, evacuated its workforce and took preventive measures to protect high-risk facilities. It announced a gradual return to work two days later.

‘Zombie fires’ may be fueling this year’s activity

Devastating wildfires ravaged various parts of Canada in 2023, starting at the beginning of March and continuing to November. The season was the worst for wildfires on record in terms of damage and proximity.

By September of last year, the Canadian government had reported over 6,132 fires burning through 16.5 million hectares of land by early September. Just like this year, producers and exploration companies in the mining industry were forced to implement emergency protocols, especially those operating in the Northern Québec region.

The reignition of ‘zombie fires,’ a popularized term referring to fires persisting throughout the winter from last year’s phenomenon, is being looked at as the possible cause for this year’s blazing onslaught.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

0
FacebookTwitterGoogle +Pinterest
previous post
Gold and Silver Prices Gain as Fed Holds Rates Steady
next post
Morning Glory: Defining competence down

Related Posts

Trump Admin Strips “Safety” from AI Oversight Institute...

June 6, 2025

Oceana Lithium

January 17, 2024

​Tech 5: Alphabet, Meta and Microsoft Close at...

January 29, 2024

Brunswick Exploration Intersects Significant Spodumene Mineralization in Dyke...

December 7, 2023

15 Canadian Crypto ETFs in 2025

August 12, 2025

Critical Metals Secures US$120 Million Loan LOI for...

June 20, 2025

Silver Price Update: Q1 2024 in Review

April 25, 2024

Geophysical Survey Highlights Growth Opportunities at Mt Oxide...

August 22, 2024

TNC Identifies Broad Zones of Surface Copper Mineralisation...

September 5, 2024

Halcones Precious Metals Announces AGM Results

July 18, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (1,516)
    • Investing (3,933)
    • Politics (5,246)
    • World (4,762)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheInvestmentWhisperer.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 TheInvestmentWhisperer.com | All Rights Reserved