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August 23, 2013, No. 105

PDAC Applauds GEM Renewal
Minister Rickford Supports Sector
PDAC in the News
Student News
Sahtu Land Use Plan Approved
Viewpoints on the Application of IFRSs
Request for Proposals: CSR Event Series at the PDAC 2014 Convention
Health and Safety Update
PDAC 2014 Updates
Renewable Energy and Mining Summit – September 25-26, Toronto

PDAC Applauds GEM Renewal

PDAC Executive Director Ross Gallinger was in Rankin Inlet on August 22 as Prime Minister Harper renewed the Federal Government’s commitment to the Geo-Mapping for Energy and Minerals (GEM) program. "The Government's renewal of its investment in the GEM program demonstrates the strategic importance of mineral exploration for Canada and the north, as well as maintaining Canada's leadership in mineral exploration and mining around the world," says Gallinger.

The announcement extends the investment in the Geo-Mapping for Energy and Minerals (GEM) program for $100 million over seven years. GEM is integral to spur private sector investment in northern Canada, increase mineral discovery rates, and promote economic growth in Canada. “Our investment in resource exploration will continue to unlock the full economic, mineral and energy potential of the region, while generating new government revenues, private sector investment and jobs," said Prime Minister Harper. "This critical knowledge will also help Northerners make informed decisions about land use and preserve our Northern environment." Read more here.

Minister Rickford Supports Sector

The Honourable Greg Rickford, Canada’s Minister of State (Science and Technology) and FedNor, and Minister responsible for the Ring of Fire, delivered the opening remarks at the World Mining Congress this month advocating the Harper governments support for our sector. “Our Government has made it a priority to put in place the conditions necessary for the mining industry to continue to grow and thrive in a responsible way, for the benefit of Canadians today and future generations,” Minister Rickford noted in his address.

“A strong and healthy mining sector has been, and will continue to be, crucial to securing and creating jobs for Canadians and ensuring the growth and long-term prosperity of our communities,” said Minister Rickford. “We are committed to supporting mining research and positioning Canada as a world leader in science and technology, for the benefit of communities across the country,” added Minister Rickford. “We continue to pursue the technological innovations that are making our industry grow and become more competitive in both economic and environmental terms, and we continue to seek out new resources.” Read more here.

PDAC in the News

PDAC Hits the Air in Ottawa
PDAC Executive Director Ross Gallinger gave a live 30-minute interview (listen from the 40-minute mark) on CFRA radio in Ottawa. During the discussion he highlighted the importance of the exploration and mining sector to our economy, as well as the challenges juniors face in accessing capital. The interview on CFRA defined the critical role that exploration and mining plays in the Canadian economy, particularly geoscience, and government investment to support the sector's growth. Listen to the interview on CFRA, 580 News Talk Ottawa from the 40-minute mark forward. 

PDAC Op-ed Reaches out to Canadians 
PDAC Executive Director Ross Gallinger recently penned an op-ed titled "A Canadian Economic Powerhouse" as a platform to drive PDAC's message to a variety of publications. In the piece, Gallinger highlights many of the compelling assets of the sector that help Canadians understand the value of the industry. In total the effort netted over 320,000 readers/listeners through multiple interviews and more than a dozen placements of our op-ed in industry, business and political media. Gallinger noted that of the “world’s public mining companies, 58 per cent are listed in Canada. There are nearly 1,700 mining and junior mining companies listed on the Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV). Together they are responsible for approximately 90 per cent of the world’s mining equity financings by number and nearly 40 per cent by value. With the state of equity markets steering away from the resource sector, the Harper government has the opportunity to renew key investments that spur private sector activity and create jobs, to ensure domestic growth and activity for future Canadians, as well as maintain global leadership.” You can read more here.

Student News

PDAC Congratulates Chad Bustin and Nicole Wheele
The PDAC congratulates Chad Bustin, recipient of the PDAC Bursary and a Mineral Resources student who has excelled in the program and will be pursuing the second year. Chad Bustin is currently working at the Yukon Geological Survey following his first year at the college and plans to eventually pursue a bachelor of science in geology. "It's a really nice way to end off the first year. It's been a great program with some really amazing classmates and professors, and I can honestly say that it's been one of the best decisions I have ever made," said Bustin.

On July 2 Northwest Community College School of Exploration & Mining graduate Nicole Wheele was awarded the 2013 Prospectors & Developers of Canada Award. Nicole graduated from the acclaimed six-week Workforce Exploration Skills Training (WEST) program held in a remote exploration camp. Each year two students receive this award of $500 that recognizes excellence demonstrated in a combination of high academic standing, leadership, service and best all-round performance. During the six week WEST program, Nicole demonstrated tireless work ethic and graduated with the highest academic standing (99%) in the core WEST modules. 

Sahtu Land Use Plan Approved

The Sahtu Land Use Plan (SLUP) was approved, under section 43 of the Mackenzie Valley Resource Management Act, and became effective as of August 8, 2013. The SLUP, a collaborative effort amongst communities, industry and government, provides greater certainty for the mineral industry and allows for land uses that balance the region’s economic, environmental and social objectives. The plan, which will be reviewed and amended every five years, designates zones for varying levels of development and conservation. As of the effective date, federal and territorial decisions respecting the issuance of licenses and permits for land and water use will be made in accordance with the SLUP. The SLUP can be downloaded at www.sahtulanduseplan.org

PDAC Contact: 
Vida Ramin, Director of Lands and Regulations, [email protected]

New Viewpoints Discusses the Application of IFRSs 

New IFRS application resources have been developed specifically for CFOs, controllers and auditors of junior mining companies. PDAC and the Chartered Professional Accountants of Canada established a Mining Industry Task Force on IFRSs to share views on the unique challenges IFRSs pose for our sector.  The Task Force has published a series of papers that are available for free download. Check out the Viewpoints: Applying IFRSs in the Mining Industry series.

 Recently added:

  • Recognition of Corporate Social Responsibility Provisions under IAS 37 provides views and illustrative examples on when and how a company should recognize a Corporate Social Responsibility Provision.
  • Impairment of Exploration and Evaluation Assets discusses how modifications in IFRS 6 affect the assessment of E&E assets for impairment. Updated this spring, the document includes a discussion of market capitalization in the context of impairment testing.
  • Redevelopment of an Inactive Mine by an Existing Owner discusses the accounting for costs in this circumstance. 
To read about the PDAC’s contribution in developing the Viewpoints series under the leadership of Ron Gagel, who is the Chair of the PDAC’s Audit Committee and sits on the association’s Finance and Taxation Committee, click here.

Request for Proposals: CSR Event Series at the PDAC 2014 Convention

Interested parties are invited to submit a proposal to organize a 90-minute session for inclusion in the Corporate Social Responsibility (CSR) Event Series at the PDAC 2014 Convention. The Series aims to facilitate multi-stakeholder dialogue and peer learning on key issues related to CSR in the mineral industry. The deadline for submission of a proposal is August 30, 2013. Click here for more information.

Health and Safety Update

On August 6, 2013, a worker at a northern Saskatchewan mineral exploration site was struck by a rotor blade when he walked to the front of the helicopter upon exiting the aircraft. It appears the front skids of the helicopter may have sunk down into soft muskeg ground, causing the rotor to be lower than it normally would have been. Our thoughts are with the injured person, and his friends, family and colleagues.

The AME BC & PDAC Health & Safety Committees advise the following:

  • Make verbal and/or eye contact with the helicopter pilot and wait for the signal that it is safe to exit or approach.
  • When the helicopter is operating in terrain with slopes, never exit the helicopter uphill or approach the helicopter from uphill.
  • Ideally exit or approach with the blades at full stop.
  • Never exit or approach when blades are powering down.
  • Ensure the pilot reminds passengers which way is safe to exit a helicopter.
  • If exiting when blades are in full throttle, assess the area where you have landed first – don’t get out if you feel that it is unsafe.

For detailed guidelines, please review the Transportation chapter of Safety Guidelines for Mineral Exploration in Western Canada. Condensed safety procedures are also available in the Helicopter Safety sticker (Code 1700). Copies of both documents are available online and in hard copy at the AME BC offices.

For further details, consult Chapter 16 of the PDAC e3 Plus Excellence in Health and Safety e-toolkit and the Basic Aviation Risk Standard.

PDAC 2014 Updates

Exhibits
Looking to exhibit at PDAC 2014? New Exhibitor application forms will be available starting Thursday, August 22 at 10 am EDT. For more information, click here.

 

PDAC 2014 Global Sponsorship and Marketing Program now live
The PDAC Global Sponsorship and Marketing program creates exclusive marketing opportunities that build brand awareness and has generated positive recognition for sponsoring companies for the past 15 years. If your goal is to grow and differentiate your brand from the competition at PDAC 2014, select one of the many PDAC sponsorship opportunities that deliver results.

 

The PDAC Global Sponsorship program will put your name in front of more than 30,000 international attendees, clients and shareholders and extend your global reach through our social media channels. For more information on how to enhance your visibility at PDAC 2014, contact Lynne Beckett, Program Manager, at [email protected] or 905 336 3529. 

PDAC Member Discount—Renewable Energy and Mining Summit 

Global mining leaders will be joined by renewable energy experts this September 25-26 at the inaugural Renewable Energy and Mining Summit. Organized by Canadian Clean Energy Conferences with Hatch as its principal sponsor, this summit will focus on the opportunities and challenges for powering mines with renewable energy. PDAC members are eligible for 20% off by entering the code pdac20 on the registration page.

The summit will feature detailed case studies on mines that have recently implemented renewable energy projects, and includes presentations by experts in renewable energy development, finance and technology. This is an excellent opportunity to hear from other mines that have chosen renewable energy over traditional energy sources and hear about the latest developments in technology, financing and partnering opportunities for these projects. Alongside the event, Canadian Clean is producing a report entitled Renewable Energy in the Mining Sector.  

Among the senior energy decision-makers confirmed to participate are representatives from Barrick Gold, Kinross Gold, Vale, Lonmin, Teck Resources Limited, Rio Tinto, American Vanadium, Cronimet Mining AG, Volcan, Pan American Silver, Agnico Eagle Mines, Sandspring Resources, Newmont Mining, Goldcorp, DeBeers Canada, Glencore, and Prophecy Platinum Corp.

 

Contact:
Adrienne Baker
Canadian Clean Energy Conferences
[email protected]
819 459 1462