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Post--Crunch Financial Management -An Overview A. The Industry and the Capital Markets B. .The SME -De-risking the Current and New Assets Followed by: C. The Lender?s Perspective on Re-financing?Jeff Stufsky, BNPParibas, NYCD D. .The Agency/Export Credit Lender Perspective?Doug Macaulay, EDC, Ottawa E. The Foreign Political Insurance Perspective?Pierre Vieillescazes, Carrick-Bend, Washington, DC ?Four Fundamental Metal Models No Longer Prevail. ?Mining is in new ?waters?: so be prepared (next page). ?Capital markets are uncertain-so be your own financier first ?If tight capital may remain, prepare to triage based on cash-flow production (not oz, lbs, tonnes, etc) ?Know your banker/financier(and it should know mining) ?In the past, it was ?know your borrower? ?The climbing team can fall if one climber carries too much ?Constantly re-assess the risk matrix (and j/v?s), and ?De-risk/diversify both the asset and the capital base

May 1, 2010

By Robert B. Parsons

"With several hoots of the whistle, Canada's fiscal engineers are once again cranking up the income tax locomotive, in an effort to inject new stimulus into a stubborn economy. And once again, additional gears, wheels, levers, and other mysterious part s are being added to the already complex machinery in order to accommodate the new push.This time, a significant new mechanism involves a major overhaul and expansion of the investment tax credit system.Although the shiny new devices have considerable appeal to a certain group of potential passengers, one wonders if all of the renewed chugging and huffing is on the right track.IntroductionAs indicated in Tax Notes in the July 1983 issue of CIM Bulletin , the April 19, 1983 federal bud get introduced a number of new measures which would permit investment tax credits and research and development deductions to "" flow through "" from a corporation to another taxpayer."

Jan 1, 1984

By L. Rodd, C. Walker, T. Koehler

"The energy content of slag represents approximately 80% of the total energy inputs to a laterite nickel electric smelting furnace. Conventional slag handling methods produce only low grade heat and the entire thermal content of the slag is wasted. A heat recovery system proven on BOF slag in the mid 1980's can be adapted to a laterite nickel rotary kiln electric furnace (RKEF) plant. Slag is granulated using a high velocity air jet inside a waste heat boiler to produce slag granules. Granules are cooled during flight via radiation to water-cooled boiler walls and by convection to the granulation air. This system has the potential to recover 80% of the total slag energy in the form of hot air and steam.Integration of the recovered slag energy into the RKEF smelter can be achieved by a number of methods, including the use of preheated air at the ore dryers, kiln or existing power plant. Energy from the slag boiler may be used to reheat boiler feed water from the power plant or to produce superheated steam and generate electricity. The heat recovery system can provide up to 25 - 30% of the total electrical requirement of each RKEF line and a reduction in CO2 emissions of 234,000 tonnes per year.The total cost of slag heat recovery, including CAPEX and OPEX, is $2.5/GJ, which is competitive with using coal when CO2 credits are $18 per tonne. With Clean Development Mechanism (CDM) carbon credits currently selling at €13 ($20 USD) per tonne CO2, there is considerable opportunity for slag producers in regions including South America, Korea, Indonesia and Africa. Increasing fuel costs and more wide-spread legislation for GHG emissions will likely create conditions in which slag heat recovery could generate a favourable return on investment."

Jan 1, 2010

By Robert D. Brown

"On April 22, 1980, the Ontario government introduced a totally new incentive program for mineral exploration in the province to be effective September I, 1980. Replacing the former Mineral Exploration Assistance Program (MEAP) and also the assistance formerly provided to the mining sector under the Small Business Development Corporations Act, the new Ontario Mineral Exploration Program (OMEP) promises to offer a valuable benefit to certain eligible applicants.Unfortunately, the program is not without its shortcomings: the eligibility for grants or tax credits under the program is comparatively restrictive, and an October 1980 federal budget provision to amend income tax legislation would blunt some of the originally intended attractiveness of the grants and credits.IntroductionIn his budget of April 22, 1980, Ontario Treasurer Frank Miller introduced a new incentive program to encourage mineral exploration in the province.The Ontario Mineral Exploration Program (OMEP) replaces the Mineral Exploration Assistance Program (MEAP), which will be phased out by March 31, 1981. Exploration programs approved under MEAP will continue to qualify for incentives under that program, but will not qualify for OMEP."

Jan 1, 1981

By R. D. Brown

In his March 31, 1977 budget, Finance Minister Macdonald has attempted the delicate balancing act of stimulating the economy without reinforcing the inflationary pressures which Canada is continuing to experience. Several tax changes of benefit to the mining industry, as well as measures designed to encourage oil exploration in frontier areas, are among the budget proposals. Additional earned depletion of 66- 2 /3 %, which may be offset against income from any source, will be available on drilling costs in excess of $5 million incurred between March 31, 1977 and April 1, 1980 in connection with an exploratory well in Canada, including the continental shelf . Other changes include more favourable treatment of resource property dispositions, less restrictive rules r elating to "successor corporations" , increased capital-cost allowance on railway spur lines, the inclusion of certain production royalties in Canadian development expenses and the application of the lower "manufacturing and processing" tax rate to sulphur production. To encourage business capital spending, the 5% federal investment tax credit it to be extended an additional three years to mid 1980 and broadened to include spending on scientific research and development. The rate of credit will also be selectively increased on a regional basis, to 7.5 % in certain designated areas in Saskatchewan, Manitoba. Northern. Ontario and Quebec, and to 10% in the Atlantic provinces and the Gaspe.

Jan 1, 1977

By Moatassem Abdallah

Buildings in the United States account for 72% of electricity consumption, 40% of energy consumption, 13% of water consumption, 39% of carbon footprint, and 30% of waste output. In order to minimize these negative environmental impacts, many public and private owners are requesting that their buildings be more sustainable and certified under the widely known programs such as leadership in energy and environmental design for existing buildings (LEED-EB). To accomplish this, buildings are increasingly integrating green building measures including energy efficient lighting, motion sensors, thermal pane glass, geothermal heat pumps, EnergyStar rated HVAC systems, photovoltaic systems, and wind turbines. This research paper presents the development of an automated decision support system (DSS) that is designed to optimize the selection of green building measures which can be used to upgrade existing buildings. The developed DSS incorporates two optimization models that are capable of (i) minimizing the total upgrade costs required to accomplish a specified LEED-EB certification level such as silver or gold; and (ii) maximizing the number of accredited LEED-EB points within a specified budget of upgrade costs. The DSS is designed to identify a set of optimal upgrade decisions that accomplishes these two optimization objectives. An application example is used to illustrate the capabilities of the DSS and to validate its result.

Aug 1, 2013

By R. D. Brown

On November 16, 1978, Finance Minister Chretien delivered his second formal budget in the House of Commons. Over-all, the provisions of the budget should provide moderate stimulus to the Canadian economy. With respect to the mining industry, the budget offers some welcome changes in the form of' improved write-offs for development expenses and social assets; higher investment tax credits; and a reduction in federal sales tax. On the other hand, income bond financing of new mineral ventures may be restricted.

Jan 1, 1979

By John Ratti

Building on Canadian Capabilities for Space Resource Missions: Space resource science and technology mission building blocks Canadian historical perspective Status and future pursuits It takes Canadian Teamwork to succeed in space exploration! Space resource science and technology building blocks: Orbiting / Delivery Elements Spacecraft Sensors Landed elements Roving / Mobility, Autonomy Sample acquisition and handling Sensors, GN&C Science Operations Partnerships: Government ? Industry Between Industry With Academia and Scientists

May 1, 2013

By W. J. S. Craigen, G. E. Wittur

"In the context of today's continuously changing world, there are many factors which must be considered when attempting to assess the ability of Canada's primary copper producers to remain competitive in the face of increasing competition in world markets. In this paper, we have attempted to document those factors that will have the greatest impact on the future viability of Canada's copper industry, and to suggest possible strategies to fully utilize whatever inherent advantages Canada may have to enhance its competitive position. Technological factors related to the efficiency of precious and by-product metals recovery, energy type and utilization efficiency, production and sale of sulphur by-products, and control of 502 emissions are given high priority in this evaluation of Canada's future needs to remain competitive. Particular emphasis is placed on assessing the relative viability of hydrometallurgical versus pyrometallurgical processes for copper; to address uniquely Canadian conditions and problems. Due consideration is also given to the economic incentives required to allow Canada's copper producers to compete under anticipated world market conditions and to facilitate the continued development of Canada's copper resources. IntroductionWhen we try to assess the viability or competitiveness of any industry the bottom line is still usually, ""Can we produce a pound of product cheaper than the competition?"" Canada's copper industry is certainly no exception. However, as with most resource-based industries dependent upon exports, there are many factors which have a significant effect on the cost components which make up the total cost of producing and selling a pound of copper. It is desirable therefore to have as clear a picture as possible of the cost components, the major factors affecting them, and how they compare with the competition, particularly the third-world copper producers.In this paper we have attempted to provide a brief outlook for world copper markets and a brief overview of Canada's competitive position. We have also attempted to document those factors which will have the greatest impact on future production costs, and have suggested possible initiatives to utilize inherent Canadian advantages to enhance our competitive position. Special emphasis has been placed on technological initiatives designed to make full use of these ""advantages"", to develop superior beneficiation and extraction! refining technologies. Major factors considered in the present study are:"

Jan 1, 1986

By Jayne Somers

Methane (CH4) is a potent greenhouse gas, accounting for 15 percent of all global greenhouse gas emissions in 2005. Since methane has a much shorter atmospheric lifetime than carbon dioxide (CO2), reducing methane emissions can achieve considerable climate benefits over the next 25 years. Coal seams often contain significant quantities of methane and CH4 released to the atmosphere from gassy mines during coal extraction is a major source of greenhouse gas emissions. Methane (CH4) emissions from coal mining activities constitute approximately 6% of total global human-related methane emissions. Coal mines around the world have recognized that methane is a clean energy resource that can be captured and used productively. Coal mine methane (CMM) is currently utilized for power generation, natural gas pipeline injection, vehicle fuel, industrial process feed stocks, on-site mine boilers, mine heating, and home heating distribution systems. Upgrading mine degasification systems can often improve gas quality and create favorable project economics. The United States has been a leader in coal mine methane (CMM) recovery and use since the 1990?s. There are now 15 projects at active underground mines in the U.S., as well as 26 abandoned mine methane projects. Recovery and use projects at active underground U.S. mines reduced methane emissions by approximately 49 Billion cubic feet in 2010. In an exciting new development, a ventilation air methane (VAM) mitigation project at the CONSOL McElroy mine in West Virginia was installed by Verdeo. Operational since September 2012, this is the first commercial-scale VAM project in the U.S. and the project will reduce methane emissions by an estimated 920 MMCF/yr. As part of the U.S. Greenhouse Gas Reporting Program, actual data on methane emissions from underground coal mines was collected for the first time in 2011 and reported to U.S. EPA in September 2012. The data collected will help inform stakeholders, particularly the underground coal mining industry, of CMM emission sources on public and private lands. The detailed data will also shed light on the specific sources of methane from active underground coal mines and highlight project opportunities for the U.S. coal industry. The paper will cover U.S. coal mine methane emissions, U.S. CMM utilization and destruction projects, Federal policies and State incentives for CMM capture and utilization. 2011 CMM data from the U.S. Greenhouse Gas Reporting Program Subpart FF will be analyzed and compared with previous U.S. Greenhouse Gas Inventory estimates. Other developments, including the voluntary carbon market, will be discussed.

Aug 1, 2013

By S. H. Logan

Mr. B. Neilly: A week or so ago the Secretary was good enough to forward me an advance copy of this paper by Mr. Logan and it was suggested that I comment on it at this meeting. At that time I was not very certain that I would be here, so I committed my thoughts to paper. As a matter of courtesy to Mr. Logan, I sent him a copy of my proposed remarks and I would like to give you just what I sent to him. Appreciating fully Mr. Logan's ability and many sources of information, one naturally hesitates to question anything seriously set forth as his considered opinion. Neither does one of my political stripe like to accuse him of being too 'conservative.? However, in places his paper reminds me of another general manager of a Canadian bank. While I was still Secretary of the Ontario Mining Association, this general manager wrote asking for our forecast on the current year's mineral production, stating that he proposed to refer to such production figures in his annual address to his shareholders. The request was considered very complimentary to the Ontario Mining Association and, in my opinion, justified a great deal of serious study and effort. Finally, the estimate was prepared and forwarded, showing a modest increase over the previous year's total. Picture our surprise and chagrin on reading his address to find that he predicted not an increase but, if you please, a decline of over $10,000,000. Before I cooled off I wrote asking the basis of such a prediction and got a reply to the effect that men in his position had to be ultra conservative in picturing the future.

Jan 1, 1931

By R. D. Brown

Manitoba has now joined Ontario and Quebec in providing for new incentives and lower tax rates for the mining industry. A single rate of tax (to replace the former two-tier royalty), an investment tax credit and a relatively straightforward set of rules for calculating taxable mining profits are the main features of new mining tax legislation announced by Manitoba's Finance Minister Donald W. Craik in his May 15, 1979 budget address. On introducing amendments to reform The Metallic Minerals Royalty Act, the Finance Minister indicated that the new tax regime is intended to restore the Manitoba mining tax system to a competitive position in Canada, and should result in renewed investment in the province's mining industry. 1n this regard, the government could be right-there is little question that the new tax regime will produce greater incentives for the mining industry than the two-tier royalty system introduced by the New Democratic government in 1975. The proposed changes, contained in Bill 57, would largely be effective January I. 1979.

Jan 1, 1979

By R. D. Brown

"An adequate level of R & 0 is crucial to achieve gains in productivity and to strengthen Canada' s position in an increasingly competitive world ." So stated Finance Minister Jean Chretien in his April 10, 1978 budget speech, on announcing a new measure designed to increase the productivity of Canadian industry and to assist in the creation of new technology. The effect of the new measure, which permits an income tax deduction of 150% of certain research and development (R & D ) expenditures , can reduce the after-tax cost of a marginal dollar 's worth of such expenditures to as little as 20 cents . This article discusses the income tax treatment of R& D expenditures in general, and describes in particular the income tax incentives which relate to R& D.

Jan 1, 1978

By Robert Halupka

The industrial minerals sector represents a broad range of products involving a variety of technologies serving a diversity of markets and end uses. Unit values of products vary widely, reflecting the peculiarities of each product/market sector. Generalizations are therefore understandably difficult to make and borrowers may need to take extra time to "educate" lenders on the key aspects of their business and industry sub-sector. This paper will examine the factors and the thinking that lenders apply when considering financing proposals to companies in the industrial minerals sector. If you understand the lender's perspective and their concerns, then you can make better use of your own time and resources when arranging financing for your company or project.

Jan 1, 2001

By R. D. Brown

The Federal Government's White Paper on Tax Reform received further major criticism in the reports of the Committees of the House of Commons and the Senate, which recently completed a lengthy review including public hearings of the government's proposals. These reports both criticized the emphasis placed by the White Paper on its concept of tax equity rather than on a system which would promote economic growth. However, the Finance Committee of the House of Commons was prepared to accept, with modifications, a number of the White Paper's key reform proposals. The Senate Finance Committee was more critical of the basic thrust of the tax reform program and recommended that a modification of the existing tax system would be more appropriate to Canada's needs. Both Committees re-commended a more favourable treatment of mining income than that originally proposed in the White Paper, and to some extent both Committees suggested proposals that were even more favourable to the industry than those set out in Finance Minister Benson's amended proposals made in August of this year. This article out-lines the principal recommendations and comments in the reports of both the House of Commons Committee and the Senate Finance Committee.

Jan 1, 1971

By R. D. Browns

In his Budget Speech on March 31, 1 977, the Honourable Donald S. Macdonald expressed concern about the financing of investments through new equity issues. He mentioned the need to render more attractive participation in the equity market by investors in all in come brackets. One of the measures introduced in the budget to accomplish this goal is the proposal to increase the dividend gross-up and tax credit in respect of most dividends received by an individual from Canadian companies. The following comments and tables serve to illustrate the impact of this particular proposal.

Jan 1, 1977

By Corinne Boone

CO2e.com, LLC - launched in November 2000 - aims to be ?the global hub for carbon commerce.? CO2e.com is a subsidiary of the Cantor Fitzgerald Group, one of the world?s leading brokerage firms Recent Investor in CO2e ? Mitsui & Co. Alliance with Cantor Fitzgerald Environmental Brokerage Services Group (CFEBS) Offices in London, Toronto, Tokyo, New York, San Francisco, Los Angeles, Connecticut, Houston Primary Goals/Benefits of ET § Goals of Emissions Trading: ? Permit Industrial Growth/Expansion ? Promote Economic Efficiency and Flexibility in Meeting Air Pollution Standards § Benefits of Emissions Trading: ? Enhance Air Quality w/o Economic Stagnation ? Encourage Development of New Technology ? Foster Most Efficient Use of a Limited Resource -- Clean Air § Contributes to Sustainable Development and objectives of UNFCCC, Kyoto Protocol?.

Nov 1, 2002

By C. M. Díaz, P. J. Mackey, P. Coursol

In a recent paper [1], the present authors discussed calculated energy consumption numbers in copper sulphide concentrate smelting for four different smelting technologies. For the present study, from among these technologies, they selected the Noranda/Teniente continuous bath smelting followed by Peirce Smith (PS) converting route to investigate the impact on total energy requirement of some key process variations, such as tuyere injection of dry concentrate vs. slingering of wet concentrate over the molten bath, continuous converting vs. conventional batch PS converting and commercially proven slag cleaning alternatives. In their calculations, the authors used the same thermochemical model and methodology used in their earlier paper. This approach to explore plant design options provides an interesting basis for evaluating flowsheet modifications that could lead to significant copper smelting energy savings. The METSIM software was used in the present paper to carry out heat and mass balance computations for 8 different flowsheet configurations. The results are presented and discussed in the paper with respect to copper recoveries, energy requirements and CO2 emissions.

Jan 1, 2011

By J. Mackintosh Bell

External trade strongly influences the well being of all nations. In the modern economic mechanism, no country is so well endowed that it has not to import commodities from others and to export its products in turn to make good its deficiencies, to rectify or improve its financial structure. From the standpoint of international commerce, Canada is strategically well placed. On the south she is bounded by the richest country in the world. On the east she faces the Atlantic, on the west the Pacific. On both coasts there are fine harbours to which lead great lines of railway that span the continent. Canada is now fifth among the exporting nations of the world. For disposal abroad, she has enormous quantities of primary commodities and substantial amounts of manufactured goods as well. But she is far from being self-sustaining. She is unusually dependent on foreign trade, not only because of the commodities she has to sell but because of the lack of many essential articles she does not or cannot produce. To Canada, external commerce is vastly more important than internal trade. The wealth of nations is decided by their ability to produce more than they need, to sell more than they buy, and to build up favourable balances resulting from trade or services. With few countries, however, are returns perennially satisfactory. Fruitful periods are followed by leaner years. In times of prosperity foreign credits are increased, monetary systems strengthened, reserves accumulated to withstand recurring days of strain. Today, the foundations of financial systems are being re-examined, "dogmas hitherto accepted as canonical are being questioned" . It is not only in Europe and America that men search for illumination in problems arising from monetary restrictions.

Jan 1, 1933

By P. A. Riveros, R. Molnar, F. J. Baša

"An acidification circuit was installed and operated at the Agnico-Eagle Silver Division refinery in Cobalt, Ontario, for treating ~300 m3 of a concentrated cyanide waste solution with the purpose of recovering its cyanide and metal values. The acidification circuit was designed from parameters determined experimentally at CANMET. Available refinery equipment was assembled according to a flowsheet developed by Agnico-Eagle Mines. The process produced a regenerated cyanide solution containing >15 g/L of free cyanide, which was used for leaching gold ore at another Agnico- Eagle operation. It was estimated that the value of the recovered cyanide offset the treatment cost. BackgroundThe Silver Division of Agnico-Eagle Mines needed an economic and effective method for disposing of ~300 m3 of a concentrated cyanide waste solution that had remained in the plant after the operation was shut down in 1989. As a result of extensive recycling and evaporation, the solution had become practically saturated with metals, cyanide, thiocyanate, sulphate and other components, and was, therefore, an environmental liability for the company. A partial analysis of the solution is presented in Table 1. Initially, the use of cyanide destruction methods was considered by Agnico-Eagle, but the estimates indicated a considerable cost with no credits to be gained. A research project carried out by CANMET showed that a simple procedure consisting of acidification, filtration and reneutralization was the most attractive option, because it enabled the recovery of a substantial portion of the cyanide. Furthermore, the metals would be recovered in the form of a solid precipitate. The research showed that conventional AVR was not applicable because of excessive cyanide degradation and low HCN volatilization obtained with this particular solution (Riveros et al., 1996). This paper describes the procedure used to treat the concentrated cyanide waste solution and the operating practices of the large-scale acidification circuit run at the Agnico-Eagle refinery."

Jan 1, 1998