Tragic Accident Shocks Myanmar Jade Mine
By Alejandro Ehrenberg | Journalist and Industry Analyst -
Thu, 07/02/2020 - 16:48
The Week in Mining highlights a deadly landslide at a jade mine in Myanmar. Also, Mexico’s Supreme Court has ordered Congress to regulate indigenous and Afro-Mexican consultations. Lastly, Bill Gates and Jeff Bezos have plans to go into mining.
International
The BBC reports a landslide at a jade mining site in northern Myanmar that resulted in at least 162 deaths. “Rescue works are still ongoing in Hpakant area of Kachin state with people still missing. A wave of mud and rock triggered by heavy rain engulfed those collecting stones,” says the BBC. Myanmar is the world's biggest source of jade.
Mexico
Mexico’s Supreme Court declared that Congress has been neglectful in regulating consultations to indigenous and Afro-Mexican communities regarding bills and administrative decisions that directly affect their interests. The court ordered Congress to start the process in the upcoming legislative period, which starts in September.
Fideicomiso de Fomento Minero (FIFOMI) has financed 250 SMEs in Mexico’s mining sector from January to May 2020. FIFOMI’s loans during this period amount to MX$2.3 billion (US$101.4 million). Alfredo Tijerina, FIFOMI’s Director General said that financing is directed at companies whose activities will be beneficial for the community in which they are carried out.
Kootenay Silver reported promising developments at the Cervantes porphyry gold-copper property in Sonora. The announcement highlights the final interpretation of a 3D IP-Resistivity survey identifying multiple chargeability anomalies over a 5km-long corridor in the property. Cervantes is in the process of becoming a joint venture between Kootenay (35 percent) and Aztec Minerals (65 percent).
Riverside Resources announced that it has entered into a definitive option agreement with Hochschild Mining plc for Riverside's 100 percent-owned Los Cuarentas gold-silver project in Sonora. The project can now move ahead immediately with a robust exploration program.
Argonaut Gold and Alio Gold have completed the creation of a new North American, diversified precious metals producing company with a strong portfolio of growing assets.
Industry Trends
Smart Company reported that “tech giants are on the hunt for investment opportunities in the mining sector, in an effort that is destined to change the landscape of the resources industry.” Bill Gates, Jeff Bezos and Richard Branson are among the new mining hopefuls, basing their operations on big data, vertical integration, ethical supply chains and green practices. “There will be disruption. But mining companies that adapt to the challenge from the tech sector stand to gain significant opportunities,” says Smart Company.
How does the new normal actually look like? International mining asked Newmont, Rio Tinto, Barrick, Anglo American and Vale.
Rob Tyson writes that “with a bit of planning and ingenuity, old mines can be put to some pretty amazing uses. Among these are using gravitational forces to help generate electricity in re-purposed old mine shafts, growing plants for food and medicine and developing unconventional hotels, restaurants and museums.”
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