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Mexico President Presents Energy Bill to Boost Pemex Control

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Author of the article: Bloomberg News Max de Haldevang (Bloomberg) — Mexican President Andres Manuel Lopez Obrador sent a bill to congress Friday that seeks to give state oil company Petroleos Mexicanos greater control over fuel prices, distribution, imports and marketing, his spokesman said. The proposal would modify the country’s hydrocarbon law to allow the…

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Max de Haldevang

(Bloomberg) — Mexican President Andres Manuel Lopez Obrador sent a bill to congress Friday that seeks to give state oil company Petroleos Mexicanos greater control over fuel prices, distribution, imports and marketing, his spokesman said.

The proposal would modify the country’s hydrocarbon law to allow the Energy Ministry and main regulator to suspend permits “with the goal of guaranteeing the interests of the nation,” according to a draft seen by Bloomberg News.

It would also let the state oil company, known as Pemex, take control of facilities whose permits had been suspended.

If it passes, the measure would be the biggest reversal yet to hydrocarbon reforms that ended the state’s oil monopoly in 2013 and 2014. Since taking office in 2018, the president has been seeking to dial back on the opening of Mexico’s energy industry to private-sector investments.

The bill was sent to the lower house leadership Friday and will be discussed in the chamber next week, the president’s spokesman Jesus Ramirez said in a phone interview.

The legislation would also allow the state to suspend permits “when an imminent risk to national security, energy security or the national economy is anticipated,” according to the draft.

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Read More: Mexico’s AMLO Pounces on Texas Freeze to Push Nationalist Agenda

The courts have thwarted Lopez Obrador’s previous attempts to reimpose the state’s dominance in the energy market. Earlier this month a judge suspended indefinitely a law that would give state companies priority over private firms in the electricity market.

The president said he would seek to push through a constitutional reform if his efforts were blocked. The attempt to modify the hydrocarbon law comes as AMLO, as the president is known, has increased his nationalist rhetoric and attacks against private companies, with a key midterm election approaching.

The president’s Morena party is trying to retain the control of congress it currently holds in collaboration with smaller parties. While Morena is far ahead in the polls ahead of the June 6 vote, it may well fail to reach the two-thirds super majority needed to change the constitution by itself.

The arrival of competition has seen Pemex lose significant market share, with foreign companies importing more diesel than the state giant for the first time in June of last year. Pemex has also struggled under its debt burden and long-term production declines.

Spokespeople for the Energy Ministry and Pemex didn’t respond to requests for comment. Senate leader Ricardo Monreal’s office said they had not seen the bill.

©2021 Bloomberg L.P.

Bloomberg.com

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Eldorado completes QMX Gold acquisition

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Eldorado Gold Corp. [ELD-TSX; RGO-NYSE] has acquired all of the outstanding common shares in the capital of QMX Gold Corp. not already owned by Eldorado. The arrangement became effective at 12:01 a.m. Eastern Time on April 7, 2021, resulting in QMX becoming a wholly owned subsidiary of Eldorado. “We are very pleased to complete the…

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Eldorado Gold Corp. [ELD-TSX; RGO-NYSE] has acquired all of the outstanding common shares in the capital of QMX Gold Corp. not already owned by Eldorado. The arrangement became effective at 12:01 a.m. Eastern Time on April 7, 2021, resulting in QMX becoming a wholly owned subsidiary of Eldorado.

“We are very pleased to complete the acquisition of QMX, which significantly increases Eldorado’s position in the Abitibi greenstone belt and is consistent with our strategy to invest in world-class mining jurisdictions. Eldorado is a committed partner for mining in Quebec, with exploration and operational success across our Lamaque operations. The addition of QMX to our portfolio opens a range of opportunities to expand our activities in the region and to leverage our existing infrastructure and Eldorado’s strong operational, exploration and stakeholder expertise,” said George Burns, Eldorado’s president and CEO.

Under the terms of the arrangement, each holder of QMX shares is entitled to receive, for each QMX share held immediately prior to the effective time 7.5 cents in cash; and 0.01523 of a common share in the capital of Eldorado, for total consideration of 30 cents per QMX share (based on the closing price of the Eldorado shares on Jan. 20, 2021).

With QMX now a wholly owned subsidiary of the company, Eldorado intends to delist the QMX shares from the TSX Venture Exchange as soon as practicable. Prior to the completion of the arrangement, Eldorado owned, directly or indirectly, or exercised control or direction over, 68,125,000 QMX shares, representing approximately 15.55% of the issued and outstanding QMX shares prior to the completion of the arrangement.

Full details of the arrangement are set out in the arrangement agreement dated Jan. 20, 2021, between Eldorado and QMX, which has been filed by QMX under its profile on SEDAR.

Eldorado is a gold and base metal producer with mining, development and exploration operations in Turkey, Canada, Greece, Romania and Brazil.

QMX is a Canadian-based resource company that has been systematically exploring its extensive property position in the Val d’Or mining camp, Quebec. QMX is currently drilling in the Val d’Or East portion of its land package focused on the Bonnefond deposit and in the Bourlamaque batholith. In addition to its extensive land package, QMX owns the strategically located Aurbel gold mill and tailings facility.


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Canada Nickel launches ESIA at Crawford Project, Ontario

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Canada Nickel Company Inc. [CNC-TSXV; CNIKF-OTCQB] said Thursday April 8 that it has launched an environmental and social impact assessment (ESIA) at its 100%-owned Crawford nickel-cobalt sulphide project in northern Ontario. “Canada Nickel is rapidly advancing the development of the Crawford mine to deliver NetZero Nickel and Cobalt products in a sustainable, environmentally responsible way,”…

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Canada Nickel Company Inc. [CNC-TSXV; CNIKF-OTCQB] said Thursday April 8 that it has launched an environmental and social impact assessment (ESIA) at its 100%-owned Crawford nickel-cobalt sulphide project in northern Ontario.

“Canada Nickel is rapidly advancing the development of the Crawford mine to deliver NetZero Nickel and Cobalt products in a sustainable, environmentally responsible way,” said Canada Nickel Chair and CEO Mark Selby.

“We will be announcing results from our preliminary economic analysis (PEA) shortly and expect the feasibility study to be completed by year-end, therefore we want to begin this critical ESIA work as quickly as possible,” Selby said.

“Initiating environmental data acquisition and our social engagement process at this early stage sends a clear signal of the importance that the company places in reducing its environmental footprint and building lasting and meaningful relationships with all project stakeholders,” he added.

The company has hired Transfer Environmental Society (TES), a consulting firm specializing in community engagement, to support the company in designing and implementing a rigorous community consultation process.

On Thursday, Canada Nickel shares rose 2.2% or $0.07 to $3.27 in light trading The shares are trading in a 52-week range of $4.54 and 42 cents.

Canada Nickel is launching the ESIA after recently entering into a non-binding MOU with Glencore Canada Corp. to examine the potential use of Glencore’s Kidd concentrator and metallurgical site in Timmins, Ont., for the treatment and processing of material mined from the Crawford nickel-cobalt sulphide project.

Crawford is located 40 km north of Glencore’s operations in the Timmins-Cochrane area of northern Ontario.

“The opportunity to utilize the excess capacity and existing infrastructure at the Kidd met site provides the potential to allow a faster, simpler, smaller-scale start-up of Crawford at a vastly lower capital cost while the company continues to permit and develop a much-larger-scale project currently being contemplated,” Selby said recently.

He said the nickel market is increasingly driven by demand for nickel from the electric vehicle (EV) market which will require new nickel projects to be built over the coming decade.

Canada Nickel is exploring a number of key technologies in a bid to establish Crawford as a zero-carbon footprint operation. They include the utilization of rope shovels and trolley trucks which utilize electricity rather than diesel fuel as a power source wherever possible.


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Corvus hits 108.2 metres of 1.13 g/t gold in Nevada

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Corvus Gold Inc. [KOR-TSX, NASDAQ] said Thursday April 8 that it has received results from four additional drill holes in the new Lynnda Strip oxide gold discovery about two kilometres north of its Mother Lode deposit in Nevada. The company said the latest results are continuing to expand this large, new, oxide, bulk tonnage, Nevada…

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Corvus Gold Inc. [KOR-TSX, NASDAQ] said Thursday April 8 that it has received results from four additional drill holes in the new Lynnda Strip oxide gold discovery about two kilometres north of its Mother Lode deposit in Nevada.

The company said the latest results are continuing to expand this large, new, oxide, bulk tonnage, Nevada gold discovery with drill hole ML20-186 returning 108.2 metres at 1.13 g/t gold, including 36.6 metres at 2.75 g/t gold. Hole ML20-188 returned 114.30 metres at 0.96 g/t gold, while hole ML20-189 intersected 178.3 metres at 0.66 g/t gold in the upper zone followed by 100.6 metres at 0.94 g/t gold in the lower zone.

Corvus said the Lynnda Strip deposit is demonstrating gold continuity across its width and the large vein/stockwork zones within it. It said the thickness, grade and strong oxidation of this new discovery make it an ideal target for open-pit mining and heap leach processing.

Corvus shares advanced on the news, rising 1.2% or $0.03 to $2.47 in light trading. The shares are currently trading in a 52-week range of $4.26 and $1.48

Corvus is a North American gold exploration and development company. Its key assets are the wholly-owned North Bullfrog and Motherlode projects in Nevada.

North Bullfrog covers 90.5 square kilometres and is situated 10 kilometres north of Beatty, Nevada, 8.0 kilometres north of the Bullfrog Mine, which was formerly operated by Barrick Gold Corp. [ABX-TSX; GOLD-NYSE]

Motherlode is located approximately 10 km southeast of the North Bullfrog Project and covers 365 square kilometres.

The Moderlode property is estimated to contain 1.6 million ounces of gold and 1.5 million ounces of silver in the measured and indicated resource category.

Studies have indicated that an on stand alone basis, Motherlode could produce 170,980 ounces of gold annually at an all-in-sustaining cost of US$677 an ounce.

“The recent Lynnda Strip discovery is an example of the potential that exists in the re-emerging Bullfrog Gold District,” said Corvus President and CEO Jeffrey Pontius. He said Corvus would continue to expand the Lynnda Strip discovery with an initial mineral resource estimate planned for early fall of this year to assess its potential value for a future mining operation.

Corvus has a number of other targets in the region that it will address in the future to determine how extensive this new gold system is regionally.


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