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☆ Bill Gates and Jeff Bezos-backed startup discovers large-scale copper deposit in Zambia
▼ + stars: | 2024-02-05 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

KoBold Metals, a California-based metals exploration company backed by billionaires including Bill Gates and Jeff Bezos, said that it has discovered a vast copper deposit in Zambia. A spokesperson for KoBold Metals told CNBC on Monday that the company believes its Mingomba copper project in Zambia "will be one of the world's biggest high-grade large copper mines." "It is Kakula-scale in size and grade," KoBold Metals President Josh Goldman said in a statement shared on the firm's social media site X. Ivanhoe Mines, a Canadian mining company founded by billionaire magnate Robert Friedland, owns nearly 40% of the Kamoa-Kakula copper mine. KoBold Metals says it uses artificial intelligence to create a "Google Maps" of the Earth's crust to help find new deposits of copper, lithium, cobalt and nickel.

Persons: Bill Gates, Jeff Bezos, Josh Goldman, Robert Friedland, Andreessen Horowitz, Ray Dalio, Virgin Group's Richard Branson, Alibaba's Jack Ma Organizations: KoBold Metals, CNBC, Democratic, Ivanhoe Mines, KoBold, BHP, Breakthrough Energy, Bridgewater Associates Locations: Victoria, Zambia, Zimbabwe, Livingstone, California, Democratic Republic of the Congo, Canadian, Norwegian

☆ Keen on harvesting tax losses? Scotiabank names 10 Canadian stocks as 'prime candidates'
▼ + stars: | 2023-11-15 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

As the end of the year approaches, investors are likely to be reviewing their portfolios and considering which stocks to sell to harvest tax losses. Tax-loss harvesting is a strategy to offset capital gains tax from stocks that have run up in share price with losses from non-performing stocks. To aid investors, Scotiabank identified several stocks on Canada's TSX Composite index that are down significantly this year but are still rated as "Sector Outperform" by its analysts. "These are prime candidates to keep long-term exposure to despite recent weakness," said Scotiabank analysts led by Hugo Ste-Marie in a note to clients on Nov. 13. Scotiabank pointed out that the top 20 stocks in the S & P 500 index are up significantly this year, while the remaining 480 stocks are showing losses on average.

Persons: Hugo Ste, Marie Organizations: Scotiabank, Stocks, TELUS International, Allied, Trisura, HudBay Minerals, Hudbay Minerals, Capstone, Corp, Ivanhoe Mines, Teck Resources, Tech Locations: Park, Canada, Teck

Copper M&A more than doubled in 2002 to $14.24 billion from the previous year, according to an S&P Intelligence report. "So the large miners are saying it is difficult to build new supply, so let's just buy companies," McDonald said. Copper prices have been gradually losing steam since hitting their strongest levels in over seven months in January when optimism abounded about the reopening of China. The lower copper price presents M&A opportunities for Hudbay, Kukielski said, but it will also get "squeezed" if the price of copper falls below $3.50. With lack of large mines up for grabs, he is expecting that large miners will be looking to expand their production by acquiring smaller mines.

Persons: Lundin, Newmont, Stuart McDonald, Taseko, McDonald, Antaike, Peter Kukielski, Kukielski, Minto Metals, Aaron Colleran, Colleran, David Lennox, Divya Rajagopal, Melanie Burton, Denny Thomas, Marguerita Choy Organizations: TORONTO, Reuters, Nippon Mining, Metals, P Intelligence, Taseko, London Metal Exchange, Reuters Graphics Reuters, Hudbay, Japan's Sumitomo Corp, Minto Metals, Yukon, Royal Bank of Canada, Quantum Minerals, Ivanhoe Mines, Capstone, Barrick Gold, Bloomberg News, Barrick, AIC Mines, AIC, Sydney, Thomson Locations: SYDNEY, Toronto, Chile, Vancouver, Arizona, China, Hudbay, Canada, Yukon, Ivanhoe, Australia, Queensland, Melbourne

☆ Exclusive: Canada will not retrospectively target Chinese investments in Canadian mining companies, minister says
▼ + stars: | 2023-03-08 | by ( Divya Rajagopal | ) www.reuters.com time to read: +2 min

[1/3] Canada's Minister of Natural Resources Jonathan Wilkinson speaks during Question Period in the House of Commons on Parliament Hill in Ottawa, Ontario, Canada, April 7, 2022. REUTERS/Patrick DoyleTORONTO, March 8 (Reuters) - Canada will not force Chinese state-investors in three of its large mining companies to divest stakes, as such a move would create policy uncertainty, natural resources minister told Reuters. In November, Canada had asked three Chinese companies to sell their stakes in Toronto-listed lithium explorers following a national security review, drawing criticism from the mining industry and raising questions about the future of other Chinese investments in Canadian mining sector. Three of Canada's largest mining companies - Teck Resources (TECKb.TO), Ivanhoe Mines Limited (IVN.TO) and First Quantum Minerals Limited (FM.TO), - count Chinese state-owned enterprises as their biggest single shareholder. This is the first time Canadian government officials have clarified what the future holds for other Chinese investments in the three Canadian mining companies.

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