The Story of Voisey’s Bay: The Discovery (Part 1 of 3)
Presented by: Equitas Resources, “Nickel exploration in Labrador”
The legendary story of one of Canada’s most significant base metal discoveries happened just before the dawn of the internet era. While some investors recall the sequence of events and the value that was created by Diamond Fields, there are many investors today, both new and old, who are not familiar with the story of Voisey’s Bay.
For this infographic, we have turned to Jacquie McNish’s fabulous book The Big Score, which documents the history of the discovery, biographical elements of Robert Friedland’s life, and the ensuing bidding war between Inco and Falconbridge that led to one of the most spectacular takeovers in mining history. If you like these infographics, then look into buying Jacquie’s book. It was gripping and full of information.
By its very definition, a discovery is the breakthrough action of finding something of value that no one knew existed. Discoveries come in all shapes and sizes – but it turns out many of the very best discoveries happen in the most unsuspecting of conditions.
Labrador is located on the Northeast tip of Quebec in Canada, and it’s in this remote area that the Voisey’s Bay discovery takes place. Labrador is bigger than Great Britain and has over 8,000km of coastline, yet only a population of just 26,700. For context, caribou outnumber people in Labrador by a ratio of 13:1.
In 1985, geologists of the Newfoundland Department of Mines and Energy conducted a survey of one of the most remote parts of Labrador. Voisey’s Bay is 35km from Nain, a small town of 1,000 people.
The team, in a helicopter-supported survey, tested samples in the area, but were not encouraged by the low metal content of the weathered rocks exposed at surface. They left and didn’t look back.
In early 1993, Michael McMurrough of a fledgling company called Diamond Fields Resources was looking for untapped diamond properties to add to the company’s property portfolio. He had heard that a place called “Labrador” had ancient Archean rock formations – one of the earth’s oldest rock groups – where diamonds can form in kimberlite pipes. While Labrador’s wealth in iron ore is well-documented, no diamonds have ever been discovered in the region.
Diamond Fields’ geologist, Rod Baker, was sent to Newfoundland in April 1993 but found that the best diamond prospects had just been staked by two Newfoundlanders. Al Chislett and Chris Verbiski, and their prospecting outfit named Archean Resources, eventually convinced Diamond Fields to pay $372,000 in annual instalments over four years to acquire their claims. Diamond Fields also agreed to pay $500,000 to start an exploration program.
The two prospectors sampled throughout the summer of 1993 without much luck, but they did chip some samples of chalcopyrite, a copper-bearing mineral, from an outcrop. The samples came back with 2% copper, and they pushed for Diamond Fields to put more money into the exploration program.
At this time, Diamond Fields was a fledgling company. Running under Robert Friedland’s umbrella of Ivanhoe Capital, the company had its share of issues. Legal problems were mounting, and the company had finally just raised cash in a desperation move: the company impressed investors with its idea of “vacuuming” diamonds off the seafloor near Namibia.
It was company geologist Richard Garnett that convinced the board of Diamond Fields to pursue the Labrador findings, which he had been tracking. The company eventually was able to allocate $220,000 to Labrador – or 40% of what Chislett and Verbiski recommended for follow-up spending.
In August 1994, the prospectors received more detailed assays from the samples they collected – assays that confirmed a multi-element deposit with cobaltite, copper, magnetite, and exceptionally high amounts of nickel. In fall, the team tried to beat winter by executing the next phase of exploration.
On drill hole number two: they hit. The drill core was yellow – not from gold, but from high-grade massive sulphides. The hole was 33 metres long, and signified that Diamond Fields was finally onto something.
At this point, Robert Friedland reigned in control of the company with one mission: to auction off the discovery for the highest price.
Silver Through the Ages: The Uses of Silver Over Time
The uses of silver span various industries, from renewable energy to jewelry. See how the uses of silver have evolved in this infographic.
Silver is one of the most versatile metals on Earth, with a unique combination of uses both as a precious and industrial metal.
Today, silver’s uses span many modern technologies, including solar panels, electric vehicles, and 5G devices. However, the uses of silver in currency, medicine, art, and jewelry have helped advance civilization, trade, and technology for thousands of years.
The Uses of Silver Over Time
The below infographic from Blackrock Silver takes us on a journey of silver’s uses through time, from the past to the future.
3,000 BC – The Middle Ages
The earliest accounts of silver can be traced to 3,000 BC in modern-day Turkey, where its mining spurred trade in the ancient Aegean and Mediterranean seas. Traders and merchants would use hacksilver—rough-cut pieces of silver—as a medium of exchange for goods and services.
Around 1,200 BC, the Ancient Greeks began refining and minting silver coins from the rich deposits found in the mines of Laurion just outside Athens. By 100 BC, modern-day Spain became the center of silver mining for the Roman Empire while silver bullion traveled along the Asian spice trade routes. By the late 1400s, Spain brought its affinity for silver to the New World where it uncovered the largest deposits of silver in history in the dusty hills of Bolivia.
Besides the uses of silver in commerce, people also recognized silver’s ability to fight bacteria. For instance, wine and food containers were often made out of silver to prevent spoilage. In addition, during breakouts of the Bubonic plague in medieval and renaissance Europe, people ate and drank with silver utensils to protect themselves from disease.
The 1800s – 2000s
New medicinal uses of silver came to light in the 19th and 20th centuries. Surgeons stitched post-operative wounds with silver sutures to reduce inflammation. In the early 1900s, doctors prescribed silver nitrate eyedrops to prevent conjunctivitis in newborn babies. Furthermore, in the 1960s, NASA developed a water purifier that dispensed silver ions to kill bacteria and purify water on its spacecraft.
The Industrial Revolution drove the onset of silver’s industrial applications. Thanks to its high light sensitivity and reflectivity, it became a key ingredient in photographic films, windows, and mirrors. Even today, skyscraper windows are often coated with silver to reflect sunlight and keep interior spaces cool.
The 2000s – Present
The uses of silver have come a long way since hacksilver and utensils, evolving with time and technology.
Silver is the most electrically conductive metal, making it a natural choice for electronic devices. Almost every electronic device with a switch or button contains silver, from smartphones to electric vehicles. Solar panels also utilize silver as a conductive layer in photovoltaic cells to transport and store electricity efficiently.
In addition, it has several medicinal applications that range from treating burn wounds and ulcers to eliminating bacteria in air conditioning systems and clothes.
Silver for the Future
Silver has always been useful to industries and technologies due to its unique properties, from its antibacterial nature to high electrical conductivity. Today, silver is critical for the next generation of renewable energy technologies.
For every age, silver proves its value.
Visualizing 50 Years of Global Steel Production
Global steel production has tripled over the past 50 years, with China’s steel production eclipsing the rest of the world.
Visualizing 50 Years of Global Steel Production
From the bronze age to the iron age, metals have defined eras of human history. If our current era had to be defined similarly, it would undoubtedly be known as the steel age.
Steel is the foundation of our buildings, vehicles, and industries, with its rates of production and consumption often seen as markers for a nation’s development. Today, it is the world’s most commonly used metal and most recycled material, with 1,864 million metric tons of crude steel produced in 2020.
This infographic uses data from the World Steel Association to visualize 50 years of crude steel production, showcasing our world’s unrelenting creation of this essential material.
The State of Steel Production
Global steel production has more than tripled over the past 50 years, despite nations like the U.S. and Russia scaling down their domestic production and relying more on imports. Meanwhile, China and India have consistently grown their production to become the top two steel producing nations.
Below are the world’s current top crude steel producing nations by 2020 production.
|Rank||Country||Steel Production (2020, Mt)|
|#5||🇺🇸 United States||72.7|
|#6||🇰🇷 South Korea||67.1|
Source: World Steel Association. *Estimates.
Despite its current dominance, China could be preparing to scale back domestic steel production to curb overproduction risks and ensure it can reach carbon neutrality by 2060.
As iron ore and steel prices have skyrocketed in the last year, U.S. demand could soon lessen depending on the Biden administration’s actions. A potential infrastructure bill would bring investment into America’s steel mills to build supply for the future, and any walkbalk on the Trump administration’s 2018 tariffs on imported steel could further soften supply constraints.
Steel’s Secret: Infinite Recyclability
Made up primarily of iron ore, steel is an alloy which also contains less than 2% carbon and 1% manganese and other trace elements. While the defining difference might seem small, steel can be 1,000x stronger than iron.
However, steel’s true strength lies in its infinite recyclability with no loss of quality. No matter the grade or application, steel can always be recycled, with new steel products containing 30% recycled steel on average.
The alloy’s magnetic properties make it easy to recover from waste streams, and nearly 100% of the steel industry’s co-products can be used in other manufacturing or electricity generation.
It’s fitting then that steel makes up essential parts of various sustainable energy technologies:
- The average wind turbine is made of 80% steel on average (140 metric tons).
- Steel is used in the base, pumps, tanks, and heat exchangers of solar power installations.
- Electrical steel is at the heart of the generators and motors of electric and hybrid vehicles.
The Steel Industry’s Future Sustainability
Considering the crucial role steel plays in just about every industry, it’s no wonder that prices are surging to record highs. However, steel producers are thinking about long-term sustainability, and are working to make fossil-fuel-free steel a reality by completely removing coal from the metallurgical process.
While the industry has already cut down the average energy intensity per metric ton produced from 50 gigajoules to 20 gigajoules since the 1960s, steel-producing giants like ArcelorMittal are going further and laying out their plans for carbon-neutral steel production by 2050.
Steel consumption and demand is only set to continue rising as the world’s economy gradually reopens, especially as Rio Tinto’s new development of atomized steel powder could bring about the next evolution in 3D printing.
As the industry continues to innovate in both sustainability and usability, steel will continue to be a vital material across industries that we can infinitely recycle and rely on.
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