Connect with us

Mining

The Yukon: Where Mineral Potential is Coming of Age

Published

on

In a remote corner of Canada’s north lies the Yukon – a territory that is renowned for both its legendary mineral potential and its storied mining history.

But while the Yukon only produced 2.2% of Canada’s gold in 2016, the territory’s considerable potential may finally be getting realized in a big way. In the last few years, globally significant discoveries have been made, and now mining giants such as Barrick, Goldcorp, and Agnico Eagle are making their move into the Yukon to get in on the action.

A Coming of Age Story

Today’s infographic comes from Strikepoint Gold, and it showcases some of the reasons on why the most important chapter in the Yukon’s mining story may just be beginning.

The Yukon: Where Mineral Potential is Coming of Age

Although the Yukon has been known to possess incredible mineral potential for a long time, it is only in the last few years that signs have been pointing towards this being realized in the form of globally significant discoveries, investment from major players, and mines being built.

A New Era in the Yukon

For gold to be produced, it must first be discovered.

The Yukon has been home to many of some of Canada’s most exciting discoveries in the last 10 years. The new project pipeline contains impressive deposits, but even more importantly – it contains some impressive names.

White Gold
Famously found by prospector Shawn Ryan and Underworld Resources in 2008, the White Gold discovery triggered much of the modern interest in the Yukon. Kinross purchased Underworld Resources for C$139.2 million at the height of the gold market. More recently, major Agnico Eagle has bought into the district for C$14.52 million.

Coffee Project
Discovered in 2010, this project is just kilometers away from the White Gold project. It too is based off of Shawn Ryan’s claims. Most recently, Goldcorp bought the project for C$520 million through its acquisition of Kaminak Gold. It currently has 5.2 million oz of gold (M&I + Inf.) in resources.

Casino Project
Currently under environmental review, this massive porphyry deposit owned by Western Copper and Gold could be the largest mine in Yukon history, if constructed. Right now, the deposit has reserves of 4.5 billion lbs of copper, and 8.9 million oz of gold.

Rackla
The only Carlin-style district in Canada, this project is being advanced by ATAC Resources. Recently, ATAC Resources generated headlines with an investment from major Barrick Gold, who put in C$8.3 million while also committing up to a further C$55 million to earn-in 70% of the property’s Orion project.

Eagle Gold
Eagle Gold is on track to become the Yukon’s largest gold-only mine in history. Victoria Gold, the project’s owner, expects its first gold pour in 2019. Currently the mine has 2.66 million oz of gold in reserves.

Major Arrivals

In the last year or so, some of the world’s most prolific gold miners such as Barrick, Goldcorp, and Agnico Eagle have set up shop in the Yukon – and it could be a sign that the territory is close to reaching its ultimate potential as a top tier mining destination.

Here are some of the other reasons that miners and investors are looking northwards:

1. Government Support
The Yukon Government is well-known for supporting prospectors and miners developing projects. Current programs include the Yukon Mineral Exploration Program, which provides a portion of risk capital to help explorers locate and grow deposits, as well as the Fuel Tax Exemption, which makes miners and other off-road industries exempt from fuel taxes.

2. A Rich Mining History
From the placer mining of the famous Klondike Gold Rush, to the mining today in the Yukon – the territory has always welcomed mining. In fact, mining is still the most important private industry today in the Yukon by GDP share (19%).

3. First Nations Approach
First Nations and the Yukon Government have recently championed a new “government-to-government” relationship to ensure that industry, the territorial government, and First Nations are on the same page for mineral projects.

4. Momentum
From Shawn Ryan’s discoveries to the arrival of majors in the region, it has been an eventful decade for Yukon miners. Many expect the best is yet to come.

Subscribe to Visual Capitalist

Thank you!
Given email address is already subscribed, thank you!
Please provide a valid email address.
Please complete the CAPTCHA.
Oops. Something went wrong. Please try again later.

Comments

Mining

More Than Precious: Silver’s Role in the New Energy Era (Part 3 of 3)

Long known as a precious metal, silver in solar and EV technologies will redefine its role and importance to a greener economy.

Published

on

Silver More Than Precious

Silver’s Role in the New Energy Era (Part 3 of 3)

Silver is one of the first metals that humans discovered and used. Its extensive use throughout history has linked its name to its monetary value. However, as we have advanced technologically, so have our uses for silver. In the future, silver will see a surge in demand from solar and electric vehicle (EV) technologies.

Part 1 and Part 2 of the Silver Series showcased its monetary legacy as a safe haven asset as a precious metal and why now is its time to shine.

Part 3 of the Silver Series comes to us from Endeavour Silver, and it outlines silver’s role in the new energy era and how it is more than just a precious metal.

A Sterling Reputation: Silver’s History in Technologies

Silver along with gold, copper, lead and iron, was one of the first metals known to humankind. Archaeologists have uncovered silver coins and objects dating from before 4,000 BC in Greece and Turkey. Since then, governments and jewelers embraced its properties to mint currency and craft jewelry.

This historical association between silver and money is recorded across multiple languages. The word silver itself comes from the Anglo-Saxon language, seolfor, which itself comes from ancient Germanic silabar.

Silver’s chemical symbol, “Ag”, is an abbreviation of the Latin word for silver, argentum. The Latin word originates from argunas, a Sanskrit word which means shining. The French use argent as the word for money and silver. Romans bankers and silver traders carried the name argentarius.

While silver’s monetary meanings still stand today, there have been hints of its use beyond money throughout history. For centuries, many cultures used silver containers and wares to store wine, water, and food to prevent spoilage.

During bouts of bubonic plague in Europe, children of wealthy families sucked on silver spoons to preserve their health, which gave birth to the phrase “born with a silver spoon in your mouth.”

Medieval doctors invented silver nitrate used to treat ulcers and burns, a practice that continues to this day. In the 1900s, silver found further application in healthcare. Doctors used to administer eye drops containing silver to newborns in the United States. During World War I, combat medics, doctors, and nurses would apply silver sutures to cover deep wounds.

Silver’s shimmer also made an important material in photography up until the 1970s. Silver’s reflectivity of light made it popular in mirror and building windows.

Now, a new era is rediscovering silver’s properties for the next generation of technology, making the metal more than precious.

Silver in the New Energy Era: Solar and EVs

Silver’s shimmering qualities foreshadowed its use in renewable technologies. Among all metals, silver has the highest electrical conductivity, making it an ideal metal for use in solar cells and the electronic components of electric vehicles.

Silver in Solar Photovoltaics

Conductive layers of silver paste within the cells of a solar photovoltaic (PV) cell help to conduct the electricity within the cell. When light strikes a PV, the conductors absorb the energy and electrons are set free.

Silver’s conductivity carries and stores the free electrons efficiently, maximizing the energy output of a solar cell. According to one study from the University of Kent, a typical solar panel can contain as much as 20 grams of silver.

As the world adopts solar photovoltaics, silver could see dramatic demand coming from this form of renewable energy.

Silver in Electric Vehicles

Silver’s conductivity and corrosion resistance makes its use in electronics critical, and electric vehicles are no exception. Virtually every electrical connection in a vehicle uses silver.

Silver is a critical material in the automotive sector, which uses over 55 million ounces of the metal annually. Auto manufacturers apply silver to the electrical contacts in powered seats and windows and other automotive electronics to improve conductivity.

A Silver Intensive Future

A green future will require metals and will redefine the role for many of them. Silver is no exception. Long known as a precious metal, silver also has industrial applications metal for an eco-friendly future.

Subscribe to Visual Capitalist

Thank you!
Given email address is already subscribed, thank you!
Please provide a valid email address.
Please complete the CAPTCHA.
Oops. Something went wrong. Please try again later.

Continue Reading

Mining

Visualizing China’s Dominance in Rare Earth Metals

Rare earth deposits exist all over the planet, but the majority of the world’s rare earth metals are produced and refined in China.

Published

on

China's rare earth exports

China’s Dominance in Rare Earth Metals

Did you know that a single iPhone contains eight different rare earth metals?

From smartphones and electric vehicles to x-rays and guided-missiles, several modern technologies wouldn’t be what they are without rare earth metals. Also known as rare earth elements or simply “rare earths”, this group of 17 elements is critical to a number of wide-ranging industries.

Although deposits of rare earth metals exist all over the world, the majority of both mining and refining occurs in China. The above graphic from CSIS China Power Project tracks China’s exports of rare earth metals in 2019, providing a glimpse of the country’s dominating presence in the global supply chain.

China’s Top Rare Earth Export Destinations

Around 88% of China’s 2019 rare earth exports went to just five countries, which are among the world’s technological and economic powerhouses.

Export DestinationShare of China's Rare Earth ExportsTop Rare Earth Import (tons)
Japan36.0%Cerium
United States33.4%Lanthanum
Netherlands9.6%Lanthanum
South Korea5.4%Lanthanum
Italy3.5%Cerium
Rest of the World12.1%Cerium

Japan and the U.S. are by far the largest importers, collectively accounting for more than two-thirds of China’s rare earth metals exports.

Lanthanum, found in hybrid vehicles and smartphones, was China’s largest rare earth export by volume, followed by cerium. In dollar terms, terbium was the most expensive—generating $57.9 million from just 115 metric tons of exports.

Why China’s Dominance Matters

As the world transitions to a cleaner future, the demand for rare earth metals is expected to nearly double by 2030, and countries are in need of a reliable supply chain.

China’s virtual monopoly in rare earth metals not only gives it a strategic upper hand over heavily dependent countries like the U.S.—which imports 80% of its rare earths from China—but also makes the supply chain anything but reliable.

“China will not rule out using rare earth exports as leverage to deal with the [Trade War] situation.”

—Gao Fengping et al., 2019, in a report funded by the Chinese government via Horizon Advisory.

A case in point comes from 2010 when China reduced its rare earth export quotas by 37%, which in part resulted in skyrocketing rare earth prices worldwide.

average prices of rare earth imports

The resulting supply chain disruption was significant enough to push the EU, the U.S., and Japan to jointly launch a dispute settlement case through the World Trade Organization, which was ruled against China in 2014.

On the brighter side, the increase in prices led to an influx of capital in the rare earth mining industry, financing more than 200 projects outside China. While this exploration boom was short-lived, it was successful in kick-starting production in other parts of the world.

Breaking China’s Rare Earth Monopoly

China’s dominance in rare earths is the result of years of evolving industrial policies since the 1980s, ranging from tax rebates to export restrictions. In order to reduce dependence on China, the U.S. and Japan have made it a priority to diversify their sources of rare earth metals.

For starters, the U.S. has added rare earth metals to its list of critical minerals, and President Donald Trump recently issued an executive order to encourage local production. On the other side of the world, Japan is making efforts to reduce China’s share of its total rare earth imports to less than 50% by 2025.

Increasing rare earth mining outside of China has reduced China’s global share of mining, down from 97.7% in 2010 to 62.9% in 2019. But mining is merely one piece of the puzzle.

Ultimately, the large majority of rare earth refining, 80%, resides in China. Therefore, even rare earths mined overseas are sent to China for final processing. New North American refining facilities are being set up to tackle this, but the challenge lies in managing the environmental impacts of processing rare earths.

Subscribe to Visual Capitalist

Thank you!
Given email address is already subscribed, thank you!
Please provide a valid email address.
Please complete the CAPTCHA.
Oops. Something went wrong. Please try again later.

Continue Reading

Subscribe

Join the 220,000+ subscribers who receive our daily email

Thank you!
Given email address is already subscribed, thank you!
Please provide a valid email address.
Please complete the CAPTCHA.
Oops. Something went wrong. Please try again later.

Popular