Lexpert Magazine

LEXPERT MAGAZINE | MARCH 2017 55 | MINING | Jean Cumming is Editor-in-Chief and Market Director at Lexpert. Showcasing leading lawyers and valuable legal business information, Lexpert is the authoritative source for the latest news and information on the business of law in Canada. Regular columns refl ect the latest trends, corporate governance issues, advice for law fi rms and corporations, and inspirational editorial content, including: BIG DEALS • Our highly engaging and most-read section, BIG DEALS provides overviews of recent major corporate transactions submitted by the dealmakers themselves. BIG SUITS • A look at recent litigation of importance, featuring high-profi le cases and decisions. PEOPLE ON THE MOVE • An overview of recent hires, mergers, and appointments of signifi cance. ETHICS • A discussion of ethics governing the profession ...and more. *plus applicable taxes SUBSCRIBE TODAY! Subscribe at www.lexpert.ca/magazine-subscribe or call 416.609.3800 or 1.800.387.5164 SUBSCRIBE TO ® PM# 40065782 Michael Akkawi, Torys LLP; Michael Caruso, Norton Rose Fulbright Canada LLP; Shahir Guindi, Osler, Hoskin & Harcourt LLP THE BUSINESS MAGAZINE FOR LAWYERS | APRIL 2015 | LEXPERT.CA | $16.95 EQUITY Canada's diverse market steadily gains strength PRIVATE Cover & TOC.indd 1 2015-03-05 2:49 PM As sports deals have become bigger, so have the legal issues SPORTS LAW PM# 40065782 Jon Festinger, Festinger Law & Strategy; Shawna Vogel, Dentons Canada LLP; Trevor Whiffen, Dickinson Wright LLP; Brandon Potter, Norton Rose Fulbright Canada LLP THE BUSINESS MAGAZINE FOR LAWYERS | FEBRUARY 2015 | LEXPERT.CA | $16.95 Cover.indd 1 2015-01-13 2:03 PM Lexpert feature articles examine legal and corporate issues in: • emerging practice areas and legal business opportunities • business development initiatives • recruitment, retention and talent development • thought leadership and the future of business law and the legal community Jon Festinger, Festinger Law & Strategy; Shawna Vogel, Dentons Canada LLP; Trevor Whiffen, Dickinson Wright LLP; Brandon Potter, Norton Rose Fulbright Canada LLP PM# 40065782 Jennifer Raoul, Borden Ladner Gervais LLP; Donald Cameron, Bereskin & Parr LLP JUNE 2015 | LEXPERT.CA | $16.95 THE BUSINESS MAGAZINE FOR LAWYERS Upcoming amendments to reinvigorate Canada's patent system REFORM PATENT Cover & TOC.indd 1 2015-04-29 1:37 PM REFORM PM# 40065782 Maxime Turcotte, Stikeman Elliott LLP; Olivier Désilets, Davies Ward Phillips & Vineberg LLP MARCH 2015 | LEXPERT.CA | $16.95 THE BUSINESS MAGAZINE FOR LAWYERS OF Alimentation Couche-Tard wins the Value Creation Award and WSP Global wins the Deal Team of the Year Award CANADIAN 2014 DEALMAKERS Cover & TOC.indd 1 2015-02-05 1:19 PM CANADIAN PM# 40065782 Maxime Turcotte, Stikeman Elliott LLP; Olivier Désilets, Davies Ward Phillips & Vineberg LLP OF Alimentation Couche-Tard wins the Value Creation Award and WSP Global wins the Deal Team of the Year Award CANADIAN 2014 OF 2014 OF DEALMAKERS 2014 DEALMAKERS 2014 $175* FOR 8 ISSUES/YEAR Print & Digital • Order No.20500 "But mining M&A was still off in 2016, as many of the major and mid-tier produ- cers were concentrating on strengthening their balance sheets and consolidating their geographic footprints. I would expect the M&A market for 2017 to continue to be focussed on strategic divestitures and incremental acquisitions that complement existing projects." If this sounds like rather conserva- tive strategizing for optimistic mining executives and investors, mind Pletcher's words: "Issuers are not out by paying huge premiums for costly development pro- jects in politically risky countries — their boards still painfully remember the oper- ational beatings and writedowns they took for the last wave of such acquisitions." As Sander Grieve of Bennett Jones LLP pointed out, questions remain, including about the return of growth to China, and the extent to which the US government- ally led infrastructure projects will drive up base metals consumption. Until those are answered with some clarity, investors will be cautious. Precious metals, gold particularly, are even harder to nail down. If investing in gold is a hedge against the money economy, could instability within a major player in the global economy be good for gold but not base metals? And yet another factor props up caution in the sector: mining oen raises sensitive — and costly — political issues. Last Nov- ember, e New York Times reported that Prime Minister Justin Trudeau had a dif- ferent corporate social responsibility agen- da than the previous PM, Stephen Harper, including with respect to Canadian min- ing companies abroad. During his 2015 campaign, at least, Prime Minister Tru- deau suggested that he would take a stricter tack with Canadian mining companies. In April 2016, according to the New York Times, "Mr. Trudeau received a letter from more than 180 nongovernmental organi- zations in Latin America and elsewhere requesting that he regulate the behavior of Canadian mining companies abroad." e Prime Minister hasn't released a plan of response yet, but CSR is something mining companies and their lawyers bear in mind. "At present there is no overarch- ing Canadian law that directly regulates overseas operations of Canadian-registered mining companies," Andrew Kalamut of McCarthy Tétrault LLP noted in a re- cent article. "Instead, there is a legislative 'patchwork' that governs these companies' compliance with various (international) standards. … e Canadian Government has a complicated task ahead that requires it to balance its stated priorities of strength- ening its CSR approach, while at the same time ensuring that it is not placing Cana- dian businesses with overseas interests at a commercial disadvantage," Kalamut add- ed. is sounds like another variable in an already complicated equation. To Pletcher go the last words on whether or not there has been a marked resurgence in the mining sector: "So, a better market? Certainly. A resurgence? at might be a too strong a characterization. Maybe in 2018." Hope springs eternal.

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