B.C. Mining Companies Developing Abroad

For B.C. mining companies, any hinterland, near or far, is home. Here's another example of how a Vancouver miner is developing in some of the earth's most untravelled regions. It’s no secret that Vancouver has become one of the mining capitals of the world, with hundreds of companies taking their exploration and development expertise into the farthest reaches of the globe.

By Tony Wanless / July 26, 2011

For B.C. mining companies, any hinterland, near or far, is home. Here’s another example of how a Vancouver miner is developing in some of the earth’s most untravelled regions.

It’s no secret that Vancouver has become one of the mining capitals of the world, with hundreds of companies taking their exploration and development expertise into the farthest reaches of the globe.

A recent report pegged mining, particularly in the M&A area, as one of the big drivers of B.C.’s economy over the next couple of years. That’s certainly been the case recently, as mining companies big and small team up to mine needed metals, no matter where they might be.

In the latest of such joinings, a Vancouver rare metals miner has been involved in a reverse takeover that gives it access to a huge diversified and strategic metals deposit in Russia and Mongolia.

Puget Ventures Inc. was involved in a reverse-takeover transaction with Imperial Mining Holding Ltd., acquiring its assets, which include the Karakul region and a metals deposit in Russia’s Altai Republic and over the border in Mongolia.

The mineral rich region contains critical minerals and metals such as cobalt and tungsten.

Puget, which is changing its name to Global Cobalt Corporation, will help open up the region to mining, similar to what has been happening in other remote regions of Central Asia in recent years. It will be aided by the Altai government and the Federal Government of Russia, who have committed some $400 million for the Karakul project.

Puget will also continue work on its three cobalt mineral deposits at Werner Lake near Kenora, Ont.

This is a very good example of how B.C. mining companies are willing to undertake globetrotting into the world’s hinterlands as global demand for metals continues to heat up. Mongolia, southeastern Russia, and other remote areas such as Kazakhstan are as much familiar territory for Vancouver-led mining projects as northern B.C., Saskatchewan, or Ontario once were.