Backlash grows over $50 billion pension deal

Sponsored by Rua Gold

Backlash grows over $50 billion pension deal

Toronto-based investment giant Brookfield Asset Management has initiated discussions to create a $50 billion fund, primarily aimed at boosting investments in domestic assets. This move has already stirred political controversy due to its timing and connections to prominent figures within both the Canadian government and Brookfield itself.

The proposal seeks financial backing from several of Canada’s largest pension funds and the federal government. According to sources familiar with the discussions, Brookfield is aiming for a $36 billion commitment from pension funds and $10 billion from the federal government, with Brookfield contributing $4 billion of its own funds.

You can read more on the matter here.

Rua Gold Corp (CSE: RUA) is exploring for high grade gold in the re-emerging gold jurisdiction of New Zealand, where the company is already drill testing its Reefton project. Early results from the program include 16.4 g/t gold over 7 metres at a new discovery known as the Pactolus Vein, while the region is said to be wide open at depth. The region is ripe with activity, with OceanaGold recently selling an adjacent project for $30 million, which boasted a resource containing gold grades of 23 g/t.

What’s going on?

  • Mexico Has Not Banned Open Pit Mining | Silver Tiger Metals with Glenn Jessome (theDeepDive)

  • PM Trudeau to shuffle cabinet as Rodriguez quits to enter Quebec Liberal leadership race, source says (Globe)

  • Federal Reserve Cuts Rates By 50 Basis Points (theDeepDive)

  • US Existing-Home Sales Slide to Lowest Level Since October (Bloomberg)

  • BHP: Rising AI Demand Could Trigger Copper Crisis by 2050 (theDeepDive)

  • Exclusive: Ammunition from India enters Ukraine, raising Russian ire (Reuters)

  • Fuerte Metals: Well-Funded and Backed by Industry Giants (theDeepDive)

  • Nintendo sues 'Pokémon with guns' video game firm (BBC)

  • US regulators accuse social media platforms of user surveillance (FT)

  • $200M Cash, 8.8% Dividend Yield w/ 450K oz Gold Target | Aura Minerals with Rodrigo Barbosa (theDeepDive)

  • Mission specialist for Titan sub owner tells Coast Guard the goal was to ‘make dreams come true’ (Globe)

What’s the latest?

  • US Home Sales: Sales of existing U.S. homes fell by 2.5% in August to an annualized rate of 3.86 million, the lowest in 10 months, due to affordability challenges despite recent declines in mortgage rates. The median home price rose 3.1% year-over-year to $416,700, while inventory rose for the eighth straight month, though it remains below pre-pandemic levels.

  • Illegal Immigration: Radio-Canada has uncovered a network of TikTok accounts offering illegal services to help Indian temporary residents in Canada cross into the U.S. outside official border points. These accounts, targeting Indian students, promise safe passage for prices ranging from $1,500 to $5,000, with testimonials in Punjabi from purportedly satisfied clients.

  • US Jobs: Applications for U.S. unemployment benefits fell to 219,000 in the week ending Sept. 14, marking the lowest level since May and signaling a still-healthy job market despite slower hiring. The drop of 12,000 was below economists' expectations, and continuing claims also fell to their lowest in three months. Additionally, the four-week moving average of claims decreased to 227,500, the lowest since June, reflecting sustained labor market strength.

  • Emissions: Canada made a modest reduction in greenhouse gas emissions last year, cutting them by about 1% compared to 2022, or 8% since 2005, according to a report by the Canadian Climate Institute. However, progress was slowed by increased oil and gas production and rebounding air travel, with the oil and gas sector increasing emissions by 1% and accounting for nearly one-third of the country's total emissions.

  • Interest Rates: The Federal Reserve has cut its benchmark interest rate by an unusually large half-point, bringing it down to 4.8% from a high of 5.3%, marking its first rate cut in over four years. This move reflects a shift in focus toward supporting the slowing job market after a period of raising rates to combat inflation.

Banyan's Yukon powerhouse

The stock market and stuff

  • Barrick Gold Suspends Operations at Porgera Mine Amid Escalating Tribal Violence (theDeepDive)

  • S&P hits record high after jumbo Fed cut (FT)

  • Trump Media shares slide with DJT sale restrictions set to lift (CNBC)

  • BHP’s Nickel Shutdown Derails Plans for LME Alternatives (theDeepDive)

  • Tupperware files for bankruptcy as its colorful containers lose relevance (Reuters)

In the juniors

  • Ascot Resources Obtains Waivers With Creditors Through To October 31 (theDeepDive)

  • KSM Royalty: Nations’ Stake In The Largest Fully Permitted Copper-Gold Deposit (theDeepDive)

  • ATHA Energy Expands Land Package At Angilak Following 2024 Exploration Program (theDeepDive)

FULL DISCLOSURE: Rua Gold is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Rua Gold on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.