This Week’s Market Buzz

  • Victory Nickel Inc. announced that it has sold its interest in a partnership created to trade in commodities for Canadian $430,766 less fees and costs of approximately $73,000. “This sale will provide some working capital while the oil and gas price recovers and drilling and the related consumption of frac sand returns,” said Rene Galipeau, CEO. “As mentioned in our first quarter financial report, sales of frac sand are extremely slow. However, the company has approximately 35,000 tons of sand in inventory to be sold as the market recovers. Sale of this inventory should give us time to implement our operating plan to move forward and return to full production.”

  • More than 20 people, both supporters and detractors of a project that would drastically expand a Clayton County, Iowa, frac sand mining operation spoke during a public comment meeting in Elkader, Iowa. County officials must determine whether to approve a rezoning request from Pattison Sand Inc., that would allow it to expand operations sevenfold. A five-person committee tasked with studying the proposal – which would reclassify 746 acres for heavy industrial use – recently released a draft report that recommends 16 restrictions, according to the Telegraph Herald.
  • Northern Sands LLC and Ahlgrimm Explosives Co. Inc. have been fined a total of $26,000 for failing to properly abandon 25 frac sand boreholes in the Town of Howard, according to DeWitt Media. Judge Rhonda L. Lanford in Dane County Circuit Court ordered the judgment against Northern Sands and Ahlgrimm in June in response to a complaint filed by the state of Wisconsin.


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