Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Photo courtesy of John Lovelace Real Estate Team Twitter Account.
The abandoned town of Bradian, a former suburb of a Canadian gold mining city located in the western province of British Columbia, has been sold for less than Cdn$1 million to a Chinese real estate developer who intends to bring it back to life.
The new owner, China Zhong Ya Group Hebei Canada-China Co, aims to turn the 20-hectares town, which has 22 buildings, into a recreation hub where visitors can even pan for gold, Postmedia News reported.
Located just two hours north from the popular resort town of Whistler and four from Vancouver, Bradian had been on the market since 2010. However, it wasn’t until last year, when articles about its hunt for a buyer went viral, that the realtor leading the sale began receiving tons of inquiries from both domestic and overseas parties.
Photo courtesy of John Lovelace Real Estate Team.
Tom and Katherine Gutenberg, who had been using it as a summer retreat since they purchased it in 1997, finally sold it on Dec. 29 to the Heibei Group.
Bradian is situated beside Bralorne Gold Mine, which is run by Avino Silver & Gold Mines. Avino bought the mine last year and says it plans to expand the mine’s operating capacity.
Bralorne was a prolific mining operation from 1928 to 1971. Nearby Pioneer and King mines produced 4.15 million ounces of gold from 7.9 million tons of ore. Bradian was the workers’ home, but the town vacated after the mine closed in 1971.
Photo courtesy of John Lovelace Real Estate Team Facebook.
The area offers good snowmobiling or skiing in winter or fishing, boating, swimming and hiking in summer.
