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.
Nature Conservancy Canada and The Nature Conservancy in the U.S. will pay two mining companies $9.4 million as compensation for development work they did in the area around Glacier National Park. Montana Governor Brian Schweitzer made the announcement on Monday.
In February 2010, the Government of British Columbia announced that it would stop resource development in Flathead River basin, a 22,780 square kilometre area bordered by Montana and the province.
According to Daily Inter Lake, Cline Mining Co. and Max Resource group will receive the compensation.
Commitment to completing the deal was made in yesterday’s throne speech in the B.C. legislature.
“We will also complete the commitment made with the State of Montana to sustain the environmental values in the Flathead River Basin in a manner consistent with current forestry, recreation, guide outfitting and trapping uses,” said Lieutenant-Governor Steven L. Point.
“The Memorandum of Understanding and co‑operation signed by British Columbia and witnessed by interested First Nations and American Tribes has been described by Prime Minister Harper and President Obama as an “historic” agreement to sustain the environmental values in this area. We look forward to implementing this agreement with our partners and paralleling steps taken recently in the United States Congress and by the State of Montana.”
Michael McCrae wrote this story. You can contact him at [email protected].
Map by Pfly. Photo by Issac R.
