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.
The Association for Mineral Exploration British Columbia said on Wednesday that the agreement to compensate miners for development work in the Flathead River basin are too low.
On Monday Montana Governor Brian Schweitzer announced that the 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. Cline Mining Co. and Max Resource group will receive the compensation.
“AME BC remains appalled by the lack of due process in reaching a timely and fair compensation agreement for the taking of mineral titles in the Flathead”, stated Gavin C. Dirom, President & CEO of AME BC in a press release.
“Receiving a fraction of sunk costs is like winning the lottery jackpot, having the lottery corporation change its rules, and only refunding the cost of the lottery ticket to you,” said Mona Forster, Chair of AME BC. “Only yesterday, we thanked the government for its recognition of the role mineral exploration and mining play in our province in their provincial budget address. Today, it has been confirmed that broader stakeholder consultation takes a back seat to backroom negotiations between special interest groups and neighbouring governments that demand and get what they want - regardless of existing legislation or science-based land use planning.
Michael McCrae wrote this story. You can contact him at [email protected].
