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.
Imperial Oil and Exxon Mobil Corp said on Monday they have revised plans to ship massive pieces of oil sands equipment on US highways through Idaho and Montana after legal challenges and protests forced delays.
The two companies have spent months battling conservationists and residents along the Clearwater and Lochsa rivers in an attempt to move the two-lane-wide ‘megaloads’. They will now try to dismantle the shipments and move them in smaller loads on bigger highways at a cost of some $70 million and the possibility of further delays for their $11 billion Kearl oil sands project.
Reuters reports Imperial and its parent company, Exxon Mobil, had been shifting around some work at Kearl to keep the C$10.9 billion ($11 billion) project on track for start-up at the end of 2012.
The LA Times quotes Bobby McEnaney, land policy analyst for the the Natural Resources Defense Council, as saying the alternative route alliance proves “Goliath can be stopped.”
Comments
Looselyride
liberals ,and politicians and the sierra club can walk inthe dark and freeze ,they will stop all mining ,their prius’s use more fossile fuels to build than they ever pay back………morons