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.
Hundreds piled into a public hearing Wednesday on a new bill affecting a huge iron ore mine in northern Wisconsin.
“Many stood against the wall and dozens more stood outside the room in the hallway. Committee aides said about 130 people had registered to speak,” Duluth News Tribune reported.
Asked earlier this year to shorten its environmental permitting process from 5 years to 300 days, the state is now taking a second crack at rewriting its mining legislation after draft legislation was scrapped due to public outcry regarding the secretive nature of the process.
The bill, to be introduced by Wisconsin Republicans into the state assembly on Thursday, would streamline the permitting process for Gogebic Taconite (GTAC) to open a new open-pit iron ore mine south of Lake Superior.
On its website GTAC states the deposit contains 1.2 billion tons of iron ore and that the mine will use water and magnets to separate the ore rather than chemicals used in sulphide mines. The company says the mine has a life of 35 years and would employ about 700 workers.
Groups opposed to the mine, which would stretch four miles along Ashland and Iron counties, say the mine would endanger water and air quality and create an ugly scar on the landscape.
Opponents include tribal leaders and environmental heavyweight The Sierra Club.
7 Comments
Rbuttugly
the effects of not mining it will or could leave scars on poeples lives by losing there house an not being able to pay bills.all u treehuggers god put these resources on this planet for a reason,they open mine it when there through they fill it up with dirtplant some trees an throw a few boulders an rocks around an walla in ten tears ull never be able to tell it happened wake up poeple ,no matter what man does mother nature will always reclaim her ground over time………………………….
Kneedeep
Poorly written article. 100s. Did anyone attend the meeting to get a flavor of how many of the people were there to oppose, and how many there to approve. The meetings we have been having here in Arizona have been packed with people supporting mining. Too bad your assumption is of course negative…and nothing was said to in the article to sway it the other direction. Please go back to reporting the news, not making it.
MINING.com Editors
Thanks for the comment Kneedeep. The source of this article was a story by the Duluth News Tribune which actually attended the meeting (we are in Vancouver and were obviously unable to attend). An update to the article states that in fact many, perhaps the majority, of those who spoke are in favour of the mine. Here is the lead paragraph from that article:
Supporters of a bill that would scale back the state’s rigorous permitting process to kick-start a Northwestern Wisconsin iron-ore mine pleaded with legislators during a hearing today to pass the measure, calling the mine an economic godsend that will save the depressed region.
My article presumed no bias either for or against the mine- just reported that a large number attended the hearing.
– Andrew Topf, Editor, Mining.com
Lambsurvey
Caution should prevail here – Iron Ore prices are expected to hold at $129/ton for another year, THEN decline – so, people, don’t hold your breath waiting for work to begin – the cost will be enormous(billions) and when the down-turn in Iron Ore prices start, this project will be put on hold – just bad timing – sorry.
optioneer
On the other hand (1) We don’t know the mines cost per extracted ton of iron. (2) Most commodities are expected to rise with the coming inflation.Gold for example,is expected to make a serious run at $2000.00 an OZ. in 2012 and most investors will tell you that a rising tide floats all boats.(3) Studies show that only the super rich are getting richer and they can’t do that by having mega investments with bad timing . My money is on THEM !
Kat4542
Sierra Club is one of the most over staffed (attorneys) they do not want any type of business being built here or on the iron range in MN….they just want all the mining in someone else’s back yard. They have pushed large companies out of this country. We have lost 55,000 manufacturing plants in the past 15 years. Mainly because of the environmentalists and the rules they have pushed though the EPA. The elitist in that club are a joke at best…they are the reason why this mine will be delayed…just like the many other foolish things they fight out in long drawn out court battles. Do not ever donate money to those eviron-mental-ists that are connected to this group. The minerals are in the earth in that spot, we do not have a choice to move it somewhere in the desert to mine, this should be a no brainer. MINE, BABY, MINE.
Driehle
Mining in this area would help local economy and anyone who does mine will have to follow strict regulations and reclimate the area mined, it has to be done some where, I work for a mining company in southern Wis. and would love a chance to move north and work at this mine if it ever happens.