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.
British Columbia’s government has rejected an application to open an underground coal mine on Vancouver Island, the Canadian Broadcasting Corporation reports.
The provincial environmental assessment office said the required information was not received from Compliance Energy Corp. (TSX: CEC.V) for the proposed Raven coal mine near the Comox Valley on the east side of the island.
In its review document, the government said there were hundreds of application deficiencies including insufficient information about environmental impacts on air quality and water, mitigation of long terms effects from industrial waste and tailings, as well as a lack of consultation with Aboriginal people.
The Raven coal deposit holds about 72 million tonnes of measured and indicated coal suitable for the metallurgical and thermal markets.
Compliance Energy can resubmit its application.
Image: deeanne, Creative Commons, Flickr
