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 mine was previously in operation from 1982 to 2000.
The Quintette Coal Mine 15 kilometres south of Tumbler Ridge is set to re-open after it received a Mine Acts permit from the BC provincial government this past week.
According to a statement by the ministry, the capital cost of this project is estimated at $860 million and would provide more than 500 new full-time jobs in the area.
The mine was previously in operation from 1982 to 2000.
Coal from the open pit mine will be shipped by rail to ports in Prince Rupert. About 3 million tonnes of metallurgical coal is expected to be produced. The mine is 100% owned by Teck Resources (NYSE:TCK). The company says coal production is expected by 2014.
The provincial government says it consulted with nearby First Nations: the Saulteau First Nations, West Moberly First Nations, McLeod Lake Indian Band, Doig River First Nation, Halfway River First Nation and Prophet River First Nations.
The province is touting the re-opening.
“Since the BC Jobs Plan was released, two new mines have begun production; four more are permitted or under construction – including Quintette – and the Province has approved six major expansions of existing mines. A BC Jobs Plan goal is to open eight new mines and expand nine others in British Columbia by 2015. B.C. is more than halfway toward achieving this goal.”
The Quintette Coal mine is 20 kilometres south of the town of Tumbler Ridge, BC.
