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.
A group of young members of the James Bay Cree Nation reached Montreal, their final destination, after completing an 850-km march to protest against uranium exploration and mining in Quebec.
Upon arrival the demonstrators, reports CBC, headed to the province’s environmental protection watchdog, the Bureau d’audiences publiques sur l’environnement (BAPE), as they body is holding the last of a series of public hearings on uranium exploration.
The march underlined the Crees’ opposition to uranium exploration and mining, which they say would invade their territory, pollute the environment and threaten their traditional way of life.
The suspension of uranium mining in the province came in effect in April last year, making Quebec the third Canadian jurisdiction, after Nova Scotia and British Columbia, to halt exploration and development of these kinds of mines.
Fleeing Quebec
Mining investments in Quebec have steadily dropped in the last few years, plunging about 37% in 2013 from a record the year before. The jurisdiction has also fallen in the famous index of mining destinations put together every year by the Fraser Institute, an independent think-tank: From being the No.1 desired place to invest in mining from 2007 to 2010, it barely reached the 11th place out of 96 jurisdictions last year.
Experts think the uranium moratorium sped up the fall and companies with interest in the area are a testimony of that. Strateco (TSE:RSC), based in Boucherville, has been waiting for years for a certificate of authorization from Quebec’s environment department to begin exploration work at its Matoush site in the Otish Mountains, about 275 kilometres north of Chibougamau.
Now the junior miner is seeking about $190 million in compensation from Quebec for the investments it made in a uranium project before the province blocked it last year from moving to the next stage.
5 Comments
Gary
I think it s only fair that the first nations want to protect their traditional way of life from “mining exploitation”, that is their right. However by the same token they should not then expect any benefits from the taxes that mining generates.
The Real John Smith
That’s average travel rate of 40.5 km (25 miles) per day if you were wondering.
Verna Phippen
Gary; does mining generate ANY benefits and taxes at all or are they SUBSIDIZED by HAVE Provinces like ALBERTA to Quebec? Ask that before you judge the First Nations people and hard working Albertan’s paying for the ‘perks’ of Quebec in Montreal!!!
Edward Wilson
This is just the opposite of what I saw in Saskatchewan in 2010 where the local bands are the major contractors at the uranium mines (and charge that way too).
It sounds as if Quebec is reading the Techie Curse to its northlands – telling them that their children (like the rest of the province’s) will have to go elsewhere for work..
That they are wailing about the availability of gas while banning the development of their own demonstrates a level of incompetence I have come to expect from Quebec governments.
Mr.Microcurries
Well as long as
uranium or any other radioactive materiel is in safe quantities and is
not ingested it is perfectly safe. For example countless household items
are RADIOACTIVE yes with NUCELAR radiation and they are PERFECTLY SAFE.
Smoke detectors save thousands of lives per year and each one contains
an isotope that emits GAMMA RADIAITON and were all perfectly fine. Some
exit signs contain mutable CURRIES or tritium a radioactive gas and
again cause no harm. ALSO; It dost matter the amount of nuclear material
spilled it matters the ACTIVITY of it and how many curries
were spilled. Try to learn more about nuclear radiation before
protesting it. https://www.youtube.com/watch?v=XTIvoTiTTSU