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.
Town of Wabush across Jean Lake. Image from Wikipedia.
Dust from the abandoned Wabush iron mine in Newfoundland and Labrador are blowing through a small township, and the mayor is urging the province to release funds from the company’s security bond to clean up the site.
Mayor Colin Vardy has been told by provincial officials that air monitoring stations don’t detect an air pollution problem, but Vardy has trouble believing the results:
“When I walk through the community and I can feel the dust on my teeth and I can feel it in my mouth and I can feel it in my nose,” said Vardy, adding the town is urging the provincial government to intervene and release funds from a security bond paid by the company of about C$50 million ($40 million) to cover mitigation costs.
Comments
LAMB
UNFORTUNALEY, PROVINCIAL GOVERNMENTS ARE TOO CLOSE TO BIG BUSINESS TO CARE ABOUT THE PEOPLE AND THEIR HEALTH.
Look how Nova Scotia covered up the Coal Mine disaster a few years ago when 26 miners died because Safety Inspectors were LAX in their jobs, rarely visiting the Coal Mine – and of course the company took advantage of it and exceeded the safety limits and monitoring requirements and BOOM – 26 good men died.
The company Management was not prosecuted, and the mine is now closed. So what did the sacrifice of 26 lives achieve? NOTHING for Nova Scotia.