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.
Danny Williams, the colourful ex-premier of Newfoundland, will serve as special advisor to the chairman of iron ore junior Alderon Iron Ore Corp. (CSV:ADV).
The Vancouver-based company is developing its Kami iron ore project near Labrador City.
“I am honoured to be joining Alderon as its Kami Project is the first greenfields iron ore project in the Labrador Trough expected to go to development in the last 35 years and will be an important contributor to the economy of Labrador West and Newfoundland and Labrador as a whole for many years to come,” Williams said in a statement today.
Throughout his tenure in office, Williams became known as a staunch defender of Newfoundland and Labrador. At times he clashed with the federal government over royalties from offshore oil production — on one occasion even pulling down Canadian flags from provincial buildings in protest.
Williams served seven years as Newfoundland premier, between 2003 and 2010. His private sector experience includes a position as president of offshore oil and gas supply and services company OIS Fisher, which later became Spectrol.
Alderon has begun filing material to start the federal and provincial environmental assessment process which would allow it to double future annual production at Kami to 16 million tonnes of iron ore concentrate annually.
Alderon’s plan is to ship the material to the port of Sept Îles for export to Asia via common rail carrier. Powerlines running from Churchill Falls hydroelectric power station are located 15 kilometres from the Kami property.
A preliminary economic assessment released in September envisions an 8 million tonne per year open-cast mine operation with a minelife of 15.3 years. Production is slated to start in 2015.
Listen to a MINING.com interview with Alderon executive chairman Mark Morabito
Photo of Danny Williams, found on Wikimedia Commons, is by Andrew Spearin.
Comments
Sue
Danny was not the only person who was called up to the majors. How about his Clerk of the Executive Council? Or a Nalcor employee negotiating Muskrat Falls? Give us the complete story. http://nlpost.blogspot.com/2012/01/keep-train-running-choo-choo-brian.html