Barrick says Ontario Superior Court dismisses 2022 Tanzanian security case
A group of 21 Tanzanian nationals had alleged that Barrick was complicit in extrajudicial killings by police guarding its North Mara mine.
Global miner Rio Tinto (ASX,LON: RIO) revealed Monday it is contemplating the sale of its 19.1% stake in Canada’s Northern Dynasty (TSX:NDM), the sole owner of the undeveloped Pebble copper-gold project in Alaska since Anglo American (LON:AAL) ditched it last September.
The news come less than a week after Rio’s Chief Executive Officer Sam Walsh announced he was is charting a course to potentially bolster cash returns to investors in the world’s second-biggest mining company after cutting $2 billion of costs ahead of schedule.
“Rio Tinto has advised the management of Northern Dynasty Minerals … that it intends to undertake a strategic review, including a possible divestment, of its shareholding in Northern Dynasty,” said Rio in a statement.
Over the past year the Pebble mine has attracted a lot of unwanted interest. Environmental groups have fiercely opposed the mine over fears that it would endanger fish populations and other wildlife.
Proponents of the mine argue that Alaska is in desperate need of the estimated 15,000 jobs the project would provide and the $400 million boost it would give to Alaska’s annual gross state product.
The Pebble deposit holds an estimated 55 billion pounds of copper and 67 million ounces of gold.
6 Comments
Plink
Someone just has to convince all interest groups involved that this project would not ‘rob’ anyone, but to ‘mobilize’ an otherwise ‘frozen’ resource into development for the benefit of many.
Max
NDM has been “soiling the slumber-site” on this project for years. All that aside, this rich project will only advance when the (soon to be) starving populace of Alaska rises up against the misinformation and self-interest of the protectionists. It seems that money doesn’t talk these days. People do.
Guest
I have been to that project site – It is literally in the middle-of-nowhere. Yes they have to build a road and powerline to it to get the ore to market. But the operation of the biggest mine in North America will generate a lot of jobs and economic activity for a very long time and substantially benefit both the Alaska state government and the Alaska Native Corporation that manages the land. Right now the only thing going on there are around 400 Alaska Native aboriginals (who support the mine) who make a living salmon fishing in Iliamna Lake, and the hunting lodge. Opening the mine necessarily changes the landscape but it’s what humans need to do to prosper. Those “Big City” environmentalists collect welfare checks while they bitch against the mine, instead of getting jobs.
Anthony Maw
I have been to that project site – It is literally in the middle-of-nowhere. Yes they have to build a road and powerline to it to get the ore to market. But the operation of the biggest mine in North America will generate a lot of jobs and economic activity for a very long time and substantially benefit both the Alaska state government and the Alaska Native Corporation that manages the land. Right now the only thing going on there are around 400 Alaska Native aboriginals (who support the mine) who make a living salmon fishing in Iliamna Lake, and the hunting lodge. Opening the mine necessarily changes the landscape but it’s what humans need to do to prosper. Those “Big City” environmentalists collect welfare checks while they bitch against the mine, instead of getting jobs.
Mike Failla
Certainly there must be common ground where all parties have sway but the strident left gets the press and common sense sometimes take a back seat to the realities. Will there be disturbance? Sure , you disturb it if you walk through it. Lets all stop with the hyperbole and use facts and logic and common sense. Some of which seem to be in short supply. Volume does not replace fact.
Stacey
I actually don’t know much about the Pebble site (except that it’s one of the largest gold deposits in the world), but being a lifelong environmentalist and a geologist and having worked at several mines, I believe a modern mine built today would be
constructed in an environmentally sound manner, at least in North America.
The mining companies, I’m sure thanks in part to outspoken environmentalists in the
past, have become very environmentally conscience, and I think would do a good
job taking into account all the stakeholders involved. We all use the material
that comes out of mines and the people that work at the mines are good, normal people and aren’t out to destroy where they live. We all can help do what we can for
the environment and at the same time do some mining.