Thursday, November 26, 2009

Foreign activities bill angers miners

Periodically we hear stories about the activities of Canadian mining companies in the Third World, and it's not a good thing at all. Liberal MP John McKay has introduced a bill to remedy this, and the mining companies are freaking out:
Thursday, a trio of Canada's largest miners will attempt to answer their accusers and argue against a proposed law which they say could devastate their industry and result in the loss of billions of dollars in financing and investment.

Executives from three mining heavyweights – Barrick Gold Corp., (ABX-T 46.240.671.47%) Goldcorp Inc., (G-T 46.520.681.48%) and Kinross Gold Corp. (K-T 21.200.683.31%) – are slated to testify in front of a parliamentary committee examining Liberal MP John McKay's bill, which has passed second reading. In a submission, the gold miners warn Bill C-300 will lead to “frivolous and vexatious claims” against mining firms and will put Canadian companies at a disadvantage against their international competitors.

They claim that the bill, believed to be the first of its kind in the world, would create a potential “exodus” of mining companies leaving Canada.

From the Globe and Mail. I guess respect for the environment and human rights is too much to expect of the mining industry.

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