Friday, July 2, 2010B.C. Industry Urges Federal Approval for Prosperity Mine - Federal Review Panel submits report to Minister of Environment
VANCOUVER, July 2 /CNW/ - The Mining Association of British Columbia (MABC) along with the B.C Chamber of Commerce and the Business Council of British Columbia are asking the federal Cabinet to support the Prosperity mine project now that the federal review panel's report has been completed.
"The panel has reviewed the project but offered no opinion on whether the project should be approved but is instead leaving that decision to the federal Cabinet," says MABC President Pierre Gratton. "We remain confident the federal Cabinet will see the significant benefits of this project and approve its development, just as the provincial government did back in January of this year."
The Prosperity Mine project, located in central B.C. is expected to contribute $340 million dollars annually to provincial GDP, $400 million in provincial revenue and $43 million to local and regional government over the life of the project.
"Given BC's declining trade balance and weak forestry sector, the province needs major new investments like the Prosperity project," added Jock Finlayson of the BC Business Council. "Prosperity is one of the most significant new anchors of economic development available to the province at this time. Federal government approval of Prosperity will be a significant boost for BC's future prospects."
The Independent contractors and Business Association of B.C. agree with those sentiments. "The B.C. construction industry has seen a 25% reduction in employment making an investment like the Prosperity Mine desperately needed to put our people back to work," says Philip Hochstein, President of the Independent Contractors and Businesses Association. "Once up and running the mine will allow others in the community to invest in their homes and businesses which will provide a more secure future for the local construction community. ICBA urges the federal government to approve the Prosperity Mine as quickly as possible so the region can once again grow and prosper."
"Communities like Williams Lake and 100 Mile House are counting on this mine," added John Winter, President of the BC Chamber of Commerce. These communities, suffering the effects of the mountain pine beetle and facing high levels of unemployment and rising bankruptcies, need the economic injection that this mine will bring to the region. On behalf of small business, I urge the federal government to approve Prosperity in a timely manner."
The federal review panel has submitted their report to the federal Minister of Environment who will now take the report, along with several other reports, to the federal cabinet for a final decision.
before selling like mad, professionals read panel's report! Below is a very important passage of that report:
As required in its terms of reference, the Panel has also provided information to assist decision makers in determining whether the project may be justified under the circumstances and has provided recommendations for the management of environmental effects should a decision be made to enable the project to proceed.
Given what I know of the current Conservative Government in Ottawa, and based on the panel's report, which, though disappointing to the market is about what should have been expected, I would expect the ultimate decision to be positive for Prosperity; the Government's reputation is hardly "green".
That being said, we have to realize that the Conservatives have a minority of seats in Parliament, so that the Government could always be defeated, causing an election, and the longer things go, the greater the chances of that. As the political picture stands right now I would expect it to be reelected, but things can change fast in politics. Were a "greener" party or coaltion come to power the prospects for Prosperity (and for prosperity) would dim. JMHO.
Why people are so nervous in the after hour ? The report did not propose the rejection of Prosperity, but just few environmental issues which can absolutrly overcomed. If I was the Federal member to vote for the project, U will not just make my decision based on the environment, but other factors such as economy, employment, which is the most important factor in time of this recession and high unemployment rate, especially this environment issue can be resolved. The report did not propose a rejection but just put out its concern, and Federal did not make its decision yet, so, why people traded in after hour are so nervous ? I believe this is a set up to pump fear , especially the trading volume in after hour is so thin, only 350000 shares traded, and only 6000 shares were traded at $3.4+, and most of the shares were traded between $3.3 to $3.4 after few thousand shares were traded between $3.2 to $3.3.
were traded between $3.2 to $3.4
This distribution did not make much sense . First, if the price has dropped to $3.4 after few thousand shares were traded, then why people continue to sell if the price has already dropped below $3.4. I looked like this is a set up by someone in the know, first push the share price to $3.2 with few thousand shares, then accumulated all the shares between $3.2 to $3.4
If this report is really a big deal , the trading volume should be well over 1,000,000 shares. Next Tuesday, the share price may well go over $4 after open
Agree 100% - Project is not dead, the project has stipulations that can be ment, that is the purpose of the comission, and that is what they did.
Not sure what kind of delay we are looking at VS what management expected, but I have to think that this is one of their main scenarios.
Well they already approved a 30 year mining lease, so I can 't see why they won't approve the mine going forward. If they did that, it would
be like leasing you a car, but telling you you can't drive it!
Look at the 2nd to last paragraph......10 weeks?