Plan To Reopen N.s. Mine In Gays River - Page 5 - Conservation - Nova Scotia Fishing

Jump to content


Photo

Plan To Reopen N.s. Mine In Gays River


  • Please log in to reply
86 replies to this topic

#81 rpen

rpen

    Advanced Member

  • Members
  • PipPipPip
  • 304 posts

Posted 09 May 2013 - 09:11 AM

http://www.ressourcesappalaches.com/
  • 0

#82 Terran

Terran

    To do nothing is unacceptable.

  • Members
  • PipPipPip
  • 2726 posts
  • LocationHRM

Posted 10 May 2013 - 06:10 AM

Thanks for the link, Rpen.

Terran
  • 0

"In these sad and ominous days of mad fortune chasing, every patriotic, thoughtful citizen, whether he fishes or not, should lament that we have not among our countrymen more fishermen."  Grover Cleveland
 


#83 Terran

Terran

    To do nothing is unacceptable.

  • Members
  • PipPipPip
  • 2726 posts
  • LocationHRM

Posted 19 June 2013 - 08:14 AM

Perhaps, there is hope yet that the Gays River mine may not open.

 

This article from the Chronicle Herald:

 

Gays River mine owners plan full financial review

June 18, 2013 - 6:11pm By BILL POWER Business Reporter

 

Investors in the ScoZinc mine in Gays River said Tuesday all aspects of a plan to reboot the operation are under review.

 

Board members of Selwyn Resources Ltd. agreed to the move after voting down a controversial proposal to liquidate the company and sell the shuttered Colchester County mine.

 

“It’s impossible to comment on the future of the mine at this point, as the strategic review will consider all factors,” Ben Cubitt, a newly elected member of the board, said after the company’s annual general meeting in Vancouver.

 

Cubitt is affiliated with Samara Capital Inc., the Toronto firm and Selwyn investor that pushed for liquidation.

 

Samara Capital and some other investors wanted to distribute to shareholders $40 million generated by the sale of Selwyn’s half interest in a project in northern Canada.

 

Selwyn previously planned to put the $40 million toward the cost of restarting ScoZinc.

 

Current management at Selwyn, including president and chief executive officer Harlan Meade, remains in place following the annual general meeting. Meade was unavailable for comment, with his office reporting he had departed for vacation for a couple of weeks.

 

There is a new board of directors in place with a plan to complete a strategic review as soon as possible.

 

“The review is underway as we speak,” Cubitt said.

 

The ScoZinc mine closed when zinc and lead prices tumbled during the 2008-09 global financial crisis and the automobile sector in the United States and Canada sank into financial despair.

 

Selwyn bought the mine in 2011 for $10 million and said a resumption of production would be linked to an anticipated recovery of international zinc and lead prices.

 

Zinc and lead prices traditionally move in sync with the health of the automobile sector, according to many analysts.

 

After weeks of speculation about the company’s future, the proposal to liquidate Selwyn Resources was rejected by shareholders representing an 87 per cent interest in the business.

 

“Following a thorough review of the company by the new board of directors, the company plans to provide a general corporate update in due course,” said a Selwyn news release.

 

“The company is also reporting that shareholders did not vote in favour of the voluntary liquidation of the company.”

(http://thechronicleh...inancial-review )

 

 

Whether the mine is re-opened or not, the Environment Departments need to address this site and determine what can be done to prevent future damage to the waterway.

 

With the rains we've had this Spring, I would be surprised if this site isn't currently depositing harmful materials into the river.

 

Terran


  • 0

"In these sad and ominous days of mad fortune chasing, every patriotic, thoughtful citizen, whether he fishes or not, should lament that we have not among our countrymen more fishermen."  Grover Cleveland
 


#84 basindawg

basindawg

    Advanced Member

  • Members
  • PipPipPip
  • 1142 posts
  • LocationCanning NS

Posted 19 June 2013 - 05:07 PM

Another company, with more money, will likely come along danging the employment carrot to government and there we go again.  The damn thing is located in a Riparian, close it, start fixing the damage already done and let the land take it over.


  • 0

#85 Terran

Terran

    To do nothing is unacceptable.

  • Members
  • PipPipPip
  • 2726 posts
  • LocationHRM

Posted 19 June 2013 - 06:11 PM

BDawg,

 

Could not agree with you more.

 

Not only is it in a Riparian Zone; the damn thing is practically part of the river. Besides that, hydrological reports state the damn mine has water issues and proposes that water from the mine will flow into the river.(?)

 

I just don't get how this mess was even allowed to begin. Back when environmental assessment had some credibility, they proposed redirecting the river. Yet...there it sits. River runs through it (practically).

 

Just makes me sick. :wacko: (Wish there was a puking emoticon)

 

Terran


  • 0

"In these sad and ominous days of mad fortune chasing, every patriotic, thoughtful citizen, whether he fishes or not, should lament that we have not among our countrymen more fishermen."  Grover Cleveland
 


#86 basindawg

basindawg

    Advanced Member

  • Members
  • PipPipPip
  • 1142 posts
  • LocationCanning NS

Posted 20 June 2013 - 06:09 AM

Ok boys and girls, can we all say Watershed Management ?!  Difficult concept to imagine and a great deal involved but maybe "they" could begin with Riparian Management. Naw, too easy the old way.


  • 0

#87 Terran

Terran

    To do nothing is unacceptable.

  • Members
  • PipPipPip
  • 2726 posts
  • LocationHRM

Posted 23 September 2013 - 08:59 AM

A reprieve, perhaps?

 

 

Restart of ScoZinc mine on hold, Selwyn to close head office in Vancouver

By: The Canadian Press    Posted: 09/20/2013 7:13 AM | Comments: 0 | Last Modified: 09/20/2013 9:24 AM

http://www.winnipegfreepress.com/business/restart-of-scozinc-mine-on-hold-selwyn-to-close-head-office-in-vancouver-224552301.html

 

VANCOUVER - Selwyn Resources Ltd. (TSXV:SWN) has decided against restarting the ScoZinc mining project in Nova Scotia at this time, due to uncertainty over the price of zinc and other metals, and close its head office in Vancouver.

 

Instead of deploying money received from the sale of its interest in the Selwyn project towards the ScoZinc restart, the company plans a special cash distribution to shareholders. It's also considering options such as a sale of the company.

 

Selwyn said amount of the payout to shareholders has yet to be determined and will be subject to approval at a special shareholders meeting, expected to be held in November, the company announced Friday.

 

The company also announced Friday it has replaced both its chief executive and chief financial officer and will close its head office in Vancouver when the lease expires in October.

 

It didn't say how many jobs are affected by the closure. According to a regulatory filing in May, it had 18 full time employees at its head office in Vancouver, and 19 full time employees at ScoZinc, which has an idled mine 50 kilometres from Halifax near Gays River, N.S.

 

Joseph Ringwald has been selected as interim president and CEO, replacing Harlan Meade, who held the post since March 2004.

 

Ringwald, who joined Selwyn in January 2011, will continue to be based in Vancouver. As vice-president for engineering, he was responsible for preparinig two prelimary economic assessments for the restart of the ScoZinc Mine.

 

"In light of the current uncertain environment for metal prices and mine development financing, the board does not believe that it is in the best interest of the company to proceed with the restart of the ScoZinc Project at this time," a company statement says.

 

"The board has authorized a small work program necessary to complete work under progress and to place the project on care and maintenance in order to preserve its value. The board will continue to monitor market conditions for the potential restart of the ScoZinc Mine until such a time that the outlook improves.

 

"The board will also continue to pursue other avenues to maximize the value of the ScoZinc Project, including, but not limited to, possible sale, joint venture or other transactions with third parties."

 

Rob Suttie becomes CFO, replacing David Kwong, who has held the post since February 2006.

 

Suttie works with Marrelli Support Services, serving as chief financial officer for a number of junior mining companies, and will be based in Toronto.

 

Selwyn acquire ScoZinc in May 2011 for $10 million case, of which about $2.7 million was paid to the Nova Scotia government for royalties and a reclamation bond, used as a guarantee of cleanup or shutdown costs.

 

 

Hopefully, this decision will provide enough time for the Provincial Election to be settled and , perhaps, a "new look" can be taken at the overall impact of this project.

 

A new government or even new "promises" may make for a different perspective.

 

For now, a little time to keep hoping that someone will decide to do the right thing and at least revue this sites environmental impact.

 

Terran


  • 0

"In these sad and ominous days of mad fortune chasing, every patriotic, thoughtful citizen, whether he fishes or not, should lament that we have not among our countrymen more fishermen."  Grover Cleveland
 





0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users