CANADIAN DAM FAILURE THREATENS NEW MINING PROJECTS
A dam failure in British Columbia may make it more difficult for new mining projects to be approved. Last week, an accident at Imperial Metals Corps’s Mount Polley copper and gold mine sent billions of gallons of waste from a tailings pond flowing into nearby creeks, rivers, and lakes, causing the local district authority to declare a state of emergency amid concerns about drinking water. The breach will likely be problematic for the mining industry, which makes up about one-fifth of Canada’s exports. Adam Low, an analyst at Raymond James Financial Inc., noted that mines trying to obtain permits will face much harsher scrutiny, while British Columbia's Minister of Energy and Mining Bill Bennett stated that the accident “will cause everyone in government across the country to reexamine policies.” Tailings management was already a focus for regulators before the recent accident; Vancouver-based Mines Ltd. had a proposed gold and copper mine in British Columbia rejected by the federal government due to concern over its impact on a lake. For the full story, see http://www.bloomberg.com/news/2014-08-08/dam-burst-threatens-new-mining-projects-seeking-approval.html and http://seattletimes.com/html/localnews/2024266415_bcminexml.html?syndication=rss.