A new look at the Avoca coppermine
Posted On July 19, 2021
It was the most significant strike in Canada’s copper industry since the 2009 collapse of the world’s largest copper mine.
In late June, the company said it had exhausted its reserve, leaving it in a precarious position and left the prospect of an eventual bankruptcy filing all but certain.
But as the deadline approached for the bankruptcy to be approved by the courts, the government’s new environment minister said that the government is prepared to consider a “reasonable” option to avoid a costly, long-term legal fight.
“We are not prepared to risk the prospect that we would be held responsible for a lengthy and costly court case,” Minister of Natural Resources Bob Chiarelli told reporters on Tuesday.
“But we’re prepared to talk to the industry to find a solution that makes sense for all parties, for the industry, and for the people of British Columbia.”
A spokesman for Premier Christy Clark did not immediately respond to a request for comment.
The industry’s chief executive, Michael Kofman, was in British Columbia on Monday for the annual conference of the B.C. Coal Association, where the government also announced a $1.4-billion package to boost domestic production.
The company said that it would invest $1 billion in domestic production and export operations, including a $3.2-billion plan to open an eight-megawatt export facility in Victoria.
“This project will help us achieve our goal of doubling our exports over the next five years, which will help offset the economic impact of the strike,” Kofmeis said.