Re: Editorial page — Cheers and Jeers section of The Telegram — June 17 — the section on Anaconda Gold
I was taken aback by the approach taken by this “Cheers” comment which obviously was tongue in cheek and meant to denigrate the company and the Research and Development Corporation for investing money in a profitable company.
What you didn’t say was how much was invested ($11,625) and how this investment would assist the company in providing continued employment and economic benefits (working with the College of North Atlantic, CNA in Baie Verte as a start) to the Baie Verte Peninsula and thereby the province as a whole.
From the RDC website this is the actual announcement of the grant: “The projects announced today will improve technical processes as well as investigate new ways to apply environmentally responsible disposal practices. Anaconda Mining Inc. is receiving $11,625 to increase efficiency in both its mining and milling operations at its Pine Cove Mine on the Baie Verte Peninsula.
Working in collaboration with CNA, Anaconda will investigate grade control in the open pit, and increased gold recovery in the milling process.”
Anaconda Gold, through its Pine Cove Mine, provides employment, training and spinoff economic benefits to the area, which has suffered greatly from the problems in the fishery and the forestry sector.
The mining sector is going through a downturn, with prices dropping across the board, and the money provided by the RDC may allow the company to continue to operate at lower gold prices if they occur, thereby continuing these economic benefits.
I believe that investments like this are positive for both the company and the people of the province — a win-win situation which should be applauded. The mining/exploration sector has much to offer the province and its people, especially in rural areas that need these economic benefits.
Taxes paid by the industry and its workers are second only to the oil and gas sector in Gross Domestic Product contribution and it is only right that some of this money is invested back into the sector.