A small light in a sea of darkness!
--------------------->snip<-------------------------
thetelegram.com
Inco good corporate citizen — mine or not
12/3/00
By EDDIE MAHER
While this province has had its share of the corporate elite whose interests, reportedly, have superseded those of the province, we have also experienced what good corporate citizenship is all about.
A case in point would be Inco, following its purchase of the massive Voisey’s Bay nickel deposit. Of significance, without doubt, is the huge investment of $4.2 billion to acquire the mining rights, and the additional $300 million spent in both Labrador and on the island to date.
Major commitment
What really places Inco ahead of the pack in its status as a leading corporate citizen is the magnitude of its commitment, as well as the honour and integrity displayed in keeping it. Recently, Labrador witnessed the official opening of their new hospital in Goose Bay. Some, including health-care officials themselves, described the complex as a state-of-the-art facility with some of the most technologically advanced equipment available. Others felt that, due to the financial constraints of the province, this development would not have occurred without the support and commitment of Inco.
Aside from the exposure the official opening received in Labrador, with the exception of a couple of local news blurbs, the significance of this positive corporate impact on health care has been missed by the island portion of the province. As an advocate and supporter of seeing government negotiate a fair deal for the province with a Voisey’s Bay project, and cognizant of the benefits of such a deal, I, for one, cannot let the significance of Inco’s role in the health-care system of Labrador go unnoticed.
Of paramount importance is the fact that Inco made this commitment without having a real revenue-producing project.
There will be skeptics, no doubt, who will portray this as a tactic by Inco to influence a deal with the province, along with gaining public support. However, what has to be remembered here is that Inco made this commitment to the facility shortly after its arrival in the province and before major difficulties arose in negotiations with government. At that time, there was no indication that development would be stalled indefinitely.
In essence, Inco committed one-half the cost — $15 million to the health-care facility — before being able to obtain a mining permit, yet honoured its commitment when differences surfaced. That’s honour to commitment, and the kind of corporate citizen this province needs. It is the kind of commitment, I feel, Inco will maintain, with regard to wanting, and actually carrying out, processing of Voisey’s Bay ore in the province.
The significance of Inco’s role in health care is not the only thing gone unnoticed. Recently the province held its mining conference in St. John’s. Several speakers extolled the virtues of our mining industry, heaping praise in numerous directions. Of prominence was the fact that IOC in Labrador was committing $10 million over five years to new exploration activities.
Missing in the equation, at least from what was put in print, was a mention of Inco or its activities as it relates to Labrador. While IOC is committing $10 million to exploration over five years, Inco is spending that amount this year alone on exploration.
This figure is down significantly from the $20-, $30- and $40-million they spent in previous years, or better still $300 million in the last four years. They are spending more on health care in Labrador than IOC will in exploration over the same period. All of this, and not an honourable mention.
Mysterious disdain
Inco can have an enormous impact on our economy in diverse ways, if only we could allow some flexibility. Why we seem to have so much disdain for the company is beyond me.
Hopefully attitudes will change and common sense will prevail so that the prosperity and unparalleled generosity displayed by Inco for the past 100 years, not only in Labrador, but in Manitoba and Sudbury as well, is experienced here on the island.
Eddie Maher lives in Placentia |
