BC Business
Plus, the Gitxsan challenge LNG again and 2017 looks good for mining
President Barack Obama has written a post in the journal Science arguing that the world is quickly replacing fossil fuel-based energy with clean energy. That momentum, he asserts, will not be stopped by policy changes from Donald Trump’s incoming administration. The current president writes that, although climate change is undeniable, the incoming administration might do nothing about it, and that would be a political mistake. “The United States is showing that GHG mitigation need not conflict with economic growth. Rather, it can boost efficiency, productivity, and innovation.” (Science)
A fourth legal challenge has been launched by members of a B.C. First Nation against a massive liquefied natural gas project proposed for the province’s north coast. Several hereditary chiefs with the Gitxsan First Nation were in Vancouver on Tuesday to announce their opposition to the Pacific Northwest LNG project, which is backed by Malaysia’s state oil company Petronas. The group’s traditional territory is in northwestern B.C., where the proposed $11.4-billion LNG export terminal would be built close to Prince Rupert, B.C. Members of the Gitxsan say the project will be harmful to fish in the Skeena River and infringes on the First Nation’s fishing rights. (CBC)
The mining sector will enjoy a positive year of growth in 2017 following a strong performance in 2016, an industry analysis by Citi Research, a division of Citigroup Inc., suggested Monday. According to the report, mining stocks will have a strong 2017 thanks to industry-wide trends toward increased free cash flow, upward earnings momentum and the potential to return excess capital to shareholders. However, the report added, they are unlikely to see the same percentage increases in share prices as they did in 2016. Last year’s strong mining and commodities performance follows five straight years of underperformance. (Financial Post)