17:01:50 EDT Fri 26 Apr 2024
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Barrick Gold Corp
Symbol ABX
Shares Issued 1,165,215,209
Close 2016-05-26 C$ 22.21
Market Cap C$ 25,879,429,792
Recent Sedar Documents

Globe says Teck, others to get new bonding rules

2016-05-26 06:57 ET - In the News

See In the News (C-TCK) Teck Resources Ltd

The Globe and Mail reports in its Thursday edition that B.C. Mines Minister Bill Bennett says he was caught off guard when he learned that the province's mining companies are on the hook for less than half the amount that should be set aside to pay for potential cleanup costs. The Globe's Justine Hunter writes that more than 50 mines (mostly non-operating) have been allowed by Mr. Bennett's ministry to provide security for only a portion of the liability for site reclamation, with a total funding gap of $1.2-billion. The gap was highlighted by Auditor-General Carol Bellringer in a report early in May. The ministry's breakdown shows one resource company -- Teck Resources -- responsible for $743-million of the deficit. Barrick had the second-largest unpaid amount, at $212-million. Mr. Bennett told The Globe that he was not aware of the details until the A-G raised the matter because he had left such decisions to the chief mines inspector. "I was surprised by the magnitude of the numbers. I know everyone assumes that ministers make all the decisions and know absolutely everything, but this issue was dealt with by the statutory decision-makers," he said, adding miners can expect new rules by next year.

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