Canada Nickel Company Inc V.CNC

Alternate Symbol(s): CNIKF

Metals & Mining Industrial Metals & Minerals

Canada Nickel Company Inc. is a Canada-based company, which is engaged in advancing the nickel-sulfide projects to deliver nickel required to feed the electric vehicle and stainless-steel markets. The Company owns flagship Crawford Nickel-Cobalt Sulphide Project in the heart of the prolific Timmins-Cochrane mining camp. The Company also owns 25 additional nickel targets located near the Crawford Project. Its wholly owned NetZero Metals Inc. to develop zero-carbon production of Nickel, Cobalt and Iron and applied for the trademarks NetZero Nickel NetZero Cobalt and NetZero Iron across several jurisdictions.

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Canada Nickel Company Inc

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Post by CravingProfitson May 01, 2024 8:25pm

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Post# 36018533

Exactly my thoughts..

Column: Mining giants Vale, Glencore failing Greater Sudbury

Canada and Ontario are willing to sell off our non-renewable resources with little concern for the host community

Author of the article:Special to The Sudbury Star

Published May 01, 2024 • Last updated 5 hours ago • 3 minute read

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The headquarters of of mining company Vale SA is pictured.

The headquarters of of mining company Vale SA is pictured. REUTERS/Denis Balibouse/File Photo

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By John Caruso

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There is something wrong with this picture: As our city moves toward some historic investments in quality-of-life assets, concerns are being raised regarding long-term debts being incurred and their impact on residential taxes.

I strongly believe that the planned investments in a new event centre and cultural hub at Tom Davies Square are critical investments in our ability to attract and retain population and economic growth.

In addition to these investments, we still lack a modern convention and performing arts venue capable of hosting audiences of more than 600 people. Our Olympic pool at Laurentian University remains closed, and our inventory of pools and arenas is

The total cost of addressing all these matters is staggering and beyond the ability of our current residential tax base.

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The City of Greater Sudbury, like others in Canada, was developed because of our proximity to natural resources. In our case, we sit upon one of the world’s richest mineral deposits of nickel, copper and an array of precious metals. Billions and billions of dollars worth of minerals have been extracted from area mines over the past 100 years, and there are billions more to be had.

With this extraordinary wealth, how can it be that our community is burdened with outdated recreational facilities and lacking in cultural assets that other communities enjoy?

I suggest that a part of this question can be answered by our collective willingness to give these non-renewable resources away with little concern for the environment or the communities that host them. Since the sale of our two mining companies from Canadian ownership to Brazil and Switzerland the situation has deteriorated further.

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When Inco and Falconbridge operated these mines, they were embedded in our community. Senior management from both companies sat on many local boards supporting social, health, education, and the arts. It was common to read of their donations to capital campaigns and other fundraising efforts.

They operated several surface facilities that resulted in significant taxes paid to the municipalities that made up what is now the City of Greater Sudbury. Of the total taxes raised in Sudbury, the mining companies paid 25 per cent; today, they pay approximately five per cent or less.

From a provincial government perspective, mining companies enjoy corporate tax exemptions unequalled in any other industry. They pay no corporate taxes until they recoup 100 per cent of their capital investments in their operations. Many efforts have been made to determine the amounts paid in mining royalties to the Province of Ontario and Canada. I am not aware of any definitive answer to this question.

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Meanwhile, Norway’s sovereign wealth fund, realized from royalties paid by oil and gas companies has reached US$1 trillion. Norway, population 5.4 million. Canada, population 44 million. Canada’s sovereign wealth fund, non-existant.

So, I ask, why do we as a community a province and a country, sit quietly and say nothing while Vale and Glencore enrich their shareholders and expect residential taxpayers to carry the load of building roads for their ore trucks to drive on and invest in recreational and cultural assets essential for the attraction and retention of skilled labour to sustain and grow their operations?

I am not opposed to profit, I understand the need for a fair return on investment, but I am angry and frustrated that the multi-national companies operating in the Sudbury basin are not at the table with significant donations to improve or repair our quality-of-life assets.

It is a travesty that Canada and Ontario are willing to sell off our non-renewable resources with little concern for the present and future of the host community.

I am reminded of John Crosbie’s famous and infamous quote, “Roll me over in the clover and do it again.”

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Canada Nickel Company Inc V.CNC

Alternate Symbol(s): CNIKF

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TSXV:CNC - Post by User

Exactly my thoughts..

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