moorall Sunday read
The Resource Companies stop exploration and the ones with ore bodies undeveloped, just leave them sitting in the ground as they spent enough money on exploring that property, that they are allowed to do nothing for the next twenty years in maintenance and they leave it alone. Of course if your young enough and smart enough you will watch the price of those shares and buy some for your retirement. (i.e. Gibralter/.30) Taseko now.
In todays environment there is a big struggle now with some countries not agreeing with the Americans devaluing their currency and the smart ones like China keep dumping (Bankrupt Europe buys thru the backdoor so who is going to win?) the dollar and buying resources in the ground so the changing effects of Globilization may be less damaging when we have political changes.
We have seen the approval process for a lot of developments take much longer i.e. Prosperity, concerns with environmentalist what to do about the potential of acid drainage when fish lake is filled with waste and who is going to look after the costs for the future of keeping the area sealed for centuries to stop the pollution. Yes Canada Pension held or has some of Taseko in their holdings.
So be aware when we have potential change in philosyphies of poltical parties. This may be relevant in B.C. soon.
My memory is fading somewhat but I worked in northern B.C. in the middle 70"s and the Yukon in late 60's. Some of you may remember Casino Silver. (Yukon) They drilled that orebody in 1969. (footnote the price went from .60's to $5.45. I worked in a nearby mining camp and was priviledged to get the trading quotes up there in those days.) Now who is the company trying to develop it today? That orebody sat until now but this was more for economical reasons.
In northern B.C. some of those resources were found in 1969. By the way in those days we had boom and bust about every five years and 1969 was a speculative year for the mining companies stocks listed on Vancouver Stock Exchange so a lot of people lost money, unless these stocks didn't get delisted or rolledback which was a flavor of the day. So it took a few years for the stocks to come back and then the NDP were voted in and the resource companies didn't like their policies, so they left and prices of stocks went down and sat for how many years. (B.C. Exploration Co's).
So after all this I am trying to say that with the Harmonization Tax the Liberal Party of B.C. brought in against the wishes of the people of B.C. (which transfers the taxes big business paid before to the backs of the working people of B.C.along with taxes on extra goods that weren't taxed before) and the previous government of 20 years ago put in a policy which allowed the people the opportunity to potentially overthrow the Government. This policy was drafted to make it just about impossible for the voters to succeed. The people took up a petition and succeeded but that wasn't okay with our Premier. (A lot of the voters call him a arrogant dictator.) so he removed the head of Elections B.C. who is and was non-partisan. His term was up but to do this in the middle of the Initiative Petition irked the voters even more and smacked of political interference. Then when the voters had the required votes for this intiative to go back to Parliament to either let all the Liberal MLA,s vote on it, (as your aware the governing MLA's must vote how the chief tells them or they won't get any cream or golden pension.) Anyhow the newly APPOINTED Elections B.C. Chief, decided he wouldn't allow the petition to go back for Parliamentary consideration until the court heard the case that Big Business and Chamber of Commerce Members filed to derail the legal proceedings of the voters (700,000) (By the way the Chief of Elections B.C. was supposed to be voted on by all the MLA's in Government.) So this was also perceived by the voters as political interference. Now the B.C. Supreme court judge ruled against Big Business( who had some of the top lawyers or most expensive) saying their defense reasons were frivelous and told the B.C. elections chief to forward the petition to the legislature for consideration forthwith. The petition allows the group trying to overthrow the government MLA's to recall these MLA's and create a byelection for that riding. Now the Government still has a chance to rescind the HST but it is highly unlikely, but could change parts of it. So the recalls can start on November the 15. The proponents can try to recall these MLA's as many as they want and ALSO as many times as the people will tolerate. As I follow this very closely the feelings are that the recalls will go ahead with one or more at a time. The group had 5000 non paid canvassers for the petitions success and this same group can canvase (no matter what riding they live in) and the group gets a list of all the people who were eligible to vote on the recalls so this will make it much more potential liability for Mr. Campbell and his MLA's. But the government has a chance still to change there mind before nov.15 2010.
My feeling is some of these recalls will be successful and they only need to recall under seven MLA's to bring down the Liberal Government if all the byelections are won by some other party. But the latest news is that all the Liberal MLA's will be on the recall list and the BC. voters want the tax gone.
This may take some time to do, a year or so, so keep a eye on these B.C. mining shares with properties in only B.C.
Hopefully these share prices will move before this and we can get out before the next BIG drop.
We may end up like Austrailia but I guess our Federal Government is the same where nothing of importance for the people of Canada gets done.
Thanks for reading this.
And Big Media leaves out a lot of facts on their reports as you don't cut off the hand that feeds you unless you as an individual are successful in the market.