WEB EXTRA: Public comment period soon about Raven coal mine

Dear editor,

Why are we continuing with this Raven mine farce?

Dear editor,

Why are we continuing with this Raven mine farce?

Compliance Energy, the company behind the proposed Raven coal mine, has been pitching a doomed project since the beginning.

Quite apart from all the significant environmental concerns, the Raven project is beset with equally significant economic and business issues.

To recap: It is a marginal metallurgical coal, at best.

North American and global coal markets are in the tank. Coal mines in B.C. and the USA have been shutting down for months. Share prices of coal companies are in the basement. Compliance shares themselves have plummeted from 55 cents two years ago to a record low of 4.5 cents today.

There’s more: The purported public benefits from the project are jobs and taxes.

Yet the company is on record that it will not be paying the B.C. Mineral Tax on the coal it mines, and the mining industry is arguing that there are no qualified underground coal miners available in Canada, so it needs to import them.

Not so many jobs. Not so much in taxes.

Then, on the last day of April, mere minutes before its submission deadline, Compliance Energy filed its 2012 Annual Financial Statements. In the note to shareholders, the auditors, Deloitte LLP, had added an “Emphasis of Matter” that said, in part:

“The Company has incurred losses from inception and does not currently have any revenue generating operations. Moreover, the Company has an accumulated deficit of $6,929,000 as at December 31, 2012 and incurred an operating loss of $1,255,000 for the year ended December 31, 2012. These conditions, along with other matters as set forth in Note 1 indicate the existence of a material uncertainty that may cast significant doubt about Compliance Energy Corporation’s ability to continue as a going concern.” (Emphasis added)

An “Emphasis of Matter” statement is not a routine thing. Their use is governed by Canadian Auditing Standard 706 and other guidelines.

The public can get involved. Soon there will be a public comment period on the proposed Raven mine project.

There’s an election. Make your vote count.

Arthur Caldicott,

Saanich

 

Just Posted

B.C. Youtuber to seal himself ‘in a jar’ in Courtenay to demonstrate impacts of climate change

Kurtis Baute wants to see how long he can last in a 1,000 cubic foot, air-tight greenhouse

2018 municipal election: Few surprises on Vancouver Island

16 incumbent mayors will continue in their positions for four more years

Mayoral results from across B.C.

Voters in 162 municipalities in B.C. set to elect mayor, council, school board and more

Every vote counts: 10 tightest races in B.C.’s municipal elections

Peachland saw their election decided by just one vote

Cam Levins sets new Canadian marathon record at Toronto Waterfront Marathon

The 29-year-old from Black Creek, B.C., ran it in two hours nine minutes 25 seconds

Steady stream of voters at Filberg

Voter turnout has been a steady stream Saturday at the Florence Filberg… Continue reading

Comox Valley gives back

A look at some of the organizations and individuals who help out in the community

One of Taiwan’s fastest trains derails, killing at least 18

The train was carrying more than 360 people

Scheer marks one-year countdown to federal election with campaign-style speech

Conservative Leader insists that it will be Justin Trudeau who ‘makes it personal’

Canada Post union announces rotating strikes in four Canadian cities

Mail will still be delivered but it will be delayed

B.C. VIEWS: Residents have had enough of catering to squatters

Media myth of homeless victims offends those who know better

B.C. Liberals’ hopes high as Nanaimo by-election approaches

Historically safe NDP seat vacated by long-time MLA Leonard Krog

Leaving B.C.’s electoral reform to a referendum is ‘ridiculous’: professor

B.C. voters getting ballots in the mail on proposal to change electoral system

Canada condemns killing of journalist in Saudi Arabia consulate in Turkey

The Saudi government claimed Jamal Khashoggi was killed in a ‘fistfight’

Most Read