Thursday August 21, 2014

Let’s support mining venture while salting away rehab fund

Some few decades ago, as a new Kamloops investor, I liked the idea of Abacus opening up a mining venture for the production of copper and gold.

Some time later, when profits did not measure up to investor risk, Abacus evaporated and the principals left the scene without trace.

Investing being closely akin to gambling, I accepted my fate without complaint.

Now, it would seem that this same company is offering the same terms on a new venture. I am willing to support a new venture that may well bring opportunity and employment to Kamloops, but have I learned anything?

I would suggest that before the welcome mat is laid down, we would be well advised to require an interest-bearing account be set up in trust for the City of Kamloops in such an amount that will adequately cover any conceivable costs of rehabilitation of the mining site.



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