Canada is good to mining, says American CEO
"I just think the situation in Canada is less burdensome."
The chairman and CEO of Thompson Creek Metals Company Inc., Kevin Loughrey, said he prefers Canada's regulatory system concerning natural resource development compared with the system in the United States. — Photo submitted by Thompson Creek Metals Company Inc.
The chairman and chief executive officer of Thompson Creek Metals Company Inc. prefers Canada's regulatory system compared with the one in the United States.
Kevin Loughrey, an American, made the comment during his presentation to the Market Expansion Forum 2013 January 8 in Prince George, British Columbia. Thompson Creek currently has mining operations in both Canada and the United States and hopes to start commercial production at its new Mount Milligan copper-gold mine, 155 kilometres northwest of Prince George, in the fourth quarter of 2013.
"I just think that the situation in Canada, in many respects, is less burdensome, less time-consuming, more efficient, than what we find sometimes in the United States," Loughrey said after his presentation. "I just think it's a place that can attract natural resources enterprises—as you've seen come here—because it is a place where I think business can get achieved.
"I think the regulatory process in the U.S. is more cumbersome, yes."
Local advantage
Loughrey also said his company prefers to deal with local suppliers as opposed to larger, more distant businesses, when it is advantageous to do so. He promoted the fact Thompson Creek now has supplier registration forms on both its main company and Mount Milligan websites to allow smaller, local suppliers a better chance to compete for company contracts with larger, better-known firms.
"If we find the quality we want and the capabilities we want, then I think it makes sense that people from the locale in which we're operating are good suppliers for us, and reliable, and want to do business in that area as opposed to someone who is based far away," he said.
Shiny future
Loughrey said there are currently over 1,000 people still working on construction at the Mount Milligan mine site and that as of December 30, 2012, the overall project was 75 per cent complete. The mine is expected to have a 22-year life span, and has a copper reserve totalling 2.1 billion lb. and a gold reserve totalling 6 million oz.
Thompson Creek also owns 75 per cent of the Endako molybdenum mine, 160 kilometres northwest of Prince George and the Davidson Property, another potential molybdenum mine, nine kilometres from Smithers, British Columbia.
The company also owns the Berg Property, a copper-molybdenum-silver deposit, 80 kilometres southwest of Houston, British Columbia.
Once Thompson Creek completes Mount Milligan and starts generating revenue from it, it will look at possible development of its Davidson and Berg Properties, Loughrey said.
