February 22, 2024

La Ronge Northerner

Complete Canadian News World

Giant Glencore doesn’t have millions in taxpayer money

Giant Glencore doesn’t have millions in taxpayer money

Similarly, Prime Minister François Legault plans to invest in modernizing the facilities of the horn foundry, thereby significantly reducing the emission of arsenic and other pollutants into the air in Rouen-Noranda.

A modernization, the cost of which is about 500 million dollars. Half a billion dollars.

CAQ Chairman Horne says he is willing to provide financial assistance to the foundry, as long as he recommends the company pays most of the cost of modifying its processes. Mr. Legault talked about the infusion of tax spinoffs brought by the copper smelter in the Rouen-Noranda region and throughout Quebec.

“There are 650 good-paying jobs at the Horn Foundry,” he said. Therefore, these jobs bring income in taxes to the Quebec government. Are we willing to give back a favor commensurate with a portion of these real benefits? Of course, but most of the amount should be paid by the company. »

But…does the Legault government really want to invest our taxpayers’ money in Glencore’s copper smelter, an Anglo-Swiss multinational?

For what reason would he do it? Convince the monks of Glencore not to close a highly polluting and dangerous smelter?

Genuine question

No, but seriously, will Glencore shut down the Horn Foundry if the Quebec government doesn’t pay tens of millions of dollars to fund its modernization work?

I don’t believe it. And here’s why.

For one thing, we are dealing here with a multinational company whose turnover this year will reach USD 278 billion. According to analysts, it is a multinational company that can report a net profit of 18 billion dollars in 2022. Glencore currently has a market capitalization of USD 68 billion.

See also  Omigron variant "for the power of 10"?

We agree on a source of funding for Glencore to pay for the modernization of its foundry. That is his responsibility.

Two, the Horn smelter in Rouen-Noranda represents the biggest asset for Glencore. In operation since 1927, management says it “proudly wears the title of the only copper smelter in Canada.”

You read that right: “Canada’s only copper smelter”.

Three, Glencore undertook a major restructuring in 2021 by creating a new division called “North American Copper Operations,” which includes the Horn smelter, the CCR refinery east of Montreal and recycling sites in the United States. -United.

Four, copper is the metal of the future, says Horn Foundry management in its report Annual Sustainable Development Bulletin 2021.

It is an “important” mineral that will be called upon to play a key role in the global energy transition, and “we will be ready to meet this growing demand”.

“However, it is important to do so responsibly and in a sustainable development approach,” says the administration.

Health and safety

“We place great importance on integrating the concepts of sustainable development into our ways of working, which is why we are deeply committed to the health and safety of our people, the environment and our society. »

So… with these kind words, let Glencore walk the talk! It considers a bill for the modernization of the Horn foundry in Rouen-Noranda to reduce the emission of dangerous polluting particles.

Between paying the horn smelter clean-up bill or risking ending up with collective action by victims of the arsenic spill at Rouen-Noranda, Glencore has an advantage in choosing to modernize its foundry.