ROB Insight is a premium commentary product offering rapid analysis of business and economic news, corporate strategy and policy, published throughout the business day. Visit the ROB Insight homepage for analysis available only to subscribers.
The former Giant Mine has been a giant headache for nearby residents in the Northwest Territories, and Canadian taxpayers, long after former owner Royal Oak Mines went into receivership in 1999. According to documents obtained by Canadian Press, the federal government expects the mine cleanup cost to approach $1-billion, more than twice initial estimates. Meanwhile, a recent Pembina Institute report notes that even after the Giant mess, primarily 237,000 tonnes of arsenic trioxide dust stored underground, is contained by a controversial block freezing process, Ottawa will need to pay $1.9-million annually in perpetuity to control the mine’s toxicity.