Friday, February 25, 2011

Watch This Video To See What's Wrong With Canada's Foreign Investment Review Policy

This video, from Michael Moore's website, shows the social and economic devastation that will result from the decision by Brazilian-owned Vale to close its nickel and smelter refinery in Thompson Manitoba in 2015.

After receiving approval to buy Inco, the mine's previous owner, in 2006, and after receiving a $1 billion loan from the Harper Government last fall with the promise of increasing jobs, Vale has shown what kind of corporate citizen it is upon announcing this closure, which will result in upwards of 500 job losses.

This is the most recent in a series of disastrous decisions made by Investment Canada and Industry Minister Tony Clement, and mirrors the action taken by U.S. Steel in closing its Hamilton operations shortly after being given the green light to take over the former Steel Company of Canada.

Isn't it strange that it takes a foreign national, Michael Moore, to publicize what we Canadians should all be outraged about?

1 comment:

  1. It is a billion dollars. How come this is not on the national news?

    Clement claims that it is a net gain of a thousand of jobs across Canada and we have no factual information of whether he is more accurate with that estimate as he was with the type of mining done in Thompson.

    It is a billion dollars of our money and it would have to be closer to 10,000 new jobs to cover that expense.

    ReplyDelete