$1-Billion Boondoggle – by Bill Gallagher (Onotassiniik Magazine – Winter 2014)”
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- 1 On November 25th, 2014, Michael said:
The fact that this author suggests the Province buys this project for $500 million is laughable and discredits his basic understanding of finance and the value of this project.
This project is not worth anywhere near $500 million. End of story.
Mr. Gallagher doesn’t seem like much of a ‘strategist’ to me.
His plan is this:
-Have the taxpayers bail out Cliff’s Resource by paying them $500m for an asset worth less than 10% of the figure.
-Give this asset away to the Matawa.
-Have the taxpayer pay for the required the infrastructure to this uneconomic project that we donated to the First Nations.
-Have the Matawa (aka 9 different First Nations groups who don’t see eye to eye, and have far differing impacts resulting from this project. i.e.Many within the Matawa are over 400km from the mine site) manage the mine development of one of the most complex mining, infrastructure and processing projects Canada has even seen.
Mr. Gallagher’s plan is a hybrid of communism and lunacy.
