Environmental management and the need for indigenous community’s protection are some of the contentious issues that continue to clobber the Canadian mining sector. A new report by BC Mining Law Reform could however offer an ultimate solution. The report proposes 69 recommendations touching on policy updates as well as small changes to the current mining legislation.
BC Mining Law Reform Recommendations
The recommendations stand out in part because they place more emphasis on environmental management. In addition, they also propose ways to address issues raised by indigenous communities affected by mining projects.
One of the recommendations calls for a stringent environmental assessment for all mines as part of an effort of ensuring environmental protection. If approved mining firms will have to provide clear-cut environmental assessment for all mines. BC Mining Law reform also calls for a fair and balanced process when it comes to funding of environmental assessment.
Landowner consent, for a mining project to proceed, could soon be a requirement if BC Mining Law Reform recommendations are approved. According to BC Mining, landowner consent will go a long way in ensuring that all mining projects conform to regional land-use plans. The act seeks to protect the interests and rights of indigenous communities as well as local groups. There are also calls for the implementation of no-go zones as a way of safeguarding Old Growth Management Areas as well as wildlife habitat areas.
BC Mining Law reform in its recommendations has also called for a reduction in the number of tailings dams in mining projects. Miners will also have to move away from wet tailing impoundments while also incorporating a responsible water management scheme. Disposal of wastes into Lakes Rivers as well as oceans could soon be a thing of the past.
Under the proposed new mining laws, mining companies will also have to provide full financial security for reviewed reclamation costs prior to permits issuance. Mining companies will also have to contribute towards a rehabilitation fund that will go towards rehabilitating the surroundings.
BC Mining Law Reform has also proposed the formation of independent mining compliance and enforcement unit, tasked with the responsibility of protecting the environment. The regulator will impose fines to firms that pollute the environment and impose punitive measures to repeat offenders. The Law Reform also recommends the establishment of an independent claims process. The process will adjudicate disputes touching on compensation for mine pollution impacts.
Top Canadian Mining Companies
While the Canadian mining sector is on the brink of a major regulatory change, Wallbridge Mining Company (TSX:WM) is one of the companies providing greater exposure to the burgeoning sector. The company boasts of several mining assets in Sudbury, Ontario as well as in Quebec. The company is an ideal pick for investors looking to gain exposure to copper and gold mining.
As gold prices continue to trend higher, Yamana Gold (TSX:YRI) is an ideal pick for gaining exposure to the precious metal. The heavyweight gold producer is up by more than 40% for the year and showing signs of edging higher in line with gold prices.
Kinross (TSX:K) is another top pick in the Canadian mining sector. The company is on course to meet its gold production guidance. The stock is up by more than 50% for the year. . The fact that it boasts of the lowest costs of operations affirms its profit margins.