And now we know how big this lie is

The following is from Hansard way back in 2004.

Hon. G. Campbell: What we intend to put before the voters is the fact that the British Columbia Rail Company continues to own the right-of-way, continues to own the railbed and continues to own the track; that the British Columbia taxpayer will get $1 billion upfront; that the British Columbia taxpayer will be able to write down $500 million of debt and pay it off on behalf of those taxpayers.
Furthermore, what we'll be able to show British Columbia taxpayers is a brand-new northwest gateway to Asia for British Columbia and Canada. What we will show British Columbia taxpayers is a new continental gateway in Prince George with a new wheel shop, with a new northern office for CN, with 375 new jobs in Prince George and the surrounding region through the airport. That's what we're showing to British Columbians.

$1 billion upfront: So tell me Mr. Campbell. How does a zero net payment translate into A billion dollars? I'd sure like to know because being a pensioner I would like to be able to do the same dance with my pensions. Which by the way are becoming closer to zero every day.


North Van's Grumps said...

Today's Vancouver Sun editorial "Record-breaking deal by Teck-Cominco says it all: Coal is the future" "sends a clear signal that coal will play an important role in the future of British Columbia."

I don't know why, but the Honourable Gordon Campbell cowardly deed of selling off BC Rail for peanuts, seems to prove that his interest in looking after "our" interests has now been defined by how he rewards his corporation buddies with the greatest of ease, at the public's expense.

The purhase by Tech-Cominco of Fording Canadian Coal Trust for the cool $14,000,000,000 ($14 billion) is just one example that yes indeed, BC is for sale.

The coal areas involve the south-eastern corner (Elk Valley Coal) of the British Columbia and coincidentally, I suppose, the north east corner as well. Its the north-eastern one that should be of interest seeing as how it WAS publicly owned BC Rail that serviced the area surrounding Fort St. John. Thanks to Wikipedia for the BC Rail image

In the wake of the friendly takeover, reports are that there is enough coal in BC (world largest holder of the coal commodity) that will last at least two centuries, based upon current consumption.

So it seems that the gamble on the part of CN Rail to pay One Billion dollars????? to buy BC Rail (with a down payment of just over $64,000 as a donation to the BC Liberal Party for election purposes) is being paid back in spades.

The only question now is whether the Consolation Prize of Roberts Bank will become the dumping grounds for the export of BC's rich coal beds or Prince Rupert. Or will the bulk of it be used to extract gasoline for North American consumers like they are now doing in the first coal-to-liquids plant in the USA which has been green lighted in West Virginia with the help of ExxonMobil?

How about this tidbit of information from Mark Hume of the Globe and Mail (2005) , which covers some forlorn little coal minining town called Mount Klappan, 330 km northeast of Prince Rupert. There is also this webpage from Rescan Environmental Services Ltd.

Go north young man, there's black gold still there, enough to last 200 years.

Gary E said...

Sorry for the delay in posting your comment NVG. There wasn't much doing on the blogs so I went fishing. Didn't catch anything, drove 900 kms (there and back) had a flat. Great time.

On your comment. Make no mistake, they knew from the start what was going on. They also knew what was going to happen in the forest. See, now they have an excuse to abandon the rail line from Prince George south. CN already has a line in that direction.all they really needed was the switching at Prince and Delta. And for this they paid absolutely nothing.

Gary E said...

And further, as BC Mary has pointed out on the Legislature Raids they will be able to pick up all the track, paid for by British Columbians, north of Prince George into the coalfields for a dollar.

At this point in time I'm wondering how many British Columbians know they have been Royaly screwed by this man and his band of thieves. I'll bet his nickname in the bisiness world is Robin Hood. Take from the poor and give to the rich.

The only way to stop this madness is to vote them out of office. If that is not done next May then they will be able to clean us out in a third term. I said before the election in 2001 that we would be in deep trouble if he got in. We didn't know how deep at the time but I'll tell you now it was only a drop in the bucket compared to what he will be able to complete if re-elected.