According to the company, the modernization of the Horne Foundry requires investments of 500 million dollars. And whether you like it or not, part of your taxes will be used!
There is no doubt that currently the CAQ government of François Legault and the Horne Foundry of the extremely wealthy multinational Glencore are working “financially” hand in hand to modernize the polluting Rouyn-Noranda plant with a view to reducing it in five years , its arsenic emissions will be at acceptable levels… in their eyes!
By “acceptable” in the eyes of Legault and the foundry, we mean arsenic emissions of 15 nanograms (15 ng/m3), while the Quebec standard is 3 nanograms.
Of course, compared to the current level of arsenic emissions of 100 nanograms, the reduction to 15 nanograms is a huge improvement.
IN THE NAME OF “IMPROVEMENT”
And this “improvement” will serve as the main argument for François Legault and his Ministers Benoit Charette (environment) and Pierre Fitzgibbon (economy) to cooperate in financing the modernization of the Horne foundry.
At the moment we don’t know how much financial support will come out of our pockets, oh sorry! the Quebec government. Nor does it know what form the state aid takes: through a grant, through a forgivable loan (disguised grant) or through other financial assistance mechanisms.
One thing is for sure, the call for state aid actually comes from Glencore.
“As with any large company, there are always discussions with the government when it comes to a major investment like this,” confirms Claude Bélanger, head of copper operations in North America at Glencore.
NO COMMON SENSE
Personally, I don’t think it makes sense for Quebec taxpayers to invest in Horne Foundry’s modernization plan.
It’s up to parent company Glencore to reinvest some of the profits it’s reaped over decades into its Quebec facility.
We are dealing with a very wealthy multinational company that has the means and the obligation to modernize its foundry in a socially responsible way with regard to arsenic emissions to air.
The year is 2022: It is imperative for companies to comply with the environmental standards where they are based.
By modernizing its foundry in Quebec, Glencore will benefit financially in the long term.
To give you an idea of who we are dealing with when we talk about Glencore, here are some metrics in 2022:
- Sales volume: $272 billion
- Expected net benefit: $21 billion
- Market Cap: $76.5 billion
As you can see, Glencore has the financial means to finance the modernization of its foundry from its own resources. It’s his responsibility.
Especially since the Horne Foundry in Rouyn-Noranda represents an immense enrichment for Glencore. The Horne Foundry, in operation since 1927, is the only copper foundry in Canada.
