Irony Ore

This bit of civic boosterism by John Hickey, in the House of Assembly on March 26:

MR. HICKEY: Madam Chair, when we talk about these types of projects, there is one thing on which we have been very clear. Premier Williams has been very clear to all those who have come our way, whether it be the oil companies, whether it be Fishery Products International. I remember one in particular in Labrador West. LabMag was a company, and they had wanted to send the ore out to Seven Islands for processing. It was under the leadership of this Premier and this government that we said: No, you will not get a mining licence in Labrador West if you do not process the ore there.

I am happy to say, Madam Chair, because we stood our ground — this Premier stood his ground, this government stood its ground — we are going to see an expansion over in Labrador West with LabMag and we are going to have 800 new jobs because of that, Madam Chair. Eight hundred new jobs, I say to you, Madam Chair.

has ran smack into this dose of economic realism at the hands of NML:

New Millennium Capital Corp. ("NML" or "the Corporation") (TSX VENTURE:NML) today announced the results of the Preliminary Assessment ("the Study") undertaken on its 100% owned KeMag property ("the Project").

...

Highlights of the KeMag Study:
- Production Assumption of 15 million tonnes per year ("mtpy") pellets and 7 mtpy concentrate
- Indicated Mineral Resources of 1.349 billion tonnes
- Inferred Mineral Resources of 992 million tonnes
- Total capital cost, including working capital, of US $3.6 billion
- Internal rate of return ("IRR") of 19% (unleveraged and before corporate taxes and mining taxes)
- Return on equity ("ROE") of 30% (before corporate taxes and mining taxes)1
- Net present value ("NPV") of US$ 7.3 billion (before corporate taxes and mining taxes)2
- 5 year payback after the start of commercial production
- Minimum 30 year mine life
- 1,091 direct jobs at the mine, concentrator, pipeline, pellet plant and shiploading facility

(More coverage: Radio-Canada, VOCM.)

Danny Williams' policies may end up creating hundreds of new mining jobs. Just not in the province he's Premier of. If the Kemag project sees first ore, Schefferville and Sept-Iles ought to name streets in Danny's honour.

When is the public hysteria about "giveaways" going to give way to even an inkling of concern about "driveaways"?