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Sigh. I had expected better than an "ignore the analysis, attack the author" approach. Here is his argument from the article:
"Here’s a quick way to tell that something has gone wrong with the Ross/Navarro argument. Last year, the United States imported $180 billion worth of petroleum products — oil and such.
According to Ross and Navarro, if the United States made it illegal to import oil, thus wiping $180 billion off the trade deficit, our GDP would rise by $180 billion. With labor constituting 44 percent of GDP, that would mean about $80 billion worth of higher wages for American workers. So why doesn’t Congress take this simple, easy step to boost growth and create jobs?
Well, because it’s ridiculous.
What would actually happen is that gasoline would become much more expensive, consumers would need to cut back spending on non-gasoline items, businesses would face a higher cost structure, and the overall economy would slow down with inflation-adjusted incomes falling. Modeling the precise impact of a total shutdown of oil imports is hard (hence the computer models). But we know from experience the directional impact of sharp disruptions in the supply of imported oil, and it’s not at all what Ross and Navarro say it would be."
Except the "trade" part of this "economic plan" is based entirely on a thesis that is laughably wrong:
http://www.vox.com/policy-and-politics/2016/9/29/13075538/trump-trade-policy
You can expect this kind of kwality from the rest of his transition team.
Perhaps Richard Nemis is talking about the BoD that approved the move from the modest offices that Noront once occupied to the flashy and super-expensive offices in the Toronto Financial District? And subesquent downsizing to smaller yet still swanky offices as the Wes Hansen wheels came off? Yeah, THAT BoD.
Unless the map in this post that shows tribal locations is horribly wrong, Neskantaga is upstream of Noront. That would be one incredibly huge tidal surge to get the river to flow 50+ miles backwards. Sadly it seems more likely that it's another attempt by Moonias to hit up the company for more cash. Noront is not his ATM.
IMO it would be much more reasonable to provide the typical 1-2% NSR.
The implication being that the exploration had led to production, and that the jobs provided to the local communities during exploration (transportation, drilling, etc) as well as support (education) as demonstrated by Noront would suffice.
I also wonder, why 24%? Is that just a PIOOYA number? Would Noront have been prevented from using the deep drilling rigs if 1/4 of their budget was hijacked? I doubt Noront could have afforded it, and as a result the proven reserves would not be anywhere near as attractive as they are today as a result of that exploration.
Limiting the exploration in this manner is foolish, IMHO.