Keep mines in Canadian hands: Munk

Barrick Gold Corp. chairman Peter Munk has hit the lobbying trail, warning Ottawa of severe negative consequences for the national interest if it allows foreign bidders to scuttle two all-Canadian mining deals.

He wants the federal government to send a message that it would look askance at any foreign takeover of a major Canadian mining company unless the deal is of net benefit to the country, as mandated under the Canada Investment Act.

He says Canada's long-standing stature as a mining leader is at risk if, as rumoured, foreign buyers emerge to snatch Barrick's hostile-takeover target, Placer Dome Inc., or to upset Inco Ltd.'s friendly deal for Falconbridge Ltd. “Placer Dome is the tipping point of a large domino,” he said. “Wherever Placer Dome goes, goes the dominance of the industry.”

What's more, the loss of these large players would mean an erosion of law firms, consulting firms, investment banks and other services that depend on the mining industry.

http://www.theglobeandmail.com/servlet/story/RTGAM.20051129.wr-munk30/BNStory/Business/

Aw. I just feel so sorry for these guys. Next thing we know the politicians will have to take a cut in salary.