A8 - The Terrace Standard, Wednesday, Oclober 2, 2002 TERRACE STANDARD ~ Business ReEvIEw Contractors to appeal terminations by SCI CLEAR CREEK Contract- ing will appeal a court rul- ing that okayed Skcena Cellulose’s termination of its evergreen logging con- tract. B.C. Supreme Court Justice Donald Brenner last month ruled SCI’s new owners had the right to ter- minate the replaceable fi- ve-year contracts held by Clear Creek and Jasak Logging. SC] CEO Dan Veniez plans to cut costs by put- ting the timber that in the past had to be logged by the two contractors oul to open bidding. “We're going to go back and see what we can do,” Clear Creek owner Rob Wood said. “Our law- Out & About White Spot changes THE WHITE SPOT rest- aurant in the Coast Inn of the West is getting a new name. For now it will be called the Coast Grill, says hotel manager Doug Barrett. A new Italian menu is now in place for dinner, he said, Barrett said the contract with White Spot had ended and the hotel opted not to continue the fran- _chise “We decided to forgo having to pay the franchise fees,” he said, Barrett said they haven't decided if the Coast Grill name will be permanent, or if a contest will be run to consider other names. Build bust THE CONSTRUCTION season is nearly aver and Terrace hasn’t seen a sin- gle new house start yet in 2002. There have been dozens of residential and commer- cial renovations and addi- tions. But the only sizable new construction project so far has been the $9.6 million rebuiid of Skeena Jr. Secondary school. It dominates the $10.9 million in new construc- tion so far approved by the city in 2002. yers feel there are areas af law we can appeal on.” The Jasak and Clear Creek licences are worth more than $1 million, their owners say. Terminating them means the companies may no longer get logging work from SCI, Wood said, or would only on SCI’s terms. The contractors are being backed up by log- ging associations from around the province. The Truck Loggers As- sociation will also join the appeal as an intervenor to fight the precedent set by the terminations, Wood said. “This decision causes more economic instability in northwest B.C. and ulti- mately harms communi- ties,” said TLA president Rick Jeffery, ~ He said the company improperly used federal bankruptcy protection Is- gislation SCI was under to trump the norma! rules protecting evergreen con- tracts under the Forest Act, Jeffery said about 50 workers are employed by the two firms. "It could remove up to $4 to $5 million in wages and purchases of forestry supplies and services from Terrace,” he said. SCI’s new owners se- lected the two contractors for termination. Three olher SCI evergreen con- tractors keep their five- year contracts, Small outtit strikes a deal with Noranda AN ONTARIO company betting on the price of gold in- creasing has done a deal with mining giant Noranda on a property near Stewart. The latter will spend $1 million a year for six years determining if Seabridge Gold’s Kerr-Sulphside gold- copper property before determining if it is worth spend- ing more money on for a feasibility study. Noranda can earn at least a 50 per cent interest in the property and can increase that if the project moves ahead to production, Seabridge president Rudi Fronk said last week. Seabridge specializes in acquiring low cost gold- bearing properties which don’t cost a Jot to maintain, he said. “We buy when the price of gold is low and as the price of gold increases and interest grows, we move them out of the door,” Fronk said of his company’s strat- epy. Lowe foe tee ’ 1 It’s similar to buying land or buildings when prices are low and waiting until economic conditions improve to sell. In the case of the Kerr property, Seabridge acquired it just last year from Placer Dome, another mining giant. Seabridge also has another property near Stewart called Red Mountain which it obtained from Wheaton River Minerals earlier this year. The Noranda deal was hailed by provincial mining minister Richard Neufeld as a sign of major mineral companies moving back to B.C. now that it has reduced and streamlined exploration costs. Noranda hasn’t been active in B.C. for some years. “We’re aiming to attract and bring back mining in- vestment to revitalize the industry and support a thriving provincial economy,” said Neufeld. Noranda official! Denis Couture said that while his company likes the new climate in B.C., he noted the Seabridge deal is relatively minor. “This is one of our many exploration programs around the world,” said Couture. 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