It's a Small World for Noranda
Atlantic Issues Vol.3, No.2 - Periodical profile published 1979
MacLean, James; LePage, Marc
Publisher: Oxfam Canada, Halifax, Canada
Year Published: 1979
Resource Type: Serial Publication (Periodical)
Cx Number: CX939
This "feature" in vol. 3, No. 2 of Atlantic Issues deals with the presence of Noranda in New Brunswick and Chile.
Abstract: This "feature" in vol. 3, No. 2 of Atlantic Issues deals with the presence of Noranda in New Brunswick and Chile. The problems raised are employment in Chile and unemployment in New Brunswick, and the effect on the economy in New Brunswick by the presence of Noranda.
The Noranda mining company is in New Brunswick under an agreement that is beneficial to them, and not to the province. Although providing over three thousand jobs in northern New Brunswick, Noranda has become a holding company in the province, expanding its interests far beyond the area of mining. The action of Noranda in buying already existing companies does not create new wealth or new employment, and thus has a negative effect on the economy.
While not contributing to full employment in New Brunswick, Noranda "is taking advantage of and contributing to terrible living conditions which a brutal military dictatorship has imposed upon the people of Chile." Many multinationals such as Noranda find it very profitable to divest in Canada and invest in third world countries, such as Chile. The real impact of such investments is unemployment in Canada, and perpetuation of a dictatorship that is both military and "aimed at reducing the wellbeing of the common people."
What often looks like a profitable move for Canada often turns out to be a negative move both economically and with respect to employment. Noranda is one of many multinationals in Canada that are divesting in Canada and investing in third world countries, to the harm of peoples in both countries.