Labor agreement with PolyMet not worth a wooden nickel

Regarding the front page story in the Thursday, Mesabi Daily News, John Cherry and Bill Hanna must think the voters of District 3A have very short memories. It was a less than a year ago that residents here were watching as Duluth Metals circled the drain after Antofagasta essentially called in its chips. Duluth Metals was an investor-owned company, too, just like PolyMet. Just as with PolyMet, Duluth Metals, on paper, was the majority player in the joint venture.

But that was only on paper. Anto had fronted Duluth Metals millions, just as Glencore has done with PolyMet. And the officials at Anto, who know how the big boys play, understood full well that those with the gold make the rules, and can take over the game whenever they choose. When Anto effectively called in its chits, and Duluth Metals had no ability to repay, the company's stock collapsed within weeks. In the end, Anto tenders a lowball offer and is able to pick up all the outstanding Duluth Metals shares for a song from desperate stockholders.

Ask yourself, what would a project labor agreement signed with Duluth Metals be worth today?

Then ask yourself, why would the relationship between PolyMet and Glencore work out differently? There’s no honor with these big corporations, there’s only money. If Glencore decides it wants in for keeps, it only needs to follow Anto’s lead.

Anyone who tells you an agreement with PolyMet is worth a wooden nickel is a fool, or unacquainted with telling the truth. Maybe both.

Anne Uehling

Ely, Minn.