Our sincerest condolences
to the families.
Do the deaths call into
question the ability of Brookfield to effectively manage a limestone quarry safely?
December 2012: "A
32-year-old man was killed in a workplace accident at a limestone quarry 75 kilometers
north of Fort McMurray, the second fatality to occur at the location in nine
months." Source: http://www.fortmcmurraytoday.com/2012/12/10/man-killed-in-quarry-accident
April 2012: “A 29-year-old man has been killed while
working at a gravel quarry north of Fort McMurray, Alberta. ‘We are not
providing any details in terms of the accident, but I can confirm that it did happen
at our Hammerstone site,’ said Terry Owens, president of Hammerstone
Corporation.” Source: http://www.journalofcommerce.com/article/id49969/--worker-killed-at-gravel-quarry-north-of-fort-mcmurray-alberta
Terry Owen is the CEO of
Hammerstone. According to the Norton
Rose web site (formerly MacLeod Dixon), Terry Owen is a lawyer who practiced
corporate and securities law. Does
Brookfield recognize this as adequate qualifications to run a quarry? Just how
did Mr. Owen get the top job at Hammerstone?
Background: "Terry began his career with Macleod
Dixon in 1985 and became a partner of the firm in 1993. While at the firm,
Terry practised corporate and securities law.
He joined Hammerstone in 2009 as chairman, president and chief executive
officer. Hammerstone was formed to
purchase an active limestone mining operation in the Athabasca oil sands area
of Alberta with over 1 billion tonnes of limestone reserves. Future plans include
expanded quarry operations together with lime production facilities."
Brookfield, through its subsidiary
Tricap, “acquired” (through receivership) Birch Mountain’s quarry assets valued
at $1.6B for an outlay of less than $50M…tragically leaving Birch stakeholders
Before Hammerstone, Mr. Owen was the President of Trimac
Transportation Services Inc., the leading provider of bulk trucking and
logistics services in North America. Source: http://www.brookfield.com/content/2009_press_releases/tricap_announces_launch_of_hammerstone_corporation-28695.html
was awarded a contract to haul a “significant volume of limestone
aggregate on behalf of Hammerstone Corporation.” Source: http://www.prnewswire.com/news-releases/trimac-announces-new-business-award-with-hammerstone-corporation-155976835.html
What can we garner from this information? Just what sort of
expertise does Brookfield have other than a plethora of securities and
receivership lawyers to run the assets they are gobbling up? Just how does a
securities lawyer get the top job at Hammerstone?