already nationalized!!! new mining law, yes

Death of SNC-Lavalin workers points to risks Canadian companies face overseas

6 hours ago

MONTREAL — The death of a dozen SNC-Lavalin Inc. Algerian employees in a bus bombing in the north African country on Wednesday points to the increasing risk that Canadian companies face as they expand their international operations in war-torn or politically troubled regions.

SNC-Lavalin, Canada's biggest engineering firm, operates around the world, including risky countries in Africa, the Middle East and Asia.

"SNC-Lavalin would like to extend its deepest sympathies to the families of the victims, and to those who are currently being treated in a local hospital," the company said in a release Wednesday.

"SNC-Lavalin is proud of its longstanding relationship with the people of Algeria and of the many projects we have carried out together over more than 30 years. We continue to work closely with Algerian authorities to ensure the safety and security of all our personnel."

SNC-Lavalin is not the only well-known Canadian company operating in Algeria, a country where extremists have resorted to bombings and violence.

First Calgary Petroleums (TSX:FCP), an Alberta-based oilpatch company, has been advancing a major natural gas development project in Algeria for years in partnership with the Algerian government.

Most Canadian companies operating abroad have had no difficulties and have worked with local partners to advance their business.

But some have faced major hurdles. These companies include:

-Toronto-based gold producer Crystallex Inc. (TSX:KRY), which has been trying for years to develop the Las Cristinas gold mine in Venezuela, a socialist country that has been nationalizing many foreign assets.

Las Cristinas has been dogged for years by uncertainty, first over its ownership and later about whether the Hugo Chavez government in Venezuela would nationalize the mining sector or allow the project to go ahead.

-Gabriel Resources, a Toronto miner, which has struggled as it tries to develop a troubled gold project in Romania, where it faces environmental opposition. The company is also in a tax dispute with Romanian authorities.

-Garda World Security Corp. (TSX:GW), an armoured car, cash handling and armed security services provider with 50,000 employees, which has had four of its workers kidnapped in Iraq.

-Calgary-based fertilizer producer Agrium Inc. (TSX:AGU) has sold most of the US$1.4 billion nitrogen plant it was jointly building in Egypt after environmental opposition to the project.

Agrium could write off as much as US$280 million in the project.

-Centerra Gold Corp. (TSX:CG), an international gold company controlled by uranium giant Cameco Corp. (TSX:CCO), is trying to negotiate a new operating deal for its Kumtor mine in the Kyrgyz Republic in central Asia.

The company has booked a $42.2 million charge for the value of shares it expects to issue as part of any future settlement with the Kyrgyz government.