A plan to supply drillers hinges on LNG exports
October 22, 2012
The Stikine River cuts through 500 kilometers of glacier and rock in northwest British Columbia and Alaska. Before it empties into the Pacific near Wrangell, the river hurtles down a roiling stretch of hell called the Grand Canyon of the Stikine. Though the provincial government classifies the canyon as totally impassable by anything or anyone, crazed kayakers successfully ran it 15 times between 1989 and 2006.
As chief executive officer of a mining company that bears the name of the same river, Scott Broughton needs similarly steely nerves these days. In 2009, his Vancouver-based company ditched the gold business to bet on an explosion in shale gas drilling.
Since then, gold prices continued to climb, rising 40 per cent, while the price of natural gas plunged, dragging the TSX Venture-listed company’s stock down with it. “I’m not sure it’s all going successfully at the moment,” says the CEO and president of Stikine Energy Corp. “It’s been a pretty difficult story to tell with not a very broad audience, with gas prices where they’re at.”