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Hedge Fund Backed Mega-Quarry Riles Up Local Farmers

New York (HedgeCo.net) – The Highland Companies, backed by Boston-based hedge fund Baupost Group, is seeing local opposition to its new Canadian mega-quarry plans.

The group of protesters yesterday passed the half-way mark of their 5 day, 119 kilometer march.  The group of residents, farmers and representatives have been walking with signs and flags saying “Stop the Quarry,” since a rally at Queen’s Park in Toronto last Friday.

The proposed site is located in prime farmland in Ontario’s potato-growing region known for a rare type of soil that is particularly suited to potato cultivation, the locals say. If allowed to proceed it would be the second-largest US owned quarry.

“It will destroy productive farmland and threaten the headwaters of three important rivers – the Grand, the Nottawasaga and the Pine- water sources for one million people.” Carl Cosack, a local cattle and horse rancher, said.

“200 feet below the water table is deeper than Niagara Falls and will require the extraction of 600 million litres of water per day. They claim it will not have a negative impact, it’s simply not credible,” said Cosack.

The local farmers plan to finish the march with a rally on Tuesday afternoon at a potato farm next to the proposed quarry site on Highway 124.

“The (company) application runs more than 3,100 pages, and took five years and 20 consulting firms to create,” says area cattle rancher and horse trainer Carl Cosack, a rally participant. “The public was given 45 days to respond.”

Under Ontario law, an environmental assessment is not required for a mega-quarry.

Alex Akesson
Editor for HedgeCo.net
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One Response to Hedge Fund Backed Mega-Quarry Riles Up Local Farmers

  1. If anyone has information on the other holdings of the Baupost Group, please email me.

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