JACKSON, Wyo. — Proclaiming Yellowstone National Park "more precious than gold," President Clinton on Monday announced a deal to end a proposed massive gold mining venture on the edge of the nation's oldest park.
Clinton took time away from his Wyoming vacation to endorse the agreement, under which the owners of the New World Mine would receive federal lands of comparable value in exchange for cleaning up the Yellowstone site north of here and surrendering all rights to its minerals.
The venture has been the subject of a fierce legal and public relations battle between environmentalists and Crown Butte Mines, owner of the New World Mine property.
The announcement permitted Clinton to burnish his environmental credentials at a time when this week's Republican convention in San Diego is beginning to dominate the national news and little attention is flowing his way.
On a visit to Wyoming last year, Clinton declared a moratorium on development of the mine pending negotiations involving the government, ecology groups and the mine owners.
"The American people and our future win because Yellowstone will be protected from the environmental hazards of mining," Clinton said Monday. "Crown Butte's shareholders win because their property rights will be protected. We are all protected from years and years of expensive and bitter litigation."
The deal leaves several critical questions unanswered, however. Chief among them being where the government will find land worth the $65 million needed to compensate New World for its investment that would have comparable development potential. The mine operators estimated that the site contains $650 million to $800 million worth of gold, silver and copper.
Under terms of the agreement, the land must be acceptable to the company, a provision that could lead to months or years of negotiation and, possibly, litigation.
Clinton acknowledged that the settlement will affect the economy of Montana and northwest Wyoming adversely and will cost hundreds of high-paying jobs.
However, he said, "we can't have mines everywhere, and mines that could threaten any national treasures like Yellowstone--that's too much to ask of the American people."
Ian Bayer, president of Battle Mountain Gold Co., the Houston-based parent of Crown Butte, appeared with Clinton Monday to initial the agreement. Both companies are controlled by Noranda, a multibillion-dollar natural resources concern based in Toronto.
