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NEWS: Calzavara tells Boston Herald that quarry must be rejected

The Boston Herald reports, “The Baupost Group, a Boston hedge fund, is under fire north of the border for financing a controversial, 2,300-acre limestone ‘mega-quarry’ outside Toronto (in Melancthon) that would replace fertile potato farmland.”

“Baupost, headed by investment guru Seth Klarman, has reportedly managed money for Harvard University’s endowment, though it’s not clear if the school’s money is invested in the quarry. Harvard Management Co. declined comment. Baupost spokeswoman Elaine Mann said the hedge fund couldn’t comment on investors…”

“Mark Calzavara, regional organizer at the Council of Canadians, said the quarry would disrupt the flow of filtered water to local wells by stripping the land of the soil. ‘They said, with a straight face, they’re going to pump 600 million liters of water a day out of the hole for perpetuity — till the end of time,’ Calzavara said. ‘For that reason alone, it should be rejected out of hand.'”

“Last week, the province ordered an environmental review for the quarry — a win for opponents. That could take two to four years, Calzavara said, though reviews tend to end in approvals. ‘If it’s done fairly, if it’s done right, there’s no way that quarry can be approved,’ he said. ‘But the devil is in the details.'”

The Boston Herald is a daily newspaper with more than 108,000 readers of its Sunday edition.

The full article is at http://www.bostonherald.com/business/general/view/2011_0911hub_hedge_fund_hit_over_quarry/.