According to a Reuters report, Britain's financial watchdog could intervene if there are too few participants to set commodity benchmarks including gold and silver. Since Deutsche Bank’s withdrawal from the fixing process, without a replacement, this leaves only four banks – Barclays, HSBC, Bank of Nova Scotia and Sociéte Generale involved in the twice daily London Gold Fixing process – and only two (HSBC and Bank of Nova Scotia) to fix the daily silver price.
"Everyone's angry at Barrick right now. Everyone's mad at [Barrick Chair and founder] Peter Munk because of botched deal after botched deal, fraudulent activity due to their Pascua-Lama mine, and they're also being sued in the British High Court for the killings that have happened with regularity at their North Mara mine," said Sakura Saunders of Protest Barrick.
As Barrick Gold was hosting its AGM in Canada (Barrick Gold Faces Demonstration Against Abuses at Toronto AGM), a state of emergency had been declared at its notorious Porgera Gold Mine in Papua New Guinea's Enga Province, in an attempt to try and stop so-called illegal mining.
This must count as one of the strangest government permissions of all time, but as London-listed nickel mining Talvivaara struggles with bankruptcy, brought about primarily because of toxic leaks of their mine waste, the Finnish Governent have issued them a permit to extract uranium too.
The fight over the Conga mining project is one of Peru’s largest current social conflicts. Today, the local population continues resisting the imposition of one of Latin America`s largest gold mining projects – Minas Conga. The situation remains tense, and the resistance continues, but with an intensified sense of urgency because as the battles are won and lost, many feel that the conflict is nearing its conclusion. The project is controlled by Newmont, a US company with British investment: among investors in Newmont are UK-based Blackrock World Mining Trust and AXA Investment Managers UK.
A video released by activists from Foil Vedanta today, shows Vedanta boss, and 69% owner, Anil Agarwal, telling a large audience how he bought Konkola Copper Mines in Zambia for just $25 million, rather than the $400 million asking price, and receiving loud cheers when he states that the company brings in $500 million in profit each year.
Multinational corporations are infamous for pushing native people off their land in order to open a new gold mine, extract oil, or otherwise extract local resources. For decades, backlash has been thought to be both limited and ineffectual, but new evidence suggests that protests from local people are effective, extremely costly for the companies, and often lead to substantive changes to or total abandonment of a project.
Earth Day celebrations in the Philippines focused on mining. At Glencore Xstrata's much disputed Tampakan mine, one of the civil society opponents of the mine has been arrested (or abducted) allegedly for being a member of the communist New Peoples' Army. The charge that is vehemently denied, and such accusations are a regular method of discrediting, and intimidating, those who oppose the project.
n a new and unexpected twist in the battle to control Guinea's rich Simandou iron ore deposits, the companies once operating in the area have began a series of billion-worth lawsuits, with iron ore miner No.2 Rio Tinto, suing the world's largest producer Brazil's Vale.