Flambeau Mine.
Reacting to news that Parliament will this week consider whether to probe the transparency of oil and mining firms listed in London, Richard Solly, the Co-ordinator of London Mining Network, said:
“London Mining Network welcomes the announcement by Adrian Bailey MP, Chair of Parliament’s Committee for Business, Innovation and Skills, that he will propose an inquiry into issues including governance and anticorruption protection at mining and oil companies.
“Such an enquiry would be topical because of investigations into London-listed mining companies Bumi and ENRC by the Serious Fraud Office but would not be limited to looking into those two companies. It is also important that the enquiry not be limited to issues of governance and corruption: it should also take into account the environmental and human rights records of mining and oil companies.
“London Mining Network has long been calling for stricter regulation of mining companies listed on the London Stock Exchange (LSE) or trading on the LSE’s Alternative Investment Market (AIM). Early last year we published a report┬áincluding case studies of mining companies with appalling records of poor governance, criminality, environmental destruction and abuse of workers’ rights, Indigenous Peoples’ rights and human rights in general. These examples, including Bumi, were of companies controlled from overseas which had listed in London since 2003. It showed beyond doubt that the UK Government’s ‘light touch’ approach was failing people directly affected by these companies’ operations. Recent crises at Bumi and ENRC show that such an approach also affects investors – which is what has made the authorities sit up and take notice.
“London’s share markets are financing some of the worst mining practices in the world. The fact that a good many mining companies are in the FTSE 100 (including Bumi and ENRC) means that many pension funds and other investment bodies automatically pump their clients’ money into them, involving millions of people in Britain┬áin their destructive practices. We hope that the parliamentary inquiry will take a broad approach and make recommendations which will at last rein in this abusive industry.”
For more information or comment email contact@londonminingnetwork.org / 07903 851695
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Notes
UK lawmakers consider probe into transparency of mining firms: http://www.foxbusiness.com/news/2013/05/19/uk-lawmakers-consider-probe-into-transparency-mining-firms/#ixzz2Tv14hNq4
UK-Listed Mining Companies & the Case for Stricter Oversight: https://londonminingnetwork.org/2012/09/report-calls-for-stricter-regulation-of-uk-mining-companies-2/