Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
The Royal Canadian Mounted Police are investigating a Calgary-based company over allegations of bribery in Mexico.
The Mounties are checking whether Blackfire Exploration Ltd. made monthly payments to a local mayor to prevent protesters from interrupting the mine’s operation, says the CBC:
An outspoken critic of Blackfire’s mine was killed in Mexico in 2009, which led to a temporary shutdown of the mine. However, that homicide is not part of the RCMP investigation.
In a statement the company has said it did not knowingly bribe anyone, believing the money was being used for public works in a nearby town.
A special corruption unit was formed three years ago to investigate Canadian companies operating abroad. Canadian company Niko Resources was fined $9.5 million earlier this year for bribing an official in Bangladesh.
Blackfire says on its website it owns the 1500-hectare Payback Barite Mine through its Mexican subsidiary, along with 12 properties in Canada.
