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.
South African police have arrested a former project director for Canadian rare earths-focussed Great Western Minerals Group’s (GWMG) on suspicion of fraud and money laundering.
The Saskatoon-based company said Thursday that Vincent Mora was subject of an internal investigation that led it to file a complaint and cooperate with the South African police to investigate the possibility of criminal activity.
Great Western Minerals, a junior seeking to become the major integrated rare earths producer outside China, terminated in November its contract with East Rand Engineering Services for the refurbishment of its Steenkampskraal mine in the African country, due to the probe.
The company added that because the matter involves an ongoing criminal investigation and civil matter, it would not be able to provide additional information at this time.
Comments
Peter Venter
Vincent was facing charges fabricated against him with no foundations. All the charges against him were withdrawn by the state on the 9th July 2013.