Macquarie fined by UK after metals trader books false trades
The firm’s London metals desk was able to book 426 fictitious trades to conceal his losses for almost two years.
Peru’s ombudsman office, Defensoría del Pueblo, published a report (in Spanish) showing that three new mining conflicts arose in the country last month, taking the nation’s social problems up to a staggering 225, just in May.
From the total, at least 76% social conflicts are still ongoing, said the authority, while the rest are controlled but not solved.
Socio-environmental struggles were the most numerous, with 149 cases (66.2% of the total) related to mining activities (108 cases) and hydrocarbon projects (19 cases).
The body warned about the situation in the gold-rich Cajamarca region, where the world’s number two gold producer, Newmont Mining (NYSE: NEM), continues to struggle with its $4.8 billion gold-copper Conga project.
Construction at the debated mine, in partnership with local miners Buenaventura and Minera Yanacocha, has been suspended for over a year after violent protests and blockades routes in and out of Cajamarca forced the government to declare a state of emergency in more than one occasion.
Conga is set to begin production in early 2015, but last April Newmont stressed willingness to reallocate capital to projects in other countries such as Australia, Ghana, Indonesia and the US.
The mine will be capable of producing up to 350,000 ounces of gold and 120 million pounds of copper per annum with a 19-year life of mine.
(Image: Anti-Conga protest, by NewsLIVE)
2 Comments
James Michael
The groups that are being lead by the minority need to think for themselves and ask some very important questions.
Who are the leaders
What are their aims
What do they intend to gain welfare for the locals or for themselves.
I do not agree with the comment about Peru deserves nothing, but people need to understand fully what is going on around them and not just what a minority want them to believe.
Newmont has not had the best record in Peru but someone needs to enforce the rules and cut out the corruption. They know who they are.
Think!!!!
krjekjnekj
this mining corporation does whatever they want because they corrupt the Peruvian authorities. They dont follow the same practices they do in the US or Australia because they would go to jail for doing that, but in Peru they corrupt the people including the president and all the authorities around him. They have the power to do it and the money to spend at the expend of the people’s misery….