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.
At least 37 people have died after a gold mine located 60 km north of the Central African Republic town of Bambari collapsed, burying about 30 workers.
The mine is owned by Canadian Axmin (CVE:AXM), but was taken over by rebels over a year ago, who now control the area.
According to local media, the accident was due heavy rains that made the pit in which the miners were working collapse. A government’s spokesman said that 10 injured miners have been rescued so far, but there are an unknown number of bodies still buried after the accident.
Georges Yacinth-Oubaouba, a senior official in the Ministry of Mines, told Reuters there are no officials on the ground to regulate those illegal miners. “They dig without any rules,” he was quoted as saying.
Violence broke out in Central African Republic in December 2012. Seleka rebels, loosely organized groups that drew primarily Muslim fighters from other countries, ousted the president and installed their own leader in a March 2013 coup.
The Seleka were officially disbanded, but its members continued to commit such crimes as pillaging, looting, rape, and murder.
In September 2013, after 10 months of terrorism at the hands of the Seleka, anti-balaka self-defence groups began to form. The anti-balaka picked up momentum in November, and the conflict in the nation took on a sectarian character, as some anti-balaka, many of whom are Christian, began attacking Muslims out of revenge for the Seleka’s acts.
4 Comments
rayban
I am tempted to ‘WHAT” ! Canadian Axmin related to Axmin of the Passendro Area ? This seems unlikely to me so ah hum ! What ! As well , Axmin is a legal company . Symbol AXMIF . Note , I own yet some shares in AXMIF though I sold most during the Seleka take over .
Well Done
Gee, what a surprise! Heinous, brutal murders involving Islam.
Baillie
‘Africa is for Africans, a push to a world where no nations or states, even the US and its allies, “covet the land or resources of other nations”
http://www.globalresearch.ca/stabilizing-central-africa-for-the-multinationals/5364423?print=1
wally
Mining companies and governments need to work together in a transparent way to develop better working relationships. If one considers the what if scenario, the above is just about worst case and is in no-ones interests. Sad.