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.
A mining watchdog agency created to hold Canadian mining companies accountable is being called toothless.
The Office of the Extractive Sector Corporate Social Responsibility Counsellor was formed in 2009 to probe complaints about Canadian companies abroad, but the Toronto-based agency has so far only received two complaints, one of which was dropped because the mining company chose voluntarily not to be investigated, CBC reported:
“The whole counsellor position is toothless,” said Toronto-based lawyer Murray Klippenstein who is involved in a case against a Canadian mining company. “It’s basically a whitewash .… It’s a bogus PR job, as a cover for business as usual.”
The first case involved allegations against Vancouver-based Excellon Resources (TSE:EXN) regarding its La Platosa mine in Mexico. The second stems from a complaint submitted this summer against First Quantum Minerals (TSE:FM), which is currently in mediation, according to the CBC.
3 Comments
Dan Oancea
Lawyer not happy with not being busy suing the industry – i.e. there are no complaints against the industry.
Not enough money for lawyers, huh? I feel for them.
P.S. What did you just said that the Office was doing? Two cases in two years? And how many people work in that office? Supported by taxpayers money?
Martin
@Dan O.
Your comment reflects your ignorance…the reason for their existense is to hold the Energy sector accountable when complaints arise. A lack of complaints suggests to me that most people don’t even know about this ‘watch dog’ organization.
To suggest that there are not enough complaints…well that is plain wrong. There are MANY complaints…do you actually beleive that a Mexican resident will file a complaint against a company in Canada? Not realistic is it?
This watchdog needs to be more public and ALOT more accessible with regards to its offerings.
Dan Oancea
Martin, the lack of complaints means to me that … there are no complaints. The Office has an address, email address, phone & fax number which means it can easily be reached by anyone around the world.
Good luck with your agenda.