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 United States on Thursday banned imports from five more Chinese companies over alleged human rights abuses involving the Uyghurs, according to a government posting, as part of its effort to eliminate goods made with forced labor from the US supply chain.
The companies include Hong Kong-based Rare Earth Magnesium Technology Group Holdings and its parent, Century Sunshine Group Holdings, which manufacture magnesium fertilizer and magnesium alloy products. Also included is Zijin Mining Group Co subsidiary Xinjiang Habahe Ashele Copper Co, which mines nonferrous metals.
The targeted companies did not immediately respond to requests for comment.
The companies were added to the Uyghur Forced Labor Prevention Act Entity List, which restricts imports tied to what the US government characterizes as an ongoing genocide of minorities in China’s western Xinjiang region.
The list now includes over 70 entities tied to products including cotton apparel, automotive parts, vinyl flooring and solar panels.
The list identifies those who work with the government of the Xinjiang Uyghur Autonomous Region to recruit and transport Uyghurs, Kazakhs, Kyrgyz or members of other persecuted groups out of the region, and those who source material from the region or from people who work with the government of Xinjiang.
US officials say Chinese authorities have established labor camps for Uyghurs and other Muslim minority groups in Xinjiang. Beijing denies any abuses.
“The so-called ‘forced labor in Xinjiang is nothing but an egregious lie propagated by anti-China forces and a tool for US politicians to destabilize Xinjiang and contain China’s development,” a spokesperson for the Chinese embassy in Washington said on Thursday in a statement. “China will continue to firmly safeguard the legitimate and lawful rights and interests of Chinese companies.”
(By Karen Freifeld and Alexandra Alper; Editing by Franklin Paul)
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