Barrick -- Good news or bad news

[Dolores]

There is a serious environmental pollution problem in the northcentral area of Cotui, leftover from disastrous handling of the Pueblo Viejo mine owned by the Dominican government. This needs to be cleaned and managed urgently. Barrick Gold proposes to do so.

Peter Munk, chairman of the company (apparently not Punk as published in the Dominican media) was in the DR to meet with President Fernandez on 28 May 2008. Barrick has announced its interest to go ahead with the concession and has stated it will participate in the clean up. This is a very technical matter and there is not much that is known.

The question is whether Barrick will be good for the DR, or bad.

Reading about this company on the Internet is scary.

"Responsible Mining or Simply Wanton Plunder?
Overall, Barrick is just one of many. Canadian mining companies are some of the most active in Latin America. An impressive 60 percent of all mining companies worldwide are Canadian-based, with their stock listings on the Toronto, Vancouver, and New York exchanges. Mining is without doubt a key sector of the Canadian economy. It generates revenue of $40 billion annually, which represents 4 percent of the gross national product. Especially in Latin America, a virtual mining bonanza is now underway due in part to the rising price of commodities such as gold but also because the area has very lax environmental laws compared to the United States and Canada." http://www.worldpress.org/Americas/2700.cfm#down

http://www.jantziresearch.com/index....el_3=0&a_id=13

On Wikipedia:
"Asides from the severely criticized actions of Barrick Gold, Peter Munk was also named by Mother Jones Magazine as one of their ten little piggies. A term they used to denote greed, disregard for the environment, and disregard for the lives of others."

Other sources that are highly critical of the company's environmental practices:

International day of action against Barrick Gold — Friends of the Earth Australia

Protest Barrick*:*Peter Munk, Chair of Barrick Gold Admits Liability for The Desecration Of Lake Cowal Sacred Site, Australia

CorpWatch*:*Barrick's Dirty Secrets: Communities Respond to Gold Mining's Impacts Worldwide

http://www.googlesyndicatedsearch.co...&start=10&sa=N

http://www.miningwatch.ca/search.php...&action=search

[suarezn]

Being from Cotui I'm torn between the pressing need for jobs in this area and the potential for environmental disaster. I know that this company is going to leave us with a huge pollution problem (way worse than Pueblo Viejo) as the gold they are now going to mine requires the use of sulphuric acid, cyanide, and other deadly chemicals. With little to no enforcement from the environmental authorities why would they even worry about doing things the right way and cleaning up after themselves?

The most important body of water in the province (Presa de Hatillo) is very close to where this mine sits and I'm not convinced there is not going to be runoff of these chemicals into this water. This will be a darn shame as this lake has huge potential.

In the end is a moot point as they have already started operations (i.e. my brother in law who is a heavy machinery operator is already contracted to work there and already started work a few weeks ago).

There are many powerful people in Cotui and other parts of the country supporting this as they will get their piece of the pie and that's all they care about. Us Cotuisanos will be left holding the proverbial polluted bag...

[Skippy1]

I think KeithR's heart must be in his mouth now hearing this news....

Not good news I fear.

Skippy1

[Skippy1]

Robert to signs are not good

The reputation firstly (This company) of other projects world wide that do have enforced regulations now working in the DR where everyone know anything goes and to hell with the people who might suffer.
I fear for the locals to be honest.

Skippy1

[Keith R]

Originally Posted by Skippy1

I think KeithR's heart must be in his mouth now hearing this news....

Not good news I fear.

Skippy1

There have been several threads over recent years (yes, years!) about the need for cleanup at Pueblo Viejo, the desire of foreign investors to resume mining there, and Barrick's interest in gold mining in the DR. I think if you run a search for them and read remarks I have made in the past, you'll find I have consistently expressed deep reservations, particularly along 2 lines.

First off, Barricks always insists that they are very responsible miners and in how they treat the environment; indeed they tout their internal policies, their endorsement of the UN Global Compact, the ICMM 10 Principles, the International Cyanide Management Code, and their ISO 14001 certifications. Yet, as Dolores noted, their public reputation doesn't seem to match their claims.

Second, until now the DR has a poor record in monitoring, inspection and enforcement of mining firms. With a player as big and powerful as Barrick, using processes that could do very serious environmental (and health) damage if best practice is not followed, you need a government watchdog for mining a bit more on its game than the DR has so far demonstrated.

[bob saunders]

In Canada there is movement to ensure Canadian companies like Barrick are held accountable: The House of Commons Standing Committee on Foreign Affairs and International Trade has called on the Government of Canada to take action to end the devastating social and environmental impacts of Canadian mining operations overseas. A recent Standing Committee report calls on the Government to: (i) stop using taxpayer money to support destructive Canadian mining projects abroad; (ii) hold Canadian mining companies legally accountable for environmental and human rights violations in other countries, and; (iii) force the World Bank to respect international human rights standards. The Government has about 90 days left to respond and it would like nothing more than to sweep the report under the carpet. Action is needed to pressure the Government to adopt the Committee’s recommendations and to immediately address ongoing international scandals associated with the Canadian mining industry.

[Dolores]

Please keep us posted on how things go with the movement.

[Funnyyale26]

AY AY AY......ya es muy tarde pa' ablandai' habichuela.. Ese pueblo se jodio....bueno, que se va hacer...alguien tiene que pagar por los platos rotos.

[A.Hidalgo]

I love when you write in Spanish.

[Dolores]

Barrick got back to us and it is Mr. Munk, the investment is US$2.7 billion.