World Bank Mining Project investigates irregularities in SanturbánHere's something I found today. Had to buy at .60 today, seemed like a crazy bargain could not resist that... always controversy around this region.
CAO Spanish Summary Report 13-07-04
Washington / Bogota / Ottawa.The Office of the Compliance Advisor (CAO, for its acronym in English), accountability mechanism of the International Finance Corporation (IFC), will audit the purchase of shares of IFC Eco Oro Minerals (formerly Greystar Resources Ltd .) for U.S. $ 18.2 million.This Canadian company is planning to implement a project called Angostura gold mining in the wilderness of Santurbán, located between the Colombian departments of Santander and Norte de Santander.
The decision follows a complaint filed in June 2012 by the Committee for the Defense of Water and the Desert of Santurbán with support from the Interamerican Association for Environmental Defense (AIDA), the Center for International Environmental Law (CIEL) and MiningWatch Canada.The petitioners argued that the investment did not comply with the policies of social and environmental sustainability of IFC, an entity of the World Bank Group.
"We welcome the decision of the CAO to advance the complaint to an audit.This adds to our arguments about the impossibility of Angostura in Santurbán mine, "said Miguel Ramos, a lawyer member."If the CAO concludes that the project is failing and will not meet your standards, the IFC should sell their shares."
The moors, high altitude wetlands are freshwater source and refuge for endemic and threatened species such as the spectacled bear and the Andean condor.This is recognized even IFC.They are also essential ecosystems for climate change mitigation.Colombian and international standards prohibiting mining in moors.Therefore, in May 2011, the Ministry of Environment of the country denied the environmental license for the project, initially proposed open pit and underground mine now.
"We believe that an open pit or underground would cause irreparable damage to a vital ecosystem for Colombia and the region for its high biodiversity, its importance in mitigating climate change and as a source of fresh water for two million people.Therefore, and in compliance with the rules, should not be implemented,"said Astrid Puentes, AIDA co-executive director.
CAO research will focus on knowing whether the assessment of social and environmental risks are properly conducted, especially those cumulative, long-term.
"IFC invested to boost the mining sector in Colombia without having the necessary information of the impacts, both the project and the possible development of a mining district Santurbán area, a region that has been affected by armed conflict and where 70,000 hectares have been licensed to several companies since Eco Oro arrived, "said Jennifer Moore, Program Coordinator for Latin America MiningWatch Canada."This shows that a policy is irresponsible and unmanageable.
CAO's decision comes two weeks after a similar, do an audit of a copper mine in Peru.In that case, IFC bought shares on a preliminary stage project without evaluating the impacts.
"From our perspective, to continue to accept this type of investment, IFC may not meet their standards.It is a highly disturbing pattern, "said Kristen Genovese, CIEL attorney.
The organizations filing the complaint expect the outcome of the investigation be conducted by the CAO is comprehensive and in-depth questioning IFC's current policy of promoting large-scale mining through the purchase of shares in mining exploration companies calls "junior".
Press Contacts:
Miguel Ramos, Committee for the Defense of Water and the Desert of Santurbán abogado.mr @ gmail.com , (57) 314 416 45 31
Riano Astrid Puentes, AIDA, apuentes@aida-americas.org , (52-55) 5212-0141
Jennifer Moore, MiningWatch Canada, jen@miningwatch.ca , +1 (613) 569-3439
Amanda Kistler, Center for International Environmental Law, akistler@ciel.org , +1 (339) -225 to 1623