Topic
In Guatemala, angry locals vote no, but BC firm presses on.
The Marlin mine: expansion planned. Photo by Keith Vass.
From the vantage point of the city square, it's impossible to tell that San Miguel Ixtahuacán is at the centre of Guatemala's mining boom. A couple of vendors sell chicken, fries and pop, but most of the stands are empty, many of the businesses are closed and broken windows dot the municipal hall.
Just 20 kilometres away by dirt roads lies the Marlin project, "one of the first modern mining investments in Guatemala in years," according to Goldcorp Inc., the Vancouver-based company that owns the mine. Previously owned by Glamis Gold, and now property of Goldcorp, the Marlin project is a precedent-setting gold mining project in Guatemala.
Goldcorp is the third largest gold producer in North America, with properties in Honduras, Guatemala, Mexico, the U.S. and Australia. Goldcorp's fully owned subsidiary Montana Exploradora is leading the pack of companies cashing in on the mining boom that has swept across Guatemala since the mining code was changed to favour foreign direct investment in 1997.
Guatemala's appeal to global mining interests has much to do with the fact that here royalties from mineral extraction are only one per cent, shared between the state and the affected municipality. A project the size of the Marlin project operating in Canada would be subject to a royalty fee of 13 per cent of total production.
In addition to royalties, the Marlin project today means a couple hundred jobs in the region and Goldcorp has plans to greatly expand what is already a $298 million Cdn operation.
But a backlash has set in against the project. Local residents have voted overwhelmingly against expansion, and say indigenous farmers were left in the dark about the business dealings transforming their region. A protester against the mine was killed by military police while helping to blockade a road. And a recently released report of toxic runoff only bolsters the view of community leaders who say the project hasn't delivered the benefits, economic and otherwise, that would earn support for the big next push.
Open pit where villages stood
After completion of the exploration phase in San Miguel Ixtahuacán in the late 1990s, Goldcorp's predecessors began buying properties from small landholders, paying between eight and 80 times market value for the land they acquired. Over the last two years, these lands have begun to undergo a radical transformation from villages to an open pit mine, which will eventually grow to encompass five square kilometres.
The greater municipality of San Miguel Ixtahuacán has a population of 39,000, comprising 19 villages. The vast majority of people are indigenous peasant farmers, who depend principally on subsistence agriculture for their livelihoods, growing crops of corn, beans, vegetables and fruits, nurtured by irrigation from the Cuilco River and its tributaries.
"The map of mining interests, the map of indigenous people and the map of poverty all line up perfectly. Where there is mining, there is poverty and indigenous people," explains Marco Venicio Lopez Maldonado, who works with the Peasant Workers' Movement (MTC) in the provincial capital of San Marcos. This certainly holds true in San Miguel Ixtahuacán, which is one of the poorest municipalities in Guatemala, where over 70 per cent of people live in extreme poverty.
Edwin Oswaldo Avila Perez, the current mayor of San Miguel Ixtahuacán, told The Tyee that when the mining exploitation started in San Miguel Ixtahuacán, "almost the entire population was uninformed. They didn't know what agreements had already been signed between the muncipal government at the time, the people who sold their lands, the Federal government and the company."
The World Bank, which supported the Marlin project with a $45 million US loan through their private sector branch known as the International Finance Corporation (IFC), claims that the project followed the protocol of the International Labour Organization's Convention 169 (ILO 169), which guarantees the right of indigenous people to exercise control over the form of development that occurs in their traditional territory.
Avila Perez, however, maintains that with relation to the Marlin Project, "Agreements were signed at an internal level, and the population at large was unaware."
'Owners for 5,000 years'
In the adjacent municipality of Sipacapa, the story of the Marlin project has a different character. Some installations of the project already exist on the periphery of the municipality, and the company is currently slated to expand exploration and exploitation into Sipacapa.
Upon getting wind of the Marlin project, community leaders in Sipacapa began to organize a referendum (consulta), a process stemming from municipal law and ILO 169, which allows community members to vote for or against projects on their land. Turnout was high -- nearly half of all registered voters -- for a referendum held on June 18, 2005. In all, voters from 11 of 13 communities in Sipacapa voted unanimously against mining activities in their land.
According to Mario Tema, a community leader in Sipacapa, the process of the referendum has allowed people a legal basis to reject mining in their lands, "revindicating the rights of people who have been the owners of these territories for at least the last 5,000 years."
More than a year and a half has gone by since the referendum took place in Sipacapa, and community members continue to await confirmation from the constitutional court that the results of the referendum will provide them with enough legal backing to keep mining out of their municipality.
In an e-mail interview with The Tyee, Jeff Wilhoit, VP of investor relations at Goldcorp, pointed out that "President [Oscar] Berger has observed that Goldcorp is the single largest taxpayer ever in Guatemala." With such large financial interests opposed to its outcome, legal recognition of the referendum is far from guaranteed.
Wilhoit explains the company's position by stating that "two rulings by the courts at that time ruled the referendums to be unconstitutional. Those rulings are still in place. Goldcorp's perspective is that we will abide by the rule of law as defined by the courts and governmental bodies in Guatemala."
$150,000 'gift' from Goldcorp
In a 2005 report commissioned by the World Gold Council -- of which Goldcorp is a member -- author Jill Leyland stated that major mining companies "are committed to working with the local community and carrying out extensive consultations from development onwards."
But despite the referendum results, Goldcorp continues to employ various strategies to enter into Sipacapa, including offering to pay individual landholders to drill exploration perforations in their land, as well as presenting the municipality with a "gift" of over $150,000 Cdn. Neither offer has thus far been accepted.
Regardless of whether the company agrees to abide by its results or not, the referendum has also been an instrument of consciousness raising, whereby people have become more informed about the costs and benefits of mining megaprojects. Community members have also begun to articulate a comprehensive alternative development plan, presenting concrete possibilities for development that do not rely on mining.
The development priorities outlined by grassroots groups in Sipacapa give a priority to reactivating the agricultural sector, namely by providing technical assistance and training to growers and cultivators, while seeking out new markets for the wide variety of organic products that grow in the region.
Payments into pavement
According to Mayor Avila Perez, local citizens see very little tangible reward from the royalties Goldcorp is paying. Last year, he says, "directly from royalties, we have not invested anything in community projects," but, he continued, "all of the $670,000 Cdn that we have accrued in royalties will eventually be used in paving projects in San Miguel."
Many people living in the area question the benefits that paving will bring, while many people's basic needs go unsatisfied.
Roberto Marani, who is in charge of the Catholic church in Sipacapa, noted that "for peasant farmers, paved roads will only cause pain in the feet of their horses."
One community activist in San Miguel Ixtahuacán, wishing to stay anonymous because of repeated threats of violence from workers at the mine, told The Tyee, "We want the mining company to pull out, because they have not fulfilled their promises to build a hospital, renovate a sports complex, fix up the central park or pave the roads." Many local residents echoed his concerns that the company has not kept its promises to the community.
While a number of small infrastructure projects have been carried out by the company, many people feel that their contribution to the local economy has not been what is should be. Earlier this month, people who sold their lands to the company protested by erecting a road blockade for two weeks. Father Eric Gruloos, who has worked in San Miguel Ixtahuacán for more than 15 years, commented that the people on the blockades felt that they had been "tricked" by the company.
Migration, pollution and threats
During its operational phase, expected to last another nine years, the Marlin project provides 200 jobs, 160 of which are held by local people. In an area with more than 40,000 inhabitants, 200 jobs is a drop in the bucket. Though the World Bank claims that "since construction of the mine started...migration from [San Miguel] to the coast (to work on sugar and coffee plantations) has virtually stopped," the reality on the ground is different.
Maria Lopez, a citizen of San Miguel Ixtahuacán, whose husband is currently working on a plantation, said that this claim that people are no longer migrating to find work is "a lie." She continued to explain that "right now, everyone who can is looking for work in the plantations. Some people are working at the mine, but only the few who have an education, those who aren't educated go to the coast, and many go the U.S."
Fear of contamination is another major concern for residents living in the area, particularly due to the use of cyanide in extracting gold from rock. An independent hydrological study released in November indicates that downriver from the mine, heavy metals are beginning to accumulate, and levels of copper, aluminium and manganese are already over the limits prescribed by the World Bank.
Flaviano Bianchini, the author of the study, has received continuous threats since its publication, and last week Amnesty International began an international campaign to draw attention to concerns for his safety.
Looking north
As the people of Sipacapa continue to resist mineral exploration in the lands, and the citizens of San Miguel work to pressure the company to fulfil their promises, mining at the Marlin project continues. Already more than 105,800 troy ounces of gold, currently valued at over $760 Cdn per ounce, have been extracted.
Goldcorp officials glowingly describe the Marlin project as "a highly prospective land package of approximately 100,000 hectares that encompasses the main Marlin deposit and other important mineralized zones."
But further expansion is likely to be met with more resistance by locals. Many communities are organizing referendums to pre-empt mining activities in their territories, and people are getting better educated about the trade-offs that mining projects bring.
Organizing to force change in mining practices is something that Canadians can work on too, says Lopez Maldonado from the MTC. "Canadians need to start looking at where their pensions are, what their companies are up to, and what the diplomatic corps are doing." His voice is not the only one calling for change, as evidenced by the recent Canadian Roundtables on the Extractive Industries, which concluded last November in Montreal.
Guatemalan journalist Luis Solano doesn't mince words in aiming advice far north of his own border. "Denouncing these companies," he says, "is the first step for Canadians to take."
Related Tyee stories:
![[Tyee]](http://thetyee.cachefly.net/ui/img/ico_fishie.png){kind=small}
39
Login or register to post comments
Bobb999
6 years ago
nagging conscience
As someone who invests in mining stocks, I make a point of avoiding stocks with particularly questionable operations, especially ones where there is strong local opposition to projects.
But I happen to be a Goldcorp shareholder, though I never bought the shares. Goldcorp bought out the co. I did hold shares in since '03, Wheaton River, which turned me into a Goldcorp shareholder. Then Goldcorp bought Glamis (with the controversial project), a deal the market disapproved of - Goldcorp's stock price got slaughtered. Going by the article, maybe maybe this "served us right"!
If I want to do something about my shares,
I can at least write a letter of protest to the co., and contemplate selling.
Capitalism
6 years ago
G - Goldcorp
I love this company and I love this stock!! 4 years ago I invested some money - based on a recommendation from my younger brother (who was still at UBC at the time), in a little gold/silver/copper company called Wheaton River Minerals - WRM. I bought in at around $1.75 and before I could blink, the CEO, Ian Telfar had taken the stock to around $450....
There were a whole bunch of bidding wars and ultimtaly Telfar executed a brilliant reverse takeover of Goldcorp, relocated the corporate offices to Vancouver, and spun off the silver company into Silver Wheaton - which I still own!!
He then plucked some of the old Placer Dome assets when Barrick acquired them - and I still own my Goldcorp shares today.
They are pretty volatile, but with this genious at the helm, how can I sell!
Thanks Ian!
Capitalism
6 years ago
$1.75
Sorry - he took it to $4.50 not $450...
I also forgot about his brilliant acquisition of Glamis, once a great Vancouver company, which relocated to Reno, NV because of the NDP....
Gary
6 years ago
Another Fine Example
.....Of big business and the banks ripping off the population. They discovered long ago that paying off government people in third world countries pays off well in the end.
My greatest concern is the safety of Flaviano Bianchini and some of the other activists who are in danger of being executed in the name of "progress" for big business.
Bobb999: and others. If you hold shares in this company e-mail them and let them know that you are aware of what is going on. Let them know that if any lives are lost you will bite the bullet and get rid of the shares at a loss. I did this a few years ago and took a fair bath. It was over leach pads that were installed over the objections of environmentalists, who were proved right in later problems.
I think that a small protest such as a loss of a few dollars is fair. We are not in threat of losing our lives, as is the case of the activists in Guatemala.
Gary
6 years ago
Predictable...
Cappy, you are so predictable. No concern for the loss of life. Just money, money, money. Are you aware of the term Karma. Watch out buddy, yours is coming.
maestro
6 years ago
Cap:
Geez, before your correction of $1.75 to $4.50 ......as opposed to old post of $1.75 to $450, .....I thought we had another Bre - X goin' here.
Capitalism
6 years ago
Gary and Karma
Speaking of Karma - now is the time to go buy some G stock!!
I would although I already own. However, like I've said, anytime the tyee profiles a company - their share price seems to go up! Don't know why, though surely they are not market movers.
Gary - get out there and buy some Goldcorp - then you can (a) make some $$, and (b) write you letter as a concerned shareholder!!
Capitalism
6 years ago
maestro
No Bre-x when it comes to Mr. Telfar. This guy is nothing short of a money making machine. My uncle was great friends with an late and famous geologist turned stock promoter turned mining executive in Vancouver (very well known - though I'll save his name).
I was out at a little family affair and he told me to throw everything I had at three companies - one of which was Goldcorp.
Mr. Telfar cut his teeth as a start-up entrepreneur in the tech boom. After the crash, he turned his eye towards the mining industry and build Wheaton from nothing. This guy is a money making machine - and has delivered nothing but weath for his shareholders....
A true Canadian hero!
Bobb999
6 years ago
Gee, I was thinking that too about "Cappy"
...that "Capitalism" is giving himself and
the system he's named after, a bad name.
"Capitalism": Does your silence on the subject of the article really mean you're oblivious to what Goldcorp may be (unethically) doing in order to make money for you? Or is it just that your enthusiasm
about the stock only temporarily obscured your conscience?
Is the bottom line really all that matters
in business - "greed is good"?
As Gary suggests,I will write a letter to Goldcorp with my concerns about their activities in Guatemala, and will mention the Tyee article, which they're likely aware of by now.
Yes, Ian Telfer (Goldcorp CEO) has done an outstanding job at building successful precious metals mining companies. Yes, like "Capitalism", I feel some gratitude towards him too. Wheaton/Goldcorp represents my best ever total return on a stock (currently 700%+), I do have another one that beat even that, but only on a percentage basis, instead of dollars. Pan American Silver has returned me 1,600%+ after about 12 years.
Although Goldcorp's stock price got hammered after the Glamis buy-out, for me it just means my once near 1,000% (paper) profit has been reduced to a 700%+ profit,
so, if I do sell because the co. doesn't address the legitimate concerns of Guatemalans living near co. mining operations, as Gary suggests I might do, I'm fortunate the only bath I'll have to face is a large tax bill! There are worse fates.
I hope this story gains traction and places pressure on Telfer to do the right thing
for the Guatemalans and his for co's. reputation.
Though I was unaware of the Guatemalan controversy,I was unhappy at the time that shareholders were not even given a vote, to accept or reject the proposed Glamis deal. I wanted to be able to vote on it.
By Canadian law, Telfer was ,unfortunately, within his rights to go ahead with the deal, with board, but not shareholder approval. The previous Goldcorp CEO Rob McEwan (still the largest single shareholder and a board member) was very unhappy about the process too. He disapproved of the Glamis deal, campaigned against it, and fought it in court, unsuccessfully.
As it turned out, the Glamis deal has not benefited Goldcorp shareholders one bit. The share price tanked partly because of Glamis, and still has a long way to go to recover.
The market believes Telfer paid far too much for the co. Others criticize the deal for adding too much base metal assets to Goldcorp, so that it's no longer as pure a gold play as it once was.
Longer term, Glamis may eventually turn out to be a smart business deal, but for the medium term, it's only hurt Goldcorp's shareholders.
I'd like to see Telfer now demonstrate
he's prepared to be pro-active from now on, in ensuring Goldcorp's operations are above board and ethically sound, which means accomodating the needs of local people affected by his mining operations, and includes respecting local referenda, and keeping promises it made.
The sooner Telfer and the board do what's necessary to acquire local support for their projects, the less likelihood there will be of more violence.
Telfer may end up with blood on his hands otherwise (if he doesn't already have some).
jwstewart
6 years ago
CAP How could (even) you
CAP
How could (even) you fail to make money with the local Junta ready to "disappear" any opposition. That's not genius, it's simply thuggery.
You need better quality heroes.
Alcibiades
6 years ago
I hope the regulators are watching
I was out at a little family affair and he told me to throw everything I had at three companies - one of which was Goldcorp.
Sounds to me like you're a party to the illegal dissemination of insider information Cappy. I hope Ian Telfer has a good lawyer because I know a couple of couple of them who have a keener notion of the public interest than you do.
I'm sending them an email to suggest they drop in and read this little story. Npthing may come of it. But, on the other hand, it wouldn't be the first time some hot shot from Howe Street got caught with his fingers in the cookie jar.
C'est la vie Cappy!
Capitalism
6 years ago
Alci
You are great! Don't waste my time or yours...I can assure you nothing will come of it.....
He said put your money in Goldcorp because Gold, in itself is on its way up, and the executive team and Golcorp is second to none. This mining guy knew no insider info., my uncle knew nothing and I never did either.
No insider knowledge. I would never/ever engage in that behaviour. It is unethical and flat out wrong. I believe in the investment community and not corporate thuggery....
Alcibiades
6 years ago
We'll see
The query has already gone out.
Alcibiades
6 years ago
By the way
Just for your information, this story is about corporate thuggery and you've been on here for the past 2 hours telling us how wonderful you think it is.
I'd say your credibility is about as high as the soles of your shoes my friend.
maestro
6 years ago
Cap:
Don't sweat it...
We all know what happened to Colleague Coyote.
I myself have been so-called "threatened" by a TYEE poster....(NO NAMES MENTIONED, of course....)...something about the TYEE party posting they are " keeping- a -file- on- " moi" " .
oooh ....tough guy/gal/it .
While some of us are simply into free speech and listening and debating others viewpoints whether we agree with them or not....sometimes as most of us tend to come and go on -line, you really begin to wonder (i)why some TYEE poster/commentors are on -line and (ii) what their TRUE agenda REALLY IS !
Maybe the TYEE EDITORS should look into these " veiled and UNveiled threats " by some on the TYEE...and in addition the inherent right one has to defend oneself and respond appropriately.
PS Oh yeah...someone once told me what stock to buy....one was an Ex -Premier...
Bobb999
6 years ago
Alcibades: I fear you may be
Alcibades:
I fear you may be stretching the concept of "insider info" a bit far.
In Cappy's defence, he did not say the rec was made to him based on info. not known to the public.
Goldcorp was never a secret as being a gold co. worth buying. McEwan was always known to be an excellent manager, and Goldcorp was always known to be one of the lowest cost gold producers around, and operating in a geopolitically safe region (Canada, at the time). This was all public knowledge.
Same thing with Wheaton River, Telfer's prior project which merged with Goldcorp.
It too was commonly known to be a very low cost producer, and Telfer was viewed as a
clever deal maker/smart manager who would add a new acquisition to his co. every few months. When I bought Wheaton in July '03, it was already a darling of gold analysts, and commonly saw recommendations.
If an insider had told Cappy , for instance,to buy "Co.X",
because it was about to be bought out by a larger co. (buy-outs typically boost the price of the co. being bought), but the buy-out was not yet public knowledge, THAT would be illegal insider activity.
Anyone has the right to express an opinion as to the desirability of a particular stock. It's not illegal unless specific
hidden info. that could affect a stock price happens to be revealed.
There are also some regulations regarding stock advisers. Only a registered financial adviser is officially allowed to act in an advisory capacity. But this hardly precludes opinions and recommendations being offered all the time by people who do not have adviser papers in hand.
Many stock newsletter writers are not registered advisers, yet they're allowed to recommend specific stocks all the time, as long as they add a disclaimer saying "the content of this newsletter is intended for educational purposes only", or some such CYA wording. Or simply framing advice as:
"this is what I would buy myself", or "if I were you I'd probably want to buy stock x,y and z", should do the trick.
The regulations surrounding financial advisory are basically intended to prevent unscrupulous unregistered people taking money from clients in return for financial advice. The regs. are not intended to punish people who share ,for free, personal opinions about stocks, or even to punish newsletter writers.
So, I'm assuming whoever shared stock opinions with Cappy, was likely well within the law and current regs.
From what Cappy said, there's no evidence to suggest otherwise, and so, no reason to make a fuss over something that on the face of it, hardly begs for any further investigation at all. You're jumping the gun.
A guy with knowledge of mining recommended stocks x,y and z. to someone. So? There's nothing wrong with doing that.
Alcibiades
6 years ago
Depends Bobb999
Of course timing and who the 'insider' was - and whether or not the information was already in the public realm by prospectus or otherwise - is important.
And of course there's no identifiable info here that they'd need to build a case; without even entering into a debate about whether or not there's any stomach or willingness for the regulator to even start to look - this is Vancouver after all.
But that's not the point. Someone, way down the food chain at the BCSC may actually read those emails and start to look around and do some due diligence and that may, in the end, make a small difference in the long run.
We all do what we can in our small way and the world will probably end with a whimper and not a bang someday anyway.
If I've made our compromised friend cappy actually look at himself in the mirror just a little more critically tomorrow morning that will be a small victory.
I think he's unscrupulous enough, in mind and heart if not in action, that anything I can do to make him and the people who think the citizens of the lands where these ‘investors’ make their 'killings' are about as important as the rocks they shatter to dig their obscene holes, think twice; well, it'll have been a pretty good day for me.
Now, I'm back to work.
Capitalism
6 years ago
Thanks Bobb & Maestro
I don't think Alci knows what constitutes insider trading. My conversation is nowhere near it. I could have Mr. Telfar himself telling me to buy his stock, and I believe he wouldn't be violating anything.
As long as he nor anybody within the company did not (a) give me material information, which (b) had not yet been disclosed publicly, and (c) i executed an order to profit upon this information being ultimately disclosed...
Investment analysts, former executives, investors, etc. all have their opinion on stocks. You can follow their advice, etc. and it is not insider trading.
What would be insider trading is if I knew Goldcorp was going to buy Glamis, knew the cost of the acquisition and could easily form an opinion on whether the market believed Goldcorp overpaid - then, dumped the stock believing the market would not like it.....
Bobb999
6 years ago
Insider Trading
I'm all for clamping down on insider info.
It does happen far too often, and without nearly enough investigation.
A number of times I've seen a suspicious drop or gain occur in the price of a stock just prior to the release of bad or good news. Obviously, a large player(s) was trading based on illegal insider info.
Those are the kind of clues that need to followed up on - suspicious trading patterns prior to news releases.
Cappy's tale, on the other hand provides nothing suspicious to investigate, as far as I can see.
You need better reason to investigate than "just maybe something else is going on if we only looked".
Cappy's right. Telfer himself would be allowed to promote his own stock. He's allowed to inform people (either publicly or privately)about the benefits of owning his stock, so long as he doesn't reveal
material info that has not previously been made public.
Alcibiades: You've got the right idea. But you're going after a non-story in this particular case.
Alcibiades
6 years ago
Bobb999
I thought my post was pretty clear on what I know and what I was doing. You must have missed this:
The point has everything to do, however, with getting people to wake up and understand what kind of people folks like Cappy and the system he represents and advertises actually are all about.
A lot of people, thousands in fact, read these articles all the time. If I thought the only person who sees what kind of person cappy actually is and what he's all about were you and me - well, I wouldn't spend any time here at all. And that’s no reflection on you – as I’m sure you know.
About a month ago I came across and article in a Lawrence Martin column in the Globe that quoted a well-known Tyee poster. And I run into people who read these pages at social and business events all the time – none of them post.
The ripples go a lot further than we imagine..
Capitalism
6 years ago
Bobb
A number of times I've seen a suspicious drop or gain occur in the price of a stock just prior to the release of bad or good news. Obviously, a large player(s) was trading based on illegal insider info.
I agree - remember that one time that Ralph Goodale announced he would leave the income tax structure as is, and that they would reduce dividend taxes - he made his announcement after the markets closed - yet at about noon of that day - each Canada's high paying dividend stocks and income trust started rising....heavy volumes!
It's true!
Capitalism
6 years ago
Alcibiades
You are a modern day William Wallace with the grace of Ghandi! I applaud you for fighting the world's social injustices! You are a man amoung men!
Alcibiades
6 years ago
And, if you'd had the info cappy
My view:
You'd have cashed in too.
There is no honour among thieves.
Alcibiades
6 years ago
And you are a mouse
Among mice
woody
6 years ago
WHERE IS GARF
Ah, fellas your being drawn into the old ALKY trap , distraction and diversion, he’s a professional at the game. Rather than turn someone in for ALLEGED insider, he more than likely order some for himself. Which reminds me where is Alkys bud, Garf? Did he also get sent to the SIN BIN?
NoLeftNutter
6 years ago
In Aliciabbata’s pointed
In Aliciabbata’s pointed little head he’s sees his Tyee pontifications as important and relevant, therefore, providing some relevance in his what must be an otherwise meaningless existence….you go girl…………
doggone
6 years ago
The point
Of the article seemed to me to have something to do with a respected lucrative canadian company proceeding with a project which the local population has voted against.
Sorta reminds me of a number of other articles here related to mining practices in BC.
I'm on my way south this week end (I'll attempt to harangue from whatever Internet Cafe I find there) I am hoping the locals do not identify me as a Canadian Mining Stockholder.
I would regret the loss of Capitalism's posts. I am always interested in what makes people like him/her tick - I used to be one but I accidently matured.
anarcho
6 years ago
Whatever
Whatever, Cappy cares not a whit for the people of Guatemala - or any other people for that matter. He can make a profit, that is all that matters. Lack of empathy is one of the symptoms of a sociopath and so is an instrumental view of humanity.
doggone
6 years ago
As GBS said
"Madam, we have established what you are. We are now negotiating the price."
I too am an high priced prostitute.
If "Glamis" or "Goldstar" or whatever they call themselves can make it worth my while to transfer some imaginary Canadian dollars into their stock and I can cozy up to my digital "profit" maybe I could ignore the hole in the ground that the Guatemalan farmer finds in his/her cornfield.
Dang them locals! They just want beans and corn while we can offer "dividends"
zalm
6 years ago
The BC Securities Commmission?
Why bother? Haven't any of you been reading David Baines' articles last couple of months on how the BCSC has launched hundreds of investigations (was it 169?) in the past few years, prosecuted 13, convicted 2 (ooops...that wasn't supposed to happen, sez Hyndman), and received $0 in fines?
A more toothless tiger there never was.
Go ahead Cappy - raid the piggy bank. Nothing will happen even if your uncle was the counsel that did up the prospectus.
The Vancouver market has been almost exclusively populated by thieves since its beginning. Plus ca change, plus ca meme chose.
RickW
6 years ago
Cappy
Yes.....just like Banting & Best......
jericho
6 years ago
goldcorp
Thanks Dawn for your article and passion about this issue, like your work on Co-op Radio too (Wake-Up With Co-op) on Friday mornings.
My comment:
None other than BC's own Larry Bell sits as a director of Goldcorp. Believe or not, Bell is the Chair of Goldcorps Sustainability, Environment, Health & Safety Committee. Bell used to be chair and ceo of BC Hydro and helped paved the way for privatization and Accenture (Arthur Anderson Consulting - pre Enron days) taking over the public's electrical company's operations and administration.
Bell is the chair of the RAV Line project, which fits right in to his mining 'expertise' and environmental portfolio. As well he is truly the Burger King as he is a director of White Spot Burger joints (Shato Holdings). He's held deputy minister posts for the BC Gov't which probably gave his Burger Joint a favoured position in its bid for BC Ferries 'food'. (Do you want that serving of mayo on your burger supersized?).
Bell also is a director of the 'friends of the environment' corporation, International Forest Company.
If ever there was a man to ensure the environmental sustainability of a mine in Guatemala, it's Bell.
I like the Corporate Mining credo, "temporary use of the land"!
The average life expectancy of a mine is less than 10 years.
Mines developed and operated by Canadian interests in other parts of the world certainly are not socially, economically nor environmentally sustainable. They operate as if they exist in the 19th Century and that is truly evil.
Someone needs to ring the BELL and thanks to Paley for her attempts.
doggone
6 years ago
Getting close
Some things are just fine with local people and some are not.
This project has not just the lack of approval from the locals - it has been condemmed.
Listen
dawn157
6 years ago
Update on Goldcorp in Guatemala
Part of the reason I wanted this piece to come out on the Tyee was to read what people have to say about the issue... Some interesting leads and perspectives floating around out there.
Just wanted to update the story, on the 13th of February, 2007, there was another (pre-emptive) referendum (consulta) in the municipality of Concepcíon Tutuapa, where Goldcorp has exploration concessions.
The referendum results were a unanimous rejection of mining activity in their territory, and the press release included the statement that "mining activity does not bring us any benefit at all."
A worrying development took place on the same day as the referendum, and I don't know what's with the timing on this one, but 150 police entered Sipacapa and San Miguel and arrested two of the people involved in organizing the road blockades that took place in early 2007.
In a statement to the press, one of the people arrested noted that Montana (Goldcorp) didn’t keep their end of the deal, because in the negotiation meetings they promised that nobody would be arrested for the blockades…
Dawn Paley
15 February, 2007
Bobb999
6 years ago
Thanks Dawn
Wow, the situation is worsening, going by your update.
The police may be wrong to arrest protesters, but I'm not necessarily surprised that the police are doing so despite promises by Goldcorp's subsidiary.
I'm not sure the arrests imply Goldcorp "let" the police make them, because since when do foreign companies have authority to order the police to do, or not do, anything - even in Guatemala?
Something I hadn't thought of before is that it can't hurt to post links to your article on some of the popular stock discussion boards, such as yahoo.com finance and stockhouse.com, which I'll try to do today.
Hopefully, concerned investors will be
unhappy enough about the situation to lodge complaints with the co.
G West
6 years ago
Bobb999 - Don't hold your breath
Many, if not most, investors are like Cappy.
There is no such thing as bad publicity.
They'll just buy more stock and hope to profit.
Thanks Dawn; welcome to the continuing era of the 'Ugly Canadian'.
Bobb999
6 years ago
G West
Sorry to say that reaction so far , or non-reaction, to the posts I made to yahoo and stockhouse yesterday on this issue,
thus far seem to confirm your bleak assessment.
So far, all commenters have ignored the topic completely, except for one person, who was insulting and hostile!
It is still early on , and maybe some Goldcorp investors with consciences will still show up. Or maybe they have already but haven't wanted to comment until they've investigated further.
But I won't "hold my breath", either.
dawn157
6 years ago
Guatemalan police and foreign companies
Bob999 wrote: "I'm not sure the arrests imply Goldcorp 'let' the police make them, because since when do foreign companies have authority to order the police to do, or not do, anything - even in Guatemala?"
-
Unfortunately, the police and army have been and continue to be mobilized against Guatemalans in the interests of foreign companies.
As noted in the article above, in the case of the Goldcorp's Marlin project, "A protester against the mine was killed by military police while helping to blockade a road."
Below is a link to a recent video shot in Guatemala, where we see the hundreds of police mobilized to evict people from land that Vancouver based Skye Resources claims to own.
http://www.youtube.com/watch?v=Q20YxkM-CGI
Dawn Paley
February 17, 2007
Bobb999
6 years ago
It's pretty ugly, but I'd
It's pretty ugly, but I'd still like to know
whether the police are acting in the interests of the cos. because certain Guatemalan powers (like the gov't, for their own reasons, such as mining revenues)want them to, or because Goldcorp asks them to.
It certainly won't help a Cdn. cos. rep. if it turns out they are lobbying for police brutality.