Saturday, June 23, 2012

Pac Rim's point of view

Tom Shrake, the CEO of Pacific Rim, the Canadian gold-mining company locked in a legal struggle with the government of El Salvador, recently gave an interview in a Canadian paper about the dispute:

Pacific Rim is challenging the government’s decision not to issue permits for its proposed El Dorado gold mine. This “creeping expropriation,” the company alleges, has left it with nothing to show for the $77-million it has invested. It has demanded hundreds of millions in compensation. ...
Since the dispute began, Pacific Rim has cut itself to the bone and seen its stock sink.
Mr. Shrake attributes the local opposition that his mine has faced to “rogue” non-governmental organizations, including Oxfam America, which he accuses of sanctioning local groups that have used threats and intimidation. An Oxfam America spokesman denied that it has supported or encouraged any violence. 
Mr. Shrake contends that the accusation that his mine would imperil a key river is unfounded. The company’s designs include state-of-the-art environmental protections and the use of cyanide in the mine would feature the latest safeguards, such as a lined pool meant to contain any leak, he said.

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