In 2017, the US Securities and Exchange Commission (SEC) charged former CEO Tom Albanese, who resigned from Rio Tinto in 2013 at the request of the board, and CFO Guy Elliott, with fraud over their involvement in the scandal. Officially, he died in 1997, jumping from a helicopter to his death ahead of a meeting with Freeport miners. The company eventually sold the mine in 2014 for just $50m. John McBeth, a journalist working for the Far Eastern Economic Review, claimed a body had been removed from a local morgue days before de Guzman’s death, leading to suspicion that the man at the centre of the fraud had faked his death, and fled the country. Mining scandals: four incidents that shook the industry JP Casey 11 March 2019 (Last Updated March 12th, 2019 15:26) From billion-dollar investments into undeveloped projects to fraudulent geologists faking their deaths, the mining industry has seen a … The project also involved the gathering of information on a number of pro-renewable groups, including Greenpeace, to understand their size and resources. However, a committee set up by the Guinean Government found that the company, through intermediaries, paid around £8m to Mamadie Touré, the wife of former Guinean dictator Lansana Conté, who ruled the country until his death in 2008. In 1993, the company bought land near the Busang River on the Indonesian island of Borneo on the recommendation of geologist John Felderhof, and within a year, the company had struck gold, reporting reserves of around 8 million ounces. 2019 was a horrific year of fatal mining accidents for the Queensland mining … If you continue to use this site we will assume that you are happy with it. Steinmetz was arrested in 2017 by police from Israel, Switzerland and the US over the accusations, and his company entered voluntary administration last year to avoid legal challenges in relation to the project. Week ending Friday 28 June 2019 1 . The committee, established under Guinea’s first-ever democratically elected government, was eager to eliminate corruption originating from the previous regime. The SEC claims that the pair knew about the mine’s financial troubles, including the negative valuation of the project, yet continued to insist the mine would be profitable in order to generate interest from potential backers. We use cookies to ensure that we give you the best experience on our website. Campaigners have called for the publication of federal ministers’ diaries, and an update to Australia’s Register of Lobbyists, to ensure the public is better-informed about the behaviour of politicians and companies. De Guzman’s fate, however, is much less clear. Browse over 50,000 other reports on our store. Walsh, who claimed to be ignorant of the fraud, worked with Canadian officials on an investigation until his death from an aneurysm in 1998. This is the fewest annual fatalities ever recorded, and only the fifth year in MSHA’s 43-year history that mining fatalities were below 30. While Glencore has not been accused of breaking any laws, the incident has been labelled a “national disgrace” by former Australian Prime Minister Kevin Rudd, and has raised questions about the transparency and credibility of Glencore’s actions. To report an incident to the NSW Resources Regulator: phone 1300 814 609 24 hours a day, 7 days a week. He mixed the mined ore with gold shavings from his wedding ring to give the impression of deposits rich in gold, and eventually paid local gold panners around $61,000 between 1994 and 1997 to continue the deception after he ran out of gold. By 1997, Bre-X’s stock price had skyrocketed to around $209 per share, giving the company a market capitalisation of $4.4bn, equal to $6.9bn in 2018, and companies including Barrick Gold were interested in the project. In 1989, Canadian businessmen David Walsh founded the Bre-X mining company, which would find itself at the centre of a scandal so infamous it inspired the 2016 film Gold. At a glance . In 2011, Rio Tinto purchased Australian miner Riversdale Mining in a $3.7bn deal that saw Rio Tinto take ownership of the Benga coal mine in northwest Mozambique, which Riversdale had begun to build in 2010 at a cost of $800m. Here are four of the biggest mining scandals. High level summary of significant incidents and our recommendations to operators. Glencore has admitted to working with the C|T Group to conduct polls to gauge public opinion on coal, as well as what it calls a “proactive communications campaign” to promote coal interests. ARLINGTON, VA – There were 24 mining fatalities in the U.S. in 2019, the U.S. Department of Labor’s Mine Safety and Health Administration (MSHA) reports.

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