In the year 1989, Mr. David Walsh founded the company Bre-X Minerals Ltd., a Canadian firm specializing in mineral exploration. Within the same decade as the founding, the firm would become involved in what became labeled as the ‘world’s biggest mining scam’ and caused shareholders to lose approximately three billion dollars. Four years after the company’s establishment, Walsh was purchased a plot of land in Indonesia bordering the Busang River based on information provided by John Felderhof, a geologist, of the potential profit that could be secured in the area. In 1994 core drilling of the property began and lab results agreed with the promise of gold mineralization; however, these results had been skewed by project manager Michael De Guzman The rounding of the gold particles found in samples were questioned about their authenticity because of the rounded edges observed, De Guzman would rebuttal with the “volcanic pool” theory as the cause for this property. Bre-X would lose their exploration permits in 1996 by the order of the Indonesian government as they felt that the company was not complying with their rules and regulations; in the following year a suspicious fire would eliminate a large portion of the sample records that had been collected from drilling in their Busang River property. An agreement was then established that would leave Bre-X with 45 percent of interest, while Indonesia would claim 40 percent and the remainder was given to Freeport McMoRan, a copper and gold mining. Freeport McMoRan drilled holes in the same area as Bre-X to confirm the findings of gold mineralization; instead they found minimal gold and solidified the illegitimacy of Bre-X’s claim to fortune. Shortly after, De Guzman was traveling to meet liaisons from Freeport McMoRan and would fall from the helicopter causing his death; according to investigation of the fall, this was an act of
Arnold & Porter chose to sue Pittston rather than the Buffalo Mining Company because the value of the corporation allowed for adequate compensation to the victims. Author and head lawyer for the plaintiffs, Gerald M. Stern, writes that the original goal was sue to sue for $21 million for the disaster to have a material effect on the cooperation (51). To avoid responsibility Pittston attempted to prove that the Buffalo Mining Company was an independent corporation with its own board of directors. The lawyers for the plaintiffs disproved this claim by arguing the Buffalo Mining Company never held formal meetings of the board of directors and was not independent of the parent company. During this case Pittston’s Oil division had applied to build an oil refinery in Maine. The ...
The Making of a Hardrock Miner written by Stephen M. Voynick, describes his own personal experiences as a hardrock miner in four different underground mines in the western United States, the Climax molybdenum mine in Colorado, Hecla Lakeshore Project a copper mine in Arizona, and two uranium mines in Wyoming. Rather than a book telling of the fortunes gained and lost, this book was about the relationships gained, but then also lost through mining. Stephen M. Voynick’s direct words and simple writing style provided a book that was an easy read and educational about mine work and safety.
...plete report. Before this was done the mine blew up. In the end, the news story that broke was focused on union campaign contributions and not on mine safety.
The tar creek mining site originally was owned by a Native American tribe, the Quapaw. The Quapaw wanted to keep these lands, but the Bureau of Indian Affairs deemed members opposing a transaction to mining companies “incompetent” (1). In such a case the business could continue and the Bureau of Indian Affairs sold the lands to mining companies. In essence these lands were stolen from the Quapaw because they were ripe for mining. These mines were then used from approximately 1891 to 1970. In the 79 years the mines were open 1.7 million metric tons (~3.75 billion pounds) of lead and 8.8 million metric tons (~19.4 billion pounds) of zinc were withdrawn from the mine (2). The entire area around Tar Creek is known as the tri-state mining area. This tri-state area was a massive source of metals. This area accounted for 35% of the all worldwide metal for a decade. It also provided the majority of metals the United States used in World wars I and II (3).
...iches? Evidence from the California Gold Rush." The Journal of Economic History 68.04 (2008): 997-1027. Print.
In 1799 young Conrad Reed, a 12 year old boy, found a big shiny rock in Little Meadow Creek on the family farm in Cabarrus county North Carolina. Conrad lugged it home but the Reed family had no idea what it was and used it as a clunky door stop. Thinking that it must be some kind of metal, John Reed, Conrad’s father, took it to Concord North Carolina to have a silver smith look at it. The silver smith was unable to identify it as gold. John Reed hauled it back home. Three years later in 1802 he took the rock to Fayetteville North Carolina where a jeweler recognized it for what it was right away. The jeweler asked him if could smelt it down to a bar for him, John agreed. When John returned to the jeweler had a gold brick measuring six to eight inches long. It’s hard to believe but John Reed had no idea of the metals worth. The jeweler asked him what he wanted for it and John thought that a week’s wages would be fair so he sold it to the jeweler for $3.50. It is rumored that John purchased a calico dress for his wife and some coffee beans with his wi...
Myths of the Jesuit treasure, Dutchman's Lost Gold Mine, Peralta gold and other lost gold mine stories have still attracted many from different places. Centuries old stories of Indian history add to the mountain’s lore. The Pimas called the mountain Ka-Katak-Tami to mean The “Crooked Top Mountain.” One can observe the enormity of this rocky mountain, from th...
This relates back to Congo, where violence spurred by ethnic rivalries is due to local groups’ desire to make money by getting into the extractive industries. In another example, Newmont, an American company, mines Ghanaian gold and pays the government part of the profits. Here, Burgis shined the spotlight on an environmental issue: the sodium cyanide spill in Kwamebourkrom that killed aquatic life and posed hazardous living conditions for locals (Burgis, 134). Finally, in the last few chapters, Burgis touched on Cecil John Rhodes’ legacy as the founder of De Beers, blood diamonds, imperialism, and violence carried out by local governments and mining companies in order to protect their interests.
The subsoil is likewise a source of riches. An example of this is the world’s largest open cast coalmine, located on the peninsula of La Guajira, which pro...
Phillips, M. (2013). Why Canada's Oil Sands Look Like a Shaky Investment. Retrieved on December, 23, 2013 from www.carbontracker.org/wp-content/uploads/2013/11/kxl-FINAL-Sun-24-Nov-CLEAN-FINAL.pdf
The Political, Social, and Legal Environment of Business. Case Study Analysis: Union Carbide Corporation and Bhopal. A single slip in action may cause lasting sorrow. A slight mistake in operation at a Union Carbide pesticide plant in Bhopal, India, caused a lot of deaths and injuries. What a tragedy it is.
The Positive Impact of Diamond Mining in the Northwest Territories - 1998-2012. (n.d.). Retrieved November 3, 2017, from
Though it has had many negative impacts on the environment in the past, mining is a vital industry completely necessary to our economy and lives. Nearly every item we use or encounter in our day to day lives is mined or contains mined products. Without the excavation of such materials things like computers, televisions, large building structures, electricity, and cars would not be possible. Virtually every technological and medical advance uses minded materials, without which millions would suffer. Some examples of minerals in the home include the telephone which is made from as many as 42 different minerals, including aluminum, beryllium, coal, copper, gold, iron, silver, and talc. A television requires over 35 different minerals, and more than 30 minerals are needed to make a single personal computer. Without boron, copper, gold and quartz, your digital alarm clock would not work. Every American uses an average 47,000 pounds of newly mined materials each year, which is higher than all other countries with the exception of Japan, which is a staggering figure representative of our dependence and need for mined minerals. Coal makes up more than half of nation’s electricity, and will continue to be the largest electrical supplier into 2020 & accounting for some 95 percent of the nation's fossil energy reserves – nine of every ten short-tons of coal mined in the United States is used for electricity generation. As the population of the world grows more mineral resources must be exploited through mining in order to support the rising demand for such products. Though it may present a hazard to the environment and those physically located nears the mines, the materials extracted from mines...
Warhurst, A. (1999). Mining and the environment: case studies from the Americas. Ottawa, ON, Canada: International Development Research Centre.