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Companies skeptical about Taseko's "Prosperity"

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By Scott Cardiff

March 23, 2011

A few politicians in British Columbia may still be pushing for the mine that would destroy Little Fish Lake and threaten Fish Lake with contamination without the consent of First Nations. But some companies have doubts and concerns about Taseko Mines and its "Prosperity" project.

Credit Suisse downgraded their investment rating for Taseko Mines this week based in part on the prospects for "Prosperity." The bank noted that the "project is likely to require extensive review and consultation prior to environmental approval, and we believe this could take several years." Credit Suisse downgraded Taseko Mines from "Neutral" to "Underperform."

Earlier this month, groups also called on Credit Suisse to decline any Taseko financing requests for the mine at Fish Lake. Earthworks joined MiningWatch Canada in presenting the concerns of the Tsilhqot'in and others about the mine project. The groups wrote to Credit Suisse to explain that financing of the mine would cause unacceptable reputational risk for the bank.

Credit Suisse is not the only company taking a critical look at Prosperity. Rideau, a Canadian maker of gold medals, is "publically opposing the Prosperity mine" and wrote to Canadian officials to express the company's concerns and objections to the project.

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Tagged with: gold, fish lake, credit suisse, british columbia, rideau, taseko


Jewelry trade associations pushing for weak rules on Blood Gold

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By Scott Cardiff

March 14, 2011

The Securities and Exchange Commission (SEC) closed its comments period over a week ago on rules that would require companies to disclose their use of possible Blood Gold from the Democratic Republic of Congo (DRC). Many jeweler comments are now posted online. Even as controversy continues to grow over recent DRC gold shipments smuggled through Kenya and possibly South Africa to Dubai, the comments reveal that several large jewelry associations pushed for loopholes that could allow gold mining to continue to finance conflict in DRC.

The loopholes that these trade groups -- Jewelers of America, the Jewelers Vigilance Committee, Manufacturing Jewelers and Suppliers of America, the American Gem Society, and the Fashion Jewelry and Accessories Trade Association -- are calling for include: delaying implementation of the SEC rules for two or three years, furnishing disclosure on special reports (rather than "filing" in annual reports), broad exemptions on scrap metals, exemptions for retailers that contract for or have partial control over manufacturing, and allowing companies to just say they are "unable to determine" the relation of their gold to DRC conflict.

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Tagged with: no dirty gold, golden rules, conflict minerals, sec, drc, blood gold, democratic republic of congo, jewelers of america, jewelers vigilance committee, kenya


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