A distant relative named Brendan Caldwell says that there have been laws against fraud for hundreds of years and piling on more checks and balances isn’t going to stop someone from making up something that isn’t true. He is right about the details, but in the bigger picture he is totally wrong. Let me explain.
Archive for August, 2007
Caldwell versus Caldwell: NI 43-101 needs more more-qualified people
Posted in About the news, Investing & Finance on August 31, 2007 | 1 Comment »
Maxwells’ new LeaseControl could have helped Rio Tinto?
Posted in About the news, Australia and New Zealand, Law (Mining) on August 31, 2007 | 1 Comment »
Rio Tinto presumably did not keep good track of their claim records. Seem they forgot that they had to renew a claim to the Shovelanna iron ore tenement deep in Western Australia. You can imagine the panic as somebody at the last minute realized a document had to be in an important place. They prepared the document and did what we all do: give it to a courier to deliver. The courier tarried along the way and delivered the documents late.
Sitting in the wings hoping to benefit by the tardiness of the courier was a gentleman by the name of Cazaly. Seems he noticed this tardy courier and jumped in and staked the claim ahead of Rio Tinto. By law he now held the valuable claim. He quickly trotted off to BHP Billiton which promised to help him develop a mine.
Stolen air pack and stolen copper: a distinct threat to health & safety
Posted in About the news, Human relations and mining on August 30, 2007 | Leave a Comment »
To end the day with another note on crooks in the context of mining, here are two news reports from today’s webstories.
NI 43-101 failed Southwest Resources investors; does it need to be fixed?
Posted in About the news, Investing & Finance on August 30, 2007 | 4 Comments »
The most common response to the question: “Has the NI43-101 process failed us in the Southwestern Resources case?” is a stout and firm reply: “If somebody wants to crook the books, there is nothing honest people can do about it.” To which I must reply: twaddle.
Of course there are crooks and fools in all walks of life; but that does not mean that we should neglect to put the systems in place that may be needed to catch them. Now is not the time to defend MSHA, the NI 43-101 process, or President Kabila. Now, as always, is the time to ask what we need to do to continuously improve the process/system to stop more crooks making fools of us all over again.
To emphasize my point and take a slightly lighter look at things, here is my collation of the doings of the crooks and fools in the mining industry this week.
Mine closure bonds: are they adequate to pay actual closure costs?
Posted in About the news, Investing & Finance on August 29, 2007 | Leave a Comment »
Why do mines close? D.C. Laurence of the School of Mining Engineering, University of New South Wales, Australia writing in Mine Closure 2006 published by the Australian Center for Geomechanics, notes these reasons:
(more…)
Southwestern Resources’ Boka Project degenerates into a spiral of law suites and accusations: investment advisors & consultants duck for cover
Posted in About the news on August 28, 2007 | 1 Comment »
The news is all over the web that Southwestern Resources is suing its ex-CEO, John Patterson, for fraud, breach of fiduciary duty, and insider trading. Here is some of the spicey language being used by David Black, current chair of Southwestern Resources, to describe Mr. Patterson’s behavior:
Algeria to call for bids on 19 mining sites?
Posted in About the news, Africa, Investing & Finance on August 27, 2007 | Leave a Comment »
I cannot resist posting this announcement that I found trawling the web. It is from El Khabar, an Algerian independent daily newspaper. Let me know if you know how the worldwide mining industry will respond.
Los Pelambres El Mauro tailings dam construction on hold again under a shadow of lies and damn lies
Posted in About the news, Copper, Investing & Finance, Latin America, Tailings on August 27, 2007 | Leave a Comment »
Is the El Mauro tailings dam a story of noble investors improving the lives of dispossesed locals? Is it a story of old family feuds bursting afresh in the context of greed and envy? Is it a noble lawyer crusading to save the last drop of water, and winning eternal fame and glory?
TGIF: Weekend Reading
Posted in About the news on August 24, 2007 | Leave a Comment »
In these day of perfect late summer weather, it is difficult to focus on the intellectual, and in particular reading over weekends. Nevertheless, I offer here my recommendations for weekend reading.
Teck Cominco donates $100,000 to Red Cross for Peru earthquake relief
Posted in About the news, Human relations and mining, Latin America on August 24, 2007 | Leave a Comment »
Teck Cominco has given $100,000 to the Canadian Red Cross to assist victims of the recent Peru earthquake. In my opinion, this is an admirable act that deserves to be followed by the rest of the Canadian mining industry.
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