The Indestructible Force & The Immoveable Object
The Newmont Mining Corp., one of the the largest U.S. gold producers, has sanctioned a plan to raise as much as US $800 million in loans by the end of September to help fund expansion of it’s copper and gold mining operations in the West Nusa Tenggara province, Indonesia.
Indonesia already houses the world’s largest gold and third largest copper mine,– the Grasberg Mine, operated by Freeport-Mcmoran Copper & Gold Inc., in the West Papua province.
These mining operations cause untold environmental destruction and largely help to fund Indonesian security force atrocities against local indigenous people.
It’s a vicious cycle that keeps getting worse!
In August 2004, the Indonesian Ministry of Environment filed a US $133.6 million civil lawsuit against Newmont, claiming the company’s Minahasa Raya mine contaminated local fish stocks, causing serious illness and death for nearby villagers.
On Februray 16, 2006 a settlement for US $30 million was reached.
On August 30 2010 the Jakarta Post reported Freeport-Mcmoran Copper & Gold Inc. had paid US $899 million in taxes to Indonesia for the first semester of the year.
Norway says ‘No-way!’
Claims of severe environmental damages caused by Freeport-Mcmoran’s engagements in the Grasberg mine in Indonesia has led The Government Pension Fund of Norway, the world’s second largest pension fund, to exclude Freeport-McMoRan from its investment portfolia, after a recommendation from the fund’s ethical council.
The fund also excluded U.S. retail giant Wal-Mart.
Indonesia is a G-20 nation and the fourth most populous nation in the world at 230 million people. It is comprised of over 17,000 islands, many of which are seeking independence.
The largest, West Papua, has a population of 3.6 million and has been seeking independence since 1963.