Grassroots.Precious metals Precious Metals
Valuable metals such as gold, iridium, palladium, platinum, and silver.
Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. prices aren't the only concern for mining companies in Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. these days. Communities matter, as one U.S. company recently found out.
Expansion plans by Minera Yanacocha, Latin America's biggest gold mine, have been put on hold after violent protests in nearby Cajamarca, in northern Peru, forced it to pull back from developing a new deposit.
The mine, run by Denver, Colorado's Newmont Mining Newmont Mining Corporation NYSE: NEM, based in Denver, Colorado, USA, is one of the world's largest producers of gold, with active mines in, Nevada, Indonesia, Australia/New Zealand, Ghana, and Peru. Some smaller operations include Bolivia, Mexico, and Canada. Company, got the green light from Peru's Ministry of Energy and Mines to test drill on Quilish Hill, an area in the property, in July. Exploration was just under way in early September when farmers stormed Quilish, claiming that mining would destroy their main water source. Yanacocha disputes that claim, and there's a lot at stake: The hill holds an estimated 3.7 million ounces of gold, 10% of Yanacocha's reserves.
The company agreed to stop exploring and pay for an independent hydrogeological study of Quilish. The ministry, meanwhile, rescinded drilling permission.
It is doubtful that Yanacocha will be able to mine the hill regardless of the study's findings, industry experts say. "The mine has already had a negative impact on Cajamarca's water resources," says Milton Deza, a biology professor at the Universidad Nacional of Cajamarca. "Mining Quilish would only worsen wors·en
tr. & intr.v. wors·ened, wors·en·ing, wors·ens
To make or become worse.
to make or become worse
worsening adjn the problem."
Whether the project goes ahead or not, Newmont has learned a lesson by underestimating grassroots opposition, says Carlos Santa Carlos Santa (born 7 January 1978) is a sprinter from the Dominican Republic who specializes in the 400 metres.
He competed at the 2000 and 2004 Summer Olympics as well as the World Championships in 1999, 2003 and 2005, and finished fifth at the 2005 World Athletics Final. Cruz, vice president of Newmont's Latin American division. "We need to take things much slower when it comes to delicate issues, such as community perception," says Santa Cruz Santa Cruz, city, United States
Santa Cruz (săn`tə krz), city (1990 pop. 49,040), seat of Santa Cruz co., W Calif., on the north shore of Monterey Bay; inc. 1866. .