Tuesday, 22 December 2009

Canada-Ecuador: When Stock Exchanges Fuel Human Rights Violations

Filed under: Central and South America, Corporate Responsibility, Environment, Human Rights, Indigenous Peoples — story spotted by Catherine Morris @ 09:19 UTC
  • News source:
  • 21 December 2009
  • Upside Down World
  • The lawsuit will also hopefully force the issue by bringing it to the forefront of legal and public opinion. It is an issue that- incredibly- is little known about within Canada.
  • By Carlos Zorrilla

Toronto-based Pinetree Capital bought a few million shares of Copper Mesa Mining Corporation, making it the largest share owner of a failing company currently embroiled in a lawsuit. The takeover raised the price of its penny stock upwards to between three and five cents.

Copper Mesa, however, got a lot more than what it bargained for.

Copper Mesa, until last year, was the owner of a couple of mining concessions in the Intag region of Ecuador. But the company ran into a strong, organized opposition from communities, local government and, eventually even the national government, which eventually stripped Copper Mesa of its concessions in the country. The company then had to shed itself of its mining projects in the US to pay off debts, leaving it as empty handed as when it was first aborted.

(...more)

1 Comment

  1. See the responses of Canadian mining firms which state they have done nothing wrong: Toronto Star November 22, 2009, Canadian mining firms face abuse allegations

    Comment by Editor — Tuesday, 22 December 2009 @ 09:23 UTC

Comments are closed on articles older than two days.


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