A PATTERN OF BAD BUSINESS PRACTICE
In 2016, Newcrest Mining agreed to pay shareholders $36m to settle class-action claims around its gold production guidance. Shareholders alleged they lost a lot more than that in 2013 as a result of the way the company handled gold production forecasts and the practice of massaging analyst forecasts. This was an out-of-court settlement a week before the case was to be heard at the Federal Court, which meant that Newcrest avoided the possibility of having to pay hundreds of millions of dollars in claims. Newcrest were the first large company in Australia to receive a fine of $1.2 million by ASIC over disclosure.
NEWCREST IN ECUADOR
In January 2018, Newcrest bought a 27% stake in Lundin Gold's FDN project in Southern Ecuador to kickstart the mine. 75,000ha of land under concession includes indigenous lands and areas of extremely high ecological significance. Large-scale protests against the mine have been opposed by state security forces who arrest journalists and anti-mine campaigners.
In 2017, the Worldwide Movement for Human Rights (FIDH) together with its member organisations in Ecuador: Comisión Ecuménica de Derechos Humanos (CEDHU), Fundación Regional de Asesoría en Derechos Humanos (INREDH) and Acción Ecológica, requested the Ecuadorian government cancel the licences, approvals and permits extended to the Panantza-San Carlos, Mirador and Fruta del Norte projects, as they had violated human rights, the territory of peasant communities and indigenous peoples, and caused massive damage to nature.
A LEGACY OF RUIN
BONIKRO MINE, IVORY COAST
HIDDEN VALLEY MINE, PNG
Environmental problems occurring at Hidden Valley resulted in massive damage to the Markham & Watut River systems, including serious erosion and sediment build-up, death and damage to plant and aquatic life, and physical and social effects to locals, including skin conditions and loss of homes and livelihood.
CADIA MINE, NSW
Earthquakes and water control issues plagued this mine, with Newcrest demanding 90% of the drinking supply of nearby town Orange, while local farmers and inhabitants were already under severe water restrictions due to drought.