Jewelry Fashion Reports

Save E-mail Print Most Popular RSS Reprints

Pebble Mine opponents release investor advisory

October 29, 2009

Washington--Opponents of the proposed Pebble Mine have released a new advisory aimed at investors of mining company Anglo American plc that's designed to raise questions about the controversial project.

The Pebble Mine Project, a joint venture between London-based Anglo American and British Columbia-based Northern Dynasty Minerals Ltd., is slated to be a gold and copper mine located at the headwaters of Bristol Bay in southwest Alaska, the world's largest wild sockeye salmon fishery.

While the mining companies contend the mine would bring much-needed jobs to the area, those who oppose the mine's construction worry about its environmental impact on the eco-system and, consequently, on the area residents who depend on fishing to make a living.

According to a news release, the advisory details the regulatory, legal, engineering and political challenges that come with the project. These include opposition from the commercial, sport fishing and retail jewelry industries, as well as from Bristol Bay residents.

The list of retail jewelers that have pledged not to buy any gold mined from Pebble numbers more than a dozen, including Tiffany and Co., Ben Bridge Jeweler, Helzberg Diamonds and Birks and Mayors.

Other obstacles to the mine's development detailed in the report include lawsuits against the State of Alaska in reference to the project, operational uncertainties and technical and environmental challenges.

Anglo did not respond to immediate request for comment on the report.

Bonnie Gestring, with Washington-based conservation group Earthworks, and Steve Herz, an attorney who advises non-profits on international environmental and human-rights law, authored the report, and U.S. and U.K. investment analysts at Trillium Asset Management Corp. and Christian Brothers Investment Services, along with scientists familiar with the project, reviewed the report.

"The risks identified in the report should be of particular interest to lenders," Trillium analyst Jonas Kron said in a media release. "Financial services companies that are asked to provide financing for the Pebble project would do well to recall the multiple challenges they faced related to mountaintop removal mining in the United States. Being associated with a project this controversial and opposed by Alaska Native tribes and jewelers is a risky place to be, particularly for financiers who have made environmental and social commitments related to their lending policies and practices."

For more information and a full copy of the advisory, click here.
Save E-mail Print Most Popular RSS Reprints
Post a Comment
* Required field
* Author:
* Comment:
 

More Jewelry Fashion Reports

Lori Bonn Design hires new execs

Oakland, Calif.--Lori Bonn Design has announced the addition of two new executives to its growing operation, with the company saying the move will enable Lori Bonn Design to fully capitalize on the considerable expansion it expects to undertake in the next year and beyond. Read More

Singer snags six pieces at Madoff auction
Third-quarter gold demand up 15 percent
Custom jewelry may be the hottest 'brand' of all
Jewelry demand for platinum to rise in '09
More Jewelry Fashion Reports

More Like This

Design Portfolio

advertisement

Video

Small multi video player located on right rail of NJN site

advertisement

Sponsored by:

Retailer Toolbar

America's Best Jewelers
Join the ONLY Social Network for Jewelry Retailers. Get access to expert content, peer best practices, and more.
Start networking today.
Newsletters
Newsletters
Topic-specific newsletters that deliver the latest news on jewelry, diamonds, wholesale operations and high-volume buying directly to your in-box.
Reader Connect
ReaderConnect
Supplier information presented with every article, bringing you related, actionable content on every topic.
Jewelry Yellow Pages
Yellow Pages
A comprehensive listing of associations, organizations, suppliers and services for the jewelry industry.
Classifieds
Classifieds
A comprehensive listing of job postings, product offerings and other materials for sale for the jewelry industry.
NJN Customer Connect
CustomerConnect
The most sophisticated suite of marketing services available for jewelry retailers, from Internet tools to data marketing.

advertisement