BankTrack News
West LB Pulls Out of Controversial Toka Tindung Gold Mine
2008 |
BankTrack
2008 |
BankTrack
In 2008 BankTrack members Urgewald and Berne Declaration were able to convince WestLB (now Portigon) and Credit Suise to withdraw from the controversial Toka Tindung gold mining scheme, situated close to a World Heritage site in Northern Sulawesi, Indonesia. Plans to establish the mines met with widespread resistance due to fears they would disrupt the ecology and economy of the region, which is based on fishing, agriculture and tourism. The victory was only partial, as the mine was able to proceed with a new syndicate of funders comprising BNP Paribas, Standard Bank and ANZ Banking Group.
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