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Tuesday, 1 February 2011
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  • Gold's Costly Dividend

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    (February 1, 2011) - Private security personnel employed at the Porgera gold mine in Papua New Guinea have been implicated in alleged gang rapes and other violent abuses in Papua New Guinea, Human Rights Watch said in a report released today. The mine is operated and 95 percent owned by Barrick Gold, a Canadian company that is the world’s largest gold producer. Papua New Guinea’s sprawling Porgera gold mine has produced over 16 million ounces of gold since opening in 1990—an amount that would be worth more than $20 billion at today’s prices. Papua New Guinea has an abundance of natural resources, but poor governance and corruption have prevented this wealth from benefiting ordinary citizens. The government has failed to bring economic opportunity or deliver basic government services to Porgera, and the region is mired in poverty and violence.
     
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