Mining

There’s a 21st century gold rush starting in Nova Scotia on Canada’s Atlantic coast, just as industrial gold mining is increasingly coming into disrepute around the world. It has been described as an “environmental disaster,” which often leads to contamination of water sources on which life depends. This is the first in a series of four articles on mining and quarrying in Nova Scotia. Earlier versions of these articles appeared in May and June 2018 in the Halifax Examiner and the Cape Breton Spectator. (I am pleased to say that this series of four articles has been shortlisted for an Atlantic Journalism Award in Excellence in Digital Journalism: Enterprise/Longform.)

Part 1. Welcome to the gold rush

Atlantic Gold’s open pit gold mine in Moose River, Nova Scotia, one of four the company has planned, and one of six proposed for the province’s Eastern Shore. Photo: Joan Baxter

In October 2017, Vancouver-based Atlantic Gold opened Nova Scotia’s very first open pit gold mine, one of four it has planned for the province. The Touquoy mine, about 100 kilometres from Halifax, is named after French miner Damas Touquoy, who first worked the Moose River deposit back in the late 1800s.[1]

Officiating at the opening ceremony, and energetically applauding the cutting of the ribbon, was Nova Scotia’s Minister of Transport and Infrastructure Renewal, Lloyd Hines.

Years earlier, Premier Darrell Dexter’s NDP government in the province gave the mine a helping hand when then minister of natural resources, Charlie Parker, issued a vesting order allowing the mining company to expropriate land that had been in the Higgins family for 120 years.

It looks as if Nova Scotia, where small-scale, underground gold mining persisted from the mid-1800s until the 1940s, is once again pinning a good part of its future on gold. Continue reading Fool’s gold: the resource curse strikes Nova Scotia (Part 1)

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Previously: Billionaires at play in the fields of the poor (part 5) Chinnakannan Sivasankaran

There is a great deal of buzz about Africa’s economic awakening, with some countries experiencing substantial growth in gross domestic product that is being driven by waves of foreign capital, as investors from Asia, Europe, North America, the Middle East and also Latin America descend on the continent. Many of the investors are after natural resources, mineral and oil riches and also farmland. This raises the question: is the foreign investment benefitting the continent or is it just another scramble for Africa, the last stage of colonialism? In this, the last of six articles on the issue, Joan Baxter profiles another of five billionaire investors in Sierra Leone, French national Vincent Bolloré and his complex investment portfolio in Africa. The article concludes the series by looking at how even if the wave of foreign investment in Sierra Leone benefits the country.

 Billionaire investors and prosperity for whom?

P1011484-300x225Not even 50 kilometres from the disputed land lease taken out by the Siva Group  in Kpaka Chiefdom in Sierra Leone’s Pujehun District, where angry youth leaders and local chiefs are denouncing their Paramount Chief for signing away their precious farmland, there is similar discontent and dis-accord over a land deal in the Malen Chiefdom. There, Socfin Agricultural Company (SL) Ltd, or SAC, has leased 6,575 hectares and converted more than half of that into monoculture oil palm plantation. It is now seeking to lease and plant an additional 5,500 hectares, for a total of 12,000.[i]

SAC is 85 percent owned by Socfinaf,[ii] part of the extremely complex Socfin [Société Financière des Caoutchoucs] Group, with its contact address[iii] in Luxembourg, a ”major” secrecy jurisdiction at the ”dirty” end of the spectrum. [iv] Thirty-nine percent of the shares of Socfin are held by the Bolloré Group,[v] of which the prominent French billionaire Vincent Bolloré is Chair and Chief Executive Officer. Although the Group is listed on the Paris stock exchange, the Bolloré family holds ”majority control of the company through a complex and indirect holding structure”.[vi] The major shareholders of SOCFIN SA are all very much associated with the Bolloré Group, as they are controlled by the Fabri or de Ribes families, who are intertwined in the various interconnected companies.

Continue reading Billionaires at play in the fields of the poor (part 6): prosperity for whom?

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Previously: Billionaires at play in the fields of the poor (part 2) Beny Steinmetz

This, the third in a series of six articles on foreign investment in Sierra Leone profiles another one of  five billionaires,  Frank Timis and his investment in the country’s extractive sector.

King of Iron Ore

Another Ultra High Net Worth Individual — or Ultra HNWI in the curious shorthand of the wealth management industry — working in Sierra Leone’s extractive sector is Frank Timis, originally from Romania and now based in London, UK. In 2011, Timis made his debut on the Forbes List of billionaires.[i] He is said to be the richest Romanian, with a personal fortune in 2012 estimated at over 1.7 billion Euros or about US $ 2.2 billion.[ii] He’s also the owner of two Bombardier Challenger jets.

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Wet ore – or soil containing ore – is loaded into train cars and untold tonnes of it taken directly to port for export to China. Photo credit: Joan Baxter

Timis is a controversial figure, with two convictions for possession of heroin in Australia.[iii] In 2007, the Toronto Stock Exchange declared him an ”unsuitable” person to act as director or major shareholder of any companies listed on the TSX.[iv] In 2009 while he headed the UK-listed Regal Petroleum, the UK authorities fined the company close to US $1 million for issuing misleading statements about its oil reserves.[v] Today he is Chairman of the Timis Corporation, “a portfolio of businesses in the mining, oil and gas, life sciences and agricultural industries”.[vi] It is registered in Bermuda, which appears on the Forbes list of the world’s “top ten tax havens”. Continue reading Billionaires at play in the fields of the poor (part 3): Frank Timis

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