Madison Condon, JD, Fellow
Earth Institute, Columbia University
Dear Ms. Condon:
Thank you for your stunning and seminal work accurately drawing the arc between massive investor losses and poorly developed mining projects which manifest also in levels of catastrophic public liability and non remediable loss of natural resources.
There is so much false miner supplied information among all the metals bond raters and equity analysts I am amazed that investor lawsuits have not also named the analysts who have a presumed underlying expertise. The correspondence between the text of webcasts from the miners and what appears as analysis with no apparent independent vetting is stunning and inexcusable.
We have followed the thread on a few mines in development to monitor what becomes of the capital raised in public equity markets. Shocking. One Canadian company actually lost all the funds raised in public markets on derivatives. They simply changed their name and went right back to market and more fundraising under the exact same permits.
How is it that Samarco is all but flat broke after those two huge >$1 billion bond offerings one in July just months before the avoidable failure. Where did that capital go? Has anyone tracked that?
I hope your work as fellow at Columbia Earth Institute will keep you on this important topic of the link between mining investor losses and public liability losses. I think it is a cornerstone reality that the things about mining projects that cost investors billions also cost governments and the public billions in damages . It is one in the same.
Lindsay Newland Bowker, CPCU, ARM Environmental Risk Manager
Science & Research In The Public Interest
15 Cove Meadow Rd.
Stonington, Maine 04681