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2/5/14

Bear Creek Mining (BCM.v) accused of bribing the Mayor of Corani

That's what the report says. Here's a bit of translation:

Puno: Document reveals millionaire agreement between mining company and mayor of Corani, Edmundo Guerra
February 5th, 2014 
According to the agreement dated April 15th 2013 in Lima by the mining company Bear Creek Mining, Edmundo Guerra Cáceres and citizen Michel Francois Portier Balland, the second clause states that the company, represented by Elsiario Almiro Antúnez de Mayolo Ramis, commits to pay the persons mentioned the sum of two million Nuevo Soles (approx U$712,000) from 2013 until the project is profitable. 
Also, in the third clause of the contract the mining company agrees to pay Guerra Cáceres Michel Portier 2% of profits from the fifth year of production onwards, with this personal benefit being to explain, persuade, induce, convince and give reason to the population affected by the project, as stipulated in clause four of the contract.


The people raising the complaint against the mayor say they have checked out the signature and fingerprint on the contract and attested it to be that of the mayor. Also, according to the reports the contract specifically states that the cash payments are personal ones to the mayor and the other person mentioned, not payments made by the company to community programs or works. If that's not the definition of a bribe to a government official, I'd like to know what is.

Disclosure: No current position in BCM.v, though I have owned the stock at other moments. Last owned in September 2013.