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2/11/14

Kinross (K.to) (KGC) fined U$4.5m by Chile for being environmental naughty people at Refugio

Chile has just imposed its second largest ever environmental fine on a mining company (after last year's $16.5m on Pascua Lama) by imposing a U$4.5m fine on Kinross (K.to) (KGC) for making a long-term pig's ear at its Refugio project in the Maricunga and breaking a whole heap of rules. On reading the note, I particularly liked the way in which during the investigation period K admitted the shortcomings but then proposed illegal remedies to them, as they considered the problems to be purely economic and nothing to do with the environment.

Now for sure $4.5m isn't going to make a lasting dent in the balance sheet, but those in that care should compare the way in which miners insist that everything's rosy and wonderful and they use world class compliance standards all the time with everybody...and the reality when they're called to task in a public forum.