What values do we have in the Mining Industry? I remember associates from New York telling me that Canada had to clean up its mining industry with improved standards or else it would not be permitted to play in their “sandbox.”
The Mining Standards Task Force report largely did that. The new standards won’t prevent fraud but should make it easier to catch.
The Enron situation shows that those experts in New York have their own problems to deal with. Penalties for wrongdoing seem to be largely limited to potential civil litigation. But what amazes me is that no one involved in these scandals thinks he did anything wrong.
Recently, at a settlement conference where I was acting as an expert witness between two parties, the lawyer for the other side said: “Well, no one got hurt in this deal.”
In my opinion, many in Canada got hurt insofar as the scandal has had an impact on shareholders, contractors and local residents. As a result, investor confidence has suffered.
What the mining industry needs is a lesson in values. Profit is not a sin and should not be used as an excuse. Too many people have forgotten the values they learned as kids. But as a sign of the times, a law dictionary now sits on my desk between my two computers.
Paul Hawkins
Calgary, Alta.
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