One project funded by the World Bank is the gold mine Yanacocha in Peru. The World Bank has funded the Yanacocha mine in order to help build and expand the mine. This gold mine is a very large operation. It is hundreds of square miles high and is as high as 13,000 feet. “Since 1993 this mine has produced more than 35 million ounces of gold. It is the largest gold mine in South America.” (Hallman and Olivera). The World Bank owns a small stake in the mine.
“This gold mine has contributed $2.75 billion in tax revenue and royalties to Peru’s government.” (Hallman and Olivera). Poverty remains high around the villages and farms close to the mine. “In 2013, a flock of sheep belonging to the Flores family died suddenly, apparently …show more content…
These dams have failed allowing the toxic chemicals to enter the streams. The toxic chemical polluted streams that the farmers are using to water their crops and raise their livestock have become deadly. This has caused many farmers to lose all or most of their livestock.
Mining for gold is a very difficult process. Much of the gold is actually just small flakes that are mixed in with the ore. The use of toxic chemicals for mining has been banned here in the United States for this reason. I believe with the help of the World Bank investing in new mining techniques this would be beneficial to both the country as well as for the farmers.
Unfortunately, I do not believe that international financial institutions could provide assistance in an objective, unbiased and responsible manner in this situation. Even though Yanacocha produces so much gold and revenue the local people live under the poverty level. “It is the poorest province in Peru.” (Hallman) The World Bank in supporting this mine has helped with the destruction of the environment in this region. Destruction of the environment prevents farmers from raising their livestock which is their
“This gold mine has contributed $2.75 billion in tax revenue and royalties to Peru’s government.” (Hallman and Olivera). Poverty remains high around the villages and farms close to the mine. “In 2013, a flock of sheep belonging to the Flores family died suddenly, apparently …show more content…
These dams have failed allowing the toxic chemicals to enter the streams. The toxic chemical polluted streams that the farmers are using to water their crops and raise their livestock have become deadly. This has caused many farmers to lose all or most of their livestock.
Mining for gold is a very difficult process. Much of the gold is actually just small flakes that are mixed in with the ore. The use of toxic chemicals for mining has been banned here in the United States for this reason. I believe with the help of the World Bank investing in new mining techniques this would be beneficial to both the country as well as for the farmers.
Unfortunately, I do not believe that international financial institutions could provide assistance in an objective, unbiased and responsible manner in this situation. Even though Yanacocha produces so much gold and revenue the local people live under the poverty level. “It is the poorest province in Peru.” (Hallman) The World Bank in supporting this mine has helped with the destruction of the environment in this region. Destruction of the environment prevents farmers from raising their livestock which is their