A leading provider of “news and education on the copper market” is warning investors that because of the recent tailings facility failures in both Mexico and Canada, it is “more important than ever for investors to find evidence that companies are environmentally and socially aware.”
Just last week, a massive tailings dam failed at the Buenavista del Cobre mine in Canenea, Sonora, and dumped 40 million liters of copper sulfate into the Rio Sonora. Mexican authorities are blaming the mine’s owners, Southern Copper Corp., a subsidiary of Grupo México.
The Mexico News Daily reported Friday that Mexico’s environmental agency Profepa is blaming the mine’s operators for massive tailings release that was not immediately reported to authorities.
The News Daily is reporting that Arturo Rodríguez Abitia, assistant prosecutor of industrial inspection at Profepa, said the mine acted in a negligent manner for not having monitored the release of the contents of the tailings pond. He said Profepa will be looking to apply the highest penalty possible, which is about 3 million pesos, or $230,000. Continue reading