Recent turmoil at Bumi Plc includes news of a regulatory investigation and the British financier Nathaniel Rothschild’s exit. The developments underscore that the Indonesian miner struggles to attain its stated goal of enhancing its corporate governance, as its local family owners wield too much power and it discloses insufficient information. Mr. Rothschild was glorified in the media as the [...]
Tag Archives | mining
GMI Ratings Governance Issue | Bumi Plc
October 17, 2012 in Corporate Governance, Daily Viewpoint, Flash Reports
GMI Ratings Governance Issue | Norseman Gold plc
August 29, 2012 in Corporate Governance, Daily Viewpoint, Flash Reports
As Norseman Gold plc struggles to turn around its business, it recently announced an investment deal involving China-based Zhaojin Mining Industry Company Limited. Shareholders in the U.K.-incorporated miner should take heed of red flags in Norseman’s financial statements. The data in the Australian-based company’s regulatory filings gives it an AGR score of 6, indicating higher [...]
GMI Ratings Governance Issue | Zhaojin Mining Industry Company Limited
August 28, 2012 in Corporate Governance, Flash Reports
China’s Zhaojin Mining Industry Company Limited is participating in the investment of a stake in Australia’s Norseman Gold plc, but the former has an unusually high dependence on debt funding and has also made questionable statements about its finances. Zhaojin’s regulatory filing data reflects an AGR score of 5, indicating higher accounting and governance risk [...]
GMI Ratings Governance Issue | Zijin Mining Group
May 21, 2012 in Flash Reports
The China Securities Regulatory Commission (CSRC) recently fined and warned Zijin Mining Group for failing to disclose properly a toxic waste leak which occurred in July 2010. The toxic waste leak at the Zijinshan Copper Mine killed 1,890 tons of fish in the Ting River and caused RMB 32M in economic damage. The leak [...]