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Submitted by Khadija on
No disrespect to the WB's Shanta but capital-intensive extractive industries prescribed and justified by the Bank shifts the role of development to foreign investors and resource-seeking multinationals (encouraged in a previously published world bank policy document on african mining)....the true costs (such as 79 tonnes of waste for every ounce of gold extracted) are always externalised, concealing socio-ecological burden, affecting sustainable resources. if we were to factor this in, would gold mining still be a 'profitable' industry? the government of tanzania, for instance, one of the continent's leading gold producers, received an average of $22 million annually in gold revenue despite the fact $2.5 billion in gold had been extracted during the past five years. why don't world bank officials take a year long vacation and live in the shacks they have so diligently encouraged the creation of (think - $18 billion invested in arms each year, over 85% imported by rentier regimes financed by mineral and oil revenues that are not accounted for thanks to the lack of corporate-country reporting, mandatory information exchange, foreign exchange controls etc)...