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Gold/Mining/Energy : Manhattan Minerals (MAN.T)
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To: marcos who wrote (4361)5/12/2002 10:46:50 AM
From: russwinter  Read Replies (2) of 4504
 
<what do the people of Tambogrande want>

If I had to guess, it wouldn't be clear cut one way or the other although I suppose if the referendum showed a huge majority (over 60%) in opposition MAN might have a problem at least at TG-1. If it's not clear cut, then the deciding factor will be the Peruvian govt as a big stakeholder in the project(s). They stand to profit handsomely, particularly as the various VMS targets are developed out. A new mining district could be one of their best revenue sources. On the optimistic side, this is not Beverly Hills, as the incomes are extremely low here. Most residents of the region barely scrap by and this kind of development gives some hope for more prosperity. It's hard for me to picture someone making $300 a year, voting against this. To me it seems a hope versus despair scenario as long as MAN effectively addresses the real environmental issues.

The Peruvian government made it clear in February that a minimng referendum had no legal standing: from press release in Feb.

"On February 10, 2002 the Ministry of Energy and Mines published in the official gazette, its resolution to enforce existing laws in Peru that prevents local municipalities from calling referendums on issues which conflict with National laws. Specifically, the Government of Peru has now publicly stated their legal findings that a referendum on mining in the District of Tambo Grande is not legal, and that the Government will enforce the existing laws against such a referendum through the National Prosecutor if necessary."
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