By Pascale Hatcher
With Asia as its backdrop, this publication investigates the function performed via the realm financial institution crew (WBG) in conceptualising and selling new mining regimes adapted for resource-rich state consumers. It information a specific politics of mining within the international South characterized through the transplanting, hijacking and contesting of the WBG's mining schedule.
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Additional info for Regimes of Risk: The World Bank and the Transformation of Mining in Asia
The World Bank Group, Mining Regimes, and Theoretical Insights 17 However, the WBG’s influence in the extractive industry extends far beyond the mere numbers in each arm’s respective portfolio. Both the Bank and its affiliates are materially and ideologically incentivised to get projects going and instil profit-oriented regimes and projects. The multilateral agency’s ‘loan culture’,7 in which portfolio managers are institutionally encouraged to disburse, remains omnipresent, even in the extractive industry.
Beyond the ongoing debate over the merits of the fundamentals promoted by the WBG in country clients to tackle poverty by means of developing large-scale mining activities, the issue of IFC and MIGA, which are for-profit organisations directly benefiting from the policies promoted by their parent organisation, remains to be assessed. 14 The increasing coordination mechanisms further raises concerns about the dual agendas of the pursuit of profit and the pursuit of poverty reduction, environmental protection, and social safeguards.
The matter proved even more contentious as in addition to the advisory role played by the World Bank itself, the institution’s sisters, MIGA and IFC, were the object of a series of reputational blows throughout the 1990s. The examples abound. Amongst the better-known mining cases is the incident that occurred in 2000 at the Yanacocha mine in Peru. , 2008, p. 899), spilled 150 kg of mercury on a road. Controversies continued to plague Minera Yanacocha. In November 2011, an estimated 20,000 people took to the streets to protest against the company’s proposed Conga mine amidst concerns about human rights abuses (Bretton Woods Project, 2012).