World Bank suspends Cambodia investment « Mining Blog

World Bank suspends Cambodia investment

21. August 2011,

The World Bank has made a welcome decision to halt investment for a highly-controversial commercial development project, at Boeung Kak lake in Cambodia’s capital Phnom Penh.

The world’s leading development agency has also suspended all other loans to the South East Asian state.

The investment company behind the Boeung Kak scheme is China’s Inner Monglia Erdos Hong Jun group, one of whose other planned ventures in Cambodia is a bauxite mine in Mondolkiri province.

Erdos is best known as China’s “Cashmere King” for its output of cashmere products; to date its principal mining activities have been directed at the extraction of coal.

Cambodian campaigners have been quick to focus on the link between Erdos’ Boeung Kak Lake venture and the company’s forays into Cambodian power, mining, and aluminium sectors.

Ou Virak, president of the Cambodian Centre for Human Rights, has expressed “concern[that] this company’s lack of reputation after the problems at Boeung Kak lake [will mean] similar treatment of the people living in areas affected by [Erdos’] development projects.

“These projects could be a disaster for villagers”, he said.
Source: http://www.minesandcommunities.org/article.php?a=11113

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