Bank of America settlement of record $17bn

In the largest fine ever levied by the US government against a single company, Bank of America has agreed to pay $16.65 bn regarding the sale of flawed mortgage products. Of this amount, $9.65bn will go to the justice department, six US states and other government agencies and a further $7bn will go to consumers struggling with home loan payments and the demolition of derelict properties.   ... →

Oil Consortium fined for gas flaring in Kazakhstan

An international consortium of oil companies (ENI, Shell, ExxonMobil, Total, CNPC. Inpex and KazMunaiGas) has been fined by the Kazakh Environment Ministry for flaring 2.8 million cubic metre of gas which is rich in hydrogen sulphide. When brunt, the gas produces sulphur dioxide and thus damages the environment. The consortium operates the Kashagan oil field in the Caspian Sea.   ... →

Chile Halts Construction of Barrick Gold’s Pascua-Lama Mine

After a four-month investigation, Chile’s environmental regulator has halted construction of Barrick Gold’s Pascua-Lama mine. A fine of more than $16 million was imposed on the Canadian company for “serious” and “very serious” environmental violations. The mining project, originally set up to take advantage of the thousands of tons of gold and silver deposits in the region, straddles the Chilean-Argentinian border.   ... →