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Friday, 24th November 2006 (1976 views)

A leading investor in precious metals has accused the media of failing to communicate the positive impacts gold mining can have on economic and social development and the environment.

Frank Holmes, managing director of US Global Investors, told the Mining Journal that the media was responsible for creating a climate of anti-mining sentiment, particularly in the United States.

He said there is a "disconnect" in the media between what the gold mining industry actually does and how it is portrayed to the public.

"There's this negativity towards [gold mining] and a tendency to exaggerate the negative parts of mining rather than acknowledge the positive contributions mining companies make," he stressed.

Mr Holmes acknowledged concerns that in some emerging economies where gold mining takes place the money made by governments can be stolen by corrupt politicians.

However, he added: "I know mining companies that are building schools, building homes and really truly helping the locals and that doesn't get fair coverage."

Mr Holmes spoke to the Mining Journal following his speech at the 2006 Mines and Money conference in London. The event brings together mining and exploration companies, governments and investors from around the world.

 

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