Editing Mining (section)

===World Bank===
[[File:World Bank logo.svg|thumb|upright|World Bank logo]]
The [[World Bank]] has been involved in mining since 1955, mainly through grants from its [[International Bank for Reconstruction and Development]], with the Bank's [[Multilateral Investment Guarantee Agency]] offering [[political risk]] insurance.<ref>For an overview of the Bank and mining, see [http://www.pdac.ca/pdac/publications/papers/2001/pdf/Weber-Fahr(T-8).pdf Mining, Sustainability and Risk:World Bank Group Experiences] {{webarchive|url=https://web.archive.org/web/20110929090158/http://www.pdac.ca/pdac/publications/papers/2001/pdf/Weber-Fahr(T-8).pdf |date=2011-09-29 }}</ref> Between 1955 and 1990 it provided about $2&nbsp;billion to fifty mining projects, broadly categorized as reform and rehabilitation, greenfield mine construction, mineral processing, technical assistance, and engineering. These projects have been criticized, particularly the [[Carajás Mine|Ferro Carajas project]] of Brazil, begun in 1981.<ref>See the 1995 ''World Development'' '''23'''(3) pp. 385–400.</ref> The World Bank established mining codes intended to increase foreign investment; in 1988, it solicited feedback from 45 mining companies on how to increase their involvement.<ref name=RocksHardPlaces/>{{rp|20}}

In 1992, the World Bank began to push for privatization of [[government-owned corporation|government-owned mining companies]] with a new set of codes, beginning with its report ''The Strategy for African Mining''. In 1997, Latin America's largest miner [[Vale (mining company)|Companhia Vale do Rio Doce]] (CVRD) was privatized. These and other developments, such as the Philippines 1995 Mining Act, led the bank to publish a third report (''Assistance for Minerals Sector Development and Reform in Member Countries'') which endorsed mandatory environment impact assessments and attention to the concerns of the local population. The codes based on this report are influential in the legislation of developing nations. The new codes are intended to encourage development through tax holidays, zero custom duties, reduced income taxes, and related measures.<ref name=RocksHardPlaces/>{{rp|22}} The results of these codes were analyzed by a group from the University of Quebec, which concluded that the codes promote foreign investment but "fall very short of permitting sustainable development".<ref>GRAMA. (2003). [http://migs.concordia.ca/documents/MIGS_Campbell_Feb07.pdf The Challenges of Development, Mining Codes in Africa And Corporate Responsibility] {{Webarchive|url=https://web.archive.org/web/20160101075848/http://migs.concordia.ca/documents/MIGS_Campbell_Feb07.pdf |date=2016-01-01 }}. In: ''International and Comparative Mineral Law and Policy: Trends and Prospects''. Summarized in the [http://www.unites.uqam.ca/grama/pdf/AfricaCodes-Mining_Journal.pdf African Mining Codes Questioned]. </ref> The observed negative correlation between natural resources and economic development is known as the [[resource curse]].{{Citation needed|date=January 2021}}