[stop-imf] Pressure Mounts on Newmont to Support Gold Sales for IMF Debt Cancellation

[robert weissman]

JUBILEE USA NETWORK
FOR IMMEDIATE RELEASE - JUNE 6, 2005

CONTACT: Debayani Kar, 202-783-0215 / mobile 202-246-8143

PRESSURE MOUNTS ON NEWMONT TO SUPPORT IMF GOLD SALES FOR THIRD WORLD DEBT
CANCELLATION

Two Dozen Religious, Anti-Poverty Leaders Send Letter to CEO Wayne Murdy;
Campaigners Targeting Company with Grassroots Pressure

WASHINGTON, DC - As President Bush and UK Prime Minister Tony Blair prepare
to meet in Washington tomorrow with African development issues and Third
World debt cancellation on their agenda, more than two dozen religious
leaders and global development advocacy organization CEOs sent a letter to
Wayne Murdy, the CEO of Newmont Mining today. The letter asks the mining
company to reverse its position and support limited use of IMF gold to
finance impoverished country debt cancellation.

Signers to the letter include Rev. John McCollough, Executive Director of
Church World Service; Mary Ellen McNish, General Secretary of American
Friends Service Committee; Ruth Messinger, President of American Jewish
World Service; Rev. William Sinkford, President of the Unitarian
Universalist Association; Rev. Jim Wallis, Convenor of Call to Renewal; and
Rev. James Winkler, General Secretary of the General Board of Church and
Society of the United Methodist Church.

The leaders ask CEO Wayne Murdy to "join us in our call for debt
cancellation for impoverished nations, and..support the limited and
responsible use of IMF gold to partially finance such cancellation."

On Friday, a New York Times editorial, "The Price of Gold," identified gold
companies, of which Newmont is the largest in the US, as influencing
Congressional leaders and the Bush administration to oppose any use of IMF
gold to finance IMF debt cancellation for impoverished nations. Newmont's
opposition comes despite a growing global consensus on the need for debt
cancellation for impoverished countries in Africa, Asia, and Latin America;
even the IMF itself has agreed in a recent paper that the limited sale of
IMF gold is an attractive source of finance for the cancellation.

Separately, 50 Years is Enough Network, Essential Action, Global AIDS
Alliance, Global Exchange, Health GAP, and Jubilee USA Network last week
launched a grassroots call-in and fax-in campaign to Newmont urging the
company to change its position on the sale of IMF gold. In the first few
days of the campaign, hundreds of concerned people of faith and conscience
across the country have contacted Newmont about this issue.

These developments come several days before a critical meeting of the G-7
Finance Ministers in London to be held June 10-11. Additional debt
cancellation for impoverished nations will be on the agenda of ministers who
will gather one final time before the G-8 Summit in Scotland July 6-8.
Jubilee USA Network and campaigns around the world are calling on G-8
leaders to announce a bold deal for 100% debt cancellation (including debt
to the IMF) for all impoverished nations, without harmful economic
conditions. Campaigners are urging the sale of IMF gold to partially finance
debt cancellation, through a process identified by the IMF whereby the world
price of gold would remain unaffected.

LETTER AS SENT

June 6, 2005

Mr. Wayne Murdy
Chairman and Chief Executive Officer
Newmont Mining
1700 Lincoln Street
Denver, Colorado  80203

Chairman Murdy:

As leaders of religious denominations, faith-based organizations, private
voluntary organizations, and advocacy groups, we write to ask that you, as a
representative of the United States' largest gold mining company, join us in
our call for debt cancellation for impoverished nations, and that you
support the limited and responsible use of International Monetary Fund (IMF)
gold to partially finance such cancellation.

As the leaders of the G-8 prepare to meet next month, anticipation is
building for an announcement on a bold deal for debt cancellation.   The
hopes of millions who lack access to fundamental human needs-clean water,
shelter, and access to health care and primary education-hang in the
balance.  Debt has long been identified as a barrier to Third World growth
and development, most recently in the United Kingdom's Commission on Africa
Report.  Furthermore, debt increases dependency on international financial
institutions, erodes independence, and undermines democracy and social
contracts.

Debates over how to pay for cancellation of IMF debt threaten to scuttle an
agreement.  Civil society groups; developing country governments, including
several gold producing nations; and some G-8 governments have found selling
a limited amount of the IMF's gold reserves to be an effective and expedient
way to finance IMF debt cancellation.  But some corporations, and we
understand that Newmont is among them, are vigorously advocating against any
sale of IMF gold.  Yet, the IMF has identified an approach that would not
affect the price of gold.  IMF Managing Director Rodrigo de Rato publicly
explained this proposal in April:  IMF gold reserves could be sold via the
Central Bank Gold Agreement (CBGA) in such a manner as to ensure no net
increase in world gold sales, thus removing concerns about possible impact
on the price of gold.

Over the past ten years leaders of most major faith organization, millions
of citizens around the world, as well as leaders of the business,
entertainment, and academic communities have joined the call for debt
cancellation.  Global public opinion stands with us and the lives of
millions hang in the balance.  We urge you to join us; support 100%
multilateral debt cancellation for impoverished nations and the limited use
of IMF gold reserves for this effort.

We would welcome an opportunity to meet with you to discuss these issues.
Thank you for your consideration.

Sincerely,


Daniel Anholzer, OFM, Minister Provincial, Detroit Capuchin-Franciscans

Simone Campbell, National Coordinator, NETWORK: A national Catholic Social
Justice Lobby

Jennifer Davis, Interim Executive Director, Washington Office on Africa

Etienne De Jonghe, Secretary General, Pax Christi International

Marie Dennis, Director, Maryknoll Office for Global Concerns

Seamus Finn, OMI, Missionary Oblates of Mary Immaculate

Adrienne Germain, President, International Women's Health Coalition

Deborah James, Global Economy Director, Global Exchange

Rev. John McCullough, Executive Director, Church World Service

Mary Ellen McNish, General Secretary, American Friends Service Committee

T. Michael McNulty, SJ, Justice and Peace Director, Conference of Major
Superiors of Men (CMSM)

Ruth Messinger, President, American Jewish World Service

Ann Oestreich IHM, Justice Coordinator, Sisters of the Holy Cross, Notre
Dame, Indiana

Atila Roque, Executive Director, ActionAid International USA

Rosanne Rustemeyer, SSND, Executive Director, U.S. Catholic Mission
Association

Ritu Sharma, Co-Founder and President, Women's Edge Coalition

Carole Shinnick, SSND, Executive Director, Leadership Conference of Women
Religious (LCWR)

Martin Shupack, Associate Director for Public Policy, Church World Service

Rev. William G. Sinkford, President, Unitarian Universalist Association of
Congregations

Adam Taylor, Co-Chair, Jubilee USA Network, Political Director, Sojourners

Rev. Jim Wallis, Director, Sojourners; Convener of Call to Renewal

Neil Watkins, National Coordinator, Jubilee USA Network

Rob Weissman, Co-Director, Essential Action

James E. Winkler, General Secretary, General Board of Church and Society,
United Methodist Church

Emira Woods, Co-Director, Foreign Policy In Focus

Paul Zeitz, Executive Director, Global AIDS Alliance