RE: Cancellation of African debt

Dear Mr. Engel,

I am very deeply disturbed that Newmont is obstructing a debt cancellation deal that could improve the lives of many millions of desperately poor people. I urge you to immediately reverse your position and support gold sales to pay off poor nations' IMF debts!

International debt payments are draining poor countries of resources desperately needed to address HIV/AIDS and other health crises, education and many other pressing needs. After years of delay, the rich countries have agreed to cancel the debts owed by the poorest nations to the International Monetary Fund (IMF) and World Bank. It is a humanitarian imperative that this be achieved.

It is now clear that IMF debt cancellation will only be realized if sale of IMF gold is part of the financing package. But opposition from Newmont and the gold industry is blocking such an agreement. Yet there's no reason for Newmont to oppose IMF gold sales, since they can be accomplished with no impact on the world gold price.

It is imperative that Newmont immediately retract its opposition to IMF gold sales, and publicly state, and tell Congress and the White House, that it supports the IMF gold sales. Action now is urgent, before the G8 (the richest industrialized countries) meet in July.

Newmont's failure to retract its opposition to IMF gold sales would mean poor countries waste billions of dollars on debt payments to the IMF, and would consign millions of people to needless suffering, as they are deprived of health, education, clean drinking water and other services that could be made available with debt cancellation.

Most Sincerely,

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