Carol Odell’s scientific contributions

Latin America is perceived as one of the most corrupt regions of the world (Zinnbauer and Dobson, 2008), and mining is perceived as one of the industries most likely to engage in corrupt practices worldwide (Riano and Hodess, 2008). Under endemic corruption, unethical companies gain significant short-term advantages from some of their corrupt transactions (Hellman et al., 2002). This is especially true for mining, which depends on the state for a series of concession approvals and operating permits, requires sizable upfront investment, and faces time pressure from financing, leaving it vulnerable to extortion (Marshall, 2001). However, there is mounting evidence that corruption is very costly to firms in the medium to long term and that aggressive prosecutions under international laws, including a recent fine of US$1 billion, are a potent disincentive (Labelle, 2008). Thus, overall the business risks of corruption for mining firms in Latin America appear considerable.