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Shares Of World's Largest Miner Plunge To Seven-Year Low After Massive Toxic Mudslide Engulfs Brazilian Village
Ok, so if you’re the world’s largest mining company, one thing you don’t want is a global deflationary supply glut brought on by depressed demand from China and a worldwide excess capacity problem.
Another thing you don’t want is for a tailings dam to burst, sending a river of toxic mud into a nearby village in South America.
Well, BHP Billiton is now dealing with both of those issues and the market is punishing the stock, which hit a seven-year low on Monday as analysts and investors alike attempt to figure out how the company intends to clean up a spectacular (in a bad way) mess in Minas Gerais.
Here’s what happened, in BHP’s words:
The Samarco operations include a three tiered tailings dam complex. Within this complex, the Fundão dam failed and the downstream Santarém dam has been affected. This resulted in a significant release of mine tailings, flooding the community of Bento Rodrigues and impacting other communities downstream. The third dam in the complex, the Germano dam, is being monitored by Samarco. At this time, there is no confirmation of the causes of the tailings release.
Samarco is jointly operated with Brazilian giant Vale and BHP has been keen to note that the joint venture is “responsible for the entirety” of the Minas Gerais operations. After the company's operating license was revoked on Monday, its debt plunged, with some $2.2 billion in paper due 2022, 2023, and 2024 hitting record lows.
For those who might have missed it, the following images will tell you pretty much all you need to know about what happened:
And here's Deutsche Bank's take, which underscores the significance:
BHP and Vale's 30Mtpa Samarco iron ore mine in Southern Brazil (50/50 JV) has suffered a catastrophic tailings dam failure. The mine represents c. 10% of our BHP earnings and 3% of NPV, we now assume the mine is shut until FY19. Pellet production was recently expanded to 30Mtpa at a cost of US$3.2b. Media reports have stated that there is a significant and tragic loss of life. Based on public images of the failure we estimate that the dam contained over 300Mt or 150Mm3 of tailings and Samarco could be down for years while the clean-up costs may exceed US$1b. This accident will add further pressure to BHP's cash flow, growth and safeguarding of the progressive dividend
At around 0530am AEST on Nov 6, Samarco’s largest tailings facility failed causing slurry to race through the open pit and down the valley into the local village of Bento Rodrigues and into local waterways. The media is reporting that between 15 and 17 people have died and 45 others are missing. Samarco states in its FY14 sustainability report that it employs a management system referred to as “Failure Modes and Effects Analysis (FMEA) system” to control tailings dam failure risks. It could be months before Vale, BHP, State and Federal governments complete their assessment of the incident. The clean-up, community support, litigation and rebuilding of the tailings dam (if approved and deemed feasible) could mean that Samarco is shut for years. The mine employs 3,100 people and is one of the largest employers in the region. Samarco contributed US$369m to BHP earnings in FY15 and before this incident we estimated it would contribute US$308m in FY16. We have assumed the mine is shut until FY19, the workforce remains employed, and BHP’s share of the clean-up and dam rebuild costs US$500m. We have excluded any recouping of costs from insurance at this stage.
Of course this is the sellside penguin brigade so naturally, all of that somehow translates to a "Hold":
As WSJ notes:
Brazilian officials on Sunday raised the death toll to three people, two of whom were found in the path of the mud flow, and a third who died while receiving medical treatment. That number is expected to rise, as at least 28 people are now confirmed missing.
“BHP Billiton will continue to work with Samarco, Vale, the local communities, local authorities, regulators and insurers to assess the full impact of this tragic incident,” BHP said.
The shutdown will reduce BHP’s iron-ore production this fiscal year—cutting into profit when falling commodity prices already are already making it more difficult for the company to keep its promise to maintain or lift shareholder dividends. Samarco last year accounted for roughly 3% of BHP’s underlying earnings.
Right, so in other words, this is an unmitigated disaster.
On the "bright" side, the fallout could take some excess supply offline, and could impact prices. Here's more, via Bloomberg:
- Deactivation of production at Samarco Mineracao mine, a JV between BHP Billiton and Vale, is likely to pressure iron-ore prices, Christopher Tuck, mineral commodity specialist at U.S. Geological Survey’s National Minerals Information Center, says in interview in Rio.
- "Any deactivation, on this scale, will have an impact on seaborne trade. The varying factor that would affect prices is the length of time this mine remains inoperable. The larger time it remains idled, the greater the likelihood it will have an impact on prices’’
- Potential impact on price of pellets much more significant than effect on overall market
- Short-term idling could level off prices through end of 2015; if output is halted long-term, prices could increase slightly
We suppose the takeaway here is that an already abysmal backdrop for BHP just got a lot worse, which means you may want to brace yourself if you're a shareholder and if you're a Brazilian villager, just hold your breath and wait for your compensatory check from Samarco - we're sure it's in the mail.
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EPA has offices in Brazil too?
^ Whoever downvoted that insightful first-comment . . . is either a troll, or didn't hear about the EPA's vengeance wreaked on Silverton, Colorado, or both.
Probably sent some of our boys down there to help them out, and they did.
Bazilian Mudslide. There's no way that term couldn't already be in use for some weird sexual fetish of some kind. Like a Dirty Sanchez but more extreme.
Is this " Liftoff? "
Guess what minority group owns those mining companies. One of the families has a red shield.
We EPA'd some folks.
I came here for hot Brazilian girls but all I got was mud. Very disappointed. Clicking on...
i googled "German Red Shield", oops...
nothing minor about it.
Brazil isn't exactly the place that I would like to live. Although the girls are hot. Plus they are quite good at soccer. Even the girls.
Is this lastest toxic mess near the sewage lake that the olympics will be swimming in? Shit lake meet acid river.
Humans will eventually extinguish themselves. I hope the next smart monkey up the food chain isn't suicidal.
Monkeys are finished too. My money's on the bears.
arsenic is used to leach gold from ore ans that heavy metal is what is poisoning the shit out of everything that goo touches.
It's not toxic. That's all Hyperbole.
Iron ore tailings damns don't have any of the toxic trash (lead, arsnic etc) that are found in other mining operations.
It's a shitload of damange and a shitload of impact to a lot of people without needing to spin the story to make it 'even extra morer scary'.
Well, we'll send you a spoon & fork...all you can eat!
I'm pretty sure it's the dolphins' turn.
https://www.youtube.com/watch?v=kPIIlm24-lk
Bauer. The bank's logo was a red shield, but the family name was Bauer.
Not exactly Nazarene, is it?
heres what they are up to in europe
https://www.youtube.com/watch?v=44vzMNG2fZc&feature=youtu.be
Jeezus freaking christ.
I'd heard there was a problem, Four chan- but I had no idea. Those aren't refugees, they're invaders.
I've always considered myself a pacifist on the order of:
Make no mistake/
Let there be no doubt/
Paint me in a corner/
I'll fight my way out/
The moral of the story, Brother/
This is it;/
I'll be all over you/
Like stink on shit/
But, that vid is causing me to re-jigger my entire worldview.
Thanks! I think...
COSMOS,
"Jews are a famously accomplished group," who, because they were "forced to give up farming in the Middle Ages... have been living off their wits ever since".
https://en.wikipedia.org/wiki/David_Brooks_%28journalist%29#Political_views
Speaking of financial costs, I didn't see an estimate for legal fees and law suits. Prolly not a big deal.
They need to use a Bazilian buttplug.
You mean something like this Brazilian buttplug:
http://www.thepornster.net/video/468/brazilian-prostitute-fucked-in-the-ass
What is with your constant posting of porn links?
No, I don't mean that. My comment was intended as a small funny, not an invitation for you to post porn videos. Please get a grip (!)
I was thinking some feminine mixed drink. You jnow, with an umbrella.
So why is the stock dumping? Looks like only Brazillian peons were hurt.
All we need now is Escarva singing the praises of Brazil and "the purity of the planned socialist state", yapping about Chomsky and Nicaraguan bus drivers & hairdressers or some other damned thing.
Chomsky has nothing to do with this mud.
But, he did marry a Brazilian.
Maybe she does.
You could point out that one of Noam's main points is capitalism's rather frequent and messy "externalities", one of which just washed downstream.
BHP has already done their part and privatized the profits for Brazil's resources, guess which socialists get to soclaize the losses?
nope
speciality bar drink in Los Gatos...
...but try the Dirk Diggler first...
2 Mining Co's 1 Mudslide
It was just Soros that wanted a better price point again.
Reminds me of the movie "Emerald Forest". ..fantastic movie btw.
https://www.youtube.com/watch?v=0DFrB94PD_I
the invisible people.
memorable bj too.
prolly a disabled, sexulally confused, disadvantaged, minority, progressive troll at that....and one that abhors firearms of all sorts...cuz they kill things...
MOM!!!! Stop following my posts!!!
Or 3 EPA officials read ZH.
You mean the Enabling Pollution Agency?
When did Berkshire buy up BHP? Hell, their railroads are killing the Midwestern US environment, I just figured after seeing this story they bought up most of BHP also.
The EPA is the agency you buy off so you can pollute with impunity while your competitors can not.
While your competitors do the same. Thus is the EPA the Endlessly Profiteering Agency.
Oops, I double posted. Must've thought for a moment there that I was Old Yellen goosing the money supply.
The EPA is so 1990's. TPP will do the trick. No country will be able to complain about a little toxic mudslide. Nor set high standards OR THEY WILL BE SUED IN A RIGGED TRIBUNAL. In the end the villagers will die. The lands will die. But yeah I feel great pity for the shareholders and their dividends.
Think now, if really good secret trade deals has already been fast-tracked to include all the hold-outs there would be no problem. BHP could sue the government for loss of profits if forced to clean up or have higher regs and standards.
AND the glory of these trade deals is that corporations will take over any democratic, national determination of land use, mining standards. WHEW. Am I glad of that.
Imagine that TPP could allow pipeline corps to sue the gov. (taxpayers) for loss of profits it projects are denied or have to live up to some, God knows rediculous concerns regarding safety and protection. Midget brain Buffet could sue for derailment cleanups and loss of profits if safety regs cannot be bought by him. Government could be, (if anyone was not on the payroll) be sued for safety regs.
Cause loss of profit is now the new facist king of the world law. And the lawyers are gearing up to this new industry that will bleed governments for not only money but the ability to determine/legislate any standards.
Here you go EU. Monsanto is coming to poison your children and SUE you if denied. GMO is your friend. Forget the honey bee and ignore carcinogens. Monsanto et al. need to pay a dividend.
Either way the sheeple will suffer. Or they'll poison their stupid children, or they'll have the gubmint cut the welfare in order to compensate Monsanto.
If you haven't got some money saved by now (to go look for a better place to live), you're screwed... and you deserve it coz you're lazy and stupid. And you vote with your ass (3 times you had the chance to vote Ron Paul)
Bravo, sir :)
Interesting read, the EPA spill in Colorado was predicted in a letter to the editor claiming the EPA did it to secure a superfund site. He was right.
http://www.thegatewaypundit.com/2015/08/letter-to-editor-predicted-color...
Interesting read, the EPA spill in Colorado was predicted in a letter to the editor claiming the EPA did it to secure a superfund site. He was right.
In Gubmint terms, that's called a "Fundraiser" ...
The way to prevent this from happening again: Take all the executives of BHP and their families and put them on 24/7/365 cleanup duty until everyone in that village (and the environment) is restored to their "per-catastrophe" condition. Same thing should have happened with the BP poisoning of the Gulf of Mexico. If there was justice in this world, there would be black-ops teams that would snatch these fuckers and make them clean up their mess ... or drag them into the street and set them on fire ... I'm good either way.
*"On the "bright" side, the fallout could take some excess supply offline, and could impact prices. Here's more, via Bloomberg:"* people are dead and missing, the regions economy is buried in iron shit, the msm is ranting about fucking dividends and earnings, no accountability, cash is on it's way to the regions politicians, so, as usual, what the fuck is wrong with this picture?
My last pay check was $9500 working 12 hours a week online. My sisters friend has been averaging 15k for months now and she works about 20 hours a week. I can't believe how easy it was once I tried it out. This is what I do... www.wallstreet34.com
You must be a day trader; In currencies.
I'll await your 100-1 leveraged arse being raped on the way down with intense anticipation.
Because remember kids....dead civilians are good for the bottom line business-wise!
But it looks as though John Kerry survived to fight another day. A couple of pictures show him pulling his way through.
publicized dead civilians are good for the bottom line business-wise!
fixt
Glencore's alter ego, bigger brother...
newest technology in water purification.
Someone tried to explain to me its possible to live on dirt. https://youtu.be/s3337cj4sJQ
At least mud can keep the village hydrated?
yep. mining is glamorous alrighty.
Enabling throw-away consumerism for 50 years.
We all have this blood (and more) on our hands. The day of our reckoning is near.
If you can't grow it, you have to mine it. That's the ugly downside of many modern-day conveniences.
-Argenta
Somehow, I don't think this will inspire a movie with Antonio Banderas playing the guy who's wife met his girlfriend at the accident site.
Our company spends significant capital each year doing tailings dam inspections to ensure things like this don't happen. You can't control everything, granted, but accidents like this at a major mining operation should have a near probability of zero. Someone(s) should lose their collective jobs and asses over this.
-Argenta
By that time it will have been long since forgotten.
There was a mining company that wanted to build the worlds largest toxic waste lake in the middle of the last remaining wild salmon habitat in Alaska. I remember the smooth talking (read slimy) CEO flying out to tiny villages and assuring them that leaks in these mud dams NEVER HAPPEN.
Except they happen ALL THE FUCKING TIME. It's a god damned dirt pile holding back the floods. EPA shut em down and I was grateful for that.
Terrible waste of life. Prayers for the families.
Unless its sabotage. But most likely just BHP being cheap, like you said!
I'm left wondering if maybe it just got full recently and they wanted to empty it so they could start over filling it.
No I'm not joking. This could be another kind of VW "yeah we cheated so what" thing on steroids. Consider, after decades of profitable operations they might have to weigh the price of locating wastes into another impoundment at a known cost X, and compared that to the cost of dealing with a burst damn at maybe X/100, and went with the cheaper solution.
Aren't I a fucker for even thinking it? Aren't I just the worst kind of low-brow, bottom-line focused corrupt sack of soulless shit ever dipped from an open sewer?
Doesn't that kind of thinking just turn your stomach? Yeah I'm that putrid.
I am every global corporation on Earth. And I own you, own your world, own your life and own every dream you ever dared to dream. I am going to murder all of you, one of these days. As soon as there is even one thin dime to be made from the act, I will do it. Even if that thin dime is just an artifact of my twisted P&L model -- some rounding error or a bad patch of ObjectiveC -- it won't matter, I'll do it.
Nobody will blink. No fucking anyone will blink. I'll investigate it myself, hand out some Benjamins to the local swine to ease their pain, and then we'll all sing a little song called "Act of God" while I post $0.10 profit to the books and the balance of humanity suffocates in the landslide that made me 10 cents richer.
"This calls for an 'investigation'" ... which will lead nowhere.
And of course, we already know the CEO who was squeezin' the little blue collar workers for every dime and drop of blood possible, will state he had no idea and walk clean with no jail time, charges or fault. If we could all make guesses mine would be this scum needed their $10 Million Dollar pay check in 2015 and had their people cut every corner possible to deliver that bonus. This is the result of a CEO cutting corners and laying off everyone in order to hit gross margin numbers and get that big azz psychopath bonus they so rightfullly deserve.
Anyway, just a guess now everyone go back to their regularly scheduled program.
A corporation is designed to be a completely sociopathic entity. You can rest assured that the engineering costs of various tailings pond constructions were carefully examined in the manner you suggest before the inevitable final decision to go with the "El Cheapo" was made.
Remember that Tony "I'd rather be sailing" Haywood decided that fast and cheap single straws were the answer for the Gulf of Mexco and thus Macondo.
Companies aren't inherently sociopathic. They are made that way by the unnatural environment they operate in and associated perverse incentives. They are given government privilege to throw around, exclusivity via licenses and franchises, and their officers immunity from prosecution and no personal liability for their actions.
Strip all that away and the engineering cost optimization you mistakenly malign would continue only focused on avoiding the the true costs of an accident like this which in a free market would be even more catastrophic for the company and its owners and managers personally as for the village and its residents personally.
Actually there was an article last night about some marketing genius...errr, ummm..."economist"...that invented the acronym BRIC that was being praised to hell on gone by Goldman...as they SHUT DOWN the fund.
I guess it was time to "pull the plug"?
Timing is everything ;-)
You would think that but reality is more likely bonuses all 'round for the C suite and fire a few locals.
BHP has some form here https://en.wikipedia.org/wiki/Ok_Tedi_environmental_disaster
Anyone surprised.
I'm betting there's a civ engineer who can step forward and say he recommended they not build a 3-tiered dam and got shot down.
There's a lot that Brazil needs to clean up. Corruption, roads, rivers, favelas, Olympics 2016 lakes in Rio, you name it, Brazil needs for clean it up...
Only in Brazil is the guy "Cunha" who will decide whether to proceed with impeachment proceedings against Dilma Rousseff. He was himself found to have Swiss bank accounts stuffed with millions of USD.
So, when does the UN apply for Brazil as a new EPA SuperFund site ?
https://www.youtube.com/watch?v=4Wh2b1eZFUM
Ya, that is a lot of mud...
There are so many black swans...we're going to need more guns.
It is turning into Argentina.
Everywhere is turning into Argentina. The fight is to see who will be last.
Learn the latest dance craze: the bond default.
This failure and similar others, in my opinion, are the result of inadequate design for tropical locations. Retention ponds often hold large amounts of toxic chemicals. When subjected to heavy rain bursts they release these chemicals into local streams and they then proceed many miles further into larger rivers, killing wildlife and polluting water supplies. One logical solution is to build roofs over these ponds and divert the rainwater away. This would, of course, impose increased costs on the operation, and depend for enforcement on often-weak supervisory agencies.
There is also no telling what kind of people they hire/contract , whatever to design/build/manage these things. Coeur Mining, at their Kensington operation in Juneau hires/uses some of the most flat out stupid fucking people on the planet. A high school diploma in this crowd...well lets just say he/she would be the smartest person in the camp. I am just waiting to read about an environmental disaster at that mine...
I think you miss the point.
Allow me to help.
They don't give one wet fuck what happens with the retention pond.
That clear it up?
The failure and many others are the result of using the absolutely cheapest quickest methods to handle this slag instead of properly remediating this nasty shit in a responsible manner.
For Brazilians, this is a distraction away from the Petrobrás "lava jato" scandal.
And this corruption comes ‘mainly’ from Middle Eastern Brazilians. There goes the Jews connection.
MEFOBILLS is correct, money needs to be local. Trade needs to be barter. Otherwise the money laundering/FX exchange mechanism/manipulation makes these matters too difficult to prosecute.
Anyway, as these unsustainable financial models all collapse (2020?) and US religious zealous/Armageddon fanatics, alongside a dying elite starts nuking everything for irrational reasons, these issues in Brazil will become minor.
"And this corruption comes ‘mainly’ from Middle Eastern Brazilians. There goes the Jews connection."
Dilma Rousseff and her predecessor Lula are not Middle Eastern jews as far as I know. But they are both implicated in the Petrobrás lava jato scandal. That said, I often wonder what sort of stranglehold jews do have on Brazil.
"Anyway, as these unsustainable financial models all collapse (2020?) and US religious zealous/Armageddon fanatics, alongside a dying elite starts nuking everything for irrational reasons, these issues in Brazil will become minor."
I'm thinking that if the financial system collapse and WWIII don't start until ~2020, we'll all be very lucky. Current events certainly portend it happening earlier.
Cancel the fucking olmypics and impeach that queer fuck Obama.
is that george carlin speaking? recall his rant about faggots n queers; he said when he was a teen, faggots were the guys who would not go downtown on friday nights to beat up the queers
Looks like Tiquana on a good day......just saying
Good luck getting the Pebble project up and running after this one. Another tailings dam failure was the Mount Polley tailings dam, but no deathses.
Another disaster in Quebec, but a rail disaster, killed 47 people in Lac Megantic recently, when an unoccupied oil train derailed in the centre of town, blowing up a pub full of people.
Globull Warming!
...bull.. I like that. Globull. Nuff' said.
Mine tailings is (most probably know this) not just mud. It is (probably in all cases) super-toxic. Even (very) radioactive (uranium, thorium, etc.). I think those villages are gone for good.
NO. These talings are from an iron ore mine. NO toxic chemicals, or chemicals of any kind are used in concentrating iron ore. All that's done is the iron ore is ground up and the iron and waste rock is separated using water.
The tailings are simply the rock that already existed on the surface, minus the iron.
So you'd be willing to drink a glass full of this stuff in front of us then?
And of course you'd love it if we shit this stuff all over your yard, as well?
Hey! Those villagers should be happy to live in a modern industrial world! Their lives are better off working machines than working their own land. That is what I learned in economics class.
Modern health-care and vaccinations to boot!
Yay! Free trade! Free trade! The glories of comparative advantage! Hallelujah! Free trade in action!!
"They say we no can have dishwasher on layaway because we die cancer and no pay."
There's a big difference between being MESSY and being TOXIC. I never said it wasn't messy, it is.
I've been stuck up to my knees in an old iron ore tailings dump, and know exactly what it's like.
You could eat that mud. The government said so.
Ship it to Haiti to make super-special mud cakes.
You didn't eat that.
You did not shit that.
Rothschild controlled BHP Billiton !
Hue & Cry Will die soon in the paid media.
Brazilian article without pics of hot chicks?
This place is sliding downhill!
Daminos, anyone ?
It's non-toxic.
-The EPA
Vale are renowned for minimum safety standards. BHP & their Banking Cartel bankrollers will take a nice hit and then move onto the next corrupt third world dictators, leaving a trail of toxic sludge behind them.
Worship the earth at the expense of the people...that is why 1 billion will go toward "clean-up" and less than nothing to the people.
"We mine-tailed some folks..."
because the engineering of tailing dams is so new...we have so much to learn about water pressure and mud wall strenght and rain...this was in gods hands...
btw I now spend about 10% of the time at ZH declining the 'Get ZeroHedge in your email" dialog box. It comes up when I open the page, when I click on anything, when I click to comment....fucker even comes up if I cough. Seriouly this is the most pest laden site I've ever regularly visited. Must be tough to make a buck on the webz.
You are right, ZH has gotten so bogged down with scripts, images, plug-ins, XHR (whatever that is), css (whatever that is), and cookies that my powerful computer can barely open an article on this site. I have seen pages with over 1,000 of these CPU hogging monstrosities.
Good news though, if you use Firefox you can get an add-on that will block whatever pieces of this garbage that you want. I have very little trouble loading ZH now and I 'never' get those annoying pop-ups that are driving you nuts. Here its where you get it if you want to give it a whirl:
https://addons.mozilla.org/en-us/firefox/addon/umatrix/
Ghostery works great, yo!
Still fresh in the memories of many WV residents is the Buffalo Creek disaster in Febuary, 1972. Very similar to this Brazil dam failure in that it was a three tiered construct that held back mine tailings or "slurry" from the mines.
A brief excerpt from an article that was written a few years later:
At 7:45 AM, as men worked on the dam, water began to rush down the valley. Only a few residents had been warned at this point. Dozens of lives could have been saved if the people of Buffalo Hollow had been properly warned of the possibility of danger. Pittston Coal neglected to warn The Mining Bureau, the National Guard, the State Police, and even the Logan County Sheriff’s office. At 7:59, the dam completely collapsed. Massive explosion were set off as the rushing water met with the smoldering yellow-suffer coal waste deposits. At 8:01, a huge torrent of rushing water swept through Buffalo Creek and carried all of the burning coal-waste with it. A canyon 45ft. deep in places was the result as more than 120 million gallons of water and 35 million cubic feet of waste materials thrashed down the valley in a wall sometimes 35-45 feet high. By 11:00AM, it was all over (Gerald Stern, 1976).
The disaster killed 123 people, injured 1,000, and left 4000 homeless. Pittston Coal claimed it was "an act of god".
That's right.
And if you have a problem with it, I'm sure Pittston will gladly send a few train cars full of Pinkerton cunts through the holler to register complaints.
And machine gun those making them.
Almost Heaven, by God. It will be a giant crater when they are done with her.
Z/H is God's Work lasvegaspersona . . . . and i get a feeling deep down in my water that you too know it.
This disaster would surely NEVER happen in places like Aspen; however, in Peonville.....
DB says Hold? WTF?
Sorry Nana,
DB = Douchebags
HOLD = SELL
Is it too early to say.. we Mudded some folks?
Isn't solar power an alternative iron ore ?
Good time to think about buying BHP. They are a forward thinking company and with many things they do, they look forward 50 to 100 years.
Mining isn't like manufacturing, mine planning works over decades to half a century or even a century into the future. In comparison manufacturing has a timescale of only years. Compare that with, so called "analysts" only look ahead to the next quarter, if that far ahead.
Sounds quite a bit like Atlas Shrugged. Just saying. ;-)
I had the misfortune of studying economics for a couple of semesters in grad school. One of the case studies was a noo joysey smelting operation that deliberately allowed run-off into the river the factory was built bext to. The economists concluded that it was a cheaper and therefore better option to pay the anticipated fines than to spend the money to prevent the pollution in the first place. Not a single mention of the impact on humans, flora or fauna.
The first line of the main text book started with "Economics is a science." Right... Funnily enough the author's name was Dick somthing.
Looks like a lot of "shovel ready" jobs to me. Hope Obama doesn't hear about thise economy builder.
OOOOH, dont be a *grumpy cat*! Has anyone seen Reggie? It time for his 1PM helmet polishing job.
B_YoMama
the EPA was there and did this on purpose............but the dumbass people are to busying being sheep to realize the wolf is hungry
I haven’t read it yet but hope the article matches the headline! LOL
Bullish for BHP, broke leftist governments with "on the take whore politicians" are notoriously bad litigators.
This mine accident would have been ‘covered up’ if the Internet didn’t exist.
I don’t have… the means but, if you do….
Fly to Australia and pick-up all that mining equipment. Get it to the mud slide.
What An Industrial Depression Looks Like: Photos From An Australian Heavy-Machinery Auction
http://www.zerohedge.com/news/2015-11-09/what-industrial-depression-look...
They should be thanking the mining company for breaking everything and causing "economic activity" to happen.
Imagine that. They build a mine tailings dump in the only part of Brazil that isn't suffering a drought.
Whoopsies! Sorry about your homes and donkey, and the cat, and the dirt on the floor.. umm... so.. do you live around here much?
hmmm. Local restaurants never seem to burn whem times ae good.
Do the math...be sure to include insurance and reduction in global over capacity to your calculations.
Operating licence is revoked ? What a Joke, so who is filling the gap ? Call it an exit that you muscle so that you can wash your hands. Just some necessary PR (cosmetics) cheaper than to clean up. There is a price to everything and that price however insignificant will not be paid when it comes to People and Habitats who are mere inputs to economic growth models.
"so if you’re the world’s largest mining company, one thing you don’t want is a global deflationary supply glut"
Look how BHP ramped their production. They played a massive part in causing the supply glut.
Who and how many will go to prison????????
Answer.....Whitewash....
Mmmmm... toxic sludge, just like what landfills will look like in the year 2030 from all of the dead battery packs from Hybrid and battery powered cars. I can't wait to see all the green washed admit defeat.
Mmmmm... toxic sludge, just like what landfills will look like in the year 2030 from all of the dead battery packs from Hybrid and battery powered cars. I can't wait to see all the green washed admit defeat.
You seem to be making a big deal about all this, this kind of stuff happens all the time, it's not like BHP hasn't had a giant disaster before https://en.wikipedia.org/wiki/Ok_Tedi_Mine
Unless you live downstream from a BHP operated mine site you have absolutely nothing to worry about.
FUCKING ISIS!!! :)