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Global Mining Investing is a reference eBook to teach investors how to think and act as investors with a underlying theme of managing risk. The book touches on a huge amount of content which heavily relies on knowledge that can only be obtained through experience...The text was engaging, as I knew the valuable outcome was to be a better thinker and investor.

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Tuesday, November 09, 2010

Some validation for mining executives

Among the very small number of you who read my blogs, will be the overwhelming majority of you who think I am too critical. Yes, for good reason. But alas, today I am out to offer some validation to ‘high flying’ corporate executives. I have been very critical of the mining industry for their poor decision making on the Resource Rent Tax and Emissions Trading issues. But my respect is hereby extended to the executives of uranium miners Paladin and Aquila who did not sell their souls for the sake of short term profits.

The executives of these companies, according to the SMH, “have rejected putting Australia's first climate change shareholder resolutions to their annual meetings”.

I must say, I would be more impressed if these and other executives used their ‘reporting opportunities’ to objectively challenge their counterparts...rather than just say its not a shareholder issue. This is nonsense. It’s a moral issue, and every person has moral agency or responsibility, at least anyone with active cognitive faculty.

These companies took these steps because “in September, The Climate Advocacy Fund, a joint initiative of The Climate Institute and Australian Ethical Investment, repudiated their failure to comply with its standards. i.e. “For failing to provide adequate information to share- holders about carbon footprints”.

The companies are perfectly free to repudiate these impositions by government; and to ignore any organisation which panders to the politick managers in order to have some power for themselves, or ‘economic relevance’. Carbon-linked funds is today’s scandal, but tomorrow’s forgotten issue.

Companies don't get much credit from the collectivists (socialists) despite being the organisations which facilitate the creation of wealth...the benefits of which we all enjoy. The flipside is that we have 'government-empowered' middlemen to parasitically canvas any agenda, legitimatised by illegitimate 'democratic' (aka 'tyranny of the majority', i.e. extortion) government, in order to gain some market relevance. So we want to credit these executives to the extent that they have justified it. We merely wish they could be more principled exponents of objectivities, rather than merely negotiating a legal minefield.

Nevertheless, where would we be without these 'practical people'. Determined to be a practical person someday myself...but only when its indeed practical to be myself..that is principled people! :)

Refer to our climate change blog for background on the climate issue and our Resource Rent Tax issue for my previous comments on the mining industry.

Andrew Sheldon
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