News this week from Peru's mining industry wasn't very good, with eight miners dead in an accident in an informal coal mine in the Oyon region of the country. The Minister in charge promised to levy severe sanctions against the unlicensed company in question and its owner (quite right too), but it has thrown a bit of a spotlight on the dangerous life that miners face in the country.
So eight dead and sanctions to come. Fair enough, but what about the other mining companies in the region that are also tried and tested deathtraps for its workforce. Here is a table showing the top 20 offenders in this category (that account for 57% of all mining deaths in Peru in the period) and to my surprise, it features not just little, national based companies but some of the large multinationals that quote in the northern exchanges.
Top of the list is the very large zinc/lead/silver miner Volcan (Lima stock exchange, ticker VOLCABC1) which doesn't have a bad safety record, but an abysmal one. In the last four years (including one death at the end of last month), it has watched as no less than 31 of its employees die on the job. Run by the ......errr.....eccentric Letts family, it's infamous for its poor working practices. Look above and see why, cos that's 12% of ALL mining deaths in the country from this single company and they don't get so much as a slapped wrist. Oh, how great it is to have friends in power, eh.........
Next on the roll call of shame comes Pan American Silver (PAAS), which should bring shame upon those up North. This large North American silver company is quoted on both the US and Canadian exchanges, but strangely doesn't make much mention of the thirteen Peruvian deaths at its operations since 2006. This company is a stain on those who talk the good talk about responsible mining practices but can't walk the walk.
Then comes Buenaventura (BVN), a Peruvian company quoted in the USA. Again, how can these publicly quoted companies get away with this? As we go down the list, there are plenty of Lima stock exchange-quoted companies, but ones that will catch the eye of those not so au fait with the local companies are Doe Run Peru (natch) and Barrick at its Misquichilca gold mine.
Not all foreigners are bad ones, though. Companies such as Southern Copper or Xstrata at Tintaya would have preferred zero deaths in the entended period shown, but as it is both companies have one death to their names. Nobody is claiming that mining isn't anything but dangerous and death, sad as it may be, will happen. But when companies such as VOLCABC1 and PAAS have an ongoing and regular pattern of above-average fatalities at their operations, there's something not right at all. Here's the monthly Peruvian death toll chart (2000 to date) that puts it all into its macabre context:
Top of the list is the very large zinc/lead/silver miner Volcan (Lima stock exchange, ticker VOLCABC1) which doesn't have a bad safety record, but an abysmal one. In the last four years (including one death at the end of last month), it has watched as no less than 31 of its employees die on the job. Run by the ......errr.....eccentric Letts family, it's infamous for its poor working practices. Look above and see why, cos that's 12% of ALL mining deaths in the country from this single company and they don't get so much as a slapped wrist. Oh, how great it is to have friends in power, eh.........
Next on the roll call of shame comes Pan American Silver (PAAS), which should bring shame upon those up North. This large North American silver company is quoted on both the US and Canadian exchanges, but strangely doesn't make much mention of the thirteen Peruvian deaths at its operations since 2006. This company is a stain on those who talk the good talk about responsible mining practices but can't walk the walk.
Then comes Buenaventura (BVN), a Peruvian company quoted in the USA. Again, how can these publicly quoted companies get away with this? As we go down the list, there are plenty of Lima stock exchange-quoted companies, but ones that will catch the eye of those not so au fait with the local companies are Doe Run Peru (natch) and Barrick at its Misquichilca gold mine.
Not all foreigners are bad ones, though. Companies such as Southern Copper or Xstrata at Tintaya would have preferred zero deaths in the entended period shown, but as it is both companies have one death to their names. Nobody is claiming that mining isn't anything but dangerous and death, sad as it may be, will happen. But when companies such as VOLCABC1 and PAAS have an ongoing and regular pattern of above-average fatalities at their operations, there's something not right at all. Here's the monthly Peruvian death toll chart (2000 to date) that puts it all into its macabre context:
