Your note on Anglo American (Lex, February 23) fails to point out that in matters of health and economy, it pays to not confuse chronic and acute issues. Like a flu, low metals prices today are an acute problem; they’re horrible while they last, but they usually pass if you are resilient. Strong balance sheets, as noted in the article, provide that buffer for many large-cap miners.
Chronic issues like heart health determine your life expectancy. On that basis, the prognosis for mining remains good. It is as true for the “old economy” as it is for the “new” that everything we see, touch and use is either grown or extracted (mined). Ignore this truism, and get distracted by short-term volatility at your peril.
And when it comes to the health of the planet, the cure to climate change in the form of renewable energy relies on minerals. For that reason, producing them responsibly must be non-negotiable.
Rohitesh Dhawan
President & Chief Executive, ICMM (International Council on Mining and Metals), London EC2, UK
