Dryblower on the risk of ESG becoming a booby trap for mining

ALL the best television detectives, at some stage, say they don’t believe in coincidence which is why Dryblower last week used his magnifying glass to examine seemingly unrelated events at two of the world’s great mining companies, BHP and Glencore.

Dryblower on the risk of ESG becoming a booby trap for mining Dryblower on the risk of ESG becoming a booby trap for mining Dryblower on the risk of ESG becoming a booby trap for mining Dryblower on the risk of ESG becoming a booby trap for mining Dryblower on the risk of ESG becoming a booby trap for mining

The BHP and Glencore incidents occurred at almost exactly the same time on July 3, albeit on different sides of the world.

In Sydney, BHP's relatively new chairman, Ken MacKenzie, told a meeting of investment analysts that he had four priorities - to focus on the quality of assets, capital allocation, corporate culture and "social licence to operate".

In London, it was a less happy time for Glencore's high-profile chief executive, Ivan Glasenberg, who was the recipient of a subpoena from the U.S. Department of Justice which is inquiring into the company's business dealings in Nigeria, Venezuela and Congo (the so-called democratic bit).

In terms of news value, it was Glencore which did best, or worst, depending on your point of view, because what seems to have ...