Chasing Mirages

Tag: globalism

Dongjiang Expedition Part 3: Mining – a devil’s bargain

by on Apr.23, 2013, under Posts

Blocked mine shaft, labelled "Safe Production"

One of the most compelling books I’ve read in recent years is Collapse by Jared Diamond.  An important point he makes in the opening chapter is that there is often no way to operate a mine profitably provided that one accounts for all environmental externalities.  A simple example  is when an abandoned mine emits toxic run-off in perpetuity.  If mining companies had to bear the costs of treating this eternal source of pollution, there would be no price at which ore could be profitably sold because such costs would effectively be infinite.  Fortunately for mining companies, these externalities were largely ignored throughout human history and many have made huge profits at the expense of irreparably destroyed ecosystems.

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