Take for example the Sustainable Development Award (in the Promotion Initiatives for Local Development – Mining category) announced by Pan Pamerican Silver (PAAS) (PAA.to) yesterday evening. One reading the self-congratulation blahblah your humble scribe couldn’t help but wonder why PAAS, a company with an abysmal record for Health & Safety in Peru, could manage to get a gong for social stuff. Then I worked it out:
- Between 2000 and 2010, PAAS has seen 25 worker deaths in its Peru operations.
- Between 2000 and 2009, there were 23. That works out at an average of 2.55 every year.
- In 2010 PAAS has only managed to kill 2 of its workforce.
There you have it! PAAS has got its killer ratio down by over half a person this year. Gotta be reason to celebrate, right? And a final thing before we leave; check out the PAAS perforomance next to the silver ETF (SLV).
Is there any reason to hold this stock? Just buy the metal and be done.