Friday, January 18, 2013

Miners have lost investors' trust, says BlackRock's Evy Hambro | The Australian

Miners have lost investors' trust, says BlackRock's Evy Hambro | The Australian:
Speaking to Bloomberg Television in London, Mr Hambro called Rio’s $US14bn ($13.25bn) writedown, which last night cost chief executive Tom Albanese his job, “extremely disappointing” but said it was part of a trend across the resources sector.

“It’s happening everywhere and it’s time for this to stop,” the fund manager said. “We need greater capital discipline inside these companies, we need to see companies much more diligent in their analysis, we need to see boards be accountable as well as executives for these deals.

“We’re getting to the point now where it’s incredibly frustrating for us to see these companies be as reckless and profligate with shareholder capital they’re meant to be custodians of."

Mr Hambro said that there was a “lack of trust” between investors and miners’ management teams because of the repeated writedowns.

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  1. TOKYO (AFP) - A fish contaminated with radiation levels more than 2,500 times the legal limit has been caught near Japan's crippled Fukushima Daiichi nuclear plant, its operator said Friday.

    Tokyo Electric Power Co. (TEPCO) said caesium equivalent to 254,000 becquerels per kilogramme -- or 2,540 times more than the government seafood limit -- was detected in a "murasoi" fish.

    The fish, similar to rockfish, was caught at a port inside the Fukushima plant, a TEPCO spokesman said.

    The Fukushima Daiichi nuclear plant was battered by a towering tsunami following a huge earthquake on March 11, 2011, causing reactor meltdowns which spewed radioactive contamination into the atmosphere.
    Fishing around Fukushima was halted and the government banned beef, milk, mushrooms and vegetables from being produced in surrounding areas.