This is crazy from the BHP report. Coal companies should be lauded for how much they contribute to society through taxes. "Combined with income taxes, this equates to an adjusted effective tax rate including royalties of 62%".
Instead, they are driven out: "Given the negative impact on investment economics resulting from the change in coal royalty rates, and the increase in sovereign risk due to the decision to raise royalties without consultation, we will not be investing in any further growth in Queensland, however we will sustain and optimise our existing operations".
The "S" in ESG stands for "social". There aren't many more socially responsible companies in the world than the Aussie coal miners who produce a commodity that literally saves lives in many parts of the world, is environmentally superior than other alternatives (i.e. other lesser quality coal) and pay the highest taxes in the world.
WHC Price at posting:
$6.89 Sentiment: Buy Disclosure: Held
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