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The last minor rescued, Luis Urzua alongside President of Chile, Sebastian Pinera Photo: GETTY IMAGES

Against winds and tides, 33 minors were left alive and Chairman Sebastian Pinera promised raise the level of security in the Chilean mining.

High drama in the past 48 hours - is not to say the past 69 days - is completed. But this is not the end of history for minors - or for the Chilean copper industry.In following a disaster may have to be difficult, in his own way, as the next sauvetage.Exploit Pinera President will be to produce a reasonable and sustainable reform programme to improve the safety of mining and strengthen the position of his country producer of copper in the world? There are some grounds for optimism that the lessons of this particular business disaster will be heard.

First of all, errors of the past have been recognized.San Jose mine owned by Compania Minera San Esteban Primera, had a poor safety record: obviously should not been allowed to reopen after a previous accident (company funds are frozen now after an action in court by families of miners) .the disaster has highlighted standards of poor security at many smaller mines Chile, partly because of inadequate supervision. Mining regulatory agency chief was dismissed and a shake-up, including the most money for inspectors, is underway. President Pinera should are relatively easy draw a line in the previous shortcomings, because most dating from before his term (although push considerable by parents of minors was required before the swung into action rescue effort).

Not everyone in the Chile is pleased.Investors in small enterprises which mines have been closed in safety clamp-down are particularly mécontents.Mais as well as comply with safety standards, it is useful if the mining companies have technical and financial resources to cope when accidents occur, and this will inevitably be. As demonstrated by BP, being a large business Festina does not guarantee impeccable safety record. But BP had one thing step - deep pockets. He met with the estimated $with the own far without resorting to the taxpayer.

The second sign of hope to the Chile has so far worked constructively Government with companies during the rescue effort. This was led by Codelco belonging to the State, global copper producer, who pulled in aid of BHP Billiton, Freeport McMoRan Copper & Gold and other specialists from the private sector, and NASA.Contrast that with shifting blame and responsibility-diaphragm - business and political - after deep horizon BP pétrole.En spill party, is the result of the efforts to avoid litigation, but it was not enough. It is not ideal that the cost of approximately 10 m $Mali m Chilean mining rescue has been shouldered by the Government, but the obvious uselessness of the mining company San Esteban is at least easier for everyone to pull together.

However, the main reason the Chile has a good chance to learn the lessons of its disaster is that they are relatively simple: mining is a risky business that safety regulations shall be applied.Unfortunately, the worst accident, such as China, other countries are unlikely to follow.Survival of 33 minors is likely to do more to Chilean workers more than 2,500 deaths in China last year were for safety standards it.

Lessons are not always so obvious.The reform of the financial system is well underway, two years after the crisis, but there is still no consensus on what should be fait.Nouvelles capital requirements may be too low or too high.premiums are still large and it may or may not issue; banks are not ready as much as they should, or maybe they are.In the run up to the crisis, almost everyone believed that securitization was a product and inspired idea mortgage were an investment s?r.Ils were terribly bad, but the confusion currently and disorder seems not much better.

For drilling in deep water, this week, the u.s. Government has lifted the ban after the spill of BP and the EU decided not to impose a-, but safety rules have been strengthened b.c ' is perhaps the right line of conduct, but it is difficult to say because the process has been characterized by lobbying and relentless business in the United States pork-barrel politics and wider political imperative for energy security.

The Chilean triumph is celebrated, but the element of chance as engineers noted rescue should not négliger.certaines disasters, such as chemical spill Hungary, are simply not reversible.

Of course, some people make their chance.Contrairement Tony Hayward, who sailed his yacht in the channel while vomie BP oil in the Gulf of Mexico, President Pinera it didn't take him to go caving in the middle of the rescue effort Chilean.

Tracy.Corrigan@Telegraph.co.UK

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