Gemfields takes home the Responsible Capitalism Award
Mr Ian Harebottle, the Chief Executive Officer of Gemfields and Kagem Mining, has been recognised for his excellence in a...
And the award goes to…
Mr Ian Harebottle, the Chief Executive Officer of Gemfields and Kagem Mining, has been recognised for his excellence in and commitment to social responsibility during operations.
In a ceremony at the Palace at Westminster this week, Mr Harebottle was among nominees from across the world in the FIRST Responsible Capitalism category.
“It gives us a great sense of fulfilment to know that we are doing the right thing within the gemstone industry and fulfilling our responsibility as this market’s leaders. Gemfields takes a holistic approach to all of its operations in order to support the ethical and responsible production and sourcing of gemstones and that the communities and economies within which we operate benefit from the operations,” said Mr Harebottle.
“These values are deeply entrenched in all of Gemfields operations across the world and winning this award validates that commitment.”
FIRST, a mutli-disciplinary international affairs organisation, aims to promote an open dialogue between industry leaders across the world in a bid ti improve communication and social responsibility.
The Responsible Capitalism award represents a ‘coherent commitment with business acumen and innovation’ in which a company can measure its success through ‘sustainability, equity and moral justice’ alongside financial achievements.
Harebottle is also the CEO of Kagem Mining, a subsidiary of Gemfields. The company-run social and community development initiatives in these areas include education, health, local economic empowerment, environmental protection.
Read the May 2016 issue of Mining Global magazine
Gerald Group resolves iron ore dispute with Sierra Leone
Gerald Group, the US commodity trader, will pay Sierra Leone $20mn and cede a 10% stake in an iron ore project as part of the resolution to a nearly two-year dispute that led to the shutdown of production, the two sides revealed.
Gerald's wholly-owned subsidiary SL Mining filed for arbitration in August 2019 over a royalty payment dispute and suspended the Marampa mine the following month. Sierra Leone's government responded by cancelling its mining licence.
As part of the agreement signed on Friday, Sierra Leone will take a non-dilutable 10% stake in a new company that will replace SL Mining and resume operations at Marampa by June 1, Gerald said in a statement.
Gerald will make two $10mn payments this year and will have the immediate right to ship its current stockpile of about 707,000 tonnes of iron ore, it said.
Both sides will withdraw their legal claims before the International Chamber of Commerce (ICC) and International Centre for Settlement of Investment Disputes (ICSID), the statement added.
Gerald’s chairman and CEO Craig Dean commented: "I am delighted that we have been able to resolve our differences and have a fresh start and new beginning with the government of Sierra Leone."
Sierra Leone's Mines Minister Timothy Kabba told a news conference on Tuesday that the agreement was a milestone for the country.
"Whatever the pain we may have borne or dreaded throughout these two years ... this outcome justifies our action," he said.
Gerald estimates that Marampa holds about 1 billion tonnes of iron ore with a potential lifespan of 30 years.
Back in 2019, Dean spoke with Mining about the development of Marampa and commented: "SL Mining offers a substantial opportunity for Gerald Group as our Marampa mine in Sierra Leone is producing two million tonnes per annum of high grade iron ore in the first phase of development, with expansion possibilities of greater than six million tonnes per annum of high-grade iron ore during its operational life. If you analyse the iron ore market it has transformed, even from a couple of years ago when prices were very low. Now prices have stabilised we’re in a favourable position with our first shipments leaving for China.
"Our goal is to make ‘Marampa Blue’ an internationally recognised premium grade iron ore brand. We intend to expand the delivery of high-grade 65% iron ore concentrate to markets in Europe and Africa.”