Newmont Mining ranked as mining industry leader by Dow Jones Sustainability World Index
Newmont Mining Corporation has been ranked by the Dow Jones Sustainability World Index (DJSI World) as the mining industry’s leader in overall sustainability, marking the ninth consecutive year the company has been included on the index. This year, the DJSI World – one of the most highly regarded sustainability indices – includes 317 global companies identified as leaders in the areas of sustainable economic, environmental and social performance. Newmont was the first gold company named to the index in 2007, and has been included on the DJSI North America Index every year since 2006.
“We’re honored that our economic, environmental and social performance was recognized as the best in the mining sector by the Dow Jones Sustainability World Index. This performance reflects the heartfelt commitment to sustainability shared by each of our employees.” said Gary Goldberg, president and chief executive officer.
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“Every day we focus on creating value and improving lives through sustainable and responsible mining. This translates into safe working conditions and good opportunities for employees; sustainable economic development in our host communities; and strong returns and prospects for our shareholders and other stakeholders.”
In addition to being ranked the overall industry leader in the mining sector, Newmont received the highest score in a number of areas including climate strategy; environmental policy/ management systems; corporate citizenship and philanthropy; and labor practices and human rights.
DJSI World tracks the performance of 2,500 leading companies worldwide, independently evaluating their long-term economic, environmental and social performance. The top 10 percent of performers are selected from among each industry group. DJSI evaluates companies based on a variety of criteria, including transparency, corporate governance, risk and crisis management, environmental management and performance, climate strategy, water risks, stakeholder engagement, local community development, labor practices, human rights and safety.
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More information on Newmont's safety, economic, environmental and social performance can be found in the company's annual sustainability report, Beyond the Mine. The report is published as part of Newmont’s ongoing obligations as a founding member of the International Council on Mining and Metals and in accordance with the company’s commitments under the United Nations' Global Compact and the Voluntary Principles on Security and Human Rights.
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.”