[SLIDESHOW] Mining Industry: Social Responsibility Programs in Action
The term Corporate Social Responsibility (CSR) in the mining industry refers to voluntary actions taken by companies to either improve the living conditions of local communities via economic, social, environmental or to reduce the negative impacts of mining projects.
The idea is to go beyond that of legal obligations, contracts and license agreements.
CSR programs typically include investments in building social capital (providing school buildings, workshops on gender issues, family planning, improving hygiene), infrastructure (electricity, roads, hospitals, drainage repairs), and human capital (training local people to be employed by mining companies, and promoting and providing skills).
The International Council on Mining & Metals (ICMM), one of the leading mining organizations in the world, strongly urges member companies to implement social and environmental programs in operating areas, including health programs.
According to ICMM, the organization strives in addressing community health issues. “ICMM member community health initiatives will need to continue to learn from experience, to refine and evolve health programming to maximize and sustain health impacts.”
The following images display the positive results of mining initiatives in operating countries.
Newmont acquires Canada’s GT Gold in $325mn deal
Newmont, the world’s biggest gold miner, has acquired Canada’s GT Gold in a deal worth $325mn. The gold giant now controls the Tatogga gold-copper project in the Traditional Territory of the Tahltan Nation.
“With the acquisition of GT Gold and the Tatogga project in the highly sought-after Golden Triangle district of British Columbia, Canada, Newmont continues to strengthen our world-class portfolio,” commented Newmont President and CEO Tom Palmer.
“We look forward to continuing to build a respectful and meaningful relationship with the Tahltan Nation, including the community of Iskut. The relationships we have with Indigenous communities, First Nations and host communities are critical to the way we operate. We will partner with the Tahltan Nation at all levels, and with the Government of British Columbia to ensure a shared path forward as the Company understands and acknowledges that Tahltan consent is necessary for advancing the Tatogga project.”
Newmont’s acquisition includes the Tatogga project, comprised primarily of the Saddle North deposit, which has the potential to contribute future significant gold and copper annual production. There are also further exploration opportunities beyond the known deposits at Saddle North within the land package. The Tatogga project adds to Newmont’s existing interest in the prospective Golden Triangle through the company’s 50% ownership in the Galore Creek project.
Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. A world-class portfolio of assets, prospects and talent is anchored in favourable mining jurisdictions in North America, South America, Australia and Africa. The American miner is celebrating its 100th anniversary this month.
With gold prices on the rise, the last six months has seen gold industry M&A activity accelerating. A recent Mckinsey report, advises that the industry need to be mindful of mistakes made during the previous gold price boom, when growth was chased unidirectionally by several companies.