4 minute read
The Editor: Socially conscious profit
Socially conscious profit
When I write these editorials, I often find myself referring to the hoops that miners must negotiate to satisfy their shareholders. One hoop that interests me in particular is the theme of sustainability, which gets more challenging every year.
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This year, I am indebted to Deloitte Global for introducing me to the terms ‘socially conscious profit’ and ‘value beyond compliance’.
Analysts and commentators love to coin new phrases because they broadcast the suggestion that they have something new to say. When you look ‘beyond the headlines’ and discover that they do have something new to say, it’s an absolute delight.
We have long known about corporate social responsibility, of course, and some companies now publish exhaustive annual reports on their CSR performance, but I always found that an awkward phrase – just a little too long to trip off the tongue with any degree of comfort and suggestive of obligations rather than opportunities. ‘Socially conscious profit’ is so much more eloquent, while ‘value beyond compliance’ is brilliant in its simplicity. Bringing profit and value into the realm of potentially tedious and tangential responsibilities is a recipe for success in my book.
I cannot testify as to the origin of these new terms, but they were delivered to me with the publication of Deloitte Global’s
The
Editor Martin Ashcroft
12th annual Tracking the Trends report in early February this year. The report presents an analysis of ten trends Deloitte sees as the drivers of corporate strategy in 2020. The first, The social investor: Embedding value beyond compliance into corporate DNA, offers guidance on investors’ demands for greater transparency around the social, economic and environmental impact that sectors like the mining industry have on the world around them.
These ideas are not new, of course, having been born in Victorian times with the efforts of industrialists including Lever brothers and the Cadbury family, but they have developed far beyond philanthropy into a form of social science.
Modern-day CSR started with making the right noises about being a good neighbour, respecting the rights of traditional landowners, planting trees, testing water quality and employing local people. What is different now is how proactive you have to be, anticipating potential problems and planning solutions rather than reacting to events. What miners have to do to attract investors is getting more complicated all the time. Perhaps Deloitte will forgive my etymological teasing, if I say that it does all make sense. Compliance is a given, but there is a new world beyond compliance, and it is bursting with value, if you can grasp it.
Contents
Page:
5 • The Editor: Socially conscious profit 8 • South32: Developing nature’s resources 18 • Sleipner: Don’t forget the importance of training 22 • The lithium conundrum 31 • Australian interest in uranium ‘on the rise’ • Record year for Largo Resources 35 • Fluor commences construction of South Flank ore handling plant • Canada Cobalt acquires Polymet Labs 37 • X-Terra Resources commences drilling on the Grog and Northwest properties • Asanko Gold Ghana retains ‘Mining Company of the Year’ title 39 • Parsons awarded contract extension for Giant Mine remediation project • Komatsu deploys autonomous trucks at Vale’s Carajás mine 41 • Mirasol to acquire Inca Gold Project • MAXAM awarded blasting contract in Chile 43 • Mountain Province Diamonds announces 2019 results at Gahcho Kué 45 • Barrick and Newmont sell off super pit • Saracen and Northern Star form KCGM Executive Committee 47 • Canada and US finalize Joint Action Plan on Critical Minerals collaboration • Industry deals total $7.88bn in December
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2 MAXAM Tire 4 Independent Rebuild Specialist 12 Mobilaris 28 THEJO 30 Truflo Pumps 32 Applied Fiber 34 Canary Systems 36 Marland Clutch (Altra Industrial Motion) 38 Sai Deepa Rock Drills 40 Austin 42 AME Intl 44 MoistTech Corp 46 Magna Tyres 48 Rapid International 50 Flowrox 52 Duff Norton / Phoenix Conveyor Belt Systems 60 TowHaul 70 MAXAM Tire 72 Pumps 2000 73 Megatraction Equipment Inc 74 World Mining Directory 77 Shaw Development 78 Rockwell Automation 79 Hilliard Brake Systems 80 Resemin Asia
news & features Page 31
the lithium conundrum Page 22
49 • Successful year for Great Panther in Mexico 51 • New Lynas rare earths processing plant awarded major project status • New Century Resources delivers record production 53 • thyssenkrupp to supply gyratory crusher to Roy Hill iron ore mine • Metso to supply equipment to De Beers’ Venetia diamond mine 54 • Barrick Gold: Value Creation 64 • MAXAM Tire: Meet the MAXAM difference
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