The findings of an independent, 18-month global study of Newmont Mining Corporation’s capacity to manage relationships with local communities were made public today by the company (NYSE: NEM). Public access to the Community Relationships Review (CRR) and related papers is permitted at www.Newmont.com.
The board of directors and management of Newmont advised to shareholders in April 2007 that they support a resolution put forth by Christian Brothers Investment Services, Inc. and ten other religious investors. A “global examination and evaluation of the company’s policies and procedures relating to existing and potential opposition from local communities to our company’s operations and the efforts taken to lessen such opposition” was requested by the shareholder resolution. By a vote of nearly 92%, Newmont shareholders overwhelmingly backed the resolution.
Richard O’Brien, President and Chief Executive Officer of Newmont, said, “For Newmont, this transparent methodology enables a thorough and impartial appraisal of how we manage our community ties as a corporation.” This thorough approach provides a vital and in-depth understanding of the complexities of these relationships, the situations in which disputes may arise, and suggestions for development.
To develop and put into practise the CRR’s scope, methods, and direction, an independent study team was formed. In addition, the Board assembled an independent Advisory Panel of prominent worldwide sustainability experts and campaigners to offer them candid counsel and input as the CRR study process and creation of the final report progressed.
The Review is an unparalleled initiative inside the mining sector, according to the advisory panel’s final report. The CRR “represents a very significant investment of time, energy, and good faith,” and it “is a very good report with clear language and a tone that is frank and honest,” the report continued.
Although the CRR noted that the organisation has robust regulations and standards in place, it also pointed out the following areas for development:
Building capacity to handle conflict, resolve issues, and address grievances; enhancing consistency of involvement with local communities; developing global policies, standards, and programmes that are consistent to better direct the Company’s operations.
Although our organisation has robust and responsible rules in place, Mr. O’Brien stated, “We definitely have work to do to guarantee our execution is reliable, consistent, and accountable.” “Newmont will become an industry leader if the CRR’s lessons are successfully applied, and we’ll continue to provide opportunity and value for our shareholders, employees, and host communities. I personally pledge to implement the CRR’s suggestions so that we and all of our stakeholders can profit from it.
During the CRR procedure,
interviews with more than 250 local residents, representatives from non-governmental organisations, and other outside parties in five different nations;
more than 100 company employees at the site, regional, and corporate levels were questioned;
a review of the company’s rules, norms, practises, and training initiatives;
Ahafo (Ghana), Yanacocha (Peru), Martha (New Zealand), Carlin (Nevada), Batu Hijau, and Minahasa (Indonesia) are just a few of the Newmont sites that have undergone thorough evaluations, along with country-level analyses of linkages and settings.
One of the biggest gold corporations in the world is Newmont (www.Newmont.com), which was founded in 1921 and has been publicly traded since 1925. The firm, which has its headquarters in Denver, Colorado, employs over 34,000 people total, the bulk of whom work at Newmont’s primary operations in the US, Australia, Peru, Indonesia, and Ghana. The sole gold firm included in the S&P 500 index is Newmont, which was also chosen as the first gold company to be included in the Dow Jones Sustainability World Index in 2007. High standards in environmental management, employee health and safety, and providing value and opportunity for host communities and shareholders all contribute to Newmont’s performance as an industry leader.
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