Peak industry body backs shareholder action

The International Metals and Mining Council (ICMM) says it advocates for consumer action to help influence the direction of members. London based ICMM represents the world’s 25 largest miners and is a principal instrument to maintain social licence. That action includes penalising companies who run contrary to community standards on environment, social and governance issues. Coal also comes in for a rhetorical battering from ICMM chief executive officer Rohitesh Dhawan. Mr Dhawan flew into Brisbane for the recent World Mining Congress. Rohitesh Dhawan CEO IMMC Shareholders were asking very tough questions of companies still invested in coal said Mr Dhawan who thought mine closure was the most important issue. “The thesis for thermal coal and for steel making coal are quite different,” said Mr Dhawan. “And of course this country produces both and there's a time and a place for both. “But we do have to drive thermal coal production down in line with the goals of the Paris Agreement and metallurgical coal too. But the ramp down on metallurgical coal will be slower than on thermal coal. “And that provides opportunities in a number of ways. Let's take just one that will mean closing mines that currently operate today. And let me be clear with you, we haven't had the best record as an industry of closing mines responsibly. “If we're going to grow mining now into the future, we're saying to society, ‘trust us', give us the license, both legal and social to mine. And the way to do that is to give confidence that when we're done mining, we close up as well as possible.” The London based ICCM has identified 12 areas where the international mining industry needs to address to maintain social licence. Tailings Dams a high priority High on the list was tailings dam rigour said Mr Rohitesh. “We are working so hard to ensure that there is the least possible chance of any tailings dam failure, let alone a catastrophic failure.” He said. “And the way to do that is for every mine in the world to adopt the global industry standard on tailings management, which was produced in the wake of the Brumadinho Dam failure in Brazil in 2019. “All ICMM members are committed to applying the standard within the first three years ... We really encourage that even companies that are not members of ICMM have embraced the commitment. Not all, but many have. “And I would say everybody needs to adopt the global industry standard on tailings management, because that's the best chance we have of avoiding another disaster.” He was encouraged by the actions of institutional investors like the Church of England Pensions Board that had voted against the boards of companies who failed to adopt community standards, Mr Dhawan said. Shareholders also needed customers downstream to put pressure on companies who failed to adopt the standards, he said.

Peak industry body backs shareholder action

Industry Queensland

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