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Article

22 Jan 2010

Author:
Martin Creamer, Mining Weekly

Social risk mitigation taking mining’s centre stage

Increasingly, the ability of a company to acquire a ‘social licence’ to mine is becoming very highly valued…Mine-impacted communities are expected to be treated fairly and more than 60 financial institutions have adopted the Equator Principles, which stipulate this before granting loans. There are also the Voluntary Principles on Security and Human Rights to guide mining companies…the World Bank’s International Finance Corporation (IFC) insists that borrowers follow a set of rules when managing social and environmental risk ….the IFC has come to realise that communities that are ill informed present a long-term risk to mining investments [refers to Anglo American, Vale, Riversdale, Randgold Resources, Newmont]