Engineering and Mining Journal - Whether the market is copper, gold, nickel, iron ore, lead/zinc, PGM, diamonds or other commodities, E&MJ takes the lead in projecting trends, following development and reporting on the most efficient operating pr
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C S R W AT C H collaborator's agreement," they added, so "they could effectively buy the resulting improvement in local air quality and increase their regulated emissions limit." The stakes are increasingly high on several fronts. Never before, Fleming and Cooper note, has international awareness by shareholders, equity analysts, ratings agencies and news organizations—the precise audiences crucial to a mining project's long-term existence—been so quickly apparent. Standard & Poor's, Bloomberg, Thomson Reuters, Moody's and Goldman Sachs rank among the news outlets, ratings agencies and financial institutions issuing their environmental, social and governance information—including emissions data, energy consumption statistics, board composition and corporate policies. "That information was kept hidden and shared sparingly until quite recently," the authors note, "but now it's online and available to all." Recognition can also come from the Dow Jones Sustainability Indexes, the Carbon Disclosure Leadership Index and places like the Nasdaq and London's FTSE. www.e-mj.com "Insight Trading" further contextualizes CSR globally, in part, through a 2002 survey by SustainAbility, a sustainability consulting firm, and the International Finance Corp. (IFC): Emerging market companies, that is, focus on short-term costs and revenue, while "brand value" and reputations prevail for businesses headquartered in industrial nations. "Community investment and development are seen as overhead in developed countries," meanwhile, "but in emerging markets are shown important in retaining social license to operate." Also intriguing is how Fleming and Cooper equate company leadership and sustainability with profits, another trend evolving alongside the CSR field itself. In a 2013 study by the Boston Consulting Group polling 2,600 managers and executives, for example, they cite half linking a 23% average profit increase directly with CSR programs. "Interestingly, their perspective is one of building a competitive advantage through innovation, than seeing it as a cost issue," the authors note. "Rather, it is high-performing organizations with strong leadership that embrace sustainability issues—these exhibit common characteristics including a long-term strategy, strong governance, sound riskmanagement and investment in green innovations." Issues neglected in this book, arguably, are more serious scenarios of forewarning: ones concerning environmental disasters, labor unrest or extreme human rights abuses—all bedeviling the mining business in a very public way. Indeed, while much has improved since implementation of initiatives like the Voluntary Principles on Security and Human Rights in 2000, among other significant global frameworks and agreements, plenty of work remains. But when it comes to CSR and sustainability in mining, change is now—and there's no turning back. And for any industry insiders seeking literature toward basic, effective sustainability in a mining—or any other infrastructure-based— project, this book offers a roadmap comprehensive as any. Expect more as the most important challenge facing the mining business continues to evolve. JANUARY 2014 • E&MJ; 63