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Protecting Mineral Reserves by Managing Social and Environmental Risk
Author(s):
Roger Dixon, Andrew van Zyl, Matthew Law, Paul Jorgensen
Date:
Thursday, September 1, 2016
First presented:
Mining Review Africa
Media:
Type:
Article
Category:
Environmental/Social
Failure to protect mineral reserves is costing mining companies dearly, as unforeseen social and environmental risks stop projects in their tracks.
In line with global and national reporting standards, mining companies can only declare their mineral reserve - the economically mineable part of a measured or indicated mineral resource - after addressing a range of 'modifying factors' that include social, governmental and environmental issues.
According to SRK corporate consultant Roger Dixon, mining companies and investors alike are grappling with how to quantify growing environmental and social risks, as these affect not just feasibility but key governance, legal and permitting requirements.
"Investors need to know how these modifying factors have been accounted for when a project is presented to them for funding, so it is vital that these risks have been properly understood and quantified,” he says. "The risk here is very real - it is the risk of losing your social licence to operate."
