Anglo Says Cleaning Up Mining Will Earn It Billions in Profit – by Thomas Biesheuvel (Bloomberg News – March 13, 2018)

Mining is a dirty business, but Anglo American Plc Chief Executive Officer Mark Cutifani says it doesn’t have to be. The miner of everything from copper to diamonds to iron ore is overhauling its sustainability targets, and predicts it can earn an extra $9 billion through 2030 by improving the way it mines and boosting relations with governments and communities.

In an industry that rips up massive areas of pristine landscape while consuming valuable water and pumping out dust and pollution, companies that don’t become better corporate citizens will face higher costs, mounting opposition and lose out on new deposits, Cutifani said in an interview.

“We need access to resources,” he said. “If you don’t have good relationships you don’t get access to ground; if you don’t have access to ground you can’t develop a mine.”

Companies around the world are facing increased pressure to improve, and not just from ethical investors. Cutifani was among CEOs who received an open letter from BlackRock Inc.’s CEO Larry Fink in January in which he called for companies to set out strategies for long-term, sustainable growth.

“To prosper over time, every company must not only deliver financial performance, but also show how it makes a positive contribution to society,” Fink wrote.

For the rest of this article:

No comments yet.

Leave a Reply