Mining companies need new strategies to manage rising stakeholder demands, strategic risks related to social licence to operate, and increased regulatory requirements linked to socio-economic priorities. Now more than ever, demonstrating outcomes that address these needs is essential.
In the new paradigm of value beyond compliance, mining companies must find innovative strategies to ensure the continued success of both their economic sustainability as well as social licence to operate. They must embrace the opportunity to take the lead, bringing the sector, government, and society closer together to create value beyond the compliance agenda. It’s equally important to collaborate with stakeholders, other mining companies and government, explore innovation as a means to solving socio-economic development issues, make new strategic choices and measure the true socio- economic impact from the perspective of citizens and governments, as well as mining companies. Value beyond compliance is about the fundamental synergy between economic performance and social progress. It leverages shared value principles, innovation, analytics, digitisation, strategic and evidence based solutions to deliver socio-economic impact alongside operational efficiency and effectiveness.
As a starting point, mining companies need to do all of this in order to address the issues around the image of mining. Ultimately, they must do it to redefine the purpose of mining itself.
Published: August 2019