The mining sector is critical to society in general and the low-carbon transition in particular. Good practice and leadership exists in mining but this practice needs to be sector wide and not limited to individual companies or mines. Recent controversies such as the Brumadinho tailings dam disaster and the destruction of Juukan Gorge, a 46,000-year-old heritage site, reflect some of the challenges faced by the industry.
Mineral demand can also be a catalyst for conflict and corruption, and there is risk of recurrence as the industry seeks to rapidly scale up extraction to meet global demand for the metals and minerals that will underpin the transition towards net zero.
Other significant issues include the impacts of automation, artisanal mining and child labour, climate change, biodiversity loss, mine closure and the historic legacy of mining including tailings. Efforts are underway by industry to consolidate around a common set of Standards that will define best practice on many of these issues. How investors interact and align their own expectations and data needs will be key to the success of any such alignment.
The Global Investor Commission on Mining 2030 is a multi-stakeholder Commission which recognises the mining industry’s role in society and the transition to a low carbon economy, and the need for the industry to manage systemic risks which can threaten its social license to operate.
An investor Steering Committee oversees the operation of the Commission and together with an Investor Supporter Group receives the outcomes of the Commission deliberations.
Membership of the Commission is multi-stakeholder including representatives from communities council, civil society, trade unions, companies and investors amongst others.
The Commission builds on the experience of the investor led response following the Brumadinho disaster. This response has led to company disclosures of their tailings facilities, a global industry standard developed together with industry and the UN, and the formation of an independent Global Institute to support the auditing of individual mines on their adherence to the Standard.