{"id":1734,"date":"2016-08-02T23:45:58","date_gmt":"2016-08-02T23:45:58","guid":{"rendered":"http:\/\/yinghuiinternational.com\/?p=1734"},"modified":"2016-08-11T23:46:32","modified_gmt":"2016-08-11T23:46:32","slug":"new-global-mining-code-developed","status":"publish","type":"post","link":"https:\/\/yinghuiinternational.com\/index.php\/2016\/08\/02\/new-global-mining-code-developed\/","title":{"rendered":"New global mining code developed"},"content":{"rendered":"

A new mining code has been launched by the World Initiative of Mining Lawyers (WIOML) to aid countries in both attracting investment and securing benefits for their own economies.<\/p>\n

\u201cThe code provides a good starting point for countries without a code in place yet,\u201d Andrew van Zyl, a partner and principal consultant at consulting engineers and scientists, SRK Consulting said,according to IM Mining.<\/a><\/p>\n

\u201cIt also provides a useful benchmark against which a country could compare its existing code.\u201d<\/p>\n

Aspects of the code include licence allocation, work-it-or-lose-it, the right to mine, and social licences.<\/p>\n

\u201cClearly, the transparent awarding of exploration licences is a key starting point for any national effort to promote mineral development,\u201d van Zyl said.<\/p>\n

He went on to say under the code miners should be given longer lead times for exploration, raising the potential of making economically viable discoveries \u2013 given that the average period for economic discovery is around eight years \u2013 followed by right to mine permissions, based on objective criteria free of discretion.<\/p>\n

\u201cSo this should be done on an objective basis with free and open access \u2013 although there may be circumstances under which tendering could be considered.\u201d<\/p>\n

Van Zyl added that in the current investment strained market, clearer and more reasonable codes will aid in attracting investors, and should be used to build a constructive collaboration with mining stakeholders.<\/p>\n

\u201cThere is little appetite or ability right now to raise the billions of dollars needed to develop large mining projects,\u201d he said.<\/p>\n

\u201cBut there is the time to invest much smaller amounts in the vital but neglected process of forging agreement and trust between miners, governments, communities, NGOs and other interested parties.\u201d<\/p>\n

\u201cWhen it comes to stakeholder engagement, miners have traditionally found themselves between the proverbial rock and hard place,\u201d Deloitte explained.<\/a><\/p>\n

\u201cReconciling the often competing needs of government, local communities, non-governmental organisations (NGOs), employees, and regulators \u2013 whilst still delivering return on shareholder investment \u2013 has become a balancing act of huge proportions.\u201d<\/p>\n

Researchers found that mining projects with expenditures of between US$3 billion to US$5 billion can incur weekly losses of roughly US$20 million due to delayed production caused by community opposition, according to Rachel Davis and Daniel Franks\u2019 Harvard Kennedy School report,\u00a0Costs of Company-Community Conflict in the Extractive Sector<\/em>.<\/p>\n

\u201cToo many projects are rushed into construction when commodity prices are buoyant, and are consequently hampered by a lack of local buy-in and insufficient clarity about each player\u2019s respective roles, responsibilities and benefits,\u201d van Zyl said.<\/p>\n

\u201cIn many cases, the process becomes fraught with mistrust and brinkmanship, which delays or even threatens the project altogether.\u201d<\/p>\n

He went on to state: \u201cIt is vital for mining companies to take the initiative in setting up these meaningful discussions, rather than waiting for governments to impose solutions that may not be as effective,\u201d he said.<\/p>\n

\u201cThere is a danger that the industry is perceived as often being on the back foot and reacting defensively to the demands of other parties; goal-driven communication between these groups will help ease that perception.\u201d<\/p>\n

The code was launched at the recent WIOML conference.<\/p>\n","protected":false},"excerpt":{"rendered":"

A new mining code has been launched by the World Initiative of Mining Lawyers (WIOML) to aid countries in both attracting investment and securing benefits for their own economies. \u201cThe code provides a good starting point for countries without a code in place yet,\u201d Andrew van Zyl, a partner and principal consultant at consulting engineers … Continue reading “New global mining code developed”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6,7],"tags":[],"class_list":["post-1734","post","type-post","status-publish","format-standard","hentry","category-mines-and-quarry","category-news"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p83F9T-rY","jetpack-related-posts":[{"id":3155,"url":"https:\/\/yinghuiinternational.com\/index.php\/2018\/09\/27\/hail-victoria-the-new-five-year-state-plan-for-mining\/","url_meta":{"origin":1734,"position":0},"title":"Hail Victoria: The new five-year state plan for mining","author":"yinghui","date":"September 27, 2018","format":false,"excerpt":"Australian Mining\u00a0looks over the latest mineral resources strategy from the Victorian Government, which aims for a spend of $220 million over the next five years. 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