The International Council of Mining and Metals (ICMM) and the China Chamber of Commerce of Metals, Minerals and Chemical Importers and Exporters (CCCMC) have entered into a formal agreement to help promote sustainable development in Chinese companies’ overseas mining investments.
The new agreement makes ICMM and CCCMC’s wealth of expertise available to Chinese mining enterprises that are looking to further improve their environmental and social performance practices, as they step up their presence worldwide. In recent decades, overseas investments by Chinese companies have increased significantly.
Chinese overseas mining investments are a relatively new phenomenon and Chinese mining companies are often newcomers in the economies of resource-rich countries.
They are, however, increasingly becoming the most significant investor in many countries and this is likely to continue.
Dr Nicky Black, Director of Environment and Social Progress at ICMM said: “We are looking forward to working with CCCMC. This new agreement will enable us to both learn from each other and further improve the environmental and social performance of the mining sector.
“Supplying the growing demand for metals and minerals sustainably is a challenge facing us all and I believe that our new agreement with CCCMC will be a very productive partnership.”
Sun Lihui, Director, Development Department CCCMC said: “CCCMC is interested in working with ICMM, to complement each other’s strengths and to learn from each other.
This will help continually improve the risk management and governance of mining companies, enhancing business opportunities while reducing risks.”
ICMM and CCCMC are important industry organisations in the international arena, our strategic cooperation will advance sustainable development in the mining industry” he added.
The MoU will also help Chinese enterprises address the new challenges that the UN’s 2030 Agenda for Sustainable Development place on industry, governments and civil society alike through its ambitious Sustainable Development Goals (SDGs).
Globally, the extractives sector is under intense scrutiny. Stakeholders (especially governments, communities, investors, insurers and civil society) have expressed concerns about the sector in terms of its environmental and social performance and the sector’s contribution to poverty reduction and sustainable development.
This Memorandum of Understanding will help Chinese overseas mining operations to meet society’s environmental and social performance expectations, and to successfully adhere to increasingly stricter environmental and social performance standards.