Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Cámara Minera de México (Camimex), the Mexican equivalent of the Mining Association of Canada (MAC), is adopting MAC’s Towards Sustainable Mining (TSM) initiative. An official signing ceremony between the two took place this week at the Prospectors and Developers Association of Canada’s (PDAC) convention in Toronto.
TSM is a made-in-Canada corporate social responsibility performance system that improves environmental and social practices in the mining sector. It was the first mining sustainability standard in the world to require site-level assessments. Eight critical aspects of ESG performance are evaluated, independently validated, and publicly reported against 30 distinct performance indicators.
Camimex joins 11 other mining associations around the world, the fifth in Latin America together with Brazil, Colombia, Guatemala and Argentina, in adopting the TSM standard. Mexico’s mining chamber will tailor TSM’s performance areas to reflect the unique aspects of its mining industry.
“Signing this collaboration with the Mining Association of Canada to share the TSM standard reflects the commitment of the mining sector affiliated with Camimex to continue implementing the best international standards in environmental and social performance, as well as transparency and promoting communication channels with all stakeholders,” said Jaime Gutiérrez, president of Camimex.
According to numbers posted on the Camimex website, Mexico employed over 406,000 people in its mining sector in 2021. The number includes both producers and suppliers.
The value of metals produced in Mexico during 2021 included $6.65 billion for gold, $5.15 billion for copper, $3.45 billion for silver and $3.45 billion for zinc. Mexico is also a producer of lead, cadmium, selenium, molybdenum, coke and iron pellets.
