Hedge funds slash bullish wagers on gold over Trump election win
The precious metal has fallen about 8% from a record high on Oct. 31, with losses accelerating after Trump’s election victory last week.
Earlier this week, gold major Newmont launched the Newmont Global Center for Indigenous Community Relations. The Vancouver-based centre at its office in B.C. is part of the company’s work aimed at promoting engagement with Indigenous Peoples and is intended to serve as a resource for both Newmont and the greater mining industry to “promote awareness, education and engagement” between industry and Indigenous Peoples.
“Newmont recognizes the special connection between Indigenous Peoples and the land, and that mining can affect this connection in some challenging ways,” Tom Palmer, president and CEO of Newmont, said in a release. “The entire industry has a great opportunity to learn and improve our practices. Through the Center, meaningful partnerships will be formed to create a space for dialogue and sharing with the aim of improving outcomes for Indigenous communities around our operations and act as a catalyst for improvement within the mining industry.”
Newmont’s plans for the centre include collaborative work with the company’s Advisory Council on Indigenous Community Relations, a group of external experts advising the board’s safety and sustainability committee. An internal working group of Newmont representatives will also share experiences, best practices and find ways to improve collaboration. Newmont expects that the centre will work across all of its jurisdictions worldwide.
The centre will aim to establish a source of dialogue, collective knowledge and experiences to “improve the company’s practices and contribute in advancing the industry’s approach to engagement with Indigenous communities.” The centre has identified three focus areas and developed three-year strategic objectives. Focus Areas are a partnership and learning network; respect for customs and culture; and opportunities for Indigenous People.
(This article first appeared in the Canadian Mining Journal)
