IGO to record impairment against nickel assets in strategy shift
IGO has been undertaking a strategic review in an attempt to revaluate its resources.
Australia’s Sandfire Resources and indigenous group Yugunga-Nya signed a framework agreement to map issues, steps and relationships for the ongoing protection of cultural heritage at the DeGrussa copper mine, the company said on Friday.
Sandfire said last month it had damaged an artefact scatter at its Monty cooper mine in 2017 and 2018, and that it had informed traditional owners and the state’s heritage regulator.
The company acknowledged it failed to consult with the Yugunga-Nya people before it proceeded to disturb the artefact scatter sites and caused damage.
“While we cannot undo what has been done, we can make sure we do the right thing as we seek to rebuild trust and earn the respect of the Yugunga-Nya,” said Sandfire CEO Brendan Harris, who was being asked to step down by the aboriginal group earlier this month for the miner’s failure to address heritage damage.
A law firm has commenced an external investigation at the company’s request to understand the process failures that led to the disturbances of the artefact scatters and the time taken to notify the aboriginal group.
The findings of the investigation will be made available to the Yugunga-Nya people before they are shared with the industry and Sandfire’s stakeholders.
Sandfire will continue to cooperate fully with the Department of Planning, Lands and Heritage, as the agency conducts its own investigation, the company said.
“Sandfire need to show they are sincere because since 2016 they have showed nothing but disrespect for Yugunga-Nya people and Aboriginal culture,” Yugunga-Nya elder Andrew Gentle Senior said.
“I hope the recent steps the current leadership have taken shows they are prepared to work hard to rebuild the relationship,” he added.
Investors are closely watching Australia’s management of Aboriginal heritage after Rio Tinto destroyed historically significant rock shelters in 2020.
Western Australia, which had beefed up its heritage protection in response to the incident, agreed to roll back those protections earlier this year, in response to an outcry from farmers.
(By Echha Jain; Editing by Krishna Chandra Eluri)
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