- 2014 Performance
- Future Focus
Newmont’s purpose is to create value and improve lives through sustainable and responsible mining. Driving shared value – through wages and benefits, taxes and royalties, procurement of goods and services, and investments in community initiatives – is a key element of our sustainability strategy and a commitment expressed in our Sustainability and Stakeholder Engagement Policy.
Our standards and systems – as well as global frameworks such as the International Council on Mining and Metals’ (ICMM) Principles for Sustainable Development – support our strategy and policy by measuring our impact and driving alignment, transparency, accountability and performance throughout the business.
Along with direct economic investments and contributions, we seek to develop resources in a manner that results in positive, broader development through local content development, community investments and effective community engagement.
We commit to transparency around payments to governments consistent with the principles and standards of Publish What You Pay – an international coalition of NGOs that advocates for open disclosure of company payments and government revenues from the extractive industry.
Government effectiveness – including regulations, laws, control of corruption, revenue management and benefit sharing – has a significant impact on our operations and ability to translate mineral development to socio-economic advancement. Through partnerships and collaboration we work to strengthen the governance and capacity of public institutions. For example, Newmont supports and is actively involved in the Extractive Industries Transparency Initiative (EITI). EITI is a coalition of governments, companies, investors, civil society groups and international organizations whose goal is to promote transparency regarding payments by resource companies to governments, as well as transparency on how governments allocate these revenues.
EITI aims to strengthen governance, which in turn helps build trust and more effectively direct revenues from natural resources toward economic and social development. As an original signatory to the EITI in 2002, we support the initiative's implementation in countries where we operate and are current members of the United States Multi-Stakeholder Group. Today, Ghana, Indonesia and Peru are EITI compliant countries; Australia is evaluating EITI candidacy; and in March 2014, the EITI accepted the U.S. as a candidate country.
We also seek to understand and measure our direct and indirect impacts through independent socio-economic studies, such as the Foundation Strategy Group report (see above).