PDAC e-News and Activities, June 23, 2008 - No. 55
Page Index
Private member’s bill on CSR and mining
companies operating outside Canada
PDAC represented at federal government’s
Expert Panel on Securities Regulation
Panel discusses reputation,
success and profitability of mining companies
Ottawa Life features exploration and mining
PricewaterhouseCoopers mining industry
report show that profits up but so are costs
Study shows that mining industry paid $10.65
billion to Canadian governments in 2006
Copenhagen Consensus results have been released
Seminar on sustainable mining ●
Chongqing, China ● November 17-18
Private member’s
bill on CSR and mining companies operating outside Canada
On June 16, Alexa McDonough, MP for Halifax, Nova Scotia, introduced
Bill C-565, An Act respecting Corporate Social Responsibility for the
Activities of Canadian Mining Corporations in Developing Countries in
the House of Commons. This is a private member’s bill that, if passed,
would “require Canadian companies to report on their mining activities
to an impartial, independent ombudsperson responsible to develop
guidelines on best practices. The ombudsperson would submit an annual
report to the House of Parliament on the provisions and operations of
this act.” Its intent is “to ensure that Canadian companies involved in
mining operations abroad conduct themselves in compliance with the
International Bill of Rights and international law.” A full copy of the
bill is here.
PDAC
represented at federal government’s Expert Panel on Securities
Regulation
Securities committee chair Gregory Ho Yuen and Philip Bousquet,
director, regulatory affairs, represented the PDAC at a meeting on May
28 of the Expert Panel on Securities Regulation. The panel was
established by the federal government in February 2008 to make
recommendations on improvements to securities regulation in Canada. Ho
Yuen spoke on regulatory features affecting mineral exploration and
answered panelists’ questions. The securities committee will be
following up with a formal written submission to the panel.
Panel discusses reputation, success and profitability of mining
companies
Executive director Tony Andrews attended the World Mining Congress in
London, UK, June 2-4 and participated in a keynote advisory panel that
discussed the main issues influencing the reputation, success and
profitability of mining companies worldwide. His presentation focused on
corporate social responsibility.
Ottawa Life
features exploration and mining
The PDAC is running monthly features in Ottawa Life, a magazine with an
extensive general readership across our nation’s capital. A full-page
advertisement appeared in the May-June issue.
Two stories, one on
aboriginal involvement in the mineral industry and
the other about the
importance of mining and PDAC programs, are to be
included in subsequent issues.
PricewaterhouseCoopers mining industry report show that profits up
but so are costs
PricewaterhouseCoopers has published its fifth annual review of global
trends in the mining industry. Mine-As good as it gets? provides an
aggregated view of the industry in 2007. Data from 40 of the world’s
largest mining companies were used to compile the report, which reveals
the following: the industry’s market capitalization grew by 54%;
revenues increased by 32% but costs rose by 38%; for the first time
since the analysis was conducted, cash flows from operations were
insufficient to cover increased investment levels, requiring external
financing; total shareholder returns rose from 55% in 2006 to 119% in
2007. A section entitled ‘Top Guns’ notes an influx of younger CEOs and
a swing towards skill sets that are different from their predecessors’.
Of the top ten company CEOs this year, more than half of them have a
commercial background. The full report is
here.
Study shows
that mining industry paid $10.65 billion to Canadian governments in 2006
A study released earlier this month by the Mining Association of Canada
shows that in 2006 the mining industry paid to governments in Canada a
total of $3.96 billion in corporate income taxes and $2.33 billion in
royalty fees. Another $1.86 billion was paid in personal income taxes.
An additional $2.5 billion paid by the fabricated metals industry
brought the total sum paid to $10.65 billion. This figure represents a
50% increase over the previous year. The study also highlights the
industry’s contributions to specific regions, demonstrating that the
revenues from the industry have added significantly to the revenue base
of seven provinces and territories. The full report is
here.
Copenhagen
Consensus results have been released
Members who heard Bjorn Lomborg’s presentation on the Copenhagen
Consensus at the 2008 PDAC Convention may be interested to learn that
the results are in. In the number one spot is the provision of
micronutrients in the form of vitamin A capsules and zinc supplements to
80% of the world’s 140 million undernourished children at a cost of $60
million per year. This action would hold yearly benefits of more than $1
billion. The Copenhagen Consensus analyzes the world's greatest
challenges and identifies cost efficient solutions to meeting these
challenges. Solutions to problems are prioritized according to
efficiency based upon economic and scientific analysis of distinct
subjects. Full details and results are
here.
Seminar on sustainable
mining ● Chongqing, China ● November 17-18
The Canadian Consulate in Chongqing, China, is co-hosting a seminar on
sustainable mining with provincial departments of land and resources in
southwest China on November 17 and 18. Among the participants at last
year’s event were representatives of six Canadian companies and 120
local decision makers in the Yunnan mining industry. Plans are to expand
the event to include mining industry officials from Yunnan, Sichuan,
Guizhou and Chongqing in the southwestern territories. The objective of
the forum is to promote Canadian excellence and technologies in
sustainable mining and to assist Canadian companies enter or increase
their market in China. The cost will be shared by the consulate and
participating Canadian organizations. Participants will be able to make
presentations, participate in a roundtable discussion, and to have
face-to-face meetings with interested parties. More details and
registration information are
here.
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