Foley Hoag Commends Newmont Mining Upon Release of Landmark Report on Community Relations
Washington, D.C. - May 5, 2009
First Review of its Kind Discusses Plans for Improved Global Operations; Further Review at Annual Shareholder Meeting
Foley Hoag LLP congratulates Newmont Mining Corporation upon the public release of a landmark report on the company’s community relationships around the world. The report was researched and drafted by attorneys in Foley Hoag’s unique Corporate Social Responsibility (“CSR”) practice group during the past year.
The Community Relationships Review (“CRR”) was initiated by Newmont’s Board of Directors in response to a shareholder resolution, and is the first report of its kind by a major mining company. The CRR is an independent analysis of the company’s management of relationships with communities surrounding its mines, based on first-hand research conducted at sites in Peru, Ghana, New Zealand, Indonesia, and the United States. Newmont commissioned Gare Smith and Dan Feldman, partners at Foley Hoag and co-heads of the CSR practice group, to serve as Study Directors for the CRR, and they were assisted by associate Sarah Altschuller.
Newmont recently addressed the findings of the CRR at its annual shareholders’ meeting on April 29. The full report and supporting documents were publicly released on its website in March, available on Newmont’s website. “The CRR is significant because it marks the first time a major player in the mining industry has publicly and self-critically addressed the challenges involved in building community relationships and responding to community concerns at the local level,” said Gare Smith. “Without increased community engagement, and the fostering of effective dialogues with local communities, a company cannot effectively carry out its business strategy. Newmont has taken a significant step in producing this report. We are proud to be a part of its creation and look forward to helping Newmont execute its plans.”
As Study Directors for the CRR, Smith and Feldman coordinated their efforts with research teams around the world in reviewing the company’s policies and practices at five mining sites: Minera Yanacocha, Peru; Ahafo Mine, Ghana; Martha Mine, New Zealand; Batu Hijau Mine, Indonesia; and Carlin Operations, Nevada. Foley Hoag worked with these research teams to finalize individual reports addressing community relations practices at each of the five mines. Foley Hoag then drafted the final global summary report which included a series of specific recommendations to Newmont’s Board of Directors regarding how the company can improve its community relationships in the future. These recommendations highlighted the importance of developing comprehensive management plans for community relations, holding regional and local managers accountable for the implementation of the company’s strategic objectives for community relations, and conducting effective risk assessments and conflict identification efforts.
The CRR’s completion has been lauded by diverse stakeholders, which have recognized the ground-breaking nature of the analysis, including the President and CEO of the International Council on Mining and Metals, and by leading environmental and CSR groups, such as Oxfam America and Resolve.
About Newmont Mining Corporation
Founded in 1921 and publicly traded since 1925, Newmont (www.Newmont.com) is one of the largest gold companies in the world. Headquartered in Denver, Colorado, the company has approximately 34,000 employees and contractors, with the majority working at Newmont's core operations in the United States, Australia, Peru, Indonesia and Ghana. Newmont is the only gold company listed in the S&P 500 index and in 2007 became the first gold company selected to be part of the Dow Jones Sustainability World Index.
About Foley Hoag LLP
Foley Hoag LLP is a leading national law firm in the areas of dispute resolution, intellectual property, and corporate transactions for emerging, middle-market, and large-cap companies. With a deep understanding of clients’ strategic priorities, operational imperatives, and marketplace realities, the firm helps companies in the life sciences, high technology, energy technology, financial services and manufacturing sectors gain competitive advantage. 225 lawyers located in Boston, Washington, and the Emerging Enterprise Center in Waltham, Massachusetts join with a network of Lex Mundi law firms to provide global support for clients’ largest challenges and opportunities. For more information visit www.foleyhoag.com.
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Corporate Social Responsibility