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Global mining industry may be under threat if it fails to step up its environmental protection efforts, the Financial Times reports, citing comments made by CEO of Canadian giant mining company Teck Resources Jonathan Price. Growing government and local opposition against copper, lithium, and iron ore mining for the environmental harm it causes — ranging from deforestation, stripping animals of their natural habitats, and polluting local freshwater supplies — have led some governments to take over resources owned by private sector mining companies, Price explains to FT.
Lack of action and transparency could block mining permits: The International Council of Mining and Metals (ICMM) has required companies — including some of the biggest mining players such as BHP, Rio Tinto and Anglo American — to disclose nature-related risks, ensure no loss of biodiversity when closing mines, and aim to stop and reverse biodiversity loss by 2030, according to a recent statement. Price told FT that “mines or operators might not be able to achieve permits” if local and indigenous communities do not see significant efforts to reduce environmental impacts.
The mining industry has gotten a bad rep: Arecent report (pdf) by the UK and US-based Environmental Investigation Agency found that the risks of mining fall upon average investors, Canadian taxpayers, indigenous communities, rural residents, and downstream US communities, while mine owners and major investors reap profits with minimal risk. It also found that companies associated with the Prospect Generator Model — a financial model used by the mining industry — take advantage of smaller investors and damage fragile ecosystems.
