For MMC, sustainable development is about creating value in society whilst managing financial and operational risk for the Company. By taking a holistic view of corporate growth, our actions and decisions go beyond sectorial and legislative requirements to ensure that we are accountable for the social, economic and environmental impacts of our mining activity while making lasting contributions to the development of the country.
MMC adopted two major policies with regards to responsible mining operation. These include the Sustainable Development (SD) Policy and the Corporate Social Responsibility (CSR) Policy; together these two define our approach and strong commitment towards sustainability and our responsibility towards diverse stakeholder groups.
Our drive to develop sustainably is best summarized by the four principles that we stand by: first, the benefits of economic activity must appropriately account for their respective social and environmental consequences; second, in utilizing resources, the needs and expectations of future generations must be adequately considered; third, the government, our business and other relevant segments of society must act cohesively to balance these needs; and fourth, continuing to employ strict corporate governance is essential for us to successfully meet both our business and sustainable development objectives.
In practice, this means:
- Establishing a transparent and accountable governance framework
- Caring for the health and wellbeing of our employees
- Understanding stakeholder expectations and proactively engaging with them
- Aiming to achieve and maintain highest standards of Health, Safety and Environmental (HSE) performances
- Seeking to mitigate any adverse impacts of our operation on local community and their way of life
- Forming partnerships with local community for mutual benefit and making community investments that supports sustainable development
- Publicly reporting our activities and performances and
- Aligning our activities with international best practices.
The Company’s CSR policy is based on the international ISO 26000 Standard - an international voluntary standard that provides guidelines for social responsibility. Actively engaging with and listening to our stakeholders’ interests and expectations throughout the project cycle forms the foundation of our CSR strategies and framework of operation.
Meaningful, ongoing dialogue with communities and other stakeholders helps to ensure support for our activities and generates important feedback that goes into our planning processes. Our wide and diverse range of stakeholders include our employees, local community, suppliers, customers, investors, shareholders, employees, regulatory bodies, NGO’s, government authorities and the wider community.
Extractive Industries Transparency Initiative
MMC adheres to a policy of “zero” tolerance to all forms of unethical business practices. In support of the Extractive Industries Transparency Initiative (EITI), a global initiative to promote governance in resource-rich countries through verification and full disclosure of company payments and government revenues derived from the mining industries and in line with the EITI standard requirements, the Group has been disclosing a detailed statement of its payments to the government, to the EITI secretariat in Mongolia on an annual basis since 2008. MMC is also a member of the EITI Mongolia National Council since 2011.
Mongolia has been an EITI Compliant country since 2010 and is one of a few countries who launched EITI e-reporting system. Please refer to the link below to view annual EITI Mongolia reports on payments (taxes, fees, commissions, royalties etc) to the Government made by the companies operating in the extractive industry.