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By L. D. Smith

Net Present Value Impact of Discount Rate The Discounted Cash Flow (DCF) method of valuations is universally used and accepted. The main criticism of the method is that it does not recognize the value of projects long life projects. This can be seen in the preceding graph where the present value of cash flows in later years are small for discount rates over about 10%. This graph covers a project that has a 25 year operating life. It is clear from the low height of the NPV bars at 10% and 15% in the last years of the project that an additional 25 years would add almost no value to total project NPV. As an example of this effect, an colleague undertook the evaluation of a pulp and paper project. The plant could be justified, but it was not possible to justify planting the trees as they took too long to grow and so had not appreciable NPV. The plant had to purchase wood to feed the plant.

May 1, 2013

By D. A. Sloan

"THE FIRST COMMENTATOR that I will call on is Mr. W. G. (Bill) Brissenden, Vice-President, Mines, Noranda Mines Ltd. Bill, would you care to comment.W. G. BRISSENDEN ...Mr. Chairman, Ladies and Gentlemen, I spent some time reading the four papers that were presented here, yesterday evening, and decided that the four to six minutes that I had been allotted for this afternoon were going to be pretty tough to meet. It's a very big subject and I just hope that I will be able to stay within my time limit. As has been so aptly demonstrated by the members of our panel here this afternoon young men in growing numbers continue to be attracted to careers in the mineral industry, especially to careers in mining engineering. Now from 80 the point of view that the profession may have regained its status this is indeed welcome news. However, perhaps all of the members seem to have the suspicion that the number of mining engineers that the industry can absorb is a much lower figure than previously forecast. It is said that technical school graduates are now occupying some of the jobs once considered the private preserve of the mining engineer and also that mining engineering undergraduates are having trouble locating summer employment. If these interpretations of mine are correct then we are now confronted not only with our old dilemma - whither the mining engineer - but also with an urgent need to solve it. We cannot allow our profession to become once again an undesirable one in the eyes of our youth because if we permit such a thing to happen a second time the profession may never recover."

Jan 1, 1972

By Karl J. C. Harries

13.1. RIGHT TO RECEIVE ROYALTY CONTRACTUAL ONLY1

Jan 1, 2003

By Karl J. C. Harries

"10.1. INTRODUCTIONDefinitions are a necessary part of every agreement. Their purposes are to assist the reader in reading and understanding an agreement and to attempt to avert potential confusion and, therefore, disputes. In some circumstances, they may be critical in deciding a dispute. As they are often substantive, they should not be treated lightly.It is far easier and less confusing for a reader to read “the Company” or “the Recipient” than to be faced with “the party of the First Part”, or to see the “Jones Property” than “that part of the property hereinbefore described in paragraph 1.01 hereof”. It is also advisable not to use “-ee” and “- or”, as in payee and payor.One thing must always be remembered: once a word has been defined in an agreement, it will always have the defined meaning unless the contrary is clearly indicated or is required to make sense of a provision.2 It can be confusing for a reader if commonly used words are defined in other than ordinary terms. Unique words that will stand out in the text are more likely to be recognized as having special meaning. It is also good practice to identify defined terms by capitalizing them in the text of the agreement. Boldfacing of definitions is also sometimes used for this purpose but, as boldfacing is not easily identified in handwritten revisions, it can be missed in the press of negotiations, especially when several typists are involved. Lack of consistency in identifying defined terms is not a fatal mistake, but it can create confusion, especially if the reader is new to the agreement or is reading it in a highly technical manner, such as when there is a dispute.If definitions used in the main text also apply to a schedule, they need not be included in both. Omitting them from the schedule makes the agreement look shorter, which to some people is a benefit. If definitions are not repeated, make certain that the schedule clearly indicates that words defined in the main text have the same defined meanings in the schedule3 and are clearly identified as defined words. In considering whether or not to repeat in a royalty schedule definitions appearing in the agreement proper, think of definitions as an aid and a reminder to the reader. Repeating them will help a reader, if only by saving the nuisance of remembering where to find them in the main text and constantly turning to it. All the definitions needed to read the schedule will be right there, so that the schedule is a self-contained document. Just make certain that, if you do repeat a definition, you repeat it in identical terms. If you have to change any defined term to make it fit the royalty provisions, use a different word or phrase as the defined term to warn the reader that he is dealing with a different concept.4"

Jan 1, 2003

By John A. Teeter

"A SHORT WHILE AGO I enquired about The Mining Society of Nova Scotia. In all honesty I was apprehensive about addressing such a body if it was highly geared to the technical aspects of discovering and obtaining mineral resources. I was told that this would not be the case. Rather, there would likely be in attendance a broad cross section of people from business, industry and government and from across Canada and the U.S.A. Thus there would be an interest in a free-wheeling discussion of the prospects for industrial development in Cape Breton. Accordingly - being one who hates to miss an opportunity - I intend to exploit the invitation of your executive by being, over the next short while, frankly promotional. I would like to talk about what I consider to be some of the most important attributes of Cape Breton for industrial development and identify some of those prospects. Secondly, I will quickly review some of the things the Cape Breton Development Corporation is doing these days to stimulate some of that industrial development."

Jan 1, 1972

By K. Ramji

"The development curve in the extractive sector has become longer, steeper, and riskier due to increased social, legal, and political risks from various stakeholders. Indigenous peoples are a unique stakeholder because their growing legal rights to lands and resources can often determine a project’s outcome. A project will only be successful if it is able to obtain the legal permits, withstand any judicial reviews, and gain and maintain the social license to operate. Stakeholder identification, management, and engagement are key risk-mitigation tools required to successfully convert risks into opportunities.RÉSUMÉ La courbe de développement du secteur de l’extraction s’est allongée, elle est devenue plus abrupte et plus hasardeuse en raison de l’accroissement des risques sociaux, légaux et politiques venant des divers intervenants. Les peuples autochtones sont des intervenants uniques puisque leurs droits légaux croissants sur les terres et les ressources déterminent souvent ce qu’il adviendra d’un projet. Un projet ne pourra réussir que s’il est capable d’obtenir les permis légaux, passer à travers les analyses judiciaires, puis obtenir et maintenir le permis social d’exploitation. L’identification des intervenants, la direction et l’engagement constituent les outils clés de l’atténuation des risques nécessaires pour bien convertir les risques en possibilités."

Jan 1, 2016

By Melanie Grob

Two commonly estimated fractal dimensions, called b and D values, represent statistical characteristics in the distribution of magnitude sizes (b) and spatial hypocenter locations (D) of microseismic events, respectively. We postulate that the values of b and D are related to specific stress regimes. Through different case studies of fluid injection into an oil/gas reservoir or geothermal field, we infer that the measured temporal variation in fractal dimension b is most likely due to significant changes in the local stress regime. The fracture dimension D indicates the spatial clustering of events. The distribution of these events can vary with time because of stress perturbations that (re)activate fractures whose direction favours their movement under a specific stress regime. Thus a combined statistical study of these two dimensions can help infer the variations of local stresses in a reservoir.

Jun 1, 2012

By Karl J. C. Harries

"9.1. INTRODUCTIONIn Chapter 5 of Volume I royalties are dealt with and several topics would appear to be duplicated in this Volume. However, Volume I may be looked upon as a general guide, whereas this Volume is a reference volume. It deals in considerable detail with specific provisions and concepts relating to royalties between private parties. This does not, however, mean that Chapter 5 can be ignored. It should be looked upon as a source of general information concerning royalties between private parties and as a negotiating aid intended to give an overview of various topics. You may well find that in its general approach it will lead you to ask a question which, hopefully, will be dealt with in this Volume .It should be remembered that royalty agreements are agreements with a particular focus, and so the concepts set forth in Chapter 1 apply to them. This chapter addresses a few considerations specific to royalties that will usually form part of an agreement rather than a stand-alone agreement.9.2. FORMAT FOR ROYALTY PROVISIONSIn many of the cases where royalties arise, they are adjunct to, or part of, other arrangements. For example, a royalty may form part or all of the consideration to be given to an owner upon purchase of his property, or it may arise if a joint venturer ceases to contribute to the venture and has his interest converted to a royalty.1 It is with such situations that this section primarily deals; if the royalty is contained in an agreement that is singularly, or primarily, concerned with creating it, then it is just a normal agreement.Commonly, by the time the right to receive the royalty arises, at least some of the other provisions of the agreement have been performed and/or become redundant. For example, in an option agreement the royalty will be a continuing obligation of the optionee, usually arising only after the option has been exercised.2 In a joint venture agreement, a royalty will often arise where the interest of a non-participating venturer has been diluted and converted to a royalty, in which case the recipient will usually become a passive party, entitled only to his royalty, and most of the rights that he enjoyed as an active venturer will cease to be effective."

Jan 1, 2003

By D. W. R. Haysom

"I AM CONSCIOUS of the honour you pay me by having invited me to address you on the subject of the Rehabilitation of the Sydney Steel Corporation. The true architect of the revival and rehabilitation is Robert Burns Cameron. Because of the numerous myths which have grown up around what seems to be the miracle of the revival of the Sydney Steelworks, I propose to go back to the time when they came under the full control of the Province, on the 1st of January, 1968. Late in 1967, the decision was taken by Premier G. I. Smith to keep the Steel Plant running for at least another year, in an endeavour to see whether the enormous losses being sustained by Dosco could be reduced to a level which would permit their continuing operation. When that decision was taken, Dosco was to continue management until the 30th of April, 1968, and in the intervening period, the Provincial Government would seek management of the right calibre to ensure that an objective view of the Steelworks operations could be secured. By a combination of circumstances which can only be described as most felicitous, the man selected for the task was R. B. Cameron. He very quickly determined that to permit Dosco to continue management of the Steelworks until April 30 could only result in heavy losses to the Province and a consequent deterioration in the already critical financial position and a declining morale of the worke"

Jan 1, 1972

By A. H. Burns

"Regenerative and recuperative burner systems require advanced combustion techniques to minimize NOx emissions. Various methods of pollutant minimization and furnace design considerations are described. Cited examples are a large high temperature furnace and a small Zinc vaporizing furnace. The concept of total carbon footprint is introduced. The application of Biomass combustion as an effective method of cost and green-house gas (GHG) reduction is discussed. Practical considerations of scale, location and process limitations are discussed. Two examples of biomass fired equipment are cited. Ideal sites have large biomass resources available locally. Processed biomass fuels will be an important substitute for fossil fuel. INTRODUCTIONIn 1992, I presented a paper entitled Combustion Strategies In The Modern Industrial Environment (1992). At that time an abundant supply of cheap fossil fuel made many of the measures I talked about difficult to justify for anything but new equipment.Since 1992 we, as a society, have demonstrated an ability to accelerate the pace of industrial and societal change. The term industrial revolution applied to this age of incessant change is completely meaningless, implying a discrete moment in historical time. What our society has built is a system capable of unfettered, continuous and accelerating technological change. With this change comes an increasing demand for energy and materials.This year is the anniversary of the Titanic disaster, a moment in time when technological certainty met the caprice of nature and gave us a brutal reminder of what can happen to us if we underestimate that power (Mowbray, 1912). In the intervening interval we have regained the technological arrogance that was lost in 1912 bringing us back to the problems of climate change and the need for sustainable industrial activities.We use advanced mathematics to describe many complex systems, sometimes with disastrous results. For example there has been a recent attempt to model the global economy as a completely deterministic system. This premise is flawed at its foundation as human nature and emotion are indeterminate constants in the equations, yielding probabilistic solutions at best. As engineers we are all familiar with stiff problems. The solution to such a problem is meaningless and we have all had the misfortune to live through and rue the effects of that miscalculation over the last few years."

Jan 1, 2012

By L. V. Bell

THE object in prospecting is to find ore. With the exception of certain discoveries of more or less accidental nature, intelligent prospecting as conducted today is, whether consciously or not, based upon a process of elimination. In the following discuss on it is proposed to evaluate those factors that enter into the eliminating of certain tracts of ground and, conyersely, the concentrating of attention upon others. The danger of generalizations as to the barrenness of cer.ain areas, without having due regard for all such factors, is emphasized. The fact that our conception as to what areas or rock formations are to be regarded as favourable or unfavourable is, in some measure at least, changing with new discoveries under diverse and unexpected circumstances, adds more point to the discussion. The criticism might be raised that the subject is treated largely from the standpoint of geology, but that may be met by stating that it is, and must continue to remain, precisely from this standpoint that the prospecror directs his activities. Briefly, the geologist may render the greatest service to the prospector in the early steps of selecting (a) the general territory in which to prospect; (b) the area to be intensively prospected; and, finally, (c) those parts of the claim or claims to be prospected in detail. Although certain phases of the discussion will be, in some measure, of general application, we shall here concern ourselves essentially with prospecting in the pre-Cambrian shield. Furthermore, the subject is so large that it has been decided to limit it to a consideration of that portion of the pre-Cambrian rocks in which is situated the mining district of western Quebec, of which the writer can speak with more personal knowledge. This limitation need not, however, seriously detract from whatever merit the discussion may possess, since the deposits concerned cover a fairly wide range of metallic ores, including gold, copper with associated zinc, and, lastly, molybdenum.

Jan 1, 1936

By Hevina S. Dashwood

This paper proposes to build on my previous research (Dashwood 2012), which analyzed how and why the norm of sustainable development became institutionalized in the global collaborative corporate social responsibility (CSR) initiatives of major mining companies. Since the late 1990s, the majority of major global mining companies have employed the norm of sustainable development to frame their individual CSR policies and to inform industry collaboration at the global level through the International Council on Mining and Metals (ICMM). This paper proposal seeks to address lingering questions from that research, by developing an explanation for how the normative frame of sustainable development has translated into specific CSR standards adopted by the mining industry. Preliminary findings suggest that, although the global mining industry has reached broad consensus on the meaning of sustainable development in the context of mining, there remains considerable variation between mining companies in terms of which specific global standards they adopt. As members of the ICMM, major mining companies are required to report according to the Global Reporting Initiative (GRI) indicators relevant to mining, and there has been wide-spread up-take of the ISO 14,001 environmental management system standard. However, other global standards, such as the International Finance Corporation (IFC) Performance Standards and the Extractive Industry Transparency Initiative, have not been uniformly adopted by the mining industry. What explains this variation? The paper employs a three-level institutional framework (rational choice institutionalism, historical institutionalism and the ?new? institutionalism in organization theory) to explain the influences on the adoption of CSR standards in the global mining sector. Existing research confirms that institutional context is an important factor in explaining CSR adoption in the mining sector (Dashwood 2012). Are similar forces at work in explaining the variation in adoption of specific CSR standards? A three-level institutional analysis lends itself to uncovering influences both external to mining companies (such as pressures from stakeholders), as well as internal company dynamics (such as managerial discretion). Furthermore, the framework can incorporate dynamics operating at the global level (such as isomorphism), the national level (such as the regulatory regime) and the local level (such as community needs and environmental challenges). The theoretical significance of this framework is that the influences on CSR adoption are more complex than can be explained in a single approach (such as narrow rational choice/cost benefit explanations). On a practical level, insights into how global standards get interpreted and acted upon by individual companies could lead to the development of more appropriate and effective global standards.

Aug 1, 2013

By Frederick Bird

This paper is based upon a review of studies of mostly Canadian mining companies in Chile, northern Canada, Tanzania, Guatemala, Ghana, Sierra Leone, and the Democratic Republic of Congo. In spite of often well-meaning efforts most mining firms produce wealth in developing areas that largely benefit those immediately involved, sometimes neighboring communities, and often those in the governing strata. Typically mining takes place in enclaves and fosters enclave development, rather than the kind of inclusive wealth development favored by the recently UN published Inclusive Wealth Report. One way by which mining operations can foster more inclusive wealth development is to adopt much broader approaches towards the construction of the various physical and social infrastructures ? roads, water, electricity, health services, schools, security ? required for their own operations by collaborating with diverse regional, provincial, and/or national agencies and businesses to develop these infrastructures for larger populations and areas beyond the immediate sites where they are operating. Established mining firms can also foster more inclusive wealth development by establishing more formal, collaborative relationships with artisanal miners.

Aug 1, 2013

By T. D. Chatwin

While new jobs and taxes are major incentives for support of mining, stakeholders must also be assured that current jobs, resources and environment will be protected. Mining companies can help achieve stakeholder support by frankly addressing Acid Rock Drainage CARD) issues. To prevent ARD, miners must begin early in the mine life-cycle to develop an ARD management plan and integrate it into the mining operation. As this proactive preventative program is initiated, mining companies also need to engage and collaborate with stakeholders to insure that their expectations and needs are met. Stakeholder engagement is enhanced as mining companies emphasizes the value of clean and available water for current and future generations.

Jan 1, 2011

By Charles Camsell

At the Annual General Meeting of the Institute in 1924. I endeavoured to present the position held by the mineral industries in the commercial life of this country. The facts and figures were presented at that time in a detached way. Since then, however, I have made some attempt to analyze them in order to determine the causes for that position and to draw some conclusions as to the future of the mining industry. As everyone knows, our trade figures are very often used in political discussion, especially in discussion of tariff policy. It would be entirely out of order for me to say anything touching the tariff issue and I want to have it clearly understood that, in my opinion, the material I am about to present contains not a single statement or conclusion which anyone would be warranted in using as an argument for either a lower or a higher tariff or for tariff changes of any kind. As a starting point, let me re-state, very sketchily, Canada's general situation in external trade. In the last calendar year, 1924, we sold Canadian merchandise of all kinds to other countries to the value of $1,045,000,000 in round figures. Our purchases abroad reached about $893,000,000. Thus our sales exceeded our purchases by roughly $152,000,000. In other words, we had what is known as a 'favourable balance of trade' - one of the biggest favourable balances we have ever had in our history. The proceeds of our sales of Canadian products enabled us to meet the bills for all our purchases of foreign commodities and, in addition, placed a large surplus to our credit with which to offset our interest charges and other obligations abroad.

Jan 1, 1925

By Charles Camsell

If it were necessary to preface a discussion of the mineral position of the Empire by justifying one's interest in that subject, there are two points that at once suggest themselves by way of vindication. Tremendous Growth of MINERAL Consumption The first of these points has to do with the general question of the world's mineral consumption. Most thinking persons appreciate in a more or less vague way the vital rôle that has been, and is being, played by mineral products in building up the material side of our modern civilization. But, apart from that casual and almost subconscious appreciation, very few have any precise knowledge of the extent to which the growth and the operation of our vast present-day industrial structure has been made possible by, and only by, a tremendous increase in the consumption of mineral products of all kinds. The increasing use of minerals confronts us today at almost every turn. It does not matter in what direction we look-at the expansion and the change in transportation facilities, in the air as well as on land and on sea; at the increasing mechanization, not only in factory and mill but even in our domestic life; or at the constantly widening use of machinery for all phases of farm production-everywhere we meet the same phenomena of rapidly growing uses of equipment produced mainly from minerals. Without resorting to any tiresome statistics, a few figures may suffice to indicate with what enormous strides the world's mineral consumption has been advancing. The figures for recent years may be open to objection on the plea that, ever since the outbreak of the world war, conditions have hardly been sufficiently normal to give us trustworthy data-we have been living under extremes either of depression or of abnormal stimulation. During the last decade before the war, however, from 1903 to 1913, the world was moving along in a quietly prosperous manner; and we have figures, or at least reasonably reliable estimates, as to the growth in mineral consumption during that decade.

Jan 1, 1932

By Francis Gray

Mr. F. W. Gray: It is not my intention to read my paper as it is too long, so I will touch only on the high lights. The Sydney field is the most favourable example of undersea coal mining that exists, and I have not been able to find anything like it elsewhere. The nearest approach to it is a field in England where the Whitehaven collieries are operating, but it has a lot of faults. The net result of these faults so far met with in the seaward advance of the workings has been to increase, by something over 100 feet, the gain in depth of cover, in a distance of approximately three and three-quarter miles. In the Sydney field there are no faults of any consequence. On the east side, the English measures rise. In Australia the sea bottom fell and the cover became too light. On Vancouver Island the coal ran out, and in Japan the seams are steep and contorted. The Chilian fields resemble our own to some extent. An inundation of two collieries took place there some time ago, due, it is said, to the rise workings being allowed to approach the sea bottom too closely in the vicinity of a fault. The Cape Breton undersea field has been proved over a frontage of about thirty miles and has been attacked and penetrated for a considerable distance along that front. We have passed the prospecting stage and now generally use developed land areas as points of attack to win the undersea coal. Of our mining under the sea, it can be said that, with the exception of No. 1-B and Princess colliery, Sydney Mines, no real attempt has been made to win the undersea coal.

Jan 1, 1927

By C. M. Campbell

The Inconceivable Wealth propaganda goes on apace. Premier King, at Vancouver, has stated that we still have, untouched, natural resources, "beyond the wildest dreams." Principal Currie, in an address before the Canadian Society in New York said that Canada's resources, "are as yet merely scratched and it is not possible to compute her almost fabulous natural wealth." Mr. Meighen, in the last election campaign announced that, "under the providence of God, Canada is more richly endowed, perhaps, than any other country in the world." Four years ago a despatch was sent to Premier King "on behalf of" this Institute advising him that "Inconceivable Wealth" in minerals in this country was assured. This was made as a statement ~f "incontrovertible fact." Specifically, this despatch stated that this wealth was on such a scale that the mining industry would in the future lead all others in this country. This inventory is still in effect as far as this Institute is concerned.

Jan 1, 1926

By W. F. Scott, K. L. Somerville

"This paper outlines the development and inplementation of functional training at the Thompson Mine of Inco Metals Company, Manitoba Division. This training is an extension of similar methods implemented throughout the company to meet safety and health and productivity objectives. It consists of the orientation to the mine, induction in the basic mining skills, and specific training in drilling and other skills in the mine. Initial results indicated a positive effect on the safety performance and proficiency of the mine workforce.IntroductionThe primary mining method at the Thompson Mine is mechanized cut and fill, with secondary recovery of pillars by undercut and fill . These methods require a workforce of about 900 hourly operating employees to obtain capacity production of 6500 tons of ore per day.Historically, turnover of mine employees has been high and large numbers of new recruits are introduced to the mine every year. These men are recruited primarily in Manitoba, but also from distant areas of Canada; most of the se people have no previous mining experience.Training has always been an important component of mine operations. Mine supervisors and experienced miners have committed an appreciable amount of time and effort to training these new recruits. As well, training efforts have been directed toward upgrading the skills of experienced workers.Recently, a growing awareness of the significance of this training effort and its impact on accident frequency, productivity, turnover and other important parameters of the mine operation has led to a review of training methods. The training program described in this paper has resulted from this review."

Jan 1, 1981

By CIM Environmental, Social Responsibility Society

Within the mining industry, the pathway from exploration, to planning, construction, operation and closure has become more complex over the last few decades. The current financial, environmental and social influences present the mining industry with unprecedented challenges and opportunities. In addition, international environmental and social reporting standards and codes are becoming increasingly robust. The reporting requirements provide an added impetus for issuers to effectively manage environmental and social impacts and risks. Reporting requirements also provide the opportunity to be transparent. The intended audience for these Environmental, Social and Governance (ESG) Guidelines for Mineral Resource and Mineral Reserve Estimation includes practitioners, industry participants at all levels of skill and experience, corporate management and board members, government agencies, academic institutions and interested parties. For practitioners, this document provides underlying key principles of environmental, social and governance practices. The ESG Guidelines provide guidance for those using environmental, social, governmental and governance information when preparing and implementing mineral exploration programs and contributing to the preparation of mineral resource and mineral reserve estimates for mineral properties that are either at the study stage (i.e., scoping / preliminary economic assessment, pre-feasibility, or feasibility studies) or in operation. The guidelines can also be used to help mineral resource and mining companies apply good practice to manage their environmental and social risks and opportunities. Companies can identify and retain appropriate professionals to prepare environmental and social materials to support company studies. The guidelines are also a resource for companies developing effective environmental and social management strategies at any project stage. This document is not intended to be prescriptive and is not intended to provide exhaustive guidance on what to consider in terms of environmental, social, legal and governmental modifying factors in the preparation of MRMR estimates. Rather, it is intended as general guidance to assist companies and practitioners in considering and applying these modifying factors for MRMR estimates. This document is also not intended to guide environmental and social impact assessment (ESIA); however, the measures needed to manage impacts help inform the constraints and costs for defining mineral resources and mineral reserves and inform the costs and schedules of mineral project studies. All documentation of MRMR estimates made by an issuer and intended to be, or reasonably likely to be, made available to the public in a jurisdiction of Canada must comply with the requirements of National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101), as amended from time to time (Canadian Securities Administrators, 2016a and 2016b). Disclosure is not addressed in these ESG Guidelines. Determination of what to include in disclosures is defined in the applicable Securities’ legal frameworks. Appendix A presents a summary table showing the linkage of the principles and topics in these ESG Guidelines to the potential effects on project costs, schedules, government permits and approvals, social licence to operate and financing.

Sep 8, 2023