Richard Carpenter, managing partner at MerchantCanto and former editor of Investor Relations magazine, discusses the principles of integrated reporting.

1. 25 May 2012
SES Re-brand
Best practice
21.04.11 reporting
narrative
Managing reputation in the
Oil, Gas and Mining Industries
Richard Carpenter
Managing Partner

2. Best practice narrative reporting: Managing reputation in the Oil, Gas and Mining Industries
Contents
• Changing reporting world
— UK Government proposals
— Executive remuneration
— Integrated reporting
• Best practice examples
© MerchantCantos 2012 02

3. Best practice narrative reporting: Managing reputation in the Oil,
Corporate communications: An introduction to MerchantCantos Gas and Mining Industries
Changing
reporting world
UK Government proposals
Executive remuneration
Integrated reporting
03

4. Best practice narrative reporting: Managing reputation in the Oil, Gas and Mining Industries
What’s happening in the UK?
• UK Government proposals to restructure
narrative reporting
• Plans for split of current reporting format into:
— Strategic report
— Annual Directors’ Statement
• A
dditional plans to:
— Reduce disclosure requirements
— Reform executive pay disclosure
© MerchantCantos 2012 04

5. Best practice narrative reporting: Managing reputation in the Oil, Gas and Mining Industries
What’s happening in the UK?
Current
ARA ARA
Business review Directors’ report Accounts
© MerchantCantos 2012

6. Best practice narrative reporting: Managing reputation in the Oil, Gas and Mining Industries
What’s happening in the UK?
Current
ARA ARA
Business review Directors’ report Accounts
Future
Strategic Annual
report Directors’
Accounts? Statement
Accounts?
Key forward-looking
information Detailed disclosures
© MerchantCantos 2012

7. Best practice narrative reporting: Managing reputation in the Oil, Gas and Mining Industries
What’s happening in the UK?
Current
ARA ARA
Business review Directors’ report Accounts
Future
Strategic Annual Annual
report Directors’ Directors’
Accounts? Statement Statement
Accounts?
Key forward-looking
information Detailed disclosures Print version?
© MerchantCantos 2012

8. Best practice narrative reporting: Managing reputation in the Oil, Gas and Mining Industries
Split reporting format
• Strategic report
— o provide key information including key
T
risks and forward-looking analysis – reputation management
• Content:
— Strategy
— Business model
— Performance (including key financial data)
— Risks
— Social and environmental information
— Key governance and remuneration information
© MerchantCantos 2012 08

9. Best practice narrative reporting: Managing reputation in the Oil, Gas and Mining Industries
Split reporting format
• Annual Directors’ Statement
— o provide more detailed disclosures
T
to underpin the strategic report
• C
ontent:
— Information required by law
— Additional voluntary disclosures
— To include:
— Directors’ Remuneration Report
— Corporate Governance Statement
— Audit Committee Report
© MerchantCantos 2012 09

10. Best practice narrative reporting: Managing reputation in the Oil, Gas and Mining Industries
Split reporting format
New reporting framework
Strategic Report
Annual
Financial
Directors’
Statements
Statement
Audit
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11. Best practice narrative reporting: Managing reputation in the Oil, Gas and Mining Industries
What do we think?
• Like
— Moving repetitive disclosures online
— Cutting back on crossover
• Dislike
— Lack of understanding of bigger reporting issues
— Still potentially too prescriptive
— emains a lot of debate on how best to move forward
R
— overnment does not seem to know all
G
the ins and outs – but remains committed
— Change is coming… but it may be slow
— World may have moved on again
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12. Best practice narrative reporting: Managing reputation in the Oil, Gas and Mining Industries
Executive remuneration
• Massive reputational issue at the moment
• Proposals include:
— equirement to disclose total remuneration
R
per director in a single cumulative figure
— otential to disclose remuneration below
P
board level
— Greater linkage of pay and performance
— Linkage back to strategic objectives
— istoric performance of CEO over last
H
five financial years
— isclosure of fees paid to remuneration
D
consultants
© MerchantCantos 2012

13. Best practice narrative reporting: Managing reputation in the Oil, Gas and Mining Industries
Integrated reporting
• Current buzz phrase
• Structured approach from IIRC (www.theiirc.org)
• Integration of financial, non-financial and narrative
• Strategic linkage and alignment
© MerchantCantos 2012 13

14. Best practice narrative reporting: Managing reputation in the Oil, Gas and Mining Industries
Narrative reporting linkage
What Why How we How we What could
we do we do it plan to measure it knock us
do it off course
+ + + +
Mission/vision/ Marketplace Strategy/priorities/ KPIs Risk management
at a glance discussion/ business model information
context and resources
Strategy KPIs Risk information
CSR/sustainability
© MerchantCantos 2012 14

15. Best practice narrative reporting: Managing reputation in the Oil, Gas and Mining Industries
Best practice
examples

16. Best practice narrative reporting: Managing reputation in the Oil,
Corporate communications: An introduction to MerchantCantos Gas and Mining Industries
The bucket list
16

17. Best practice narrative reporting: Managing reputation in the Oil, Gas and Mining Industries
Benchmarking
• Group at a glance
• Market context
• Business model
• Strategy
• KPIs
• Performance
• Resources
• Risks
• Sustainability
• Governance
• Reporting centre
© MerchantCantos 2012 17

18. Best practice narrative reporting: Managing reputation in the Oil, Gas and Mining Industries
The great and the good
© MerchantCantos 2012 18

19. Best practice narrative reporting: Managing reputation in the Oil,
Corporate communications: An introduction to MerchantCantos Gas and Mining Industries
Group at a glance
19

20. Best practice narrative reporting: Managing reputation in the Oil, Gas and Mining Industries
Group at a glance – Antofagasta
roup at a glance
a
© MerchantCantos 2012 20

21. Best practice narrative reporting: Managing reputation in the Oil,
Corporate communications: An introduction to MerchantCantos Gas and Mining Industries
Market context
21

22. Best practice narrative reporting: Managing reputation in the Oil, Gas and Mining Industries
Market context – Evraz
rket overview
ctor discussion
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23. Best practice narrative reporting: Managing reputation in the Oil,
Corporate communications: An introduction to MerchantCantos Gas and Mining Industries
Business model
23

24. Best practice narrative reporting: Managing reputation in the Oil, Gas and Mining Industries
Business model – Fresnillo
© MerchantCantos 2012 24

25. Best practice narrative reporting: Managing reputation in the Oil, Gas and Mining Industries
Business model – Fresnillo
Annual report 2011
Fresnillo plc
Our Business Model continued
1
2
3
4
Overview
Business model component Description Strategic focus Business model component Description Strategic focus
Value chain Strategic resources
Operate The extraction and beneficiation of ore from our operating Maximise operational potential through full Financial strength The strict control of cash, assets, and costs and expenses Maximise value creation by controlling internal
mines. We apply optimal mining methods in accordance capacity utilisation, reserve replacement, in order to secure operational continuity and retain our drivers of financial performance using tools
Maximise the potential and control
with the changing characteristics of each mine, benefited continuous improvements in productivity competitive position as a low cost producer, ensure such as long-term supply and service
1
of existing operations by the skills of our personnel and leading technology and cost controls. continuous investment in exploration, and maintain agreements, cost controls; inventory, trade
tools. When coupled with high-quality assets selectively flexible capital funding options. and receivables management; fiscal planning;
See Our Strategy and KPIs pages 26–27
added in the exploration and development phase, we and exchange rate hedging. It continues to
See Financial Review pages 76–89
Strategic Review
remain competitively positioned in cost performance be the Group’s policy not to hedge price
among industry peers. exposure on silver and gold realisations.
See Review of Operations pages 48–57 See Financial Review pages 76–89
Strategic relationships Key suppliers of equipment and services; contractors; Create mutual value by acting with fairness,
customers; equity partners in our mines and projects; integrity and transparency, sharing best
authorities and regulators. Also see Sustainable practices and fostering innovation.
Develop The development and construction of new operating Deliver growth through the disciplined Development component.
Creating Stakeholder Value pages 24–25
Performance
mines, with disciplined adherence to schedules advancement of exploration projects towards
Deliver growth through and budgets. Feasibility, engineering, procurement mine development, start-up and production.
See Creating Stakeholder Value pages 24–25
2
development projects and construction teams work closely with operating Projects must meet stringent criteria
personnel to ensure smooth transition from regarding mineral content and embedded
construction to commissioning. cost. Economic viability is determined by
factors such as metallurgy, mine design,
See Review of Operations page 58
investment requirements, sustaining Technology Tools and processes that support exploration, Invest in innovation, maintain and continuously
capital expenditures and rates of return. increase productivity, reinforce sustainability, upgrade technology and training to promote
See Our Strategy and KPIs pages 28–29 enhance accountability, and support decision-making and productivity and efficiency.
Governance
financial planning processes.
Explore The search for and quantification of mineral deposits that Extend the growth pipeline by deploying
extend our resource base, with a focus on consolidating expert personnel, allocating sufficient
Extend the mining districts in Mexico and Latin America. Our track investment capital, securing concessions
3
growth pipeline record of new discoveries is bolstered by continuous and surface land rights, and pursuing
investment irrespective of metal prices, significant selective early stage partnerships Experienced The critical human factor upon which the successful Find, select, train and retain personnel with
execution of our strategy relies. the requisite knowledge, skills and experience.
Financial Statements
technical expertise, and partnerships and early-stage and acquisitions. management and
acquisitions that allow us to share the inherent benefits
See Our Strategy and KPIs pages 30–31 skilled personnel See Community Relations pages 72–73, See Community Relations pages 72–73
and risks of prospect exploration. Executive Management page 95
Our project pipeline extends across the multiple stages of
exploration (prospecting, drilling and resource definition).
See Review of Operations pages 59–61
Licence to operate Risk management framework
Sustainability The responsible operation of our business to create Reinforce the sustainable development of the Risk management The assessment, evaluation and mitigation of the At the operational level, to identify, assess
value for and ensure the wellbeing of all stakeholders, Group by implementing and enforcing policies framework principal risks that could affect the Company’s ability and mitigate risk at mines, development
Advance our without compromising future generations, through and procedures and investing in equipment to execute its strategy and deliver on its commitments. projects and exploration sites; within each
sustainable the comprehensive management of health, safety, and training that put our people first in terms major capital project, to analyse and monitor
4
See Our Risk Management Framework pages 36–43
development environment and community relations programmes of health and safety; support strong project delivery risks; at the Executive
from the earliest stages of exploration until mine closure. environmental management practices; Management and Board level, to assess
benefit the communities where we operate; and mitigate strategic and financial risks.
See Creating Stakeholder Value pages 24–25, Sustainability
Report pages 62–75 and secure our adherence to best practices.
See Our Risk Management Framework pages 36–43
See Our Strategy and KPIs pages 32–33,
Sustainability Report pages 62–75
22 23
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26. Best practice narrative reporting: Managing reputation in the Oil,
Corporate communications: An introduction to MerchantCantos Gas and Mining Industries
Strategy
26

27. Best practice narrative reporting: Managing reputation in the Oil, Gas and Mining Industries
Strategy – BP
Our strategy: Strategic priorities
Business review: Group overview
Our 10-point plan
Our 10-point plan is how we intend to build a stronger, safer BP. The first five points
What you can measure
are things you can expect from us; the second five are things you can measure. 6 Active portfolio management
We want to focus our portfolio further on our areas of strength, and deliver
What you can expect from us increased financial flexibility. By the end of 2013, we expect to have
completed $38 billion of disposals since the start of 2010.
1 We will keep a relentless focus on safety and managing risk
We are determined that BP will deliver world-class performance in safety, risk 7 New projects with higher margins
management and operational discipline. We will be a company that systematically We have a strong list of upstream projects due to come onstream over the
applies our global standards as a single team. next three years. By 2014, unit cash marginsa on production from this new
wave of projects are expected to be around double our existing average.b
2 We will play to our strengths
We have had major successes at finding oil and gas at scale. We are also among 8 Operating cash flow growth
the real pioneers of deepwater exploration. We have decades of experience We are aiming to generate an increase of around 50% net cash provided by
managing giant fields and developing valuable gas value chains. We have built additional operating activities by 2014 compared with 2011c – approximately
a world-class downstream business. Underpinning these strengths are deep half from ending Deepwater Horizon Oil Spill Trust fund payments and
capabilities in building relationships and in developing technologies. around half from operations.
Left BP moves gas 9 Use of cash flow for reinvestment and distributions
from 6,000 metres
below the Shah Deniz We will use additional operating cash prudently. We want to use around half
field in Azerbaijan to for increased investment in our project inventory for growth, and around half
markets in Western
Europe, 3,000 for other purposes. This may include increased distributions to shareholders
kilometres away. through dividends or share buybacks or repayment of debt.
Right As part of a
$1.2 billion investment 10 Strong balance sheet
announced in 2011, We intend to enhance the strength of our balance sheet by targeting our
the Kinnoull reservoir,
UK North Sea, will be level of gearingd at the lower half of the 10-20% range over time.
connected to BP’s
Andrew platform. a
Unit cash margin is net cash provided by operating activities for the relevant projects in our Exploration
and Production segment, divided by the total number of barrels of oil and gas equivalent produced for the
relevant projects. It excludes dividends and production for TNK-BP.
3 We will be stronger and more focused b
Assuming a constant oil price of $100 per barrel.
c
Assuming an oil price of $100 per barrel in 2014. The projection reflects our expectation that all required
We intend to be a stronger and more focused BP, with a base of assets that is payments into the $20-billion trust fund will have been completed by the end of 2012. It does not reflect
high graded and high performing. any cash flows relating to other liabilities, contingent liabilities, settlements or contingent assets arising
from the Gulf of Mexico oil spill which may or may not arise at that time. We are not able to reliably
estimate the amount or timing of a number of contingent liabilities. See Financial statements – Note 43 on
4 We will be simpler and more standardized page 249 for further information.
d
Gearing refers to the ratio of the group’s net debt to net debt plus equity and is a non-GAAP measure. See
Our organization is already much more standardized than it was before the Financial statements – Note 35 on page 230 for further information including a reconciliation to gross debt,
Deepwater Horizon oil spill. The transformation of our Exploration and Production which is the nearest equivalent measure on an IFRS basis.
segment from a regional business to one that is managed along lines of functional
expertise is an example of this. Our footprint is smaller, with fewer assets and Operating cash flow momentum
operations in fewer countries. Our internal reward and performance processes are
more streamlined. This should drive better and more sustainable performance in
safety, quality and efficiency, with less variation.
5 We will improve transparency through our reporting
We will improve transparency in the reporting of our business segments. We now
break out the numbers of certain parts of our businesses, such as lubricants and 2011 operating
cash estimate
Completion of Operational
contributions to restoration
Divested
operations
2014 operating
cash estimate
petrochemicals in the downstream. From the first quarter of 2012, the group’s at oil price of the $20-billion and growth. and at oil price
$113/bbl. trust fund. environment. of $100/bbl.
investment in TNK-BP will be reported as a separate operating segment.
Left Lingen refinery in
Germany is one of Europe’s
most complex refineries due
to its ability to fully upgrade
crude during processing.
38 BP Annual Report and Form 20-F 2011 BP Annual Report and Form 20-F 2011 39
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28. Best practice narrative reporting: Managing reputation in the Oil,
Corporate communications: An introduction to MerchantCantos Gas and Mining Industries
KPIs
28

29. Best practice narrative reporting: Managing reputation in the Oil, Gas and Mining Industries
PIs –Tullow Oil
s KPIs
on- non-
l and
ures
k
uneration
n
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30. Best practice narrative reporting: Managing reputation in the Oil,
Corporate communications: An introduction to MerchantCantos Gas and Mining Industries
Performance
30

31. Best practice narrative reporting: Managing reputation in the Oil, Gas and Mining Industries
Performance – Anglo American
OPERATING AND FINANCIAL REVIEW IRON ORE AND MANGANESE
IRON ORE AND
MANGANESE
Operating and financial review
BUSINESS OVERVIEW three global producers of manganese alloy. 2011 Iron ore
Financial highlights Its operations produce a combination of ores, production(1)
Our Iron Ore portfolio principally comprises alloys and metal from sites in South Africa Total 1,825 Mt
$ million (unless otherwise stated) 2011 2010 a 65.2% shareholding in Kumba Iron Ore and Australia.
Operating profit 4,520 3,681 Limited (Kumba), a leading supplier of
seaborne iron ore, and Iron Ore Brazil’s
Kumba Iron Ore 4,397 3,396 100% interest in Anglo Ferrous Minas-Rio INDUSTRY OVERVIEW
Iron Ore Brazil (42) (97) Mineração S.A., a 49% shareholding in Demand for iron ore globally is linked
LLX Minas-Rio, which owns the port of primarily to the state of the global steel
Chris Griffith Samancor 165 382 Açu (currently under construction) from
CEO – Kumba industry and, more specifically, to the
EBITDA 4,733 3,856 which iron ore from the Minas-Rio project steel manufacturing sector in China.
will be exported (together, the Minas-Rio The country is the largest steel producer
Net operating assets 13,069 11,701 project), and a 70% interest in the Amapá and consumer in the world and accounts
Capital expenditure 1,732 1,195 iron ore system. for more than two-thirds of global seaborne
Kumba, listed on the Johannesburg Stock iron ore imports.
Share of Group operating profit 41% 38%
Exchange, produces a leading quality In 2011, global steel production increased 6% Western Europe 1.5%
Share of Group net operating assets 30% 27% lump ore. Export ore is transported via the Other Europe and CIS 10.6%
to 1.5 billion tonnes (2010: 1.4 billion tonnes), North America 5.9%
Sishen-Saldanha Iron Ore Export Channel to of which 685 Mt were produced in China South America 19.4%
Saldanha Port. The rail and port operations (2010: 627 Mt), an increase of 9% (2010: 10%).
Africa 4.0%
Asia 32.9%
are owned and operated by the South African China’s seaborne iron ore imports rose by Oceania 25.7%
Paulo
Castellari-Porchia parastatal Transnet. Kumba is well positioned 11% to 684 Mt (2010: 619 Mt). The balance Source: CRU
CEO – Iron Ore Brazil to supply the high growth Asia-Pacific and of China’s iron ore needs was met by (1)
Apparent production of iron ore pellets,
Middle East markets and European steel domestic iron ore production, which rose sinter fines and lump.
markets in light of an expected decline in by approximately 7% to 305 Mt.
OPERATING PROFIT lump ore supplies from other sources.
(2010: $3,681m) 2011 Iron ore
Kumba operates three mines – Sishen mine
$4,520 m
STRATEGY AND GROWTH consumption(1)
in the Northern Cape, which produced Total 1,825 Mt
38.9 Mt of iron ore in 2011, Thabazimbi mine Anglo American’s core strategy is to grow
in Limpopo, with an output of 0.9 Mt, and our position in iron ore and to supply premium
Kolomela mine, also in the Northern Cape, iron ore products against a background of
SHARE OF GROUP which was brought into production during declining quality global iron ore supplies.
OPERATING PROFIT 2011 and produced 1.5 Mt during the year. We have a unique iron ore resource profile,
(2010: 38%) In 2011, Kumba exported more than 85% with extensive, high quality resource bases
of its total iron ore sales volumes of 43.6 Mt, in South Africa and Brazil. Significant
41% with 68% of these exports destined for China
and the remainder for Europe, Japan, South
Korea and the Middle East.
future growth will come from Minas-Rio
(including expansion potential) and
expansion at Kolomela.
Our Minas-Rio iron ore project is located Kumba seeks to sustainably maximise total
EBITDA shareholder value by enhancing the value
in the states of Minas Gerais and Rio de
(2010: $3,856 m) of its current operations through the
Janeiro and will include open pit mines and a
$4,733 m
Unaccounted imports/stock changes 2.6%
beneficiation plant in Minas Gerais producing implementation of its asset optimisation Western Europe 6.7%
Other Europe and CIS 9.1%
high grade pellet feed. On completion of programmes, capturing value across the North America 4.2%
Phase 1, ore will be transported through a value chain through its commercial and South America 3.5%
525 kilometre slurry pipeline to the port of logistics strategy, executing its growth Africa 0.8%
Asia 72.5%
Açu in Rio de Janeiro state. Amapá, in Amapá projects and ensuring that it has the Oceania 0.6%
state in northern Brazil, continues to ramp up organisational resources and capabilities Source: CRU
its pellet feed and sinter feed production, to execute its strategy. (1)
Apparent consumption of iron ore pellets,
01 which reached 4.8 Mt in 2011, and is Kumba plans to grow its business organically
sinter fines and lump.
expected to produce 5.5 Mt in 2012. in order to achieve production of 80 to
GROUP STRATEGY ACTIONS Operating – safely,
90 Mtpa of iron ore by 2020, 70 Mtpa from
sustainably and responsibly Our Manganese interests consist of a
Investing – in world class assets in the most Kumba had an outstanding safety performance 40% shareholding in Samancor Holdings, South Africa and the remainder from other
attractive commodities in the year, ending 2011 fatality-free and with an which owns Hotazel Manganese Mines countries in Africa.
At our Minas-Rio iron ore project in Brazil, more LTIFR 33% below 2010. and Metalloys, both in South Africa, and a
than 200 km of pipeline that will transport iron ore Minas-Rio will capture a significant part of
Employing – the best people
40% shareholding in each of the Australian- the high growth pellet feed market with its
slurry from the mine in the state of Minas Gerais to
the port of Açu has been installed. Envision, Kumba’s broad-based employee share based operations Groote Eylandt Mining premium product featuring high iron content
participation scheme, which includes over 6,000 Company (GEMCO) and Tasmanian Electro and low contaminants. Phase 1 of the
Organising – efficiently and effectively permanent employee members, reached its first Metallurgical Company (TEMCO), with
In our manganese businesses, a change in Minas-Rio project will produce 26.5 Mtpa,
maturity in 2011. At the conclusion of its first five BHP Billiton owning 60% and having with first production scheduled after
product mix, to focus on less energy intensive year phase it was valued at $319 million. management control. Samancor is the completion and commissioning of the
01 Construction of a pump station FeMn production, has helped offset the high cost
at the mine site of Minas-Rio environment experienced in the year.
world’s largest producer of seaborne project, which is anticipated in the second
iron ore project in Minas Gerais manganese ore and is among the top half of 2013. During the year, civil works
state, Brazil.
54 Anglo American plc Annual Report 2011 Anglo American plc Annual Report 2011 55
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32. Best practice narrative reporting: Managing reputation in the Oil,
Corporate communications: An introduction to MerchantCantos Gas and Mining Industries
Resources
32

33. Best practice narrative reporting: Managing reputation in the Oil, Gas and Mining Industries
Resources –Anglo American
sources
urces
on
discussion
© MerchantCantos 2012 33

34. Best practice narrative reporting: Managing reputation in the Oil,
Corporate communications: An introduction to MerchantCantos Gas and Mining Industries
Risks
34

35. Best practice narrative reporting: Managing reputation in the Oil, Gas and Mining Industries
ks Risks –uncertainties
and Tullow Oil
anagement
nsibilities
in the document
p responds to
ncipal risks and
de performance
esponsibility,
stems, mitigation
in the year
© MerchantCantos 2012 35

36. Best practice narrative reporting: Managing reputation in the Oil,
Corporate communications: An introduction to MerchantCantos Gas and Mining Industries
Sustainability
36

37. Best practice narrative reporting: Managing reputation in the Oil, Gas and Mining Industries
Sustainability – Xstrata
Delivering
sustainable excellence
xii To succeed in our aim of delivering sustainable value We work in partnership with government, boost community development, enterprise xiii
NGOs, international donors and others to and job creation, health and education
|
|
to all of our stakeholders, we must balance economic,
Xstrata | Annual Report 2011 | www.xstrata.com
Xstrata | Annual Report 2011 | www.xstrata.com
support the development of small-and initiatives and environmental schemes.
medium-sized businesses and alternative We set aside $109 million in 2011.
environmental and social considerations in managing income-generating opportunities.
our business. At least 1% of our profits before tax is set aside
every year to fund initiatives that benefit the
communities in which we operate. We support
local culture and arts projects, programmes to
Our economic contriibution
cono contr
We operate our business in a manner that is As our business strategy has progressed
economically, socially and environmentally from primarily acquisition-led growth to
sustainable over the long term. We believe organic growth, we have refined our safety
that excellence in sustainable development is management focus and priorities accordingly.
a source of competitive advantage, enhancing We make no distinction between the safety
$33,877
$33,877m
our corporate reputation and providing direct of our contractors and that of our employees.
Revenue
even
business benefits that are essential for We work collaboratively with our major
delivering our strategy, including: contractors on each project, sharing $505m
505m
experiences and skills to enhance each Economic value retained
val retained
– gaining access to new resources;
other’s safety management systems.
– maintaining a ‘licence to operate’ from society
We identify, reduce and, when possible,
$16,831m
$16,831m
and enhancing the security of our operations;
eliminate any significant environmental impact
Paym
Payment to suppliers
y suppl
– attracting and retaining the best people; from our mining, metallurgical and exploration $3,454m
$3,454m
activities. We identify opportunities and Empl
Employee wages and benefits
p benefi
– accessing diverse and low-cost sources of
undertake initiatives to protect and improve
capital; and
our operating landscapes. The core of our $3,508m
3,508m
– identifying and managing new business management approach is to preserve and Payments to government
opportunities and risks. restore the natural environments we operate
We aim to operate a safe and healthy
in throughout our activities’ lifecycle. $1,314m
$1,314m
workplace. We believe that every work-related Our activities and investments create lasting
Payments to providers of capital
of cap
p
illness and injury is preventable and so our social and economic benefits for the $100m
100m
primary objective is to operate without communities and countries in which we operate Corp
Corporate social involvement (cash spend)
social invol (cash spend)
fatalities and injuries. that extend beyond jobs and taxes to include
skills and enterprise development, improved $8,
$8,165m
infrastructure and enhanced access to education
Total revenue
revenue Capital expenditure
expenditure
and health services, amongst others.
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38. Best practice narrative reporting: Managing reputation in the Oil,
Corporate communications: An introduction to MerchantCantos Gas and Mining Industries
Governance
38