As a leading international mining group, we at London Mining Union, appreciate our responsibility for setting an example in ethical business practice.
In response to the UK Bribery Act (which entered into force on 1 July 2011), we have made every effort to review our practices, identify potential risks, and raise awareness of the Act amongst our employees and stakeholders in Italy, Sri Lanka and the UK.
London Mining Union has a zero tolerance policy regarding bribery that is fully backed throughout the business and by the Board of Directors and the Executive Committee.We remain committed to ensuring that all of our operations continue to comply with the London Bribery Act and that our policy implementation procedures are constantly monitored and updated.
We are also engaging with the Sierra Leone Ministry
of Finance and Economic Development, the African Development Bank and
World Bank on infrastructure planning schemes. This includes a study
into the development of a deep sea port.
We are
talking with the Sierra Leone National Registration Office to arrange a
site visit to get the local workforce supplied with National ID cards.
This will not only enable us to have accurate and reliable data on the
individuals working at our site, it will also mean these individuals can
register to vote in elections.
London Mining Plc pledges to support the Extractive
Industries Transparency Initiative (EITI) and to promote and initiate
transparency in the revenues paid to governments and state-owned
companies.
Extractive industries can have
significant effects upon the economic growth and social development of
the countries in which they operate. The effects are multifaceted and
far reaching, but one of the most significant is perhaps the tax revenue
which is generated for governments from mining activities. A lack of
transparency and accountability of how these taxes are utilised and
distributed can lead to corruption and poor governance. Therefore,
London Mining believes that the disclosure of these revenues could lead
to improved governance in resource-rich countries and help contribute to
stable, long-term investment climates, economic growth and the
sustainable development of communities.
Involvement in the activities covered by the Bribery Act by any of our suppliers, customers, partners and agents can lead to termination of all the relevant agreements and relationships with our Group.
London Mining made its first coal acquisitions in August 2008 as part of an overall strategy to develop a complimentary metallurgical coal supply for its iron ore production and in doing so take advantage of the robust long-term outlook for thermal coal. The Company owns 100% of London Mining Colombia, a coking coal developer in Colombia.
In light of the increased and broadly defined offenses described in the UK Bribery Act, the union has made a concerted effort to raise employees’, suppliers’, customers’, partners’ awareness of the continued responsibilities to comply with the new broader regulation.
The London Mining Union Anti Corruption Policy makes clear the specific responsibilities of all of our employees and business partners and we require all our employees, partners, agents, suppliers and customers to comply with the new regulation.
London Mining Plc pledges to support the Extractive
Industries Transparency Initiative (EITI) and to promote and initiate
transparency in the revenues paid to governments and state-owned
companies.
Extractive industries can have
significant effects upon the economic growth and social development of
the countries in which they operate. The effects are multifaceted and
far reaching, but one of the most significant is perhaps the tax revenue
which is generated for governments from mining activities. A lack of
transparency and accountability of how these taxes are utilised and
distributed can lead to corruption and poor governance. Therefore,
London Mining believes that the disclosure of these revenues could lead
to improved governance in resource-rich countries and help contribute to
stable, long-term investment climates, economic growth and the
sustainable development of communities.
Iron ore mining is predicted to contribute to a GDP
growth of 50% in Sierra Leone in 2012. The start of production at
Marampa in January 2012 has resulted in the first royalty payment to the
Government of Sierra Leone and to the Marampa community development
fund. The community development fund will be used for both regional and
national development projects.
We have held
initial meetings with several international finance institutions and
bilateral development agencies including the African Development Bank,
the World Bank, UK Department for International Development (DIFD),
German Technical Co-operation (GIZ) and the United States Agency for
International Development (USAID), on future co-financing of projects in
the countries in which we operate. This includes, for example,
cofounding of research and the production of an in-depth report on
Sierra Leone’s employment and skills market. This information will help
us focus our community projects on developing the future of Sierra Leone
in a long term and sustainable way.
London Mining is producing from its Marampa Mine in Sierra Leone and developing two other iron ore mines in Saudi Arabia and Greenland as well as a coking operation in Colombia. All London Mining's assets have deliverable production with potential for expansion. The Company listed on AIM in London on 6 November 2009. It trades under the symbols LOND.L (Reuters) and LOND LN (Bloomberg).
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