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Department of Earth and Atmospheric Sciences, University of Alberta, Edmonton, Alberta, T6G 2E3, Canada Jeremy.Richards{at}UAlberta.CA
Sustainable mineral resources development can be seen as the equitable conversion of transient mineral wealth into durable social and environmental capital. In the past, this conversion has not been efficient or equitable, with benefits accruing mainly to First World investors and consumers by externalization of social and environmental costs to local people and places. Modern industry, led by large multinational corporations, is in the process of changing its modus operandi to embrace ideas of corporate and social responsibility. The damage from past practices to the developing world is severe, however, and may require measures beyond voluntary or current legal instruments to reverse degenerative trends. Central among these requirements is Third World debt cancellation. However, the mining industry can also contribute by fully internalizing the costs of mineral production, and paying a fair price for the resources it extracts; these internalized costs should be reflected in higher commodity prices. This can be achieved through a combination of financial instruments and incentives, innovation, and best practice, with essential consumer buy-in through increased awareness.
