Cobre Panama CR Commitment

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  • 1. October 2011 – Residents of Chicheme viewing their house design for the resettlement community of Nuevo Chicheme for the first time.Cobre PanamaAt Cobre Panama, Inmet’s development project in northern Panama, our goal – ourresponsibility – is to ensure that the benefits of our operation are shared with thepeople of Panama. We are committed to leveraging the positive and helping reduceadverse impacts of our operation. We expect our project to help improve the economicconditions of nearby residents and lead to sustainable socioeconomic improvementsthroughout Panama. As well, through a rigorous focus on environmental managementand landscape-scale conservation, we are confident that the rich biodiversity of the areasurrounding our operation will be protected.Environmental and Social Impact Assessment BiodiversityTo better understand our impact and to meet Panamanian legal Cobre Panama is committed to helping protect the rich biodiversityrequirements and international best practice standards, Inmet of the Mesoamerican Biological Corridor, currently under threat ascommissioned an Environmental and Social Impact Assessment a result of in-migration related to a lack of economic opportunity.(ESIA) of the Cobre Panama project. It is one of the most thorough As part of our environmental and biodiversity action plans, we willsocio-environmental studies ever undertaken of the region. In compensate for the loss of forest by developing and implementingDecember 2011, the Autoridad Nacional del Ambiente, the an off-site ecological restoration program that will reforest twoPanamanian environmental authority, approved our ESIA. As hectares for every hectare of original forest lost. We will alsowell as detailing the impact of our project, the ESIA establishes support the management of two existing national parks and aa foundation on which we are building a robust and leading new protected area encompassing more than 290,000 hectarescorporate responsibility management program. of primary forest. Additionally, we have introduced an innovative species conservation plan whereby we commit to no loss of critical habitat essential for the survival of a species.www.inmetmining.com
  • 2. Revegetation efforts at Cobre Panama.“By conducting our affairs transparently and with integrity, treating our employees fairly, ensuring that we share wealth with our communities and protecting biodiversity, we best serve our many stakeholders and society. We strive to do what’s right.” Jochen Tilk, Chief Executive OfficerSocioeconomic Development ResettlementSince 2008, we have been working intensively with numerous When it became clear that the development of Cobre Panamacommunities as well as local and national governments in would involve the displacement of a number of people, includingPanama and third-party organizations to develop our Social indigenous people, we established a resettlement process thatDevelopment Action Plan. The plan outlines our immediate and adhered to the highest international standards of fairness andfuture commitments to protect the quality of life and improve transparency. As part of that, we collaborated intensely withthe social well-being of our stakeholders. A main focus is to those affected. Some 500 people from six areas will undergoimprove local conditions by supporting community development in resettlement. Four of the areas are made up of farmersseveral areas including education and training, agriculture, health and two are indigenous settlements primarily inhabited byand wellness and civic safety. It also calls for the creation of a Ngöbe-Buglé people who moved into the area in recent years.community development foundation that will invest in development In partnership with these groups, we have developed a multi-opportunities in consultation with project-area communities. year and multifaceted resettlement action plan that is meantOur goal is to promote sustainable economic and community to improve the lives of those involved. The plan sets out ourdevelopment over the mine’s estimated 30-year life and beyond. commitments, principles, procedures and provisions for monitoring and evaluation, framework for participation and mechanismsWe are also working to help create strong communities by for addressing grievances. All of these groups have now becomeproviding local employment. Cobre Panama has targeted to signatories to the plan.hiring 75% of our workforce from Panama and is committedto paying fairly.For more information, contact:Craig Ford, Ph.D. – Vice President, Corporate Responsibility T. 1.416.860.3960 E. craig.ford@inmetmining.comwww.inmetmining.com