Environmental Governance - The Homestake Way

I have spent my entire life in the mining industry pursuing what I believed was an honorable profession that provided products that were critical for our social and economic well being. Now I am told that all of my efforts been for nothing and that I have been doing something morally wrong - mining. This view of the future is not one that the mining industry has to allow to unfold. A determining factor in how things will turn out is continued improvement of the industry's environmental performance. To some extent, the current state of affairs in the United States is a result of the common perception that greedy corporations (usually foreign) are somehow ripping off US citizens of their native birthright or natural treasures in the name of corporate profits. Implicit in this view is the belief that corporations will take shortcuts or violate the environment in the name of profits. I have 26 years of experience in working in the copper, uranium and gold industries. Profits during those years were meager and difficult to find (Fig. 1). In fact, when I began working fresh out of college, I chose copper, which was then selling at around $1/lb. By the time I left copper mining, it was selling for 45 cents/lb. I then moved to uranium, which was selling for $52/lb. By the time I left it was $16/lb. I finally picked gold, which was then at ($650/oz). There is a whole generation of engineers, geologists and professionals who have spent two decades downsizing, closing mines, improving costs and getting smarter about how the mining industry does what it does. The environment, health and safety are areas where there have been great improvement. There are five characteristics of corporate governance that are critical for a company to develop and an industry to embrace if environmental, health and safety excellence is to reach new heights in the labor pool.