Annual Report, 2004

Our initial steps towards sustainable development, as a group of leading mining and metals companies, began with the Global Mining Initiative in late 1998. These continued through our participation in the Mining, Minerals and Sustainable Development, or MMSD project. And, in 2004, they brought us to the end of three years of collaborative activity through ICMM.

Our business is providing the mineral resources society needs. Doing this successfully requires many things. We need to invest in people and communities and build infrastructure. We need to develop and share science that makes our operations more environmentally sound. These activities are essential to access the financial, natural and human capital we need to create shareholder value. In essence, sustainable development is vital to our business.

For us, being leaders of this industry comes with a host of responsibilities. We are accountable to our shareholders for delivering long term value. And our experiences around the globe have taught us that we are also accountable to many others. To our host countries and communities, we have a duty, shared with governments, to transform non-renewable natural capital into enduring physical and social assets. To future generations, we must provide environmental stewardship. And to society at large, we owe a commitment to producing and using materials responsibly.

This is why we have come together in ICMM: to find new ways of improving our performance, increasing our transparency, and strengthening relationships with our stakeholders. Our principles serve as a guiding light and the support of our partners and collaborators enables us to turn our first steps into strides.

Wayne Murdy
Chair, ICMM
Chairman and CEO, Newmont Mining