HI6006 Competitive Strategy Editing Service
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Sustainable Development is to maintain present resources without compromising the ability to meet the standards that can be used for the future generations and the environment. The term itself possess principles to achieve sustainable development starting from intergenerational equity to intra-generational equity while maintaining ecological integrity with the stakeholders and wider community (Tietenberg & Lewis, 2016). Sustainable development in mining sector highlights the different activities like extracting, producing, transporting, disposal, reusing and recycling of mineral and metal products in the most viable, efficient and environmentally responsible manner. The best practices are been used to consider the values in government and corporate decision making, enhancing the quality of life and further participation and involvement of stakeholders towards their safety and guidance on decision making (Epstein, 2018).
When the focus spurs on Australia’s mining sector, the companies have not only responded to the environmental movement but has even improved the mine site containment and reintegration against undesirable discharges. However, due to certain changes in divestments of non-core assets have increased the sustainability risk related to portfolio, regulation and mine life cycle (de los Reyes, 2017). The detriment of sustainability is also because of small mining firms are less focused than the big mining houses (Owen & Kemp, 2015).
On the contrary, in earlier days the sustainability and operative efficiency were viewed as different subjects but since, sustainability can bring down progressive governments for their remote link with operation management ; mining executives have changed their view and understood that it can be worked on both short and long term benefits (Bice, 2014). Leading mine owners have been developing plans on protecting the environment with interest of the people while focusing on mine’s life cycle (Corder, 2017). Basically, to focus on three aspects of sustainability issues – economic, social and environmental.
In mining sector, company like BHP Billiton can help in analysing the sustainability on its 3 aspects. This company is world wide known for its diversified natural resources whether its in the sector of oil or gas or major commodities like iron ore, energy coal, aluminium, copper and so on (bhp.com, 208). Nevertheless, being significant in the field of energy of being an exporter, producer or the consumer, the company aims to reduce carbon emission rate with waster usage, and wishes to commit to communities with the principle of health and safety and in an environmentally viable manner but still cannot overlook the risk management in climate change (unglobalcompact.org.au., 2016)
1. BHP | Our Company. (2018). Retrieved from https://www.bhp.com/our-approach/our-company BHP Billiton – Global Compact Network Australia. (2016).
2. Bice, S. (2014). What gives you a social licence? An exploration of the social licence to operate in the Australian mining industry. Resources, 3(1), 62-80.
3. Corder, G. (2017). Mining and Sustainable Development. In Mining in the Asia-Pacific (pp. 253-269). Springer, Cham.
4. de los Reyes, J. A. (2017). Mining shareholder value: Institutional shareholders, transnational corporations and the geography of gold mining. Geoforum, 84, 251-264.
5. Epstein, M. J. (2018). Making sustainability work: Best practices in managing and measuring corporate social, environmental and economic impacts. Routledge.
7. Owen, J. R., & Kemp, D. (2015). Mining-induced displacement and resettlement: A critical appraisal. Journal of Cleaner Production, 87, 478-488.
8. Tietenberg, T. H., & Lewis, L. (2016). Environmental and human resource economics. Routledge.