ESG - Don't ignore it., page-3

I started this Thread on ESG a couple of weeks back, highlighting the benefits that will come through adopting these Principles in our Business Plan ~ Here are a couple of Classic examples of the Dangers in not following those guidelines !

This post highlights the Dangers of NOT complying with ESG especially the S ie Social responsibilities / consultation.

We have already seen the Greenland example of a Company neglecting to engage its host populace, It now looks like an Australian Operator is also about to learn the lesson of failing to consider their Hosts concerns ! AID Watch is on a mission that may end up draw attention from an enterprising Law firm that specializes in "Class Actions"


visit: https://aidwatch.org.au

Now of course these fears are being Politically driven, but even if there was little substance, we can not now dismiss the fact that these operators put themselves into a position where they are now exposed to negative Press from every NGO who wants to make a name for themselves. But potentially far more damaging, there is now the substantial RISK of a high profile Legal firm organizing a 'Class Action" on behalf of anybody who claims to have been adversely effected ! We should all remember the Ok Tedi vs BHP case, that eventually cost BHP Billions, luckily they had deep pockets.

That neglecting ESG can be costly even without legal action goes without saying, Having to relocate a Processing Pant does not come cheap ,simply moving your workforce to the next location will ensue a rise in Wages/OPEX, existing business' will not be happy. AND it still leaves the question "Where / how is the U & Th going to be stored/disposed of" ? I do hope they have learnt their lesson and will not be repeating the whole process again in another ten years time. That is unless a Melbourne ? Court has not sent them Bankrupt beforehand?

Fortunately Pensan's share holders should not need to worry , as not only is this Company committed to Full Environmental and Company Governance, it also includes Social consultation and commitment. That our Host has faith in Pensana's commitment is demonstrated by their Sovereign Wealth Funds joining in our Registry. Angola is truly a Partner in our venture and not just a piece of Real Estate to be discarded once full.