CMI incorporate environmental, social and governance (ESG) issues into our investment analysis and decision making processes right at the beginning of project evaluation. Strong environmental, social and governance experience enables CMI to pre-empt, acknowledge and address stakeholder and community concerns.
CMI has developed a set of principles to manage social risk pertaining to its mining projects including mechanisms to undertake social investment into local projects which maximise livelihood creation beyond dependence on the mine, thereby creating a lasting and positive legacy.
The core of its investment ethos is the belief that wealth creation from mineral resources must be shared with host communities, and, in a meaningful manner which builds local skills and capabilities. The traditional practice of mining companies donating static social infrastructure no longer meets community expectations or maximises social benefit from investments. CMI reflects a new model of successful and sustainable mineral resource investment.
Simon Purkiss is a metallurgical engineer with experience in the development of projects in South Africa, production in base metals and PGM’s and the development and sale of new metallurgical processes in the resource industry. He was a founder and Managing Director of European Nickel PLC which developed to full bankable levels, the heap leaching of nickel laterites. Prior to his time with European Nickel, he worked in Russia and South Africa where he was Business Development manager for BHP Billiton and marketed the Billiton bacterial heap leaching process.
Felix Pole was a Director of Toledo Mining and was one of the Principals of European Nickel PLC with Simon Purkiss. European Nickel was a privately funded company for 4 years before listing on AIM in 2004 with a market cap of $50m which increased to $300m when he stepped down as Chairman. Prior to his role with European Nickel PLC, Felix was the Finance Director of Titan Resources, an Australian listed company that developed and operated the Radio Hill Mine in Western Australia and developed the bacterial heap leaching process for nickel and copper sulphides.
Craig Bailey joined CMI in June 2013. He has a degree in Chemical Engineering from the University of Stellenbosch and is a Chartered Engineer with the Institute of Materials, Minerals and Mining in the United Kingdom. He is a project delivery, business development and operations executive and his experience includes grassroots and brownfield project development, project feasibility, process plant design, business development and project financing. He has worked on projects on five different continents and has an extensive background of working in developing countries. His experience covers a range of commodities including copper, cobalt, nickel, lead, zinc, gold, silver, PGM’s, uranium and rare earths.
Dr Colin Hunter is a metallurgist who has specialised in flotation of sulphides and bacterial leaching of sulphides and precious metals. He assisted Titan Resources in the successful restart of the Radio Hill nickel sulphide mine and pioneered the nickel sulphide bacterial heap leaching process. He was involved in the spin off of the bacterial leaching and was Business Development manager for the company.
Emma Parker joined CMI in 2015. She has over 15 years’ experience in the minerals industry. Founding director of a greenfield gold exploration company in South Sudan, Emma is experienced in the development of companies at a corporate and operational level. In the last 7 years Emma has specialised as an environmental and social consultant with experience in E&S due diligence in-house for mining companies, international lenders and private equity groups. She is an accomplished E&S professional with high-level experience undertaking environmental and social impact assessments and due diligence against client and international standards such as those of EBRD, IFC, and Equator Principles.
CMI were pleased to welcome Ms. Ching Iu to the board in January 2018. Ms Iu represents one of CMI’s major shareholders, Cheng Tun Prime Shine Ltd of which she is the Managing Director. Ms. Ching Iu graduated from Cass Business School (City University of London) with a Bachelor of Science with honors in actuarial science in June 2014 and a Master of Science in investment management in January 2016 respectively. CMI welcome her expertise and knowledge to the board.
The Munali Nickel Mine is located in the Southern Province of Zambia. Through its subsidiary, Consolidated Nickel Mines Ltd (CNM), CMI is a senior shareholder in the Munali project and leads the optimisation at the mine for a restart when the nickel price gains value. Run in-country by 100% owned Mabiza Resources Ltd, the mine is currently on high-level care and maintenance due to low nickel prices since November 2011. During this period of care and maintenance, finances have been provided to complete CNM’s obligations under the resettlement action plan (RAP) and additionally, the development of social investment projects. The mine is ready to restart when metal prices improve.
The Kitwe Project is situated in the Copperbelt Province in Zambia. The project aims to clean up existing tailings dams from the Nkana Mine in the town of Kitwe.
CMI have adapted proven processing technology enabling the economic recovery of copper from the tailings. In addition, and in line with CMIs emphasis on good social and environmental governance, the re-processed tailings will be moved out of the town, thereby improving the quality of life for the residents of Kitwe, into a modern and well managed tailings facility.
The Project entered into a Definitive Feasibility Study phase in Q1 2017 with approval and construction phases scheduled to commence in mid-2017 and be fully operational in late 2018.
The Musangu Foundation is a UK and Zambian social initiative born out of the mining industry. Leveraging the private sector, the Musangu Foundation was established to create and scale new solutions to industry development challenges through the application of ‘business thinking’ to major social and environmental issues.
Our aim is to harness the private sector to catalyze the development, scalability and sustainability of local market-based solutions to address specific development challenges. The Foundation uses collective capital from our partners to fund and invest in entrepreneurs, social enterprises and NGO’s with a focus on livelihood creation, with the long-term goal to achieve financial independence. With the right finance, team, model and guidance, they can deliver large-scale impact without a long-term reliance on charitable support or subsidy.
Traditional ‘donor style’ philanthropy can enhance a dependency culture and exposes companies and grant givers to reputational risks when they decide to exit further support. The Musangu Foundation uses an ‘enterprise-based’ approach to philanthropic investment, to maximise and sustain development impact. Using the skills and networks of our partners, the Foundation provides a complimentary blend of financial and non-financial resources and assistance.
Company stakeholders are finding themselves subject to higher levels of activism than ever before. To meet the increasing demands of government, regulators and financiers, companies will need to integrate risk-based corporate social responsibility strategies and develop and track key performance indicators with the same diligence they use to track production.