- February 25, 2009 - The International Council on Mining and Metals (ICMM) has released its 2008 Annual Review "“ Embracing Change.

It arrives at a time of unprecedented change. After a first half of the year marked by much optimism, September saw the global financial system stumble, access to capital shrink dramatically and commodity prices plummet. In a few short months, the operating environment for the sector in general and ICMM and its members more specifically, altered dramatically and unexpectedly.

October saw appointment of a new ICMM President "“ Anthony Hodge as well as a new Chairman, Richard Adkerson (also President and Chief Executive Officer of Freeport-McMoRan Copper & Gold).

In spite of the tumult, ICMM members reaffirmed their ongoing commitment to the sustainable development agenda. ICMM is using this time to refresh its vision, mandate and priorities, and streamline its operations.

Richard Adkerson said: "We are conducting a strategic review that will help us to develop priorities as we move forward in challenging economic times so that we continue to enhance sustainable development practices, communicate our successes and challenges to the broader industry, and ensure that our programs and priorities evolve to meet the needs of a changing industry."

In embracing the task ahead, ICMM President Anthony Hodge said, "The culture of the mining and metals industry is one of competition. However, ICMM members have come to understand that on certain issues "“ including many of the environmental and social issues that are gathered under the banner of sustainability "“ it is collaboration and not competition that is needed. More than ever before, we need to pool our resources and strongly position the industry as part of the solution as we move through these tough times."

In 2008 ICMM released an upgraded procedure that sets out how member companies can formally assure both performance against ICMM's 10 principles, as well as their GRI reporting requirements. It also published a Mine ClosureToolkit, a Good Practice Guidance on HIV/AIDS, Tuberculosis and Malaria, and issued a position statement on mining and indigenous peoples. Work has also progressed on chemicals management, and a preliminary report from a study on minerals taxation regimes was published.

A full copy of the annual review is available on our website (www.icmm.com/annualreview) or can be obtained from Fernanda Diez.

International Council on Mining and Metals (ICMM)

International Council on Mining and Metals (ICMM)

ICMM is a CEO-led industry group that addresses key priorities and emerging issues within the sector. It seeks to play a leading role by promoting good practice and improved performance internationally and across different commodities.

ICMM provides a platform for industry and other key stakeholders to share challenges and develop solutions based on sound science and the principles of sustainable development. Its vision is for a respected mining and metals industry that is widely recognized as essential for society and as a key contributor to sustainable development.

ICMM's mission is two-fold - to distinguish its members as industry leaders and to make a contribution to raising standards across the industry as a whole.

To be an ICMM member, a company must build trust and respect with key stakeholders as a result of good performance in sustainable development, including clear and comprehensive approaches to reporting and assurance.

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