Marikana: Sustainable Mining's Above Ground Risks

September 2012

In August 2012, the platinum group metals mine, Marikana, was the scene of violent and fatal clashes that claimed at least 44 lives, with hundreds injured. What lessons does this complex situation have for sustainable investment and the full and forward appreciation of environmental, social and governance risks face when investing in minerals & mining companies in Africa today?

© 2012 Zapiro (All Rights Reserved)   Printed/Used with permission from 
Published in Sunday Times on 26 Aug 2012, 120826st - LONMIN mine tragedy: The Farlam Inquiry into the Truth

  1. GIBS Forum Marikana
  2. IFC + SinCo Sustainable Investment in Sub-Saharan Africa report, July 2011 
  3. Eurosif 2010 European Market Study
  4. 2012 PRI Annual Report
  5. HOW NOW, GREEN DOW: Is the Dow Jones Sustainability Index worth a damn? BY Grist 14 September 2009 7:12 AM
  6. CDC Toolkit on ESG for Fund Managers and Actis ESG Code
  7. Food and Beverages: Corporate Responsibility, Global Socially Responsible Investment, Equity Research, UBS Investment, 25 October 2005 
  8. Unburnable Carbon – Are the world’s financial markets carrying a carbon bubble? Carbon Tracker Initiative, Sep 2011
  9. "Mainstreaming the Economics of Nature: A synthesis of the approach, conclusions and recommendations of TEEB" 20 October 2010 at the CBD COP10 meeting in Nagoya, Japan and
  10. Time to Wake Up: Days of Abundant Resources and Falling Prices Are Over Forever, GMO Quarterly Newsletter April 2011 by Jeremy Grantham (see PDF below in TOOLBOX)
  11. CalPERS–Towards Sustainable Investment 2012
  12. DB Climate Change Advisors (DBCCA) June 2012 "Sustainable Investing: Establishing Long-Term Value and Performance"
  13. Evolutions in Sustainable Investing: Strategies, Funds and Thought Leadership Cary Krosinsky (ed.) (Wiley Finance, 2011)
  14. Afena Capital's second edition, Unpacking Jargon 2011, contains 106 new investment terms, bringing the total to 284.
  15. Johan Rockström at TED on Planetary Boundaries based on the papers Nature (doi:10.1038/461472a) and Ecology and Society.
  16. The Anthropocene: A man-made world | The Economist, 26 May 2011
  17. Berkeley Earth Surface Temperature Study merged data set by combining 1.6 billion temperature reports from 16 preexisting data archives



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  1. ‘CLIMATE CHANGE IS JUST GETTING WORSE AND WORSE…’ Posted by Yale University Press London on September 6, 2012
  2. CFA Institute Centre for Financial Market Integrity, July 2008  
    1. Environmental, Social, and Governance Factors at Listed Companies: A Manual for Investors (PDF)
    2. The Corporate Governance of Listed Companies: A Manual for Investors (PDF)
  3. Final version DVFA EFFAS KPIs for ESG 3.0
  4. Environmental, Social and Governance (ESG) indicators in annual reports - An introduction to current frameworks
  5. Mainstream or Daydream: The Future of Responsible Investment, S.
    Lydenberg and G.M. Sinclair, The Journal of Corporate Citizenship
    Issue 33, April 2009 ; issN 1470-5001, p. 47-67
  6. What Matters in Corporate Governance? By Lucian Bebchuk, Alma Cohen,
    and Allen Ferrell, The Review of Financial Studies, 22:2, 2009,
  7. Assessing and Unlocking the Value of Emerging Markets Sustainability Indices (July 2011)
  8. Future of Investing
  9. FT Special Reports Long-term investment
  10. Financial Valuation Tool (FV Tool) for Extractive Industries
  11. Community Investment Quality Assessment Tool
  12. Stakeholder Engagement: A Good Practice Handbook for Companies Doing Business in Emerging Markets
  13. From Words to Action: The Stakeholder Engagement Manual
  14. Corporate Governance Disclosure in Emerging Markets: Statistical analysis of legal requirements and company practices, February 2012
  15. Investing In Socially Responsible Companies Is A Must For Public
    Pension Funds – Because There Is No Better Alternative, S. Prakash
    Sethi, Journal Of Business Ethics 56: 99–129, 2005
  16. A.T. Kearney, Inc, titled Green Winners: The Performance of Sustainability - focused Companies in  the Financial Crisis
  17. Aswath Damodaran on Applying the Tools of Corporate Valuation, Peter M.J. Gross CFA Blog, 20 August 2012





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