ECR Minerals plc
Climate Impact & Sustainability Data (2012, 2012-01-01 to 2012-03-31)
Reporting Period: 2012
Environmental Metrics
Governance Achievements
- Significant reduction in management costs achieved.
Climate Goals & Targets
Environmental Challenges
- Continuous slide in the price of junior mineral shares.
- Historically high management costs.
- Disjointed operational structure from late 2008 to May 2012.
- Various poorly conceived transactions and operations.
- Broad-based withdrawal of capital from the junior mineral sector.
- Risks to the Copper Flat project.
- High risk associated with the Derewo River project in Papua Province, Indonesia.
- Diminishing likelihood of realizing substantial benefit from interest in Paniai Gold due to expiring performance shares and purchase options.
Mitigation Strategies
- Disposal of shareholdings in Gold Crest Holdings and West Wits Mining.
- Seeking a joint venture partner or purchaser for the Sierra de las Minas gold project in Argentina.
- Significant reduction in management costs.
- Reviewing a number of potential new mineral projects with emphasis on generating enduring value for shareholders without unrealistic financial commitments or extraordinary risks.
- Seeking a purchaser or joint venture partner for the Sierra de las Minas gold project.
- Disposal of interest in West Wits Mining to raise capital and reduce exposure to Derewo River project.
- Impairment of shareholding in Paniai Gold to a nominal £1.
Supply Chain Management
Climate-Related Risks & Opportunities
Reporting Period: 2012-01-01 to 2012-03-31
Environmental Metrics
Governance Achievements
- Reconstitution of board of directors completed and new corporate strategy in place
Climate Goals & Targets
Short-term Goals:
- Small scale production at Sierra de las Minas gold project by late 2012 or early 2013
Environmental Challenges
- Acute shortage of working capital at ACS Asia, partly due to non-payment from Australian Cable Tray Systems Pty Ltd (ACTS)
- Inability of West Wits Mining Ltd to gain access to the Derewo River project site due to artisanal miners
- Structurally and geologically complex mineralization at El Abra gold prospect requiring further preparatory work before further drilling
Mitigation Strategies
- Efforts to sell goods in Australia (from ACTS)
- West Wits intends to apply funds from the sale of South African exploration projects to the development of the Derewo River project
- Planning for next phase of exploration at El Abra underway, including surface sampling, underground sampling, and a detailed structural study
- Making preparations for the disposal of its interest in ACS Asia