Cajamarca, FEBRUARY 16 2022 Luis Miguel Incháustegui: Shared value is successful when a virtuous circle is created in corporate strategy.

Luis Miguel Incháustegui, former Minister of Energy and Mines, explained during the event of Rumbo a PERUMIN Cajamarca Edition, the importance of establishing consensus to boost the development of the mining potential in Peru.

“Among the main challenges that our industry faces we have the social gaps in areas of mining influence and the misuse of the taxes collected, the still little collaboration between State, communities and the companies, the environmental damage caused by old environmental liabilities and illegal mining, the promotion of initiatives to achieve sustainable mining and the slow processes to obtain licenses and permits”, he pointed out.

In this regard, the ex-member of the cabinet indicated that the social strategy proposal offered to the mining sector consists in improving the cooperation through coexistence, dialogue, and development of social projects, which will contribute to the reduction and prevention of conflicts and to a more efficient work to meet the needs of the communities. This, in turn, will lead to keeping and strengthening social acceptance and to improve the company’s image.

“To increase the degree of cooperation among the actors, it is necessary to offer greater access to resources, reduce costs, increase opportunities and improve engagement with the stakeholders. In turn, to decrease the degree of conflicts, complaints must be addressed effectively, and the discharge of illegal waters must be avoided”, sustained the Independent Director of Candente Copper Corp.

Furthermore, he noted that in order to achieve social acceptance through shared value, companies must adjust to improve their competitiveness and profitability, assisting in solving social problems, they will create a joint value for the company and the community, they will manage the social license improving the quality of life of the stakeholders and they will promote local clusters to amplify the economic and social benefits in the communities.

“Shared value is successful when a virtuous circle is created in the corporate strategy and to that end, it is necessary to develop the social and environmental impact, the impact (benefit) for the business and to innovate to increase the scope and scale of the impact”, he added.

Finally, Incháustegui said that RIMAY is the space where the exercise of good practices is shared and promoted for better management of the mining-energy sector, which works at the same time as a platform for dialogue and technical discussion to arrive to a consensus towards more sustainable use of the resources in favor of the development of the country, with the participation of the State, the private sector, the civil society, and the academia.

There is no magical recipe for good governance and what has been achieved has been possible because we are constantly learning”, he ended.

Newsletter PERUMIN 35

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