Udokan Copper (part of the USM diversified group of companies), a company that develops the Udokan copper deposit in the Zabaikalye Territory in the Far East of Russia, has joined the UN Global Compact.
By joining the initiative, the company voluntarily agrees that its business strategy and operations should align with the UN Ten Principles on human rights, labor, environment and anti-corruption, and the UN Sustainable Development Goals (SDGs). As a rule, the UN Global Compact participants are full-fledged operating businesses, but Udokan Copper decided to join the UN initiative as early as at the stage of construction, as it is already following the best global practices in ESG, minimizing its carbon footprint and pursuing a large-scale social investment program (over RUB 1.8 billion has already been spent on social initiatives at the construction stage). Joining the UN Global Compact means more responsibility; it also provides access to the expertise of the United Nations and other international participants of the initiative, and to advice from top global experts. This move will help the company strengthen its repute, gain new business connections all over the world and facilitate its participation in global events and the UN global projects.
“Doing business sustainably is not just a trend, but an obvious and necessary condition for a company to perform and stay successful: to compete on the global product and capital markets, to gain access to financing, to build a trustful and effective relationship with society and the state, and to be an appealing employer. Consumers need products made without affecting the environment. Banks and investment funds consider ESG metrics to be as important as the operating and financial performance of businesses. The new generation of professionals tends to think more about the values and the mission of their employer and choose to work for companies that are responsible.<br> “Developing the Udokan deposit is a greenfield project that was launched as an example of sustainable and responsible production. The UN SDGs can only be reached by pooling the will and the effort of the governments, people, civil organizations and businesses. We are glad to join the global like-minded community and make yet another step towards the sustainable future,” said Udokan Copper Chairman of the Board, Valery Kazikaev.