ArmInfo. International Finance Corporation standards need to be widely applied in the operation of mining companies, Armen Stepanyan, Director of Sustainability, Zangezur Copper Molybdenum Combine, said in an interview with ArmInfo.
In his words, these standards are applied today by many commercial banks of the world, including Armenia, which are guided by performance standards in their activities. There are stronger standards and lighter ones, but in Armenia there is a need to apply medium standards. In the republic, as Stepanyan noted, there is experience in applying such standards on the example of the program for the development of the Amulsar gold deposit. As part of the implementation of this program, IFC standards were applied and are being applied both during the development of the project and during its implementation.
Stepanyan also noted that the best way to implement new standards could be investments in the mining industry, which will not only enrich experience, but also ensure the application of new standards. "I think it is necessary to establish an average standard that all enterprises in the mining industry would comply with. In addition, competent application of Armenian legislation will also help to achieve good results," Stepanyan stressed.
Note that the IFC Strategy includes 8 standards to ensure environmental and social sustainability. They are designed to assist clients in preventing, mitigating and managing risks and adverse impacts for the sustainable conduct of business, and set out the client's responsibilities for stakeholder engagement and business disclosure. The performance standards may also apply to other financial institutions. These standards include assessment and management of environmental and social risks and impacts, management of workers and working conditions, rational use of resources and pollution prevention, public health and safety, land acquisition and involuntary resettlement, biodiversity conservation and sustainable management of living natural resources, maintenance of indigenous peoples, preservation of cultural heritage.
