The Sustainable Business Review

PEOPLE, PRACTICE & PURPOSE QUARTER 2 2016

BLUMARSEAFOODS, CHILE

SASKPOWERPOWERING SASKATCHEWAN RESPONSIBLY

IMAGE RESOURCESINTREPID EXPLORERS OF AUSTRALIA'S

WEST COAST

CELSIAA SOCIAL, ECONOMIC AND ENVIRONMENTAL APPROACH

2

http://www.abb.com/

10

203440526274809096

Hello Friends, we are delighted to share yet another quarter’s issue of The Sustainable Business Review.The first quarter started with what some might describe as a bang.

Though market volatility persist in the first two months which was primarily driven by events including the size of China’s slow down, falling Oil prices and its impact on single oil dependent economies across the world and its impact on energy company finances. Commodity prices continue to fall as well and this continues to affect new project financing. As the first quarter comes to an end, uncertainty seems to be only certain thing in these challenging times and organizations have to redefine their roles and approach to absorb the uncertainties.

This quarter we have brought you article on some very exciting companies with exemplary sustainability initiatives. We start off with our cover story Celsia Energy, a company whose internationalisation strategy has seen its operation become the second largest electricity provider in Panama and one of the largest in the region. This issue also features two other power providers including Nalcor Muskrat falls project and Saks Power two exciting power companies in Canada.

We have followed up with one of the most exciting mining projects in Latin America, Peru’s MMG Las Bambas mine project. This article showcases a company who is restoring pride in a local community. Another exciting project presented in this issue is Ontario’s Metrolinx and its integrated approach to sustainable transportation. We have also brought you an exciting airport development project in the St. Vincent; The Argyle international Airport development and its expected impact on the island’s economy.

We continue our coverage in the Caribbean with stories on National Flour Mills Trinidad and Water Authority Cayman. This issue also includes a selection of exciting events to be held over the next few months.

Finally don’t forget to click on the adverts to learn more about what these exciting companies have to offer. And also give us your feedback on our social media handles.

We hope you enjoy this quarter’s edition

Brian Jackson

SPECIAL REPORT:

pROFILE:

EDITOR’S NOTE

3Quarter 2 2016 - The Sustainable Business Review

CELSIA

LAS BAMBAS COPPER MINE

BLUMAR SEAFOODSCHILE

METROLINX ONTARIO

NALCOR- MUSKRAT FALLSSASKPOWER

WATER AUTHORITYCAYMAN

IADCL

NATIONAL FLOURMILLS

IMAGE RESOURCES

QUARTER 2 2016CONTENT

TEAMEditorial:Brian JacksonSusette HorspoolMichael Minihan

ProductionKaren HueJason OlayinkaArantxa Salas CifuentesArabella Sansegundo Mulero

ResearchJohn MillsJoseph Philips

EVENTS:Dates:1-2 June 2016 location: San Francisco, CA, US

Energy ministers from the Clean Energy Ministerial's 24 participating governments will gather for CEM7, hosted

by the United States in June 2016, to fully implement the CEM 2.0 vision of a more ambitious and effective CEM

ready to respond to climate and clean energy challenges. Ministers will assess progress to date and launch new

campaigns and efforts to drive progress in priority, high impact areas. As an implementation forum, the CEM will play

a critical role in the Road from Paris to help countries deliver on their respective national clean energy goals and to

build confidence and the capacity to increase ambition over time

e-mail:[email protected] www:www.cleanenergyministerial.org

Date: 28 June 2016 Venue: Beijing, China

The third meeting of the Energy Sustainability Working Group under the Group of 20 (G20) Chinese Presidency will

take place on 28 June, in Beijing, China. Sustainable energy issues on the Chinese Presidency's agenda include

advancing the implementation of the G20 Principles of Energy Collaboration and strengthening cooperation on

energy access, renewable energy and energy efficiency. The G20 is an international forum for the governments and

central bank governors from 20 major economies. It includes the European Union (EU), which is represented by

the European Commission and the European Central Bank, and 19 countries: Argentina, Australia, Brazil, Canada,

China, France, Germany, India, Indonesia, Italy, Japan, Mexico, the Russian Federation, Saudi Arabia, South Africa,

South Korea, Turkey, the UK and the US.

www:www.g20.org/English/G20Calendar/201512/t20151231_2098.html

17th - 20th AUGUST 2016Expo Centre NasrecJohannesburg, South Africa

The largest trade show of its kind in Africa, hosting the full spectrum of building and related industries in residential,

commercial and industrial development. Interbuild Africa has been running since 1968, and is the largest building

services and construction exhibition in Africa, hosting the full spectrum of building and related industries in

residential, commercial and industrial development. It offers new product launches, live demonstrations, technology

innovations, conferences, seminars and professional expertise. Interbuild Africa 2016 and its co-located shows -

Glass Expo Africa, Plumbdrain Africa, EcoAfribuild, Wood World South Africa and Hardex Africa - provide exhibitors

with an unrivalled platform to meet new and existing customers, launch new products, and build up an enviable list

of new sales leads. For visitors this event is an extensive showcase of the latest innovations, products and services

that the industry has to offer

www:www.g20.org/English/G20Calendar/201512/t20151231_2098.html

G20 ENERGY SUSTAINABILITY WORKING GROUP MEETING #3

INTERBUILD AFRICA 2016

SEVENTH CLEAN ENERGY MINISTERIAL (CEM7)

THE SUSTAINABLE BUSINESS REVIEW

4 Quarter 2 2016 - The Sustainable Business Review

mailto:CEMSecretariat%40hq.doe.gov%20%20%20%20?subject=

http://www.cleanenergyministerial.org

mailto:www.g20.org/English/G20Calendar/201512/t20151231_2098.html%0D?subject=

mailto:www.g20.org/English/G20Calendar/201512/t20151231_2098.html%0D?subject=

Exhibition: July 12–14, 2016

Conference: July 11–13, 2016

Intersolar North America, North America’s most

attended solar event and premier networking

platform, takes place July 12-14, 2016 in San

Francisco. The event’s exhibition and conference

both focus on the areas of photovoltaics, PV

production technologies, energy storage systems

and solar thermal technologies. Since being founded,

Intersolar has become the most important industry

platform for manufacturers, suppliers, distributors,

service providers and partners of the solar industry.

www.intersolar.us

MENASOL is the event you need to be at to secure a successful 2016 and beyond in MENA. The global event brings together leading PV and CSP executives operating successfully in the Middle East and North Africa that will grant you the keys to increase your share in this dynamic market.

• 600+ peers and colleagues within your network so you can discuss and share ideas with the best minds in solar

• 60+ leading stakeholders presenting: including C-Level, VP and Director level experts from the renewable, legal

and finance industry along with high level government representatives to share their knowledge so you can

operate with success in MENA

• 20+ hours of dedicated networking including an awards ceremony, so you can connect with the movers and

shakers of the solar world and collectively celebrate achievements

• A plenary session 3 parallel technology tracks: Dedicated PV, CSP and wind tracks that will enable you to focus

in your area of interest and expertise through case studies and focused sessions

www.pv-insider.com/menasol

8TH MIDDLE EAST & NORTH AFRICA SOLAR CONFERENCE AND EXPO

INTERSOLAR NORTH AMERICA

NEWS


mailto:www.intersolar.us?subject=

mailto:www.pv-insider.com/menasol?subject=

http://www.economist.com/events-conferences/emea/sustainability-summit

Date: 30 August to 1 September 2016 Rio de Janeiro • Brasil

Brazil Windpower 2016 – Conference & Exhibition is the largest wind power event in Latin America and, thus, the

best opportunity to network and explore the marketplace. To be held in Rio de Janeiro/Brazil, from 30 August

to 1 September 2016, the event gathers the main government authorities discussing the market growth at the

congress, as well as the biggest players doing business at the trade show.

Explore the best business opportunities in this segment, networking with the main stakeholders in a market that

moves billions every year. It is time to guarantee your company’s participation in the largest wind power event in

Latin America!

[email protected] www.brazilwindpower.org

BRAZIL WINDPOWER 2016 CONFERENCE AND EXHIBITION


http://www.windpowerexpo.org

mailto:info%40brazilwindpower.org?subject=

mailto:www.brazilwindpower.org%0D?subject=

Date: 10-14 July 2016 Sands Expo and Convention Centre, Marina Bay Sands. Singaore

The Singapore International Water Week (SIWW) is the global platform to share and co-create innovative water

solutions. The biennial event gathers stakeholders from the global water industry to share best practices, showcase

the latest technologies and tap business opportunities. SIWW is part of the strategic programme of the Singapore

Government to grow the water industry and develop water technologies.

Held in between the main SIWW editions, the SIWW Spotlight series are exclusive by-invitation events to continue

the dialogue from SIWW and foster ongoing exchanges on pressing challenges faced by the water industry

worldwide. This meeting of minds focuses on critical issues and discussions in greater depth, where the outcomes

will shape the programme and content for SIWW.

The 7th Singapore International Water Week will be held in conjunction with the 5th World Cities Summit and the

3rd CleanEnviro Summit Singapore, from 10 – 14 July 2016 at the Sands Expo and Convention Centre, Marina Bay

Sands in Singapore.

www.siww.com.sg

SINGAPORE INTERNATIONAL WATER WEEK 2016

NEWS

mailto:www.siww.com.sg?subject=

mailto:www.brazilwindpower.org%0D?subject=

http://personal.rbs.co.uk/

http://personal.rbs.co.uk/


10 The Sustainable Business Review - Quarter 2 2016

CELSIA


A Social, Economic and Environmental Approach

CELSIA



Celsia is Colombia’s fourth biggest energy

firm and has a history going back to 1919,

when it was started as Coltabaco, a tobacco

firm founded in Medellín, until 2001 when

it turned into an investment fund known as

ColinversionesAfter a series of strategic

investments over the years, in 2007 t h e

company became focused

on the Colombian

energy sector, where

it still operates

today. By 2010, all

of its assets were

e n e r g y - r e l a t e d

and in 2012, it

converted to its

current name, Celsia

S.A. E.S.P.

Celsia began a process of

internationalization in 2014,

when it acquired all of GDF

Suez’s thermoelectric,

hydroelectric and wind energy

assets in Panama and Costa

Rica for a price of US$840

million. The acquisition made

it the second largest electricity

generator in Panama.

The firm has an installed

capacity of 2,390 MW spread

across 27 plants in Colombia,

Panama and Costa Rica.

Seven of these plants are

located in Panama and Costa

Rica. Notably, in Panama,

Celsia has installed capacity

of 484MW – allowing it to fulfil

19% of the country’s electricity

demand and making it one of

the largest providers in Central America.

The company’s financials over the past few

years have also been more than healthy.

Celsia’s consolidated revenue in 2015 was

US$ 1.344 million, exhibiting18% year-on-

year growth. The fourth quarter results of

CELSIA

13

2015 showed EBITDA of just

under US$40 million – with

the annual EBITDA reaching

US$249 million.

Celsia PeopleCelsia employs over 1,400

employees, with 294of

those working from its

Central American bases.

With 570,000 direct final

users in Colombia, as well

as millions indirectly served

through supply to the

distribution grids across the

three countries it operates

in, as well as several partner

organizations, communities

near its installations,

suppliers and off-takers, it

means the firm needs has

to take account of a large

amount of stakeholders in its

decision making. Its maxim,

“always work to generate

value among stakeholders,”

captures this importance.

The Celsia stakeholder

maxim doesn’t just refer

to economic ties, but

also the requirement to

develop mutually beneficial

relationships with its

neighbouring communities, implementing

practices to improve the quality of life of its

employees and families, to have policies that

allow for the development of its suppliers, and

finally, a respect for all environments in which

it operates and all the audiences with which it

relates.

All of this in turn is driven by the firm’s core

set of values: to give the very best so that

the company and its stakeholders can grow

together, to be agile and trustworthy, to dare

to be different, and to enjoy making life easier

for everyone – a motto that ties together

everything the company does. Employees can

also count on Celsia’s people management

Quarter 2 2016 - The Sustainable Business Review


Energy Equipments and Services Panama (EESPA)

provides gas turbines services for the electric power

sector. We specialized in the heavy duty gas turbines

types, providing mechanical, electrical and I&C services.

Our expertise includes boroscope inspection technics

for evaluation and follow ups of the conditions of the

rotating and static components of the unit.

Boroscope inspection is one of the most valuable

technic used for diagnosing, evaluation, follow up and

decision making of the actual condition of the internal

components of the turbine, main compressor and

combustion parts, given early warnings and possible

prevent a catastrophic failure of the most valuable

assets; preventing unexpected shutdowns and revenue

losses.

EESpa highly recommend performing boroscope

inspection on a programmed basis or at least once a

year, depending on the mode of use of the unit.

See more at www.eespapanama.com

http://www.kaeser.com.pa

http://www.eespapanama.com

CELSIA


model, which seeks to attract, develop and

retain its talent, provides a work environment

where people will thrive, and endeavours to

develop the quality of life of the employees.

SustainabilityCelsia’s sustainability model is grounded

in three dimensions: social, economic and

environmental. The company maintains

an effective balance between the three

components. In each area, Celsia strives

to generate best-in-industry policies and

practices. This commitment to sustainability

has been noticed by several outside parties,

including the prestigious Dow Jones

Sustainability Index, which has noted Celsia

for the progress it has made in its sustainability

index. In 2016, the firm also joined a group

of the most sustainable companies in the

world, being listed on the

RobecoSAM Sustainability

Yearbook. The company

is also part of other

international initiatives such

as the Global Compact,

CEO Water mandate,

Carbon Disclosure Project

and the International Center

for Hydropower.

The firm’s commitment

to sustainability can be

seen, not just in its energy

assets, but throughout the

organization. For example,

in Panama, the firm will finish

construction of its Central

American headquarters

later this year. The building

will have LEED energy

certification, and will create

an innovative space where

employees and visitors can

meet and work in harmony,

in an atmosphere that at

once is environmentally

friendly and an enjoyable

place in which to spend the

working day.



The Celsia Foundation is another aspect of

the firm’s work in this area. Through several

initiatives in Colombia, Panama and Costa

Rica it has contributed to improve the living

conditions of its stakeholders and the

sustainability of the regions in which they live.

The major focus of the foundation

until now has been education

and as of 2015, the firm

had contributed to the

education of over 90,000

people in Colombia

alone. In Panama,

the commitment to

education can also be

seen in the province of

Colon, where Celsia has

developed a functioning

primary school for the

Kuna community and also

in the San Pedro community

of Cativa, where the company has

developed a program of positive values

and leadership through the teaching of martial

arts.

2015 also marked the firm’s first year of

operations in Central America and it has already

joined reforestation initiatives in Panama,

signing an agreement with the Panamanian

Association for the conservation of natural

resources (ANCON) to support the “Alliance

for the million” project which seeks to reforest

one million hectares in that country over a 20-

year period.

Also in 2015, the firm set in motion several

projects whose aim was to improve the lives of

the communities living close to its operations.

One such project could be seen in the

province of Chiriqui, where the firm installed

a new well for the 2,000 strong community

and all the necessary infrastructure to bring

it to their community so that it arrived safe

and potable. Elsewhere, in conjunction with

the government, the firm made significant

improvements to the access roads of

communities in Guayabal and

Zambranos.

CELSIA


Suppliers and contractorsAiming for sustainability across the board in

its own country and others is made easier

when a company carefully selects its partners.

Celsia therefore spares no efforts in choosing

the right partners for its different activities.

Doing business with inadequate or unsuitable

suppliers and contractors would not only

undermine future work, but also potentially

damage good work that the firm had already put

in place through its electricity and sustainability

initiatives. All partners should share the firm’s

value and ethical culture, establish trust and

teamwork and a sense of mutually beneficial

co-operation.



Celsia’s principal suppliers and contractors

therefore include Man Diesel, the equipment

manufacturer at the firm’s Catívá thermoelectric

plant. Man Diesel, a German company with a

strong presence in Panama, also provides

Celsia with commercial and technical support.

Elsewhere, GE and Alstom assist the firm

with its design of new projects as well as

the ongoing improvement of existing assets.

Enercon provides servicing and equipment for

Celsia’s Eólica Guanacaste plant.

Celsia also has a range of local partners,

however. Energy Equipment and Service, a

Panamanian firm, helps it with servicing of

tears and leaks in generators, skilled labour

services for turbines and the supply of spare

parts. Constructora RB, S.A. provides the

rental of heavy equipment used in civil works,

and Norcontrol Panama, S.A. provides quality

control tests to TX as well as its generators.

Opportunities and the futureThe energy market in Central and South

America is a fast-changing one. Entrants to the

market have included everyone from Spanish

http://www.eacosales.com

CELSIA


and German firms to the Norwegian sovereign

wealth fund. As such, Celsia is always looking

for opportunities on the horizon. In electricity

generation, it has identified opportunities in

non-conventional renewable energy (solar and

wind) in Colombia, Panama and Costa Rica

that will represent an important complement to

conventional energy sources. These projects

will contribute to the current portfolio with

the stability of their flows and minor cycles of

investment.

It aims to continue on its growth path by

maintaining its existing assets and approaching

new segments, diversifying its portfolio and

expanding its regional presence. All, of course,

carried out with one eye on sustainability.

The Sustainable Business Review - Quarter 2 2016 20

RESTORES DIGNITY OF LOCAL COMMUNITIES



MMG is committed to operating the Las Bambas Copper Mine in a way that benefits all stakeholders, from their own company to the Peruvian government and local communities. From the steps the company has taken so far, it appears they will succeed.

Quarter 2 2016 - The Sustainable Business Review 21





Located in the heart of Peru’s Apurimac country 4,000

metres above the sea, Las Bambas open pit copper mine

is expected to become the second largest copper mine

in the world. Now owned and operated primarily by the

Chinese government, it is one of China’s many recent

investments in Latin America, mainly in the production of

raw materials.

Las Bambas produces a combination of metals: Copper,

silver, gold, and molybdenum, all of which will be mined,

although the immediate focus is on copper. The mine

is expected to produce more than two million tonnes of

copper concentrate in its first five years, and 450,000 tons

of copper per year for the next twenty years. (Only 10% of

the total land holding has been explored so far.)

Glencorp Plc., a Swiss firm, started exploration and

construction on the mine in June of 2012. In 2014

Glencorp sold the mine for US$5.85 billion to a consortium

of companies owned by the Chinese government: Minerals

& Metals Group Ltd (62.5%), GUOXIN International

Investment Corporation Ltd. (22.5%) and CITIC Metal

Company Ltd. (15.0%). On 15 January 2016, under the

new ownership, the first load of 10,000 tonnes of copper

left the Port of Matarani on the southern coast of Peru.



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Our values are safety, environment, efficiency, our clients and work execution.

POSITIVE OUTLOOK FOR construction progress in the Andes

The site of Las Bambas copper mine is in one of the remotest regions of the Andes.

The work on building the ore-extraction infrastructure comprised several crushing plants,

tunnels and a dam. Contractors Bechtel have taken up the manifold challenges of this

vast new facility located at over 4000 m above sea level, with Doka at their side as their

partner for formwork technology as an experienced partner to work with it. As well as

Bechtel’s positive experience with Doka on other projects in Latin America, Doka’s ability

to quickly provide large quantities of formwork equipment, and the reliability of its safety

systems, were key factors behind the award of the contract.

The geographical location of the jobsites presented a great challenge in itself. Transporting

formwork equipment from the depot to the mine can take up to a week. What is more,

the situation on the ground means that the construction plan is very often changed at

short notice: “Thanks to our decades of experience with large-scale projects, and to the

flexibility of our formwork systems, we could always react very quickly to these changes”,

explains Santiago Hidalgo, General Manager of Doka Peru.

http://www.tecnofast.com.pe

W e c a r r y l a r g e v o l u m e s o f f r e i g h t v i a r a i l o r b i m o d a l s y s t e m , p r o v i d i n g a n e f f i c i e n t a n d r e l i a b l e a l t e r n a t i v e f o r t h e t r a n s p o r t o f m i n e r a l s a n d a n y f r e i g h t l e a v i n g t h r o u g h t h e P o r t o f M a t a r a n i , i n A r e q u i p a . W e o f f e r a c u s t o m i z e d s e r v i c e t o m e e t y o u r n e e d s , f o -l l o w i n g i n t e r n a t i o n a l s t a n d a r d s i n t e r m s o f r e l i a b i l i t y , s a f e t y a n d e n v i r o n m e n t a l r e s p o -

s i b i l i t y , h a v i n g o b t a i n e d I S O a c c r e d i t a t i o n f o r t h e s e a t t r i b u t e s

http://www.perurail.com/cargo



LAS BAMBAS Mine StakeholdersThe mine’s new operational managers are Minerals

& Metals Group Ltd (MMG), which is the Chinese

government’s mining arm in Australia. The company

has a full sustainability program already implemented

in the other five mines they own in Australia, the

Congo, and Laos. MMG is 74% owned by China

Minmetals Non-Ferrous Metals Company Ltd.

Investments in Latin America by the Chinese

government are growing phenomenally as that

government seeks to fuel its own economic growth.

Between 2001 and 2013 China invested $85 billion

in oil, soybeans, and copper production from six

Latin American countries. The Las Bambas mine in

Peru is its latest acquisition.

Mining accounts for 12% of Peru’s GDP and 57%

of its exports. The Peruvian government, hoping to

offset effects of the worldwide 2008 depression,

encouraged Chinese investment in Las Bambas.

Peruvian officials are doing what they can to support

the transition, including providing workshops

for the local people to help them understand the

Environmental Impact Assessment (EIA) newly

amended by MMG.

The indigenous people in the region have inherited

political disenfranchisement and distrust of large

corporations taking over their traditional territories.

MMG’s sustainability commitment has been critically

helpful in this regard. In addition to creating a new

town for dislocated landholders, the mine hired and

trained 3,000 local workers.





Any project take-over from another company

requires changes, as the new owner modifies

plans to fit their own goals. The mine’s original

Environmental Impact Assessment (EIA), created

by Golder Associates in 2010, needed new

evaluations to support plan modifications. In 2014,

SNC-Lavalin prepared addenda to update the

project schedule, check potential effects of plant

construction near the Challhuahuacho River, and

evaluate its respective water management system.

In 2015, Geoservice Ingenieria modified the EIA

again to include potential effects of above-ground

trucking and railroad shipments, as opposed to an

underground pipeline.

This January a new $490 million contract with

Perurail took effect, covering the last leg (295

km) of ore concentrate shipment to the Port of

Matarani 710 km southwest of Las Bambas. The

agreement lasts 15 years with the option to renew.

It includes shipment of all the ore mined by the

company. The copper plant went into production

in 2015 and the first shipment of concentrate went

to China in February, 2016.

The mine’s copper concentration plant was built with

a capacity of 140,000 tones per day (constructed

by GyM S.A.). Both the copper and molybdenum

factories required outsized foundations, thick

concrete walls to house the operations and sturdy

steelwork to hold the machinery (built by Doka

Perú SAC). They also required powerful crushers,

with fasteners strong enough to stay tight during

the rock crushing process (provided by Australia’s

Mine Transfer Issues & Successes



Technofast). Electrical facilities and lines were set

up by ABB Peru.

Sustainable Community & Worker WelfareDuring construction, Las Bambas employed

more than 18,000 employees, many of them local

to the Apurimac region, and contributed more

than US$250 million to finance improvements

in education, health, production development,

capacity building, road networks and mobile

communication services. EMSA built camps and

field offices to house 7,500 of those people.

Since then, MMG has built a new town called

Nueva Fuerabamba to house relocated families,

and opened an office there to enable local people

to apply for company jobs. The town consists of

441 houses, health care centres, a school, three

churches, a community hall, an open market, and

Mine Transfer Issues & Successes



green park areas. MMG also provided plant nurseries and cattle to assist locals laid off from

construction who can’t work the mines, and psycho-social retraining to help with relocation

adjustments.

The Peruvian government, meanwhile, set up

workshops to discuss the impacts of the new

EIA, including social infrastructure, mining and

the environment, agriculture and livestock, and

employment-social responsibility. And they

prepared an urban development plan to ensure

sustained growth of the community.

Environmental ConcernsOne of the thing local people were worried about

was the health of the environment, especially their water supply. MMG has a good record of

environmental care and consideration. When they dig for ore, they remove a minimal amount of

topsoil and vegetation, in order to protect the biodiversity of the area and minimise the impact

of the mine.

http://www.emsa.pe



At Las Bambas MMG acquired authorisation to

use local water from the local water management

authority, and took steps to protect it from

contamination by mining activities. Recognising

the importance of upper watershed protection,

they also committed to identifying “bofedales”

(high Andean wetlands) for future conservation

purposes.

MMG is committed to operating Las Bambas in a

way that benefits all stakeholders, from their own

company to the Peruvian government and local

communities. From the steps the company has

taken so far, it appears that they will succeed.

Divisions between locals and the Peruvian

government have dissolved into mutual support

for the mine and its prospects, and copper

production is on its way.



BLUMAR S E A F O O D S , C H I L E

BLUMAR SEADOODS


BLUMAR S E A F O O D S , C H I L E



With over 2,500 miles of coastline, it’s no

surprise that Chile has one of the most

prominent fishing and aquaculture industries

in the world. One of the largest firm in that

industry, Blumar, was formed in 2011 from the

merger of Itata and El Golfo, two firms which

themselves had been founded in the 1940s

and 1960s respectively.

As with many countries, Chile operates

what’s known as an Individual Fishing Quota

(IFQ), whereby each company is assigned

a percentage of the fishing quota each year.

Blumar currently has the largest share for Jack

Mackerel, sardines and anchovies, hake and

hoki.

Fishing only constitutes about 50% of

the Blumar business, however; the rest is

consumed by aquaculture, with salmon farming

and mussels dominant share of activity. The

firm owns 50% of Saint Andrews, the largest

mussel producer in Chile.

IN SEA AND ON LANDThe integration of fishing and

aquaculture is just one way in

which the firm is integrated.

In fact, where Blumar differs

from most of its competitors

in Chile (and indeed, in

other countries) is that its

operations are integrated

right across the board – in

sea and on land.

After fish are caught (or

farmed), they are processed

in Blumar’s own processing plants and then

distributed by Blumar, through the company’s

sales and distribution channels. In salmon,

the company is involved from the egg, right

through to fresh water hatcheries, open pen

farming, processing and sales (which includes

sales offices in the US and China).

This level of vertical integration provides the

company with better ability to plan and control

its value chain, ensuring that the quality of the

product can be ensured and that its developing

relationships with the end client – by they in

a traditional market like the US, or Blumar’s

newer markets, China and Russia.

BLUMAR SEADOODS


CHALLENGES IN THE INDUSTRYFishing could justifiably be considered as one

of Chile’s greatest natural resources after its

mineral deposits. Just like those minerals, the

value of Blumar’s fishing stock can fluctuate

wildly based on any number of exogenous

factors. Even a precious resource comes with

its challenges.

To begin with, the fishing quota is constantly

changing – be it due to government decree (as in

the 1990s which led to a wave of consolidation

in the industry) or natural factors (as in the case

of the earthquake that Chile suffered in 2010

(which led to another wave of consolidation).

Through adversity, comes strength:

consolidation has been one of the saving

graces of the industry, allowing its firms not just

to survive, but to compete on a global level.

For example, Blumar now co-operates in sales

with three other Chilean firms in the Chinese

market.

As Daniel Montoya, Commercial Director at

Blumar recently explained: “we can see a

certain stability in the fishing industry thanks

to all the consolidation. I think the players

operating there today are strong enough to

survive. Of course, there are good years and

bad years, but mostly it’s

quite stable.”

Farming brings its own

challenges. Consolidation

hasn’t been an issue – with

around 20 Chilean companies

active on the market. Here,

challenges over the past five

years alone have included

declining market prices due

to over-supply and even an

ISA virus scare at the end of

2009 and through 2010.

CORPORATE SOCIAL RESPONSIBILITYOn top of its commercial commitments, Blumar

is highly pro-active in the field of CSR; as Mr.

Montoya states: “We are really committed to

sustainability. Our work has a responsibility

to the environment, the workers and the

communities here in Chile. It has to take into

account all their needs.”

When Mr. Montoya joined the firm back in 1993,

the concept of CSR was underdeveloped. It

was enough for a company to take some pride

in its home city and for it to be reciprocated.

Mr. Montoya says: “Clearly, that just wasn’t

enough and we needed to do more.”



As a large employer in its city – Blumar

employs just over 1,400 locals – there are

a lot of different voices to take heed of. But

being pro-active in CSR, the company can

anticipate the workers’ requirements and

concerns before they arise. This is as true

for other stakeholders as it is for employees.

Montoya says: “Everybody is conscious

that the way we produce our products has

to be environmentally sustainable. And

certain standards under which we have to

certify our production. We follow that trend.

But then all this social responsibility is also

important for buyers around the world.

Our communities are empowered. They’re

more educated. They understand the

potential impact that the industry can have

both on the environment and their whole

way of life. So they’re not willing to tolerate

excesses that go beyond what they believe

is acceptable.”

Blumar’s salmon exports to the United

States comprise about 7% of Chile’s total. It

finds itself in fith place among its exporters

(2015). A look at the country’s sales over

the past few years shows how volatile the

business can be, even for the larger players

in the market.

Nevertheless, the emergence of Blumar

five years ago has given the market

something different: a fishing company and

an aquaculture, both with considerable

heritage, entering a 50-50 merger, to create

a company which is not only vertically

integrated but horizontally integrated too.

When one is experiencing tough times, the

other side can compensate. Daniel Montoya

says: “We have a sound financial position

because of our diversification. We’ve had

positive years on the fishing side which

has allowed us to keep our aqua culture

operation running. We haven’t changed

our stocking programs so that will give us

production for the coming years.”

That will be music to the ears of consumers

of Blumar’s high quality produce all over the

world.

NAVIGATING FOR THE FUTURE

ALPHA JECT LiVac SRS

Primera vacuna viva atenuada específica contra el SRS.

Para mayor información dirigirse a nuestra página web o llamar a: +56 65 248 3091

www.pharmaq.com

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BLUMAR SEADOODS


NAVIGATING FOR THE FUTURE



METROLINX ONTARIO IS ON THE GO

METROLINX ONTARIO


METROLINX ONTARIO IS ON THE GO



Sustainability is a major pillar of Ontario

Province’s Metrolinx expansion project. In the

Greater Toronto area, public transportation

used to consist of a few train lines, plus

separate bus lines with their own rates, an

airport connected to the city by roads, and

highly congested traffic on regional roads and

highways. Metrolinx is changing all of that with

its comprehensive mass transit plan.

In 2006, the provincial government of Ontario

mandated that the province invest heavily in

transit infrastructure, and created Metrolinx to

carry it out. Since then Ontario has invested

billions of dollars in constructing new rail

lines, integrating transit services, upgrading

stations, and setting up social media sites. The

system now has 52 sets of trains, more than

500 buses, and will cover more than 11,000

square kilometres with public transit services.

Capital expenditures on the new system

totalled $2,238 million in 2014-15, paid for

by a combination of provincial, municipal, and

federal resources. In addition to upgrading

stations and parking lots, and adding new

buses and trains, Metrolinx developed a plan

to start switching from fuelling trains with diesel

to electricity, beginning with core sections in

the Georgetown and Lakeshore areas.

The Regional Transportation Plan is a long

one by North American standards, carrying

out to 2031 and requiring re-evaluation every

five years. It is expected to cost about $50

billion and includes movement of goods, as

well as people. Metrolinx developed its plan in collaboration with the Ontario Ministries of

Transportation and Municipal Affairs & Housing

to make sure their respective land-use, growth,

and investments plans supported each other.

To ensure that sustainability was built into

every aspect of the business, Metrolinx

established a Metrolinx Green Team,

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consisting of 200 “sustainability champions”

throughout the organisation. These champs

engaged stakeholders, customers, and other

employees in developing a basic strategy

framework to report on the social, economic,

and environmental impact of the business. They

defined sustainability metrics and developed

an action plan to improve performance.

Following are several projects currently in

action:

Streamlining travel – Not only have Metrolinx

and its subsidiary, GO Transit, added trains

to existing lines, they have also planned out

and started to build several new lines to help

relieve congestion in downtown Georgetown,

Toronto, Hamilton, and neighbouring cities.

This includes an electric express line from

downtown Toronto to the Toronto Pearson

International Airport that takes 25 minutes,

and is expected to remove 1.2 million car trips

from the road during its first year of operation.

To keep track of all of this travel and better

plan their transit schedules, Metrolinx set

up an online data warehouse to help its 11

partner transit agencies analyse their ridership

statistics

Day to day operations, the part of the daily

grind that passengers come into contact

with, are carried out by Metrolinx employees

with three focal points to guide them: They

serve with passion, think forward, and play

as a team. Each employee is expected to

put their heart and mind into giving excellent

service, both to customers and to each other.

Employees look for new, constructive ideas to

improve services, offering suggestions through

an online service called Soapbox. All company

staff is expected to work together in a spirit of

trust and mutual respect.

WORKING FOR HIGH STANDARDS – In building and upgrading all of their structures, Metrolinx committed to the highest design and work standards, developing “Excellence Guidelines” to apply to all stations, bus terminals, and parking garages. They also developed guidelines to ensure that any collaborative work done by third parties would meet their standards of excellence.



Energy challenge program – At the end of 2014 Metrolinx carried out a three-month awareness program to engage employees in reducing energy use, both at work and at home. It worked. The company is already saving an estimated $1.5 million in energy costs annually.

Metrolinx also started using software to monitor locomotive fuel use and idling, which reduced excess idling (hence fuel use) by 66%. They checked and refined the temperature and light settings in bus maintenance facilities, and they installed LED parking lot lights at 23 Metrolinx transit stations.

Smart Commute program – Metrolinx has a solid commitment to reducing traffic on the roads. With its community Smart Commute program, the company is inspiring the region’s residents to explore different commuter choices, such as carpooling, bicycling, and public transit. By the end of 2014, 340 workplaces had signed onto the program, representing more than 730,000 commuters. Now Metrolinx is working to promote sustainable school travel as well.

METROLINX ONTARIO


Dufferin Construction Company, a division of CRH Canada Group Inc., is a proud partner of Metrolinx. Through the strength and expertise of our people, Dufferin Construction has sustained its business success providing innovative construction solutions to complex infrastructure projects across Canada for over 100 years.

www.dufferinconstruction.com

A division of CRH Canada Group Inc.



Through the expertise of our people, Dufferin Construction Company, a division of CRH Canada Group Inc., has sustained business success by providing innovative construction solutions to complex infrastructure projects across Canada for over 100 years.

We have built the highways, sidewalks, bridges, railways and runways that keep people moving and that help build the sustainable future of strong communities.

www.dufferinconstruction.com

mailto:www.dufferinconstruction.com?subject=

METROLINX ONTARIO


Electronic customer service – Not only did

Metrolinx start integrating the ticket purchasing

system and rates across all bus and rail lines,

introducing their new PRESTO card, but they

also equipped their buses with automated

announcements and digital signs to alert

passengers to the next stops. Passengers can

access the company’s mobile transit website

via their smartphones, since most of the

stations and bus terminals have WiFi access.

All the signage, logos, symbols, and maps are

now uniform throughout the transit area.

Community relations program - The

government expects that the project will create

a total of $24 billion in net benefits for the

region. Metrolinx is already setting up strategic

partnerships with national and local companies

to offer amenities and enhanced services to

travellers. CIBC provides access to Canadian

and foreign dollars via multi-currency ATMs at

Union Station and Pearson Station.

For municipal transit Metrolinx set up a Transit

Procurement Initiative to help small and

medium-sized cities purchase buses in bulk.

The 289 buses they have bought so far have

saved the municipalities approximately $5.7

million. All buses are fully accessible.

The company has become popular with the

public, promoting itself and connecting via

social media. Its “Ms. Snooze” video generated



more than 25,000 Twitter engagements within

two weeks. Metrolinx has 17,000 followers on

Twitter, 2,100 on Instagram, and 13,400 on

Facebook. Its Flickr views have surpassed two

million.

Human resources development – In 2014-15

Metrolinx hired 258 new staff, paying fresh

attention to diversity. It reorganised several

company groups to increase efficiency,

and developed a new hiring strategy with

35 deliverables to meet Metrolinx’s current

business requirements. Further working toward

improvement, the company established a link

with the Schulich School of Business to help

staff increase their leadership abilities, and

it holds regular forums for all staff who have

current leadership responsibilities.

Between its own ambitious plans, the ideas of

its staff through the Green Team and through

Soapbox, and contributions of the public via

social media, Metrolinx is set up to continue to

carry out its high standards for the foreseeable

future. The company is already getting

recognition, with LEED gold standard awards

for its newest facilities, acknowledgement

as a top employer in the Toronto region and

in Canada, transit and logistics awards, and

green business awards.

As stated by Bruce McCuaig, company

President and CEO, “It’s a great time to be

involved in transportation. The network we

build today and tomorrow will be with us for

a century or more. I am proud of what we’ve

accomplished and excited about what’s to

come.”

METROLINX ONTARIO




HYDROPOWER PROJECT ON ITS WAY

Muskrat Falls

NALCOR-MUSKRAT FALLS HYDRO


HYDROPOWER PROJECT ON ITS WAY

Although constructed primarily for Newfoundland and Labrador, by 2017 when the new Muskrat Falls hydroelectric plant goes into operation, it will be increasing prosperity in the entire Atlantic Canada region.

Muskrat Falls



Labrador’s Muskrat Falls hydropower project

has started construction. Intended to benefit

the Canadian provinces of Newfoundland/

Labrador and Nova Scotia, two dams are

being built on the lower Churchill River in

Labrador, below an older dam operated by

the government of Quebec. Nalcor Energy,

Labrador’s government-owned energy

corporation, expects that with the dams the

province will be able to meet 98% of its energy



needs from renewable sources.

Not only will the project provide much needed

electricity to the region, but it will also provide

enough to sell to markets in Atlantic Canada

and New England. Nalcor expects to use 40%

of the power generated to meet the province’s

electricity needs and sell 20% to Emera Inc. for

the island of Nova Scotia. Nalcor also expects

that the electricity will stimulate industrial

growth in Labrador, which will need a projected

80% of the dam’s power by 2036. That leaves

40% for export for the next 20 years.

In Newfoundland and Labrador, Muskrat

Falls will power homes and businesses for

generations to come. It will also allow the

government to shut down an old oil-fired

generation station to reduce its own carbon

emissions. The plant is being built to last more

than 100 years, providing stable electricity

rates well into the future.

Plant ConstructionThe Muskrat Falls hydroelectric project

was sanctioned by the government of

Newfoundland/Labrador in December of 2012

and will take an estimated five years to complete.

Eventually it will produce enough electricity to

Exporting more electricity

will help the government of Canada to meet its international climate change commitments by reducing the need for coal and tar sands crude oil, both of which are heavy contributors to carbon dioxide and methane in the air. And it will help to fuel the electric cars being manufactured and increasingly purchased in the United States (including the Tesla Model 3 released this year).

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http://www.cat.com



power 1.5 million homes. The project includes construction

of an 824 megawatt facility and more than 1,500 kilometres

of associated transmission lines. Some of the infrastructure

needed to operate the facility includes switchyards, converter

stations, grounding stations and enough guy wire to wrap the

world twice.

Nalcor approached this massive project using a “front-end

loading approach,” with intensive engineering and design

work early on to minimized problems later in the construction

process. The upfront work included onsite investigation and

measurement, followed by computer modeling and then

physical modeling of the proposed plant setup. Engineers built

a scale model and conducted over 200 tests to make sure the

hydroelectric flow would work as envisioned. Nalcor also hired

three engineering firms to design and test turbines, conceived

to be the highest quality turbines built in North America.

The largest part of the project - the plant’s powerhouse,

intake, and gated spillway - Norcal contracted to the Canadian

subsidiary of Italy’s Astaldi, at an estimated cost of $962 million.

It will take four years for that part of the construction to be

completed. Norcal also awarded a contract for $170 million to

Andritz Hydro to supply seven turbines and generator units.

Other contractors working on the project are Pennecon Heavy

Civil Ltd. supplying civil engineering services, Midal Cable

supplying conductors, Locke’s Electrical Ltd carrying out

line construction, and ALSTOM Renewable Power handling

installation of synchronous condensers. Included in the

construction process also is IBEW International of Canada, a

non-profit labour union of electric power professionals, which

is promoting their code of excellence to workers on safety and

meeting deadlines.

According to the project’s overseers, construction is progressing

well. “We are nearing the end of our third full year of construction

and we continue to make steady progress in all areas of the

project,” said Gilbert Bennett, Vice President of the project.

“Construction began in early 2013 and today construction and

http://www.midalcable.com


power 1.5 million homes. The project includes construction

of an 824 megawatt facility and more than 1,500 kilometres

of associated transmission lines. Some of the infrastructure

needed to operate the facility includes switchyards, converter

stations, grounding stations and enough guy wire to wrap the

world twice.

Nalcor approached this massive project using a “front-end

loading approach,” with intensive engineering and design

work early on to minimized problems later in the construction

process. The upfront work included onsite investigation and

measurement, followed by computer modeling and then

physical modeling of the proposed plant setup. Engineers built

a scale model and conducted over 200 tests to make sure the

hydroelectric flow would work as envisioned. Nalcor also hired

three engineering firms to design and test turbines, conceived

to be the highest quality turbines built in North America.

The largest part of the project - the plant’s powerhouse,

intake, and gated spillway - Norcal contracted to the Canadian

subsidiary of Italy’s Astaldi, at an estimated cost of $962 million.

It will take four years for that part of the construction to be

completed. Norcal also awarded a contract for $170 million to

Andritz Hydro to supply seven turbines and generator units.

Other contractors working on the project are Pennecon Heavy

Civil Ltd. supplying civil engineering services, Midal Cable

supplying conductors, Locke’s Electrical Ltd carrying out

line construction, and ALSTOM Renewable Power handling

installation of synchronous condensers. Included in the

construction process also is IBEW International of Canada, a

non-profit labour union of electric power professionals, which

is promoting their code of excellence to workers on safety and

meeting deadlines.

According to the project’s overseers, construction is progressing

well. “We are nearing the end of our third full year of construction

and we continue to make steady progress in all areas of the

project,” said Gilbert Bennett, Vice President of the project.

“Construction began in early 2013 and today construction and

manufacturing is ongoing in more than 100 locations across the

province and around the world.”

Muskrat Fall Benefits to the Local Community



Nalcor Energy is committed to announcing

procurement opportunities locally and has

made agreements to that end, including an

impact and benefits agreement with Labrador’s

Innu Nation to give indigenous people

precedence in hiring, a benefits strategy with

the government of Newfoundland/Labrador,

and a memorandum of understanding between

the governments of Newfoundland/Labrador

and Nova Scotia.



The construction stage has already generated

significant employment opportunities, with

more than 3,000 jobs offered last year (2015).

It is expected to infuse an estimated $1.9 billion

into labour and businesses in Newfoundland

and Labrador, along with $2.2 billion

in the other three provinces of Atlantic

Canada, and an estimated $4.7 billion

across the rest of Canada.

Once construction is complete and

the plant is operational, Muskrat Falls

expects to provide around 1,500 direct

jobs per year, spread across more than

70 occupations, with more than half

of those in Labrador. Youth of the Innu

Nation are already preparing themselves

to be hired by the facility, once it is

operational. Nalcor estimates that $450

million will be infused annually into the

local economy.

The Muskrat Falls project is supporting

the local community in other ways too,

providing anti-bullying education in

schools, organising pancake breakfast

fundraisers for the homeless, fundraising

and sponsoring youth sports teams

and leadership training projects, as well

as canoeing and golf competitions,

and promoting good health, local

conservation, and cultural events.

By 2017 when the plant goes into

operation, Muskrat Falls will be increasing

prosperity in the region. In addition to

having its own electricity, the government

will have electricity to sell outside the

region for twenty years, which will

generate the financing needed to build

an industrial base, which in turn will have

enough electricity to operate and will hire more

local people.


POWERING SASKATCHEWAN

RESPONSIBLY

SASK

PO

WER


SASKPOWER




SASKPOWER


SaskPower’s roots go all the way

back to 1929 at the outset of the Canadian

depression, when the Island Falls Generating

Station was first commissioned. Nearly 90 years

later, SaskPower is the largest power generation

company in Saskatchewan, generating nearly

4,000MW through a combination of renewable

and non-renewable energy sources. In 2014, its

revenues exceeded CA$2 billion and it employed

nearly 3,100 people in the state of Saskatchewan.

Words like ‘innovative,’ ‘sustainable,’ and

‘clean,’ may be over-used by energy companies

these days, but in SaskPower’s case, their

usage is warranted. Their development of the

world’s first post-combusion coal-fired carbon

capture storage facility in 2015 is just one of

many environment-conscious initiatives which

the company has undertaken over the past

decade: these have seen Saskpower achieve a

25% renewable energy output.

Another example is provided by the new “D

Plant,” which was unveiled at Saskatoon’s

Queen Elizabeth Power Station in October 2015.

It added 204MW to the company’s existing

capacity – enough power for more than 200,000

homes. Natural gas plants are an integral part of

the company’s energy mix in their plan to add

extra wind capacity. The addition of the “D Plant”



means that natural gas is now the largest source of energy in Saskatchewan, overtaking conventional coal. Vice

President of Planning, Environment and Sustainable Development at SaskaPower Guy Bruce recently pointed

out: “Our goal is a diversified portfolio of options – one that balances reliability, affordability and environmental

impact.”

SaskPower is also planning to progress with utility scale solar power generation, opening a competitive

procurement process this year. Also this year, the company will procure another 100 MW of wind generation

and will develop up to 1,600 MW of new wind generation between 2019 and 2030. Addressing this purchase,

Robert Hornung, President of the Canadian Wind Energy Assocation said that it will: “attract significant interest

and ensure a highly competitive process that will produce low cost clean electricity generation for Saskatchewan

ratepayers.” Furthermore, these additions, aligned with

the aforementioned developments, will allow SaskPower

to move closer to its goal of 50% renewable energy

output by 2030.

SASKPOWER


means that natural gas is now the largest source of energy in Saskatchewan, overtaking conventional coal. Vice

President of Planning, Environment and Sustainable Development at SaskaPower Guy Bruce recently pointed

out: “Our goal is a diversified portfolio of options – one that balances reliability, affordability and environmental

impact.”

SaskPower is also planning to progress with utility scale solar power generation, opening a competitive

procurement process this year. Also this year, the company will procure another 100 MW of wind generation

and will develop up to 1,600 MW of new wind generation between 2019 and 2030. Addressing this purchase,

Robert Hornung, President of the Canadian Wind Energy Assocation said that it will: “attract significant interest

and ensure a highly competitive process that will produce low cost clean electricity generation for Saskatchewan

ratepayers.” Furthermore, these additions, aligned with

the aforementioned developments, will allow SaskPower

to move closer to its goal of 50% renewable energy

output by 2030.

© 2016 PricewaterhouseCoopers LLP, an Ontario limited liability partnership. All rights reserved. 4440-13-2.22.2016

Disruptive forces are changing Canada’s traditional power and utilities business model. Competing priorities and stakeholder decisions are forcing a re-examination of how electricity is produced and used. How can the business decisions of today prepare us for success tomorrow?

We’re here to help.

Powering your business decisions in an uncertain future

www.pwc.com/ca/power-utilities

Robert Reimer

Partner, Consulting & Risk

204 926 2442

[email protected]

Brian Poth

Partner, National Power & Utilities Leader

416 687 8522

[email protected]

http://www.pwc.com/ca/power-utilities

© 2016 PricewaterhouseCoopers LLP, an Ontario limited liability partnership. All rights reserved. 4440-13-2.22.2016

Disruptive forces are changing Canada’s traditional power and utilities business model. Competing priorities and stakeholder decisions are forcing a re-examination of how electricity is produced and used. How can the business decisions of today prepare us for success tomorrow?

We’re here to help.

Powering your business decisions in an uncertain future

www.pwc.com/ca/power-utilities

Robert Reimer

Partner, Consulting & Risk

204 926 2442

[email protected]

Brian Poth

Partner, National Power & Utilities Leader

416 687 8522

[email protected]

http://www.pwc.com/ca/power-utilities



A commitment to stakeholdersSaskPower’s efforts in sustainability

form part of a wider to commitmet to

stakeholders and the issues that affect

them. Before any of the company’s projects

begin, it undertakes a rigorous consultation

programme with all of its stakeholders.

This process includes contact with local

officials, delivery of project presentations,

distribution of detailed projected information,

open house information sessions, meetings

with individuals and interest groups,

media releases, advertisements, direct

correspondence and discussion and

consideration for the Aboriginal communities

of Saskatchewan.

SaskPower is particularly sensitive to the

needs of Aboriginal communities, shown by

its development of an Aboriginal Relations

Strategy, and Saskatchewan’s First Nations

and Métis communities are key stakeholders.

The program outlined by the company

involves providing employment, contracting

and other opportunities for Aboriginal

people, businesses and communities. In

2014, SaskPower was awarded the award

Progressive Aboriginal Relations silver status

by the Canadian Council for Aboriginal

Business; the difficulty in achieving this is

witnessed by the fact that only three more

companies received the award in the same

year.

The company also performs considerable work

in the community – outside of the essential

services it provides in safe energy provision.

In 2014 alone, the company received over

1,000 applications for funding, primarily for

educational programs in Saskatchewan, and

was able to support nearly 600 of these. In

that year, it contributed over $1.5 million into

communities that it serves. This included

$49,182 in fundraising items and $1,516,635

in financial contributions. In addition, its

employees volunteered nearly 6,000 hours

of their time in various projects across

Saskatchewan’s communities. On their behalf,

SaskPower donated over $16,000.

The company’s partners – its External

stakeholders – include a diverse mix of

companies including Big 4 accounting firm

PriceWaterhouseCoopers, PMP Powerline

Construction, which works with SaskPower

in construction and maintenance of its

considerable power line infrastructure and the

K-Line Group – itself an excellent contributor

to communities around Saskatchewan and

SASKPOWER


recognized by Stoufville Chamber of Commerce as the Large Business of the Year in 2015.

In an effort to develop its stakeholder relationships further, SaskPower has developed a Corporate

Reputation Index – a 10-point scale (where a higher mark denotes better performance), which

evaluates the firm’s reputation with respect to the areas of trust, transparency, commitment to

meeting expectations, satisfaction and stakeholder input response. The index is derived from the

answer to questionnaire sent to stakeholders every year. In 2014, the company underperformed

due to customers’ perceptions surrounding rising prices but the firm is committed to growing

incrementally in the coming years (see below).

CORPORATE REPUTATION INDEX

2013 2014 2015 2016 2017

Target 7.3 7.2 7.3 7.4 7.5

Actual 7.1 6.8

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C SASKPOWER


Ongoing developmentInnovation continues apace so that SaskPwer

can achieve all of its goals. As recently

as February 2016, SaskPower signed an

agreement with BHP Billiton, the world’s

largest mining firm, to create a global center for

carbon capture and storage (CSS) knowledge,

which will be located at the Innovation Place

Research Park in Regina. The partnership

is a promising one for renewable energy’s

prospects: BHP Billiton will contribtue CA$20

million over 5 years,

while SaskPower

will contribute its

extensive expertise

in the CSS field. The

initiative is a perfect

indication of why

Saskatchewan is a

world leader in the

area of CSS.

S a s k a t c h e w a n ’s

energy demand is

expected to grow

by 13% over the

next five years, so

SaskPower cannot

afford to rest on its

achievements. If anything, the company faces

bigger challenges in the years ahead than the

ones past: the move to 50% renewables by

2030 means that the company will need to

add to its renewables base year-on year. Their

stakeholders will experience not only direct

benefits but indirect ones too, as the company

raises the bar for competitors in its industry.



Water Authority CaymanResponsible With Every DropThe Water Authority Cayman was founded in 1983, when the

island’s Water Authority Law was passed. The growing importance

of protecting and providing clean water can be traced with

developments at the Authority. In 1983, it occupied a Government-

owned three-bedroom house in George Town and had a staff of

just five. In 2016, by contrast, it employs over 100 people and

supplies pure, wholesome and affordable drinking to nearly 20,000

customers around the islands.

WATER AUTHORITY CAYMAN


Responsible With Every Drop



The Authority serves it rapidly-expanding client base (it has tripled in numbers since 2006)

through a range of facilities it has developed, and continues to develop, since its foundation.

These include five RO plants - four of which are located on Grand Cayman and the fifth in

Cayman Brac – ten separate reservoirs, a water works located in the Lower Valley, and a state-

of-the-art Sequencing Batch Reactor wastewater treatment works, completed in 2004, that has a

treatment capacity of 2.5 million US gallons per day. In addition, it operates a wellfield in East End,

where water is pumped from 10 wells into an 80,000 US gallon reservoir.

In thirty short years therefore, the Authority has changed to the extent that it is almost unrecognizable

from its original form. The Authority is now a modern organization, offering its clients online access

to their billing, e-payments and a range of methods to pay. The Authority’s website is a testament

to the transparency of the organization: in addition to information on all of the board of directors,

regulation and policies, clients can access annual reports going all the way back to the beginning

of the organization – something many corporate organizations could perhaps learn from.



All of the authority’s activities are driven by its four-pillar mission:

i) To ensure that the entire population of the Cayman Islands has access to pure and affordable

potable water, as well as regulating other entities that are licensed by the Government to provide

water supplies.

ii) To protect and develop groundwater resources for the benefit of present and future populations

of the Cayman Islands.

iii) To provide for the collection, treatment and disposal of sewage within the islands in a manner

that is safe, efficient and affordable;

iv) To operate in such a manner to be financially self-sufficient, while contributing to the economy

of these islands and achieving a reasonable and acceptable return on capital investments.



CSR INITIATIVESBeyond the Authority’s core mission, it provides

for a range of impressive CSR initiatives on the

islands. For example, every year the Authority

offers a scholarship of up to CI$30,000 to what

it deems to be a suitably qualified Caymanian

to obtain an undergraduate academic or

technical/vocational degree or diploma in a field

of study related to the work that the Authority

does itself. Since the scholarship’s inception

over ten years ago, its recipients have gone

on to study in universities all over the world,

including the US, the UK and Canada. Some,

such as the 2010 recipient, Sabrina Douglas,

have even come back to work at the Authority.

The Authority extends its support to local

students by offering work experiences

programs to current and recent graduates. It

has developed specialized programs so that

students are gaining meaningful work, where

they obtain applicable skills for the workplace.

Programs are available for students from

the age of 14 upwards and typically involve

students spending between four and eight

weeks of the summer working at the Authority’s

headquarters. Those students who aren’t

enrolled on a work experience program can still

learn about the Authority and the work it does,

through its visits to educational institutions on

the islands.

http://www.corporate-electric.ky



The educational scholarships and programs

are the most visible way in which the company

gives back to the community but other,

sometimes less noticeable work, which is just

as important. For example, in August 2015,

the Authority sponsored the annual Cayman

Aids Foundation Run2Zero marathon, the

international football summer camp for kids,

the first United World Colleges event on the

islands. In April, it sponsored Feed Our Future,

a local charity, the NVCO Caring Cousins

initiative and even the Cayman Invitational

international athletics event. In fact, the scope

of the Authority’s giving back to communities

in any number of ways is impressive.

ONGOING DEVELOPMENTS AND THE FUTUREThe Water Authority Cayman continues to

evolve. In 2016, work is progressing on the

Bodden Town Pipeline Project, with nearly

2,500 feet of new pipeline being installed in

total. The osmosis plant in the Lower Valley is

also being upgraded. The Authority is also in

negotiations with other water suppliers, namely

a local firm by the name of Consolidated Water,

for the provision of new retail licenses, which

were due to expire in June of this year.

Elsewhere, a growing population and swelling

tourist numbers in the Cayman Islands mean

that the Authority will have to work ever harder

to maintain the four pillars set out in its mission

statement. Water is a resource which has

been taken for granted for far too long, but the

Water Authority Cayman’s work in education

and informing the public has gone some way

to changing these perceptions. Thankfully, as

the world comes around to realizing the true

value of water, the Water Authority Cayman is

already one step ahead.



IADCL-ARGYLE INTERNATIONAL AIRPORTST. VINCENT AND THE GRENADINES BRAND NEW GATEWAY

INTERNATIONAL AIRPORT DEVELOPMENT COMPANY


IADCL-ARGYLE INTERNATIONAL AIRPORTST. VINCENT AND THE GRENADINES BRAND NEW GATEWAY

THE SUSTAINABLE BUSINESS


The small nation of St. Vincent and the

Grenadines, located in the Caribbean Sea, is

traditionally more associated with sea-bound

travel more than airplanes. However, that’s

all set to change now that St. Vincent, the

largest island of the 32-island archipelago,

is finishing the development of its Argyle

International Airport later this year.

While it’s not the first airport on the islands

– there are already five – it will be, by

some distance, the jewel in the crown. We

recently interviewed Dr. Rudy Matthias,

Chief Executive Officer of the International

Airport Development Company (IADC), the

private limited liability company, owned

by the government of St Vincent and the

Grenadines, which is spearheading the

development.

OriginsThe idea for an international-class airport on the main island of St. Vincent goes a long

way back. For many years, the islanders have recognized that tourism has the potential

to become the country’s most important economic sector. As Matthias explained: “We’ve

known for years that without a high quality airport, the tourism sector is not going to

develop the way we want it to. Until now, the island hasn’t been able to accommodate

commercial jets.”

Therefore, one of the pillars of the election manifesto of the government, the ULP

Administration led by Dr. The Hon. Ralph Gonsalves that came to power fifteen years ago

in 2001, was to build a modern airport on St. Vincent, capable of dealing with commercial

jet liners. In 2003 and 2004, the government held firm on its election promise and began to

put systems in place to get development of the airport building underway. From the outset,

there were huge challenges, which go some way to explaining why the country hadn’t had

this airport before then. These challenges are also what make the delivery of the airport so

remarkable.

83Quarter 2 2016 - The Sustainable

A remarkable achievementThe first way in which the airport stands

out is the way in which it was built.

Matthias explains: “There was always a

challenge of finding a good site because

St. Vincent is a mountainous country.

Most of the people on the island live on

the coastal areas. So there are not many

places where you have enough flat land

to build an international airport, which

has a runway 9,000 feet long.”

Eventually, a site was found, but it wasn’t

flat: Three mountains had to be reduced

and two large valleys needed to be filled

to create an area flat enough to house

an airport and its runway. And this only

came after IADC had acquired the site:

All of the lands for the site identified were

owned by private individuals. In all, there

were 135 middle-income families with

whom the IADC entered negotiations for

the purchase of their homes and lands.

In all, the 275 acres of land where these

houses were located cost the IADC

about $60 million.

The second remarkable thing about

the airport is that it was able to come

to fruition at all given the enormous

construction cost, relative to the size of

the local economy. St Vincent and the

Grenadines has a very small economy,

and a small tax base, so the financing

had to be creative to work. The total

cost estimate for the airport was four

times what it cost to buy the site, in the

region of $240 million.

INTERNATIONAL AIRPORT DEVELOPMENT COM-


http://www.rimcocat.com



“If you were to float a bond for that amount,

that bond alone would have caused our debt

to GDP to become so high that it would have

become difficult to pay off our debts going

forward,” says Matthias, “so we had to find a

way to build the airport without borrowing too

much. After all, we have other social projects,

other development projects, and we need to

have the capacity to borrow in future.”

The solution was a creative finance solution

that tapped the country’s network of partner

countries for resources, in cash and in kind.

These countries include the Republic of

Venezuela (equipment), the Republic of Cuba

(technicians and manpower), Taiwan (cash

grants and loans) as well as Trinidad and

Tobago, Libya, Iran, Austria, Georgia, Turkey,

Mexico and also some funding from Caricom –

an economic union of Caribbean states.

http://innotech-services.com


The result will be an airport with a 9,000ft

runway and 3 inter-connecting aprons, which

will allow simultaneous parking of around 30

aircraft, including commercial and cargo planes

and non-commercial and private jets. The

terminal building, on which construction work

was finished in December 2013, will be able to

accommodate 1,000 passengers at peak hour

in its two terminals – one for domestic flights

and one for international flights.

The facilities at the Argyle International Airport

is actually a jump in scale from what currently

exists at the E.T. Joshua Airport on the island of

St Vincent: The Argyle Airport terminal building

has 135,000 square feet on three floors. For

a large country, that size terminal is relatively

small, but for St Vincent and the Grenadines,

this new terminal building at the Argyle Airport

is six times the size of the terminal building at

the existing E.T. Joshua Airport. Furthermore,

the land at the existing airport is only 61

acres, compared to 275 acres at the new

Argyle Airport. And the apron – the area for

parking the planes – at the Argyle Airport is

22 acres of land, compared to only 2 acres

of land at the existing E.T. Joshua Airport.

Everything at Argyle is that much bigger!

Committing to CSRBefore work could begin, in 2006, the IADC

enlisted a firm called Kochs Consult of

Germany to carry out an environmental impact

assessment (EIA) for the airport project. The

IADC received the report from Kochs in 2008

before beginning the construction works, and

carefully followed the recommendations in the


http://www.syleng.com



report, including those on the environmental

impacts and the measures required to avoid

adverse impacts.

Of this, Matthias says: “We did several things

over the years, based on the recommendations

of the EIA and one of the noteworthy ones was

the preservation of the history of the site. Over

the years, we’ve done several archaeological

excavations at Argyle, using established

archaeological institutions and firms. During

those excavations, we’ve uncovered a lot of

artefacts, which have helped us to document

the history of our country.”

At the peak of the construction work, IADC had

650 employees. Many of these were locals who

learned technical skills and received on-the-job

training from the experienced foreign crews that

came to work on the project. Local and regional

firms were also responsible for construction of

the Cargo Terminal, Aircraft Rescue and Fire

Fighting Station, and the Control Tower. The

construction works on the airstrip is being

done directly by the International Airport

Development Company, using mainly technical

skills from Cuba.



IADC’s main mandates are to develop the airport

and to put management structures in place for its

operation. Therefore, later this year, as the airport

opens, IADC is likely to be wound down and its

assets distributed to the airport management

company (Argyle International Airport Inc.) and other

government agencies, as the IADC’s remits are

fulfilled. However, the work for St. Vincent and the

Grenadines has only just begun.

From now on, the challenge is to leverage the

presence of the new airport to attract investors to

the country, to develop tourism on the island and

to create a more sustainable future for its people.

Matthias takes a long-term view of this process: “We

do not think the facilities could be most efficiently

used in the next year or two, but in the next five years,

the next ten years, the next 15-20 years, we expect

the airport to process a large number of traffic and

passengers that we’re going to see in that timeframe.

So we have built it to allow for the expectations of

the future.”

A NEW BEGINNING for St Vincent and the Grenadines




90 Quarter 1 2016 - The Sustainable Business Review

NATIONAL FLOUR MILLSAims to Lead Caribbean in Food SafetyNational Flour Mills of Trinidad & Tobago

is one of many suppliers down the

food chain responding to new quality

standards required by their customers.

In order to meet the sustainability

expectations of such customers as

Burger King, Kentucky Fried Chicken,

and Papa Johns, as well as their own

high standards of excellence, this

government-owned company is working

to obtain SQF Level 3 certification.

Safe Quality Food (SQF) certification

is the international standard that

guarantees that the food we buy is

safe to eat. Level 3 is equivalent to

the combination of ISO 22000 and

ISO 9001. Technically, the standard

applies only to human food products,

but National Flour Mills is qualifying

the entire company. This consists of

two main operational divisions, namely

food-grade grain and rice products,

and dry pet foods.

National Flour Mills, Ltd. (NFM) was

incorporated on September 30,

1972, with majority holdings by the

Government of Trinidad & Tobago.

In 1980 the government bought out

its other two shareholders and the

company became a wholly owned state

enterprise. In 1995 it listed on the stock

market, with the government owning

51% and 49% open to the public.

NFM is now the largest producer of

flour products in the Caribbean and a

major player in pet food. Its sells locally

and regionally (where it holds 60% of

the market for flour products) and some

outside of the region, like fish food to

Surinam and Guyana

.Most of its raw grains are imported from

the United States, rice bran is imported

from Guyana, and its chemicals and

additives come from elsewhere.

Recently the company purchased a

Trinidadian rice farm, and it is currently

developing products that use local

cassava root. Other than the rice farm,

the company is not vertically integrated

and has no intention of becoming so,

according to CEO Mr. Kelvin Mahabir.

NATIONAL FLOUR MILLS


NATIONAL FLOUR MILLSAims to Lead Caribbean in Food Safety



In a February, 2016 phone interview Mr.

Mahabir informed us that, “The market is much

different now than it was five years ago,” which

necessitated a change to a more sustainable

and commercial way of operating.

Mr. Mahabir was hired in 2014. He is well

qualified to transform the company, having

30 years of experience in private sector

manufacturing, plus being a Chartered

Accountant and having a Masters degree in

Business Administration. Since he took the

helm, the company has changed its culture

and doubled its profitability.

One of the difficult aspects of

operating in Trinidad, he says, is

the volatility of oil and gas prices.

Government GDP depends

heavily on revenues from fossil

fuels production, as do those

many local companies converting

and creating products from crude

oil and gas. A depression in this

section limits foreign exchange,

which can hurt trade as a whole.

NFM is combating this trend

by becoming a more efficient

producer, diversifying its

products, and securing supplies

in advance. Company analysts

carefully watch the prices of grain

and other supplies, so they can

purchase futures a year ahead

of actual need. They have also

applied a rigourous oversight of their supply

chain to find other ways of reducing costs

and making it more secure.Efficiency is a key

component in qualifying for SQF certification.

It requires whatever changes are necessary

to prevent the contamination of food. National

Flour Mills expects to spend US $25 million on

upgrades. These will include staff retraining

(critical), increasing security, reducing traffic

between plants, and improving quality of online

operations.

The company’s feed operation system is old,

requiring a decision as to whether to upgrade

or build a new plant. In 2008 it waterproofed

all of its silos (3,000 square metres) using a

food safety product manufactured by Radcrete

in Sydney, Australia. The company is also

diversifying products on the animal feed side of

operations to make it more elastic, all of which

helps NFM succeed in a more competitive

local environment.



http://www.umgroup.com



The food side of operations was already state-of-

the-art, with a fairly new plant that was subsequently

upgraded and can now be operated via a laptop at

home. In 2014 NFM upgraded its grain transport

system. The company has already been managing

its energy use and measuring carbon emissions, and

any new plants will meet all modern green standards,

according to Mr. Mahabir.

Staff retraining started in 2014, which included a new

employee productivity system that triggers a quarterly

bonus. By the following year it was already showing

results. In the first quarter of 2015 productivity went

up 10%, revenue improved by 21%, and profit after

taxes increased 372% over the same period the year

before. These changes were helped by a reorganised

management structure that

required key business units

to report directly to the

CEO.

The company also hired a

new Manager of Corporate

Security to help strengthen

its security systems,

protecting product integrity

and safety throughout the

facilities. And it integrated

its human resources,

accounting, production,

inventory, procurement,

and sales departments with

appropriate technology and software upgrades. To

further motivate workers, the company significantly

increased its annual technical and vocational

scholarships to their eligible children.

Not required by the SQF standard, but still a part

of sustainability is the way the company affects

communities in which it operates. NFM helps promote

local food related events, culinary schools, elementary

schools, cultural and religious celebrations. In 2013

the company gave financial assistance and donations

of products to more than 130 local communities and

charities.

An example of the kind of support National Flour

Mills gives is its donations to the Guaico Government

Primary School. The school’s principal sent a letter

requesting NFM’s support in enhancing the academic

performance of its students. These low income,

single parent children were interested in agriculture,

so the company donated 45 kg bags of feed to

help with rearing rabbits and chickens at school,

and distributed brochures showing nutritional facts

and feeding

guidelines for

all animals.

The Board

C h a i r m a n

of National

Flour Mills

states in the

c o m p a n y ’s

2014 Annual

Report that

“no plan can

be termed

a success

unless the

objectives are secured permanently.” Establishing

oneself as a long term, contributing member of

the community is one way of permanently securing

objectives, and acquiring SQF certification (generating

the approval of customers and the potential for

increased trade) is another.



communities in which it operates. NFM helps promote

local food related events, culinary schools, elementary

schools, cultural and religious celebrations. In 2013

the company gave financial assistance and donations

of products to more than 130 local communities and

charities.

An example of the kind of support National Flour

Mills gives is its donations to the Guaico Government

Primary School. The school’s principal sent a letter

requesting NFM’s support in enhancing the academic

performance of its students. These low income,

single parent children were interested in agriculture,

so the company donated 45 kg bags of feed to

help with rearing rabbits and chickens at school,

and distributed brochures showing nutritional facts

and feeding

guidelines for

all animals.

The Board

C h a i r m a n

of National

Flour Mills

states in the

c o m p a n y ’s

2014 Annual

Report that

“no plan can

be termed

a success

unless the

objectives are secured permanently.” Establishing

oneself as a long term, contributing member of

the community is one way of permanently securing

objectives, and acquiring SQF certification (generating

the approval of customers and the potential for

increased trade) is another.



IMAGE RESOURCES: INTREPID EXPLORERS OF AUSTRALIA’S WEST COAST

IMAGE RESOURCES


IMAGE RESOURCES: INTREPID EXPLORERS OF AUSTRALIA’S WEST COAST

Image Resources is an Australian firm based

in the city of Perth, on the country’s western

seaboard. The company is focused on the

exploration and development of heavy mineral

sands deposits in the North Perth Basin,

extending from 100km to 200km north of

Perth, the capital of Western Australia.

As with many regions in Australia, Western

Australia is rich in mineral resources. The region

is a well-established destination for minerals

sands, with the added bonus of having world-

class infrastructure and a local workforce which

has extensive experience in the area of mineral

sands and other mineral resources.

The company’s primary activity has been the

evaluation of the 100% owned Boonanarring

and Atlas deposits, which comprise part of the

aforementioned North Perth Basin project. The

work on this has included several environmental

studies, environmental approvals, a feasibility

study into the Base Case and application for

several more approvals.

The Boonanarring and Atlas deposits are high

grade mineral sands deposits currently under

evaluation, totalling 24 million tonnes at 8.2%

heavy minerals, of which 19.1% is zircon. As

George Sakalidis, Head of Exploration recently

told us: “The grade averages around 8.3%

against mining in general region which average

around 5%. The zircon in the region averages

around 10%, while ours is around 24%, so it’s

a much higher grade. It’s much higher than

anything else around.”

Image Resources has been listed on ASX since

2002. In 2015, it showed revenues in excess

of AU$500,000 and had total assets of over

AU$1.3 million. The company had been highly

commercially active in the same year, with the

sale of some of its mineral sands deposits to

Tronox (NYSE:TROX) for $50,000 cash and a

sliding royalty.



IMAGE RESOURCES


•Appropriately manage the environmental

impacts of its exploration, mining and

processing activities

•Operate responsibly and in full compliance

with the applicable environmental laws,

regulations, tenement and permit conditions

•Pollution prevention and minimization

•Continually improve environmental

management practises and to exceed the

minimum requirements set by legislators with

regard to all areas of its operations

•Conduct mining in a manner which that

ensures the rehabilitation to the agreed land

use at the earliest possible time

•Ensure that all employees are aware of

their roles as part of the company’s overall

environmental responsibility

•Regularly audit and monitor its own

environmental performance

These measures ensure that the company

does its part for the environment in what

has been a traditionally ‘dirty’ industry. With

time, companies like Image Resources

are recognizing that sustainable long-term

investing cannot create the environmental

externalities that we associated with such

industries in the past.

Environmental PolicyThe company takes its commitment to the environment seriously. In fact, its environmental policy

is quite visible on its corporate website for all to see. It’s a thorough document, outlining in several

steps where the company outlines all aspects of where it stands on the issue. The highlights of

the document are included below. Image Resources AU commits to:



IMAGE RESOURCES


CommunityThe company is a respected employer and

stakeholder in the broader Perth community.

In all of its dealings, it places an emphasis on

establishing open and effective communication

with the individuals, families and communities

that neighbour their projects. Total buy-in is

sought from these people and their feedback

is taken on board at every step of each project.

As a prime example of this, the company

operates a small community liaison office in

Gingin Town, a small agricultural town located

about 90 kilometres north of Perth. This is

locally staffed and provides a readily available

focal point and source of information for the

company’s projects and plans for the area.

Through this office, Image Resources has

been able to provide information on the

opportunities for the local communities that

will spring from its projects, in terms of both

employment and development for the local

economy. An area such as Gingin Town with

an unemployment level in excess of 8%, has

welcome the firm and its community initiative

as its seeks to develop its own potential in line

with that of the company.



Occupational Health and Safety PolicyInside the company, Image Resources also has a keen commitment to its staff. Despite plenty of

technological progress over the past fifteen years alone, mining industries are still highly labour

intensive and in many cases, highly skilled labour. Image Resources’ people, and their well-being

therefore, is important for the company on a number of levels.

Image Resources’ Health and Safety Policy, again available on their corporate website, commits to

a range of measures to ensure their employees’ well-being. The company aspires to:

•Comply with all health and safety

regulations, and in most cases, exceed the

minimum application of these regulations

•Establish in-house health and safety

procedures and management systems

which are integrated into all design,

construction and operating activities

•Commit adequate resources for the

effective implementation of all health and

safety procedures to be carried out to the

utmost

•Encourage employees to actively promote

and demonstrate their commitment to

safety through personal example in their

own activities and in the direction of others

•Ensure that all employees are properly

trained, equipped and motivated to

accomplish their tasks in a safe manner

•Provide leadership around health and

safety As Mr. Sakalidis points out: “Once

we go into production, there’ll be a lot

more employees,” so the policy will need

to be renewed and added to as time goes

on

IMAGE RESOURCES


The OutlookAs with all mining companies, Image

Resources is quite dependent on the vagaries

of the prices of the minerals that it mines. This

sometimes provides a reflection on the share

price, which doesn’t always reflect favourably

on the positive externalities that the firm

creates in areas outside of the ASX. The firm

is seeking in the future to raise about $45m for

the development of the Boonanarring deposit.

The company’s MOU with Murray Zircon Pty

and its parent company, Orient Zirconic, should

fast-track Image Resources’ Boonanarring

mineral sands deposit in 2016, as well as

providing access to increase levels of capital,

technology and expertise for Image Resources

to develop other projects as they arise.

Boonanarring is promising but as Mr. Sakalidis

points out: ““If we don’t find any more at

Boonanarring, we’ll shift the operation to Atlas.

If we find more around Boonanarring, we’ll

increase the mine life to more than ten years.

Boonanarring is very high grade. It’s got some

of the highest mineral grade deposits in the

world. It’s very high in zircon as well, so that’s

very promising.”

In the 14 short years of its existence, Image

Resources has made considerable progress on

a number of fronts. It has become a respected

member of Australia’s growing band of mining

firms – making something of a niche for itself

in the area of Minerals Sands on Australia’s

western coast.

http://www.cat.com/

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