Examine The Role of Management in A Mining Company of Your Own Choice in Keeping The Relationships Among Key Stakeholders (Brompton Mine)

FIELD BASED ASSIGNMENT 1
EXAMINE THE ROLE OF MANAGEMENT IN A MINING COMPANY OF YOUR OWN CHOICE IN

KEEPING THE RELATIONSHIPS AMONG KEY STAKEHOLDERS {BROMPTON MINE} [25].
Management is the science and art of getting people together to accomplish desired goals
and objectives by coordinating and integrating all available resources efficiently and
effectively. It involves the processes of planning, decision making, organizing, leading,
motivation and controlling the human resources, financial, physical, and information
resources of an organization to reach its goals in an efficient and effective manner.
Stakeholders can be internal or external. Internal stakeholders are people whose interest in
a company comes through a direct relationship, such as employment, ownership or
investment. External stakeholders are those people who do not directly work with a company
but are affected in some way by the actions and outcomes of said business. Suppliers,
creditors and public groups are all considered external stakeholders.
A stakeholder is a party that has an interest in a company and can either affect or be affected
by the business. The primary stakeholders in a typical corporation are its investors,
employees, customers and suppliers. However, the modern theory of the idea goes beyond
this original notion to include additional stakeholders such as a community, government or
trade association.
Stakeholder relations management is a key skill. Effective management of relationships

with stakeholders is crucial to resolving issues facing organizations. By using their
influence, stakeholders hold the key to the environment in which your organization operates
and its subsequent financial and operating performance.
It’s often said that the hardest part about opening a new mine isn’t getting the raw materials
out of the ground, it’s managing the complex relationship with the communities living above
the ground near the mine.
Proactively understanding and managing the concerns of a project’s stakeholders is no small
task, and the costs of poorly managed stakeholder engagement have been well-documented.
Ineffective stakeholder engagement can lead to severe damage to a company’s reputation
and cause delays in permitting or mine closure, costing several millions of dollars per day.
We should acknowledge that the central focus of studying any organizational relationship is
the establishment, development, and maintenance of relationships between exchange
partners (Morgan & Hunt, 1994). The notion of “paying attention to key stakeholder
relationships” (Freeman, 1999: 235) is and has been a major theme in the strategic
management literature. In fact, superior stakeholder satisfaction is critical for successful
companies in a hypercompetitive environment (D’Aveni, 1994)
Project managers understand the importance of nurturing a stakeholder relationship – and
know that poor stakeholder management can cause an initiative to fail.
Establishing open communication with key stakeholders, customers and suppliers is essential
to set a project up for success right from the start. Stakeholders need to be consulted
adequately and have their interests, issues and concerns considered and resolved. As well,
commitments made to them must be tracked, monitored and fulfilled.
BRENDA RUZE MINING GEOLOGY

Basic steps on how to establish a relationship based on honesty and trust, and an ability to
reach compromises when needed.
1. Identify stakeholders:
Start by identifying who the key stakeholders are. It’s not always the top person in an
organization – recognize the importance of communicating with many levels of
contributors, which is essential to really understand issues. Determine
stakeholder groups and understand their needs and the roles they play. For example,
there are those who simply need to be kept informed of progress, and those who will
directly influence project outcomes.
2. Identify desired outcomes:
Structure exchanges with stakeholders to fit both their needs and those of your
program. It’s important to have a clear picture of what you need to accomplish before
you start but also have the ability to adjust expectations when the need for modification
arises.
3. Share information openly with stakeholders:
Establish trust by being transparent about the status of your initiatives. Good
communication is essential in order to effectively share your vision with those involved
in your project. Provide a big picture view and include timelines and key milestones.
4. Listen openly to participants:
This is one of the most important communication skills. Listen to the feedback you are
receiving and make sure you understand the perspectives, suggestions and concerns of
contributors. If stakeholders feel they are being heard, it will go a long way towards
establishing trust.
5. Provide options to resolve issues:
Rather than forcing a single solution to an issue, seek to establish compromise or multiple
positive outcomes. Providing participants with mutually beneficial choices is a powerful
strategy.
6. Make realistic promises and keep them:
Over-promising and under-delivering is a sure way to set your project up for failure. If
you need to make changes mid-stream, communicate openly and clearly about the
reasons why. Deliver on your promises.
BENEFITS OF EFFECTIVE STAKEHOLDER ENGAGEMENT

Learning
Engaging with different perspectives provides opportunities for learning and potentially
changing your approach to ensure it fits the needs of stakeholders.
On decision-making
Understanding the views and interests of your stakeholders can lead to more effective
decision-making.
This is more than just getting the language right. In understanding issues and concerns, it
provides an opportunity to reflect on what will and will not work, and why.
Saving time and money
Engaging early can lead to savings of both time and money in the long term.

This is not only critical to developing a robust policy or product, but to develop a real
understanding of needs. Start on implementation before it, it’s likely you’ll need to go back
to the drawing board.
Trust
Effective stakeholder engagement is critical to building lasting credibility and trust – in your
organisation and/or product.
Risk management
Being open to different views can improve risk management through potentially highlighting
issues you may not have been aware of and help you prioritise.
Accountability
Engaging with stakeholders is central to improving accountability within your own
organisation as well as to the wider market. Transparency is important – be clear about the
outcomes you are hoping to achieve and the steps on the way.
Understand needs
Understanding the full range of needs and views can lead to better policy making and better
outcomes

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FIELD BASED ASSIGNMENT 1

EXAMINE THE ROLE OF MANAGEMENT IN A MINING COMPANY OF YOUR OWN CHOICE IN

Stakeholder relations management is a key skill. Effective management of relationships

BRENDA RUZE MINING GEOLOGY

BENEFITS OF EFFECTIVE STAKEHOLDER ENGAGEMENT

BRENDA RUZE MINING GEOLOGY

BRENDA RUZE MINING GEOLOGY

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