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Before taking a holding, third-party data providers had assessed the company's approach in specific mine sites as not aligned with the United Nations Global Compact (UNGC), which included Principle 2 (businesses should ensure they are not complicit in human rights abuses) and Principle 7 (businesses should support a precautionary approach to environmental challenges). During the course of our engagement, one third-party assessor upgraded its status, while another added Principle 4 (businesses should uphold the elimination of forced and compulsory labour). As a state-owned enterprise with operations spanning continents, it faces scrutiny from various stakeholders. Our position as a minority investor meant that building trust and credibility was essential. With more than three decades of experience investing in emerging markets, and by leveraging our regional expertise in Shanghai, we were able to foster a constructive relationship and gain valuable insights into the company's evolving approach to key topics.

As a state-owned enterprise with operations spanning continents, it faces scrutiny from various stakeholders. Our position as a minority investor meant that building trust and credibility was essential. With more than three decades of experience investing in emerging markets, and by leveraging our regional expertise in Shanghai, we were able to foster a constructive relationship and gain valuable insights into the company's evolving approach to key topics.