Natural Resource companies carry both the burden, and offer the solution, to the impacts that mineral extraction can have on communities and other stakeholders. They need a strong social license from local people to build infrastructure; but they also supply the means to obtain it through development of large-scale projects.
Traditionally, CSR has been the route taken by companies to do social good where the money is handed out to the community. However, it does not provide any economic returns for the company. In certain situations, CSR initiatives may not come to fruition at all due to various hindering factors. This can discourage companies to take such an initiative. Often times, the fundamental needs of the community are not well understood and this creates a situation where the project is either incomplete or fails after implementation.
Social license consortium (SLC) brings the communities and resource companies together to identify, develop and manage sustainable community based businesses by leveraging the financial strengths of the extractive sector to yield long term economic benefits for impacted communities
SLC brings together industry experts and practitioners who have worked in various projects independently in various countries. The solutions provided by the practitioners was focused in a particular area. As we know that the issues that companies face today have many dimensions and it is not sufficient to tackle them in a segregated manner. The primary focus of SLC is to look at all the impacts and their causes and provide a holistic and targeted solution that can provide a sustainable future for all stakeholders including the company.