PERTH (miningweekly.com) – Copper miner Sandfire Resources has abandoned court proceedings against the Centre for Australian Ethical Research (CAER), after CAER publicly admitted that research it had conducted in 2014 did not meet required standards.
Sandfire launched Federal Court proceedings against CAER in November, claiming the centre’s investment research into companies in which the Australian National University (ANU) had invested funding was misleading. CAER provided the ANU with environmental, social and governance ratings on which to base its investment decisions.
The review resulted in the ANU divesting of stocks in seven companies, including Iluka Resources, Independence Group, Newcrest Mining, Sandfire Resources, Oil Search, Santos and Sirius Resources.
CAER has issued a statement admitting that the research process it applied to compile the review failed to meet its own standards in not contacting Sandfire for comment or information prior to the release of the review.
The CAER noted that the lack of communication fell short of the centre’s regular contact, and did not meet stated standards of its research.
The CAER also conceded that the question of the center’s opinion as to the fairness of the profile on Sandfire should be considered in this context.
Sandfire said on Thursday that the company would discontinue Federal Court proceedings against CAER.