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However , copper ’ s role in the modern world goes beyond supplying and supporting the green energy transition . It also provides social and economic benefits to the communities and countries where copper mines are located . These social and economic impacts have been key focus areas for the copper industry . An ICA-commissioned study by Wood Mackenzie examined the impact of copper mining and the ways that stakeholders , such as the mine operator , industry , national regulators and the local community , come together to enforce the mine ’ s social license to operate .
Copper mining provides positive socioeconomic benefits for local communities , including the elevation of livelihoods through the development of both direct and indirect employment opportunities , and the distribution of economic value by increasing household income , and funding infrastructure and community development . Funding provided to local communities can help develop core infrastructure including schools , hospitals and roads . Analysis from Wood Mackenzie estimates that the global copper mining sector distributes an average of $ 73 billion per year in socio-economic value , with an estimated $ 20 billion that is not distributed due to poor governance practices in certain jurisdictions .
Copper miners work closely with local authorities , governments and communities to ensure that , as mining operations generate value in an economically and environmentally conscious manner , the local region also improves and grows . This can be achieved through various methods , such as community funds set up by the companies operating the mines . These funds donate equipment to key local organizations or work alongside the community on essential projects .
In this working relationship , copper miners utilize their technical expertise to open a new value stream to the jurisdiction , while regulators influence the socio-economic returns and socio-political stability of the area and the local community . In addition , miners play an important role in protecting indigenous communities and the environmental ecosystem . Each part of the working relationship ensures value is co-generated to create mutually beneficial growth .
The copper mining industry is not only important to the local communities surrounding an operation , but it also provides significant economic benefits to countries as a whole . The copper mining sector can contribute as much as 9.5 percent of a country ’ s GDP through the payment of taxes , the injection of capital into the economy and
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