The mining industry's new-found responsibility and imposition of stronger environmental safeguards could represent an example to other industries in the Arctic, experts say. Some experts have argued that economic interests could play an increasingly important role in shaping development in the Arctic. However, prominent members of the mining industry stressed that economic interests should play a pivotal role in driving responsible industrial activity in the region. Many countries are undertaking longer term economic commitments. For instance, China has just established to purchase oil and gas from the Russian Arctic over the next decades, while at the same time having secured stakes in Russian oil platforms in the region. Experts show that the Arctic is rich in oil, gas, and metals such as nickel, copper, gold, uranium, or tungsten. It even has large diamond reserves. Rapidly shrinking sea ice exposes new shipping routes through the Arctic Ocean that will save time and money for companies moving goods from Asia to Europe, while also providing new opportunities for tourism and fishing. Experts indicate that mining companies could have a big opportunity in this region. For example, Alaska’s Red Dog mine represents one of the world’s biggest producers of zinc and lead, whereas Greenland’s Ilimaussaq complex is estimated to meet a quarter of global demand for rare earth elements, critical components in a wide range of electronic devices, over the next 50 years. Additionally, many countries, including China and the UK, are lining up to invest in future projects. On the other hand, mining companies remain cautious about the Arctic, partly because of the threats posed by environmental accidents. For example, data reveal that around 170 miners are killed each year in the South American gold industry. Additionally, expensive mining projects built in a hurry have hit the industry’s reputation. In this framework, climate change plays a central role. Global warming coupled with the global decline of ore quality, has already undermine the situation for extractive industries. These companies have to operate in increasingly remote environments where mining companies face competition with local inhabitants for water and energy, experts said. Moreover, the main mining companies are part of the International Council on Mining & Metals (ICMM), founded in 2001 with the objective to tackle sustainable development challenges. Major mining companies have established to undertake a set of principles created to maintain sustainable development standards. Experts stressed that this arrangement represents a unique instrument for large-scale industries. In this framework, as the Arctic opens up for business, mining has reached an important step towards a leadership position in private-sector environmental stewardship, experts show. In relation to that, industry experts argued that the mining industry's new-found responsibility and imposition of tighter environmental safeguards could serve as an example to other industries eyeing up development of the Arctic, taking into account the well-being of the region’s people and the broader natural environment. The gLAWcal Team EPSEI project Wednesday, 26 November 2014 (Source: ChinaDialogue)