Mining Talk: Social and Community Investment (Discourse)

## What this measures

Mentions of social and community investment, social contributions, community development, community programs, projects and funds, community benefit agreements, and a company's own social programs, per 10,000 words of each cohort document, averaged across documents. Government social programs are excluded. Counted by fixed word patterns.

## Why it matters

Mining companies fund schools, clinics, water systems and local enterprise around their operations, often under agreements with communities or governments. How often executives bring it up shows how central it is to the story they tell investors.

## How to read it

Higher means social investment is taking more of the conversation. Most windows read near zero; spending lines in a company's cash-flow statement can add mentions in quarters when that statement is part of the document.

## What it does not say

It counts mentions, not money. A mention can be a commitment, a cost line or a report of past spending. The rate is published to two decimals because the topic is rare on calls: in many 90-day windows only a few companies mention it, so one company's remarks can move the series.

## The cohort

Twenty-six US-listed companies whose main business is operating metal or mineral mines and whose earnings calls are transcribed: Agnico Eagle, Alcoa, AngloGold Ashanti, Barrick Mining, BHP, Cameco, Coeur Mining, Eldorado Gold, Ero Copper, First Majestic Silver, Freeport-McMoRan, Gold Fields, Harmony Gold, Hecla Mining, Hudbay Minerals, IAMGOLD, Kinross Gold, MP Materials, Newmont, Pan American Silver, Rio Tinto, Sibanye Stillwater, Southern Copper, SSR Mining, Teck Resources and Vale. Royalty and streaming companies, aggregates and quarry operators, steelmakers and chemical makers are excluded. Most companies report quarterly; BHP reports half-yearly. A value is published only when at least 8 companies have a document in the window.

## Source

Palanor Discourse, derived from earnings-call transcripts received through a licensed data provider (press releases filed with the SEC where no transcript exists). One document per company per calendar quarter, trailing 90 days. Counted by Palanor from the document text.