Modern Day Slavery Statement
This statement is made pursuant to Section 54 of the Modern Slavery Act 2015 and sets out the steps that Prince Minerals Ltd. has taken and is continuing to take to ensure that modern slavery or human trafficking is not taking place within our business or supply chain.
Modern slavery encompasses slavery, servitude, human trafficking and forced labour. We have zero tolerance to any form of modern slavery. We are committed to acting ethically and with integrity and transparency in all business dealings.
Prince Minerals Ltd. (registered office in Stoke-on-Trent, Staffordshire) is one of several subsidiaries of Prince International Corporation headquartered in Houston, Texas USA (the “Prince Group”). The Prince Group is a leading, global, value-added distributor of specialty mineral products, coatings and additives used across a broad spectrum of niche industrial applications. The Prince Group purchases raw materials from global mining companies and other suppliers and leverage our technical, processing and blending abilities to develop value-added products for customers, who often have unique product specifications, in specialty markets around the world. The key end markets the Prince Group serves include the following: construction, glass, agriculture, appliances, foundry, refractory and steel, ceramics, and oil and gas. The Prince Group is an important intermediary between global mining companies and other raw material suppliers and a diverse range of niche markets. The Prince Group as a whole purchases raw materials from approximately 600 suppliers and sell specialty additives, minerals and customized formulations to over 2,000 customers in more than 70 countries worldwide.
Our High Risk Areas
We believe our highest areas of potential risk are within our supply chain. In order to mitigate our supply chain risk, Prince has in place a Supplier Code of Conduct which, among other things, forbids the use of child and compulsory labour, human trafficking and slavery, unsafe and hazardous working conditions and environments, and any behaviour that does not maintain human dignity and respect.
On any new supplier contracts, we aim to include specific contractual language that obligates the supplier to act in a lawful manner and that forbids the use of child and compulsory labour, human trafficking and slavery.
We have in place a number of internal policies to ensure that we are conducting business in an ethical and transparent manner. These include:
- Code of Ethics. Prince’s Code of Ethics explains the manner in which we behave as an organisation and how we expect our officers, directors and employees to act.
- Anti-Corruption Policy. Prince’s Anti-Corruption Policy outlines the requirement that all Prince employees, agents, officers and directors must comply with all anti-corruption laws in every country in which we do or intend to do business.
- Supplier Code of Conduct: Prince’s Supplier Code of Conduct outlines the minimum requirements and expectations for the ethical behaviour of all suppliers to Prince.
- Prince Ethics Hotline. Prince maintains a telephone and web-based reporting system that we call the Prince Ethics Hotline. This system, which is managed by EthicsPoint, an independent third party, allows employees and third parties to communicate any concerns that they may have about unethical behaviour or violations of the Prince’s Code of Ethics on an anonymous basis.
To ensure a high level of understanding of the risks of modern slavery and human trafficking in our organisation and our supply chains, we intend to roll out a training program to our employees. All appropriate employees will be encouraged to participate in such training to better understand the risks.
Our Performance Indicators
We will know the effectiveness of the steps that we are taking to ensure that slavery and/or human trafficking is not taking place within our business or supply chain if no reports are received from employees, the public, or law enforcement agencies to indicate that modern slavery practices have been identified.
Approval of This Statement
This statement was approved by the Prince Minerals Ltd. Board of Directors.
Prince Minerals Ltd.
Ralf Schoenfelder, Managing Director
March 16, 2021