ESG : The foremost risk for global mining companies - Canadian Mining Journal
The mining industry faces significant environmental, social, and governance (ESG) challenges, with these factors dominating the risk landscape for the third consecutive year. EY Canada s report on the Top 10 Risks and Opportunities in Mining highlights the complexities miners face in 2024, with a growing degree of both complexity and investor attention. This shift is expected to drive innovation, ambitious targets, and greater transparency in reporting. Environmental risks include waste management and water stewardship, with the industry managing over 200 billion tonnes of tailings and billions more anticipated. Innovations like the Mining Microbiome Analytics Platform showcase the sector s commitment to non-chemical extraction and remediation strategies. Water stewardship is also a critical area, with stringent water usage policies in countries like Chile. Social risks focus on diversity, equity, and inclusion (DE&I), health and wellbeing, and human rights. While there has been some improvement in female participation in C-suite roles, overall diversity remains low. Health and wellbeing initiatives are expanding, addressing mental health challenges of Fly-in fly-out (FIFO) workers. Human rights scrutiny is increasing, with a lackluster average score of 22% in human rights performance across the sector. Governance challenges revolve around measurement and monitoring, with the plethora of regulations and frameworks creating a complex environment for the industry to navigate. Establishing credible baselines and integrating considerations throughout the mine lifecycle are essential for maintaining integrity and achieving global ESG sustainability standards. In conclusion, the mining industry must embrace change to navigate the complex ESG landscape, ensuring sustainable operations that align with global standards and stakeholder expectations. Theo Yameogo, the Americas mining & metals leader at EY, emphasizes the need for increased innovation, collaboration, and agility in the upcoming years.
Source: canadianminingjournal.comPublished on 2024-10-05
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