Diggers & Dealers 2023 = ESG = Sustainability

One of the most important issues in mining today is the growing emphasis on sustainable and responsible mining practices. We all know Environmental Social Governance (ESG) is “corporate speak” for sustainability and the acronym featured strongly with speakers at Diggers & Dealers 2023, as was the case last year.

When Auxilium’s Andrew Smith attended the Diggers & Dealers Kalgoorlie recently he also noticed a colourful message board in one of the booths filled with overflowing ideas on how to conquer sustainability challenges ranging from tech solutions like chemical-free testing, recycling lithium batteries, and using AI (?how) to the more system orientated ideas like improved workplace culture and leadership, partnership schemes, global governance structures and rethinking value. Even if not specifically mentioned, let’s not forget to include reducing carbon emissions, minimizing water usage, mitigating habitat disruption, adopting ethical labour practices, addressing the social and economic impacts of mining on local communities, including indigenous populations in any thoughts about ESG.

Contracts place high expectations on service providers to optimise ESG with more and more big miners making decisions based on a provider’s ESG record and the provider’s flexibility to meet the head contractor’s own KPIs for ESG.

Now is the time to introduce or review your financial strategic plan with a view to highlighting ESG at each key stage. As regulatory frameworks tighten, investors demand greater transparency, and consumers become more conscious of the products they use, mining companies are recognizing that incorporating sustainable practices is not only a moral imperative but also a strategic necessity for long-term viability and success. Balance the benefits to the planet, people and profit successfully.