Environmental, social and governance (ESG) has evolved to being driven by external factors such as shareholder activism and investor confidence, rather than regulatory frameworks, finds a panel discussion hosted by Creamer Media on June 26.
ESG strategies are also becoming increasingly data-driven, with quantifiable and measurable outcomes and thorough reporting, which many mining companies are doing voluntarily.
Webber Wentzel associate and panel facilitator Emily Gammon pointed out that data-driven approaches are becoming more prevalent to ESG practices and that data helps to inform targets and measurement thereof.
There seemed to be consensus among mining companies that they should leave a positive, sustainable legacy from the start of operations during exploration through to mine closure, said consultancy SRK Consulting partner Wouter Jordaan.
Some companies embedded ESG in all of their decisions and operations, he stated, adding that mining companies were realising they could be proactive to reduce risks related to ESG.
These risks could be predicted using technology, while technology could also ensure transparency and accountability on stated commitments, Jordaan explained.
Moreover, he said more mining companies were joining organisations such as the International Council on Mining and Metals, which generally had its own set of guidelines for responsible mining and, importantly, responsible closure of mines.
Read the full article on Mining Weekly.
