ABx Group (ASX:ABX) has adopted a new environmental, social, and governance (ESG) framework developed by the World Economic Forum (WEF).
The $17.2 million market capitalisation company has also subscribed to a reporting platform built by Melbourne-founded ESG tech specialist Socialsuite to support its ESG monitoring and disclosing process.
ABx plans to release a baseline ESG disclosure report developed using Socialsuite’s tech before the end of December.
The company plans to use Socialsuite’s platform to deliver and report on its ongoing progress towards improving ESG metrics and indicators, with the platform touted as an efficient tool for investors and other stakeholders to assess the company’s commitment and progression.
ABx Group Managing Director Mark Cooksey says subscribing to the reporting platform has enabled the company and other small-to-mid-cap companies to complete their ESG reporting in a ‘structured, standardised, and globally recognised manner’.
“As part of our purpose of ‘delivering materials for a cleaner future’, ABx is committed to the principles of ESG.
The Socialsuite platform excels in making the World Economic Forum framework accessible and operational, and we will use it to demonstrate our ESG performance and share our journey of building robust ESG credentials.”
“As part of our purpose of ‘delivering materials for a cleaner future’, ABx is committed to the principles of ESG”
ABx has 2 key focus areas for its ESG reporting: the creation of rare earth element (REE) projects to enable the increased production of permanent magnets essential for renewable energy generation; and the establishment of a plant to produce hydrogen fluoride and aluminium fluoride from recycled industrial waste.
ABx is scheduled to exhibit at the upcoming International Mining and Resources Conference (IMARC) held in Sydney from 31 October to 2 November 2023. Mining.com.au is an official media partner of IMARC, which will showcase 500-plus mining leaders and resource experts throughout 7 concurrent conferences.
Socialsuite describes itself as a ‘global leader’ in impact technology. The company was founded in 2014 in Melbourne and has offices in Australia, the US, and Canada.
ABx Group is focused on delivering materials for a cleaner future. As of 30 June 2023, the company had $5.89 million cash at hand, according to its latest quarterly report. On 6 September, the company launched a placement to raise $1.5 million.
Write to Aaliyah Rogan at Mining.com.au
Images: ABx Group