Impact Minerals (ASX:IPT) has adopted an Environmental, Social, and Governance (ESG) framework it hopes will have maximum effect on leaving as small an environmental footprint from mining as possible.
Impact has engaged ESG monitoring technology platform Socialsuite to streamline the disclosure and ongoing ESG reporting process.
The ESG framework has 21 core metrics and disclosures created by the World Economic Forum (WEF) and adopts Socialsuite’s ‘ESG Go’ as a “best-in-class solution” to start ESG reporting within a structured, standardised, and globally recognised solution that makes the WEF framework accessible and operational.
A baseline ESG disclosure report will be compiled over the next few months and will focus on utilising Socialsuite to deliver and report ongoing progress toward disclosing and improving ESG metrics and indicators.
Impact Minerals says the context in which it operates has been transformed by climate impact, nature loss, and social unrest around inclusion and working conditions. This new global environment is challenging the traditional expectations of corporations and redirecting investment capital.
Addressing the ESG moves, Managing Director Dr Mike Jones says: “Impact Minerals is committed to building legitimate Environmental, Social, and Governance credentials and we are now commencing ESG reporting as a tangible first step on our ESG journey. This is of increasing importance to us and to all of our stakeholders as we move along the path towards production from our Lake Hope High Purity alumina project here in Western Australia over the next few years.
We believe the Lake Hope project is already demonstrating strong ESG credentials, given the material is free-digging, and can be trucked off-site for processing at an established industrial site, leaving a very small environmental footprint compared to conventional mining.
In addition, we have already received heritage clearance for the area to be mined from the Ngadju Peoples with whom we have an excellent relationship. The ESG framework we have adopted, which will be applied throughout our entire project portfolio, will enable us to better identify material risks going forward, leading to better-informed decisions and business outcomes.
“Our commitment to ESG will also create a consistent and measurable approach that helps us contribute to the betterment of our communities both locally and globally“
Our commitment to ESG will also create a consistent and measurable approach that helps us contribute to the betterment of our communities both locally and globally.”
Global sustainable investment reportedly now tops $30 trillion – up 68% since 2014 and tenfold since 2004. Impact Minerals says it is charting a course to build resilience and enhance our social licence through a greater commitment to long-term, sustainable value creation that embraces the wider demands of people, planet and shared prosperity.
By including ESG metrics in mainstream reporting and integrating them into governance, business strategy, and performance management processes, Impact Minerals sets out to demonstrate it diligently considers all pertinent risks and opportunities in running its business.
Both Impact and Socialsuite are 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.
Founded in 2014 in Melbourne, Socialsuite has offices in Australia, the US, and Canada. Socialsuite’s purpose is to help organisations show the change they are making. To do that, it develops and provides technology solutions to measure and manage social impact and ESG reporting.
Write to Adam Orlando at Mining.com.au
Images: Impact Minerals
