K92 Mining Inc. (TSE: KNT) (OTCMKTS: KNTNF) has kept to its values while making strides towards becoming a top tier gold producer.
On Thursday, the company published its 2024 Sustainability Report, which provides details on the company’s environmental, social and governance (ESG) practices.
The company reported that it has now operated for 553 days without a lost-time injury, achieving a Total Recordable Injury Frequency Rate (TRIFR) of 0.69. The company currently employs 1,790 workers and contractors in Papua New Guinea, with approximately 92 per cent of the total workforce made up of PNG Nationals. K92 prioritizes hiring from local communities to maximize regional benefits.
During the year, the company spent $96.5 million on procurement from PNG-based companies. This accounted for 42 per cent of its total procurement budget. Further, K92 paid $62.6 million in taxes and royalties to the government of Papua New Guinea, more than doubling its 2023 contributions with a 134 per cent increase.
In addition, the company invested $28.0 million in local joint ventures. It also allocated $6.6 million for its first project under the PNG Infrastructure Tax Credit Scheme.
K92 also received the Outstanding Community Humanitarian Initiative award from the PNG Chamber of Resources and Energy (CORE). The award recognized the company’s Sustainable Agriculture Livelihoods Program (SLAP). This marks the third consecutive year that K92 has earned CORE’s top annual community award.
The company prepared the report in accordance with the Sustainability Account Standards Board (SASB) Metals and Mining Standard for the sixth straight year. This also includes continued progression of providing climate disclosures that work in conjunction with recommendations from the Task Force on Climate-related Financial Disclosures.
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K92 remained focused on building local capacity
K92 Mining also launched its CARES framework, which defines the company’s core values and reinforces its commitment to responsible mining and mutual respect. It also advanced efforts related to the Kainantu Endowment, a program established to provide scholarships for Papua New Guinean students pursuing higher education.
Meanwhile, the company progressed its alignment with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. This included advancing local hydropower initiatives to support K92’s energy and greenhouse gas emissions reduction goals.
K92 remained focused on building local capacity. It has awarded 66 tertiary scholarships and seen more than 400 individuals graduate from its Adult Literacy Program. The company also signed multiple Memoranda of Understanding with universities across Papua New Guinea to strengthen its skilled labour pipeline.
Additionally, K92 rolled out a Supplier Code of Conduct and Employment Standard. These measures support the company’s due diligence efforts under Canada’s Modern Slavery legislation.
K92’s local value-retention initiatives continue to generate meaningful benefits for its stakeholders in Papua New Guinea. By the end of 2024, the company employed nearly 1,800 workers and contractors, while remaining a major tax contributor with approximately $62.6 million paid in taxes and royalties. Procurement from PNG companies reached $96.5 million, including $28.0 million directed toward unique joint ventures between established businesses and local landowner associations—partnerships designed to deliver sustained value to surrounding communities.
Looking ahead, 2025 promises to be one of the most pivotal years in K92’s history. The company is preparing to commission a new 1.2 million-tonnes-per-annum process plant, a paste plant, and other critical infrastructure to support its expansion and production growth.
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ESG disclosures support compliance with global regulations
ESG reporting helps companies build trust, attract investment, and improve long-term performance. It shows clear accountability and transparency.
Furthermore, investors increasingly demand measurable action on environmental and social risks. Through consistent reporting, companies identify gaps and track progress over time.
As a result, they make informed, responsible decisions. In addition, ESG disclosures support compliance with global regulations. Ultimately, strong ESG reporting strengthens reputation, reduces risk, and positions companies for sustainable success in a competitive market.
Multiple gold producers have recently released Environmental, Social, and Governance (ESG) reports.
Calibre Mining Corp (TSE: CXB) (OTCMKTS: CXBMF) (FRA: WCLA) stands out with its fourth consecutive year of compliance with the World Gold Council’s Responsible Gold Mining Principles.
The company’s 2024 ESG report displayed significant achievements. These include a 20 per cent reduction in greenhouse gas emission intensity since 2020 and zero market-based Scope 2 emissions in Nicaragua, achieved through the purchase of I-REC certified clean energy.
Calibre also reported a 27 per cent increase in economic value distributed, totalling USD$489 million. Furthermore, the company emphasized its dedication to combating forced and child labour. It did this by publishing its first report under Canada’s Fighting Against Forced and Child Labour in Supply Chains Act.
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