Centerra Gold Inc. (TSX: CG) (NYSE: CGAU) published its environmental, social and governance (ESG) report for 2022 — which highlights the company’s commitments to water recycling, reducing diesel fuel consumption, achieving one million work hours without a lost-time incident at its mine in the Middle East and more.
The British Columbia, Nevada and Türkiye-focused gold producer released the report on Monday and is particularly proud of its number of Indigenous and female employees, which account for 18 per cent of the company’s workers in B.C. (six per cent higher than the mining industry average) and 14 per cent of Centerra’s leadership positions respectively.
The company says it paid $3.2 million in direct payments to Indigenous groups last year along with $62.5 million distributed to the governments of the countries in which it operates. The new report highlights that Centerra has achieved its goal of having over 30 per cent female representation on its Board of Directors and is aiming to have a 30 per cent rate of female company officers by 2026.
Other key highlights from last year detailed in the report include installing an electric pumping system at the Mount Milligan mining operation, which enabled the company to recycle 450,000 cubic metres of water; establishing a new power line for Mount Milligan’s Philip Lake water pumping infrastructure, which has allowed Centerra to reduce its diesel fuel consumption by approximately 100,000 litres annually; and achieving conformance with all 51 of the World Gold Council’s responsible gold mining principles.
“Specifically, in 2022, we concentrated on strengthening our responsible mining practices, prioritizing safety, promoting inclusion and diversity, and taking action on climate change, all while striving for operational excellence,” said Centerra’s President and CEO Paul Tomory.
Centerra’s global presence. Map via Centerra Gold
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The report also details how Centerra implemented a new Human Rights Due Diligence Program at its operations.
“The Human Rights Due Diligence exercise provided opportunities to educate key departments about current legal and policy developments in the field of human rights and ESG; to support engagement with internal and external stakeholders about salient human rights issues; and to develop action plans that integrate human rights considerations into existing management plans for human resources, procurement, health and safety, environment, community relations and security,” reads the report.
In addition to gold production, Centerra also operates a Molybdenum Business Unit in the United States and Canada — a corrosion-resistant metal used to make steel alloys needed for engines and other products.
Centerra had a cash balance of $401.8 million at the end of Q2 this year and sold 22 per cent less gold (48,155 ounces) than it produced due to timing related to Turkish national holidays impacting its Öksüt gold mining operation.
Centerra shares rose by 0.7 per cent Tuesday to $8.16 on the Toronto Stock Exchange and have risen by over 40 per cent in the past year.
rowan@mugglehead.com
