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Tuesday, May 30, 2023
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


Dundee Precious Metals aims for gender diversity, environmental impact reduction in ESG strategy

The report offers an overview of the company’s initiatives, key trends, and progress updates

Image via Dundee Precious Metals.

Dundee Precious Metals Inc. (TSX: DPM) released its 2022 Sustainability Report, providing a comprehensive account of the advancements made in reinforcing its environmental, social, and governance (ESG) strategy.

The report offers a comprehensive overview of the company’s initiatives, key trends, and progress updates. In addition to this report, DPM has also provided detailed management approach reports dedicated to governance, environmental matters, and social matters, outlining its approach to addressing these topics.

The company reported having prioritized local employment opportunities, with 99 per cent of DPM’s workforce consisting of individuals from the local community. This includes 98 per cent of its managerial-level positions. In terms of gender diversity, Dundee surpassed the global average by achieving 45 per cent female representation within its senior management levels.

The company’s board of directors now boasts a gender-balanced composition, with equal representation of males and females at 50 per cent each. This achievement underscores the organization’s commitment to promoting gender equality and diversity within its leadership positions.

“Achieving outstanding sustainability performance has always been a key focus for DPM as we strive to achieve our strategic objective of generating a net positive impact from our operations,” said David Rae, president and chief executive officer of Dundee Precious Metals.

To align with its strategic objectives and demonstrate its commitment to environmental, social, and governance practices, the company has recently restructured the balanced score card. This tool serves as a foundation for determining executive and employee short-term incentive compensation.

The restructuring ensures that the score card accurately reflects the organization’s ESG performance and supports its broader sustainability goals.

Work on the Phytoremediation Project to improve the environment at Tsumeb. Image from Dundee Precious Metals.

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Dundee eliminated discharge from industrial wastewater

Dundee Precious Metals is a Canadian-based international gold mining company with operations and projects located in Bulgaria, Namibia, Ecuador and Serbia.

The mining operations have successfully maintained a low rate of freshwater usage, demonstrating its commitment to responsible water management. At all sites, a significant portion of water consumed, specifically 47 per cent, is recycled and reused, minimizing the overall demand for freshwater resources.

Furthermore, the company has achieved a noteworthy accomplishment by completely eliminating the discharge of industrial wastewater across its mine sites.

As part of their progressive reclamation activities, a total of 2.7 hectares of land at Ada Tepe have been rehabilitated. This effort signifies the company’s commitment to restoring land affected by mining activities and promoting environmental sustainability.

In addition, significant progress has been made in reducing arsenic exposure at the Tsumeb smelter. Over the past five years, the company has successfully reduced arsenic exposure by 20 per cent.

To further support its sustainability goals, a power purchase agreement has been signed to replace 30 per cent of Tsumeb’s total electricity consumption with solar power, starting in 2024.

Over the past year, Dundee Precious Metals Krumovgrad generously donated a total of $3,280,000 BGN to the municipality of Krumovgrad. Image via Dundee Metals.

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Dundee incorporates electric underground mining

The company has also increased its procurement of green energy in Bulgaria, contributing to the adoption of more sustainable energy practices. Furthermore, Dundee has incorporated electric underground mining equipment into their mine fleet at Chelopech, with future plans to optimize the deployment of electric and hybrid fleets.

“Our Sustainability Report is a key part of our commitment to transparency and accountability,” said Nikolay Hristov, senior vice president, Sustainable Business Development.

“Since publishing our first report over a decade ago, our reporting has continuously evolved to meet changing stakeholder expectations, and we are committed to ongoing improvements in our reporting to further increase the transparency of our business to our stakeholders.”

In addition to their environmental commitments, the company remains dedicated to supporting local communities. Dundee invested USD$6.4 million in 2022 to provide assistance and enhance the well-being of these communities, representing a 38 per cent increase compared to 2021.

Notably, it established an innovative fund to support non-mining related small and medium enterprises surrounding their operations in Bulgaria, fostering sustainable and resilient livelihoods. This initiative has created approximately 120 new jobs, approaching 50 per cent of direct mine employment levels in Krumovgrad.

The company’s sustainability efforts have received notable recognition. It achieved an ‘A’ rating from MSCI ESG Ratings for the fourth consecutive year. In the 2022 S&P Global Corporate Sustainability Assessment, the company scored scored in the 91st percentile among metals and mining companies. Dundeed was also awarded first place in the 2022 Annual National Health and Safety Awards conducted by the Centre for Health and Safety in Bulgaria.

Furthermore, it received the Care for the Environment award from the Bulgarian Mining Chamber, highlighting their efforts in environmental stewardship.

Dundee Precious Metals shares rose 1.1 per cent on Friday and are trading at $10.25 on the Toronto Stock Exchange.


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