Newmont Corporation (NYSE: NEM) (TSX: NGT) published its annual 2022 Sustainability Report and 2022 Taxes and Royalties Contributions Report on Thursday, detailing its commitment to strong sustainable practices around the world.
These reports highlight the company’s foremost material environmental, social, and governance (ESG) topics. Newmont has been publishing global sustainability reports annually since 2003. In May, the company will release its third annual Climate Report.
The company has made significant contributions to the global economy, including USD$11.1 billion in direct economic contributions through salaries, taxes, royalties, payments to governments, and community contributions.
Newmont has also increased female representation in senior leadership to 30.6 per cent, up from 25.6 per cent at the end of 2021. Additionally, the company has completed more than one million critical control verifications since 2019 to ensure the safety of its workforce.
Newmont’s sustainability efforts have been recognized by several leading independent organizations. It has been ranked as the top gold miner for the eighth consecutive year in the Dow Jones Sustainability Index (DJSI) and has been listed as the top mining company on FORTUNE’s list of the World’s Most Admired Companies.
Newmont has also been included in Bloomberg’s Gender-Equality Index (GEI) for the fifth successive year and has been rated “AA” by finance analysis firm, MSCI, putting it in the top quartile for precious metals and mining.
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Newmont has had zero casualties for the fourth straight year
The company has also made progress towards achieving its sustainability targets. It achieved zero workplace fatalities at its managed operations for the fourth year in a row and reduced significant potential safety events by 36 per cent from the previous year. Newmont also launched its inaugural Taxes and Royalties Contribution Report, which increases its level of transparency.
Additionally, it appointed a Senior Vice President of Workplace Responsibility to create a safe, equitable, and healthy workplace and began the process of setting new nature-based targets that integrate and align its water, biodiversity, and climate strategies.
Newmont’s 2022 Sustainability Report is prepared in accordance with the global reporting initiative (GRI) standards, including the Mining and Metals Sector Supplement and the Sustainability Accounting Standards Board (SASB) Metals and Mining Sustainability Accounting Standard. It is also assured by an independent third party. As members of the International Council on Mining and Metals (ICMM) and the World Gold Council (WGC), Newmont’s sustainability report adheres to the ICMM Performance Expectations and the Responsible Gold Mining Principles.
Finally, Newmont progressed work to achieve conformance to the Global Industry Standard on Tailings Management across priority facilities.
Newmont Corporation has been setting and reporting on public sustainability targets since 2015 to demonstrate its commitment to transparency and manage risks. The company’s performance against these targets is regularly reviewed by the Board of Directors’ Safety and Sustainability Committee, which also approves any changes or additions.
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Newmont misses on one performance metric
In 2022, Newmont set 10 annual targets to measure its progress in areas where it aims to improve its performance. These targets include safe, human rights and the supply chain, female representation, community complaints and grievances, community commitments, water stewardship, environment, water efficiency, closure and reclamation, local indigenous employment and local indigenous procurement.
The company fully met four of these targets and mostly met five, meaning that most sites met the target, but some fell short. However, Newmont did not meet one target and that was human rights and the supply chain.
That was because of the company’s stated goal involving risk mitigation plans for 80 per cent of contracts with suppliers identified as having an elevated likelihood of impacting human rights.
The company conducted in-person human rights training to more than 60 high-risk suppliers in Ghana and Peru, and exceeded their 80 per cent target in Peru, but fell short in Ghana at 73 per cent.
Recently, Newmont sweetened the deal for its takeover bid of Australian-based Newcrest Mining (TSX: NCM) raising the original offer from $17 billion to $19.5 billion.
Newmont shares dipped $0.14 and are trading at $64.40 on the Toronto Stock Exchange.
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