Ivanhoe Mines has published its seventh annual Sustainability Report, summarizing the company’s sustainability achievements, activities, and results during 2023.
Ivanhoe Mines’ sustainability strategy is shaped by our ethos of “Mining with a greater purpose”. Ivanhoe aims to provide both the critical metals needed for the energy transition, as well as be an innovator in its approach to mining. The 2023 Sustainability Report highlights how this ethos is delivered across Ivanhoe’s principal projects.
Continuing the format introduced last year, the sustainability report is interactive and includes a series of short videos showcasing many community initiatives the company has supported in the past year. Each video clip demonstrates Ivanhoe’s commitment towards the United Nations Sustainable Development Goals.
“The mining sector stands at the cusp of a significant transformation, striving to sustainably provide the critical metals the world requires while navigating complex challenges surrounding the environment, societal impact, and corporate governance. At Ivanhoe Mines, sustainability isn’t just an initiative; it’s a core principle guiding our progress and innovations. We don’t just prioritize these challenges, we are integrating them into the core of our business ethos. We have adopted the principle of ‘Mining with a greater purpose,’ and it is this principle that propels us forward toward our ambitious vision of becoming a leading global diversified mining company. This past year has been one of remarkable growth for us, marked by milestones within the sustainability spectrum that we are excited to share in this report,” said Marna Cloete, Ivanhoe Mines’ President.
Some of the Highlights of Ivanhoe Mines’ impact during 2023 include:
- Improvement in health and safety across all sites, with group total recordable injury frequency rate (TRIFR) reduced from 1.72 to 0.94 and group lost-time injury frequency rate (LTIFR) reduced from 38 to 0.23.
- Increase in female Board representation from 18% to 27%.
- Kamoa-Kakula’s contribution to the Democratic Republic of Congo (DRC) was equivalent to approximately 6% of the country’s GDP.
- $129 million contributed in group-wide payroll to employees in 2023, in addition to over $81 million in local payroll taxes.
- 91% of group employees are
- $861 million was paid in government taxes and royalties in 2023, a year- on-year increase of 250%, of which $857 million was paid to the DRC
- $39 million spent on the socio-economic development initiatives across all of Ivanhoe’s host communities during 2023. An increase of over 100% from 2022.
- Group-wide female employee representation has stayed unchanged at 10%, which is a significant achievement as the group-wide workforce grew by 55% during 2023, led by Kamoa-Kakula. Of note, the female representation at Platreef is now 29%, which is close to achieving its target of 30%.
- Over $2.7 billion spent on domestic suppliers across the group, an increase of approximately 80%.
- 849 scholarships and bursaries distributed group-
- 845 formal and informal local enterprises supported group-wide; up from 332 in 2022 and 66 in 2021.
- 55 kilometres of community roads developed or
- Ivanhoe Mines submitted First Extractive Industries Transparency Initiative (EITI) expectations assessment, following joining EITI in
The video introducing the 7th annual Sustainability Report and its achievements across Ivanhoe’s three principal projects can also be watched via https://youtu.be/evEMwS2vjNk.
“We are delighted to present our 2023 Sustainability Report, a detailed and interactive overview showcasing our unwavering dedication to sustainable growth. This year’s report provides an in-depth adventure of our impactful initiatives and stakeholder engagement efforts, all geared towards advancing our sustainability. Featuring engaging videos and key project metrics, it stands as a testament to our commitment towards responsibly developing essential mines for a greener, more sustainable future. Our approach emphasizes a just transition, aiming to deliver positive outcomes for the communities we serve and the stakeholders we value,” said Robert Friedland, Ivanhoe Mines’ Founder and Executive Co-Chairman.
The 2023 Sustainability Report reinforces the company’s objective of transparency by reporting the company’s sustainability policies, practices and performance during the reporting period of 2023. The 2023 Sustainability Report has been prepared and presented per the Global Reporting Initiative’s (GRI) Core Option Standards, as well as the World Economic Forum’s International Business Council Stakeholder Capitalism Metrics (WEF SCM).
In addition, Ivanhoe’s approach to sustainability reporting is aligned with global frameworks and reporting mechanisms, including the Local Procurement Reporting Mechanism (LPRM); the International Council on Mining and Metals’ (ICMM) 10 principles; the United Nations Global Compact (UNGC); as well as other various reporting regulations and good practice standards. This alignment ensures that the views and requirements of a broad range of stakeholders are captured.
Ivanhoe Mines is committed to remaining at the forefront of the ever-evolving landscape of Environmental, Social and Governance (ESG) matters. As part of this commitment, we continuously refine our reporting approach to ensure it aligns with industry best practices. For example, selected key performance indicators in the 2023 Sustainability Report achieved ‘Limited Assurance’ by independent, third-party assurance provider, PricewaterhouseCoopers Inc (PwC).
This is the first time Ivanhoe’s sustainability reporting has achieved ‘Limited Assurance’ for selected key performance indicators, in line with the International Standard on Assurance Engagements 3000 (revised).
In addition, it is planned that next year’s report will be prepared under the GRI 14: Mining Sector (2024) standard.