Tectonic Metals gets funding for gold exploration in Alaska
The company's Flat gold project is located 40 km north of the giant Donlin gold project.
The world’s major gold miners are showing signs of improvements when it comes to their ESG (environment, social and governance) performance, according to Metals Focus, which published its Gold ESG Focus 2023 report on Tuesday.
In this report, the UK-based consultancy attempted to make like-for-like comparisons for key ESG metrics across 17 major gold miners with annual data from 2014. The goal is to provide a better understanding of these companies from an ESG perspective alongside overall ESG trends in the gold mining industry.
Overall, the report pointed to several encouraging developments within the industry in 2022, highlighted by a 2% year-on-year decline in their combined scope 1 and 2 greenhouse gas (GHG) emissions. This decrease, according to Metals Focus, is attributed to improvements in emission reduction initiatives and less reliance on fossil fuels.
In addition, the companies reported a 7% reduction in water withdrawals and a 3% decrease in water consumption in 2022. Water recycling rates also improved as companies continue to prioritize efforts to minimize their water consumption.
The report also found while payments to governments fell by 16% y/y to $8.1 billion, spending on community projects rose considerably by 37% to $373 million, showcasing a growth in community development initiatives.
“The 2% decrease in combined scope 1 and 2 greenhouse gas emissions in 2022, spearheaded by proactive industry initiatives and decreased fossil fuel reliance, is a promising sign for the future,” Sarah Tomlinson, director of mine supply at Metals Focus, commented.
“Although there was a dip in government payments, reflecting lower gold production and increased operational costs, we witnessed a 37% rise in community project investments, underscoring the industry’s dedication to fostering resilient and sustainable communities.
