Sustainability
Magnetite Mines is committed to developing a sustainable magnetite industry in South Australia that is valued by its stakeholders and improves the environmental footprint of the global steelmaking sector.
Our ESG Statement
Our Environmental, Social and Governance Statement affirms our commitment and demonstrates that we have the foresight to contribute to the effort to address some of the most challenging global issues through our dedicated actions at local and regional levels.
Read our ESG Statement – June 2023
Environmental Sustainability
Social & Community Inclusion
Accountable Governance
People & Culture
foresight is Magnetite Mines’ sustainability program driving ESG-related actions in the project scoping and design stages. As the traditional iron ore sector transitions to a new future centred on sustainable practices, Magnetite Mines emerges as a producer of high-grade iron feedstocks with a collaborative sustainability culture embedded from the outset.
Our project delivery will demonstrate pathways to net zero carbon operations, nature-positive outcomes, actions that support and build resilient communities and adaptive governance. Our adoption of and alignment with global standards builds credibility and opportunity.
By bringing focus to Magnetite Mines’ leading ESG profile, the company can realise a sustainable mining future and become an iron ore developer and supplier of choice.
foresight Sustainability Framework – driving company and project development
The success of Magnetite Mines’ sustainability program is influenced by the extent and effectiveness of its leadership in:
- integrating sustainability into the company’s strategic focus
- engaging early and broadly with stakeholders on complex environmental, social and
- championing sustainable practices
- ensuring ESG metrics are included in company decision-making
- establishing a long-term view to futureproofing company and project development
Magnetite Mines’ sustainability framework will be progressively developed in scale to the growth of the company and in response to changes in key stakeholders, emerging material issues and assurance requirements. A three-staged framework model will enable Magnetite Mines to identify ESG-related opportunities, grow its sustainability capabilities and maximise its performance as its dynamic systems mature.
Read our foresight Explainer
| Stage 1 – Alignment and commitments | Stage 2 – Planning and implementation | Stage 3 – Operating and accountable |
Reaffirming our ESG commitment
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Stage 1 framework expands to include:
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Stage 2 framework expands to include:
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Proactive Investors Interview: Magnetite Mines puts ESG first with launch of ‘foresight’ sustainability platform
Magnetite Mines Ltd (ASX:MGT) has launched what it describes as a “bespoke sustainability platform for environmentally and socially responsible project delivery” in the form of ‘foresight’, a future-ready foundation for transparent and effective ESG performance.
Foresight is designed to form the bedrock of MGT’s sustainability framework, establishing a path towards becoming a leader in sustainable iron ore and magnetite mining.
Magnetite Mines will apply to join the UN Global Compact and align its actions and outcomes to the Ten Principles. The company will also reflect upon other relevant UN programs that have relevance to our operations, such as the UN Declaration of the Rights of Indigenous Peoples.
With Magnetite Mines’ extensive engagement with First Nations groups and the significant interactions between mining, use of land and cultural matters, the company will formalise its commitment to reconciliation through Reconciliation Australia’s RAP program.
