Sustainability
THE DELIVERY OF A SUSTAINABLE FUTURE BEGINS WITH CLEAR COMMITMENT AND MEANINGFUL ACTION.
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.
Allan Kane - GM Sustainability
Environmental Sustainability
Social & Community Inclusion
Accountable Governance
People & Culture
For The Environment.
For Communities.
For a New Sustainable Future.
That's
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.
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:
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integrating sustainability into the company’s strategic focus
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engaging early and broadly with stakeholders on complex environmental, social and
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championing sustainable practices
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ensuring ESG metrics are included in company decision-making
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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
Reaffirming our ESG commitment
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Set alignment with global initiatives
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Commit to relevant performance and assurance standards
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Define initial disclosure processes
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Maximise focus, identity and internal and external commitment
In place
Stage 2 – Planning and implementation
Stage 1 framework expands to include:
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Revision of corporate strategy to fully integrate sustainability principles and goals
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Preparation of relevant sustainability policies
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Preparation of a corporate sustainability plan
Under Development
Stage 3 – Operating and accountable
Stage 2 framework expands to include:
Operationalise ESG performance monitoring systems
Commencement of annual sustainability reporting
Implementation of continual improvement cycle in sustainability planning and reporting (system maturing)
Under Development
CASE STUDY
Walking Together - One Team
Magnetite Mines and Ngadjuri Nation Aboriginal Corporation, as the traditional owners of the Country on which the Razorback Project stands, have signed an industry best-practice partnering agreement.
In a signing ceremony held on Ngadjuri Country on Wednesday 20 December 2023, a shared commitment was made to elevate the relationship between the two groups by enshrining the principles of equality, trust and respect.
The Walking Together – One Team Partnering Agreement provides the framework for a long-term, respectful and collaborative relationship that acknowledges the continuing spiritual and cultural connections to Country as the Razorback and Iron Peak mines are developed for the enduring benefit of both partners.
Under this best-practice agreement, Magnetite Mines and Ngadjuri Nation will collaborate on matters associated with the development of the Razorback Project, supporting infrastructure, other future mines, exploration, land management and economic and social development.
By Walking Together as One Team, both partners will strive to take action to create a sustainable future for generations to come, across economic, social, cultural and environmental pathways, centred on the Razorback Project.
The development of a sustainable and responsible business platform requires a principles-based approach that aligns with organisational values. By adopting established global principles and objectives that universally align and strengthen the actions of businesses and stakeholders alike, Magnetite Mines demonstrates its commitment to sustainability and promoting transparency across its ESG programs.
UN Global Compact
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.
UN Global Compact
Magnetite Mines will align its corporate strategies with relevant UN Sustainable Development Goals (SDGs) to demonstrate the value creating opportunities for the company and its stakeholders. Integration of the SDGs into external reporting (disclosure) and other communications ensures that Magnetite Mines maintains transparency across its sustainable development ambitions.
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.
Assurance (or performance) standards provide a measure of best-practice sustainable development for an industrial or primary production sector. These assurance standards differ from the UN Guiding Principles and SDGs (being broad, principles-based initiatives) in that they are predominantly market-driven, targeted in their application and underpinned by multi-lateral governance and verification (or auditing) processes.
Market drivers for a mining company adopting a voluntary assurance standard may include:
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strategic company advantages and staff engagement
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reputation, cost or supply chain risk management
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regulatory and social licence considerations
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response to market demand, pricing and branding opportunities
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investor, lender, insurer and other partner requirements.
The comprehensive nature of IRMA’s standards frameworks has resulted in its selection as Magnetite Mines’ preferred assurance standard over other voluntary options. In adopting IRMA as its preferred assurance standard, Magnetite Mines will commence the development of business strategies and ESG systems for the Razorback Project (including Iron Peak) using IRMA-Ready, and will progressively advance through to the Standard for Responsible Mining
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Magnetite Mines has resolved to adopt a preferred ESG reporting and disclosure framework to embed routine performance disclosure as part of its emerging sustainability culture. However, the company acknowledges that its disclosure obligations or opportunities may change as frameworks rise and consolidate, as reporting requirements of key stakeholders change or as regulatory reporting impositions are mandated.
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Magnetite Mines has identified the Global Reporting Initiative (GRI) and Task Force on Climate-related Financial Disclosures (TCFD) as its targeted disclosure frameworks.
A staged approach to the implementation of its reporting and disclosure program under the leading GRI and TCFD frameworks (or any future version or adaption of these) is prudent for a growing organisation like Magnetite Mines. AS such, the Stakeholder Capitalism Metrics (SCMs) will initially be adopted as the primary disclosure standard given the SCMs streamlined approach that is centred on key GRI metrics and the TCFD Recommendations.
Commitments
CASE STUDY
A commitment to inclusive community relationships
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