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Stakeholder Newsletter: December 2023

13 December 2023

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Dear friends,

I have just returned from a COP of contradictions. It was in the heart of the oil producing world where we are talking about the end of the fossil fuel era, and while the announcement of the Loss and Damage Fund was met with scepticism about its funding adequacy, the bilateral deals at COP28 reached significant proportions. Go figure!

This COP marked a significant shift, with mining and critical minerals featuring much higher on the agenda. This is very encouraging because it suggests a willingness to think through the emissions reduction problem to the nuts and bolts of what it will take to make things happen, and not being stuck at the level of lofty goals and ambitions.

Every sector must grasp its unique role in the broader decarbonisation system. Our members fully embrace this responsibility, expanding their focus beyond the immediate boundaries of operations to unearth solutions to some of the most stubborn sources of emissions across a huge number of value chains.

This is why I’m excited to announce that today, ICMM has published guidance to support mining and metals companies to set impactful short-, medium- and long-term targets to reduce Scope 3 emissions. The guidance underscores the importance of transparency and engagement with stakeholders such as suppliers, customers, investors and regulators in setting targets to help accelerate emissions reduction throughout the value chain. ICMM’s Scope 3 Emissions Target Setting Guidance reflects our members’ commitment to understanding value chain emissions and leading change collaboratively.

We encourage all mining and metals companies to adopt the guidance, aligning actions with global climate goals.

Last week, we also published ICMM’s Member Tax Contribution Report which showed that our members paid $54 billion in corporate income tax and royalties, spent $166billion with suppliers, and paid $37 billion in wages to direct employees in 2022.

Mining holds immense potential to contribute to society by converting natural capital into social and economic capital. Behind these large numbers are stories of lives transformed and families changed forever.

And on the subject of family – I am so grateful to be able to wish you all a safe and restful end to 2023. I look forward to reconnecting with you all next year (you can keep up with all our future events here).



Guidance for the mining and metals industry on measuring its impact on nature published

The Taskforce for Nature-related Financial Disclosure (TNFD) has published draft sector guidance for eight priority sectors, including mining and metals, to help identify and assess their nature-related issues.

ICMM was the official piloting partner of TNFD, and alongside members, have helped to draft the Guidance published last week.

Read more about all of the sector guidance here.

US$54.9bn in total tax and royalty payments made to host countries by ICMM members in 2022

Last week, ICMM published a report outlining ICMM members’ social and economic contribution to host countries. This includes disclosing members’ tax contribution in 2022 and new data on the number of direct employees, wages and related payments, payments to suppliers and community and social investment.

Unlocking the wealth of our natural resources for the common good rests on viewing mineral development as a long-term investment and partnership between industry, government and their host communities, where benefits are shared across the mine lifecycle, extending long after the mine has closed,Rohitesh Dhawan said.

He added, “It’s clear that to satisfy demand for critical minerals and metals we will need new mines quickly, but they must be developed in line with this principle. Long-term collaboration between industry, governments and civil society is essential to encourage an attractive investment climate whilst also prioritising the social and economic well-being of host communities.

Read more here.

ICMM publishes guidance on setting targets for scope 3 emissions reduction

Scope 3 emissions are a critical area of focus for the mining and metals industry, representing up to 95% of a company’s total emissions, compared to 75% across other sectors.

Today, ICMM has published Guidance to support mining and metals companies to set impactful short-, medium- and long-term targets for reducing their Scope 3 emissions. The guidance underscores the importance of transparency and engagement with suppliers, customers, investors and regulators in setting targets, to help accelerate emissions reduction throughout the value chain.

This new Target Setting Guidance builds on the accounting and reporting principles of our Scope 3 Emissions Accounting and Reporting Guidance, published in September.

Read more here.

Accelerating the adoption of zero-emission haul trucks in the mining and metals industry

One significant challenge in this journey is the use of large surface-mining haul trucks. With an estimated 28,000 of these trucks in operation, and their numbers expected to increase due to the need for deeper mining, their CO2 emissions could be equivalent to over 15 million passenger cars. Decarbonisng these haul trucks, which transport large amounts of waste rock, ore, and other materials across mine sites, presents a unique and complex task that differs from decarbonising regular passenger vehicles.

Check out our new briefing note which shares insights gained from over 5 years of collaboration between mining and metals companies, vehicle manufacturers and technology suppliers to accelerate the roll out of zero emission haul trucks on sites.

Read more here.

Upcoming Events

Future Minerals Forum
Riyadh, Saudi Arabia • 9 – 11 January

Ro Dhawan will be speaking at the Future Minerals Forum on responsible mining and exploring how to develop new mining operations while also maintaining responsible standards. Register here.

World Economic Forum (WEF) Annual Meeting
Davos, Switzerland • 15 – 19 January

“Cooperation in a Fragmented World” is the theme at WEF this year where the ICMM team will be, speaking on key topics around collective action towards responsible mining, in a world at a critical inflection point with the fight against climate change. Join here.

Investing in African Mining Indaba
Cape Town, South Africa • 5 – 8 February

ICMM team will be in Cape Town for Investing in African Mining Indaba, which will be celebrating its 30th anniversary. Join the team as they discuss nature positive mining and tailings. Register here.

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