"I am pleased to present the Mineral Resources Annual Sustainability Report for the 2024 Financial Year."
Mineral Resources Limited
2024 Sustainability Report
Creating innovative solutions. Achieving our vision. Reducing our impact.
As a proud Western Australian based company, we aim to support world-class projects and deliver long-term benefits for employees, communities and shareholders, while undertaking responsible mining practices.
This year, we achieved significant milestones in our company’s history driven by our people, who are instrumental to our success and growth.
At MinRes, the future’s bright. We keep innovating, challenging the status quo and setting new industry standards because we dig different.
Our 2024 Sustainability Report acknowledges one of the best development years in our company’s history and celebrates the next generation of our MinRes workforce – our apprentices and graduates – who apply fresh thinking, enthusiasm and problem-solving skills to help write our next chapter.
Acknowledgement of Country
MinRes is committed to reconciliation and recognises and respects the significance of Aboriginal and Torres Strait Islander Peoples' communities, cultures and histories.
We acknowledge Aboriginal and Torres Strait Islander People as the first and continuing custodians of the land and waters and in doing so pay respect to Elders past and present.
We are committed to a high level of corporate governance that encourages a culture valuing safe, ethical behaviour, integrity and respect.
Sustainability Committee Chair Letter
Susan (Susie) Corlett
|
Sustainability Committee Chair
We aim to undertake responsible mining practices and communicate our sustainability performance transparently as a proud Western Australian based company.
This year's sustainability report showcases our commitment to responsible production and reducing our impacts on communities, while achieving our long-term strategic vision.
For the third year in a row, we were thrilled to receive outstanding recognition at the 2024 Australasian Reporting Awards, receiving a Gold Award for our 2023 Sustainability Report.
It is fantastic recognition, emphasising that our reporting against material sustainability topics is of a high standard.
Our people are instrumental to our success and growth, and it is critical for our business to identify, attract and retain high quality talent to help meet our objectives.
We secure talent by offering competitive benefits, state-of-the-art facilities, and an engaging and motivating culture, underpinned by our commitment to creating a diverse, inclusive and equitable working environment.
Our Company Profile
MinRes is a leading diversified resources company with extensive operations in mining services, lithium, iron ore and energy.
Our
Sustainability
Approach
Our Voluntary Sustainability Initiatives
MinRes' sustainability reporting is guided by several voluntary initiatives, memberships, standards, and goals to ensure comprehensive and transparent disclosure of our sustainability performance.
Our Future Disclosure Commitments
Australian Sustainability Reporting Standards (ASRS)
In line with the Australian Government’s legislative changes, MinRes is committed to reporting in line with the Australian Accounting Standards Board (AASB)’s S1 and S2 Standards (the Standards).
In preparation, MinRes engaged an external consultant during FY24 to develop a project plan, which highlights the key areas of focus towards reporting in line with the Standards. The project plan includes further strengthening governance documentation, integrating risks and opportunities into business-as-usual processes, and increasing the maturity of our data and systems. The Board has oversight of our approach with reporting in line with these standards to commence from FY26.
The Standards are based on the TCFD recommendations and MinRes will continue to report in line with these recommendations for the FY24 and FY25 reporting periods.
Taskforce on Nature-related Financial Disclosures (TNFD)
The TNFD outlines recommendations that encourage and enable business to assess and report on their nature-related dependencies, impacts, risks and opportunities.
MinRes is committed to aligning with the TNFD framework and intends to start publishing disclosures as an adopter in the future. Refer to Biodiversity for further information.
Our ESG Performance
We engage with top-tier organisations who assess our performance, such as MSCI, Sustainalytics, ISS, and FTSE Russell, based on publicly available information. MinRes’ assessment with all ESG ratings demonstrated consistent improvement or maintenance throughout the year.
Our Awards and Recognition
Australasian Gold Sustainability Reporting Award
MinRes is proud to have been recognised for overall excellence in sustainability reporting by the Australasian Reporting Awards (ARA) by receiving a Gold Sustainability Reporting Award in 2024 for our FY23 Sustainability Report, identifying the report as providing a full disclosure of material sustainability topics, covering all pertinent legislative and regulatory requirements and as a model report for other organisations to follow.
Mentally Healthy Workplace Award
The 2023 WA Mental Health Awards staged by the Western Australian Association for Mental Health awarded MinRes the Mentally Healthy Workplace award. This award recognised our range of partnerships, on-site initiatives, including mental health training, new resort-style accommodation, and our state-of-the-art headquarters, including the Health Centre, Next Level Gym, Crèche, and focus on nutrition at Benny's restaurant and Alba café.
Corporate Social Responsibility Excellence Award
This award by the AIM WA Pinnacle Awards focused on our ability to represent leadership excellence in corporate social responsibility through our range of partnerships and demonstrated business leadership in the mining industry. The award highlights how our programs have positively impacted our organisation and stakeholders.
Marketing Excellence Award
This award by the AIM WA Pinnacle Awards highlighted our leadership excellence in marketing through our New Zealand recruitment campaign, our demonstrated leadership in the mining industry, and the positive impacts on our business.
Our FY24 Performance
- Employee completion rate excludes casual employees, interns, non-executive directors, employees on workers compensation and employees on long-term leave, including parental leave.
- MinRes classifies High Impact Environmental Incidents as incidents with an actual environmental consequence of high or major. These events have an adverse impact on flora/fauna, habitat, soil, aquatic and land ecosystems, atmosphere or water resources typically lasting multiple years (Level 4 and above).
- Significant Environmental Incidents comprise actual environmental or legal consequence of Level 3 and above.
GOVERNANCE
Corporate Governance Framework
Sustainability governance framework
Our Board
James McClements
Independent
Non-Executive Chair
APPOINTMENT: 2015
Chris Ellison MNZM
Managing Director
APPOINTMENT: 2006
Susie Corlett
Independent
Non-Executive Director
APPOINTMENT: 2021
Colleen Hayward AM
Independent
Non-Executive Director
APPOINTMENT: 2023
Justin Langer AM
Independent
Non-Executive Director
APPOINTMENT: 2023
Denise McComish
Independent
Non-Executive Director
APPOINTMENT: 2023
Jacqui McGill AO
Independent
Non-Executive Director
APPOINTMENT: 2024
Lulezim (Zimi) Meka
Independent
Non-Executive Director
APPOINTMENT: 2022
Xi Xi
Independent
Non-Executive Director
APPOINTMENT: 2017
Our Committees
This Committee assists the Board in fulfilling its responsibilities overseeing the Company’s material sustainability related matters including, but not limited to:
Ethics and Integrity
We are committed to operating ethically and with integrity in all business activities and stakeholder relationships, promoting a culture of ethical behaviour and rejecting all forms of bribery and corruption.
- Employee completion rate excludes casual employees, interns, non-executive directors, employees on workers compensation and employees on long-term leave, including parental leave.
Value and Performance
We are committed to delivering long-term value for all MinRes stakeholders through economic sustainability and strong business performance.
Responsible Supply Chain
We are committed to securing sustainably sourced goods and services across our value chain and sharing joint responsibility with our suppliers regarding envrionmental protection and human rights.
- Suppliers are screened against several social criteria to determine potential exposure to criminal activities and, sanctions, money laundering, politically exposed persons, human rights abuses and modern slavery incidents by third-party platform.
- Relates to onboarded suppliers with spend through MinRes procurement activity, excluding our Chinese incorporated entity, and includes operational and capital asset expenditure.
SOCIAL
Our Management Approach
At MinRes, we recognise that our employees are our most valuable asset, and their health and safety are paramount to our sustainable success. We are committed to fostering a safe and healthy work environment through a comprehensive approach which is underpinned by our vision, purpose and mission.
Our vision: a trusted, high-performing, and aligned team of professionals promoted by our business and clients to provide valuable health, safety and hygiene solutions to support an organisation where everyone owns health and safety.
Our mission: to promote employee engagement and positive safety behaviour based on best practice, industry standards and the latest scientific research. By supporting MinRes’ commitment to its employees’ safety, health and wellbeing, we encourage staff to take responsibility for their and their team’s safety and health and motivate them to achieve excellence in and out of work.
Our purpose: to support MinRes’ success and sustainability through strategies that mitigate human and commercial risks.
The pillars of our health and safety strategy
Safety, Health and Wellbeing
We strive to maintain a healthy and safe working environment for our employees, contractors, and visitors, while enhancing the physical health and psychosocial wellbeing of our people.
- Business units include Mining Services, Lithium, Iron Ore and Energy.
Attracting and retaining talent
We support business growth and performance by providing learning and development pathways that introduce new talent and develop existing talent.
Our people are the foundation of our business and are instrumental to our growth and success.
Diversity and Inclusion
We strive to create a fair, diverse and inclusive workplace where everyone feels valued, included and empowered.
Land access and cultural heritage
We are committed to reconciliation, respect and recognition for indigenous peoples' communities, cultures, and histories on the lands and waters where we work and operate.
Community and stakeholder relationships
We are committed to developing strong community and stakeholder relationships based upon mutual trust and respect to secure and sustain our social licence to operate.
- MinRes owner/operator sites includes corporate headquarters.
ENVIRONMENT
Our Our environmental management approach
We aim to avoid, minimise and mitigate the environmental impacts of our business operations to biodiversity and ecosystems under our stewardship.
Environmental stewardship is an important responsibility of the mining and resources industry and involves the obligation to manage, monitor, or restore lands or waters owned, leased or held. Appropriate environmental management is essential in maintaining our social licence to operate. We adopt a systematic approach to mitigate risk and identify management strategies to ensure our operations avoid unacceptable environmental impacts.
Our operations are managed in line with an environmental regulatory framework governed by both Commonwealth and State legislation.
Environmental stewardship
We are committed to active stewardship of the environment through the protection and restoration of surrounding ecosystems, land management and rehabilitation, planning for new sites and closure.
Water
We are committed to understanding and managing risks relating to availability of water for our operations and minimising our impacts on water systems and communities.
- Operational sites include Wodgina, Mt Marion, Iron Valley, Parker Range, Ken’s Bore, Koolyanobbing and Wonmunna. This excludes newly acquired operational sites (Bald Hill).
As the climate changes and the world transitions to a low-carbon economy, we continue to advance technological, market, social and legislative policy changes.
Waste and Air Quality
We are committed to minimising our impacts on the environment and consumption of natural resources through management systems relating to air quality, waste, tailings and waste rock.
Climate Change
We are committed to understanding and managing our climate related risks and opportunities, including reducing our emissions, supporting decarbonisation, and increasing the resilience of our assets and operations.
- Based on 321,744 t CO2-e scope 1 and 2 operational emissions and including all existing operational under MinRes operations control as of 30 June 2022, including the Pilbara Hub (Wonmunna, Iron Valley), Yilgarn Hub (Koolyanobbing, Parker Range and Carina operations) and Mt Marion in alignment with our Roadmap to Net Zero Emissions in pursuit of a 1.5°C pathway. The baseline will be adjusted when structural changes occur in the company that change the facility boundary (such as acquisitions or divestments).
TABLES AND
FIGURES
All references to ‘Mineral Resources’, ‘MinRes’, ‘the Company’, ‘the Group’, ‘we’, ‘us’ and ‘our’ refer to Mineral Resources Limited (ABN 33 118 549 910) and the entities it controlled, unless otherwise stated.
References in this report to a ‘year’ are to the financial year ended 30 June 2024 unless otherwise stated. All dollar figures are expressed in Australian dollars (AUD) unless otherwise stated. Where used throughout “Indigenous Peoples” and “Indigenous Australians” refers to Aboriginal and Torres Strait Islander Peoples.
Photography by Russell James OAM. Creative direction by Ali Franco.
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