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Proactive Investors: Magnetite Mines puts ESG first with launch of ‘foresight’ sustainability platform

27 June 2023


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.

The company says the launch of foresight embodies Magnetite Mine’s commitment to measuring and reporting its sustainability progress against objective global metrics to shareholders and stakeholders.

Baking in sustainability

“At Magnetite Mines, we believe that strong ESG performance represents one of the mining industry’s most significant opportunities for long term value creation, building trust and sustainable growth,” Magnetite Mines CEO Tim Dobson said.

“We see significant opportunity and competitive advantage in developing our Iron Peak and Razorback resources in a progressive, responsible way by ‘baking’ in sustainability to our project development and operations long before the first sod is turned on site.

“Our ‘foresight’ brand has been designed to communicate our commitment to sustainability leadership in areas such as decarbonisation, climate resilience, water stewardship, Indigenous rights, community participation and diversity.”

MGT expects the foresight platform to provide the following benefits:

  • reduced cost of capital, insurance, etc.;

  • market opportunities, particularly for supply chains where product assurance is critical (ie, ResponsibleSteel);

  • cost efficiencies associated with sustainable practices and collaboration;

  • efficient attraction and retention of labour;

  • improved environmental performance and compliance outcomes; and

  • engaged and supportive communities and stakeholders.

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