Lundin Gold issues 2023 Ecuador sustainability report
Lundin Gold Inc. [TSX-LUG; NASDAQ Stockholm-LUG; OTCQX-LUGDF] released its 2023 sustainability report which outlines the company’s progress and performance against its five-year sustainability strategy across its business activities. The company also reported its 2023 taxes, royalties and other government contributions under the Extractive Sector Transparency Measures Act (ESTMA). All amounts are in US$ unless otherwise indicated.
“This sustainability report highlights our performance as we approach five years of operations in Ecuador. By remaining steadfast in our commitment to responsible mining over this time, we are now seeing the positive and long-lasting impact we are having for our employees, our host communities and the country,” said Ron Hochstein, president and CEO of Lundin Gold. “I am proud of our achievements over this last year, our continued progress against the targets we have set, and the lasting positive impact we are making in Ecuador.”
Highlights of Lundin Gold’s 2023 sustainability report: Total recordable incident rate (TRIR) of 0.24 per 200,000 hours worked, down from 0.30 in 2022; zero reportable environmental incidents; 13% reduction in per-capita water usage and 90% recycling/reuse of the company’s non-hazardous waste; more than 40% of tailings used as backfill in the mine; setting of goal to be carbon neutral (scopes 1 and 2) by 2030 based on the current life of mine plan greenhouse gas (GHG) emissions (scopes 1 and 2) intensity of 0.08 tCO2e per ounce of gold produced, including the successful implementation of decarbonization initiatives identified in the 2023 climate change report; realization of goal to provide internet connectivity to all 22 communities in the company’s area of influence; launch of a mental health and well-being program in the company’s local community, with over 500 residents of all ages participating; 97% graduation rate from local high school which continues to be assisted by the company’s educational support program; and local procurement growth of 6 per cent for a total spend of $28-million in 2023 in the province of Zamora Chinchipe.
Highlights of Lundin Gold’s 2023 economic contributions to Ecuador: Strong sustainability focus also delivered significant direct and indirect economic benefits to government institutions and the people of Ecuador; $91 million in taxes, royalties and other reportable payments as defined by the ESTMA. In addition, direct economic contributions in Ecuador of $285 million, including wages and benefits, operating costs, and community investments.
Lundin Gold’s sustainability report was developed with guidance from globally recognized sustainability reporting frameworks, standards and recommendations, including the European Sustainability Reporting Standards (ESRS), Taskforce on Climate-related Financial Disclosure (TCFD), Global Reporting Initiative (GRI), Sustainability Standards Accounting Board (SASB) and United Nations Sustainable Development Goals (UN SDGs). As a participant of the UN Global Compact (UNGC), the 2023 sustainability report is part of the company’s communication on progress commitment.
The ESTMA was instituted to deter corruption in the extractive sector. Under the ESTMA, and in line with Lundin Gold’s Nasdaq Stockholm reporting obligations, public extractive entities must disclose, on an annual basis, certain types of payments made to governments.
Lundin Gold operates its 100%-owned Fruta del Norte gold mine in southeast Ecuador, one of the highest-grade gold mines in production in the world today. The company also owns a portfolio of prospective exploration properties close to FDN.