Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or
“the Company”) is pleased to announce the publication of its 2022
Sustainability Report (“the Report”). The Report highlights DPM’s
approach and performance in key environmental, social and
governance (“ESG”) areas as identified through a comprehensive
materiality assessment.
“Achieving outstanding sustainability
performance has always been a key focus for DPM as we strive to
achieve our strategic objective of generating a net positive impact
from our operations,” said David Rae, President and Chief Executive
Officer of Dundee Precious Metals. “During 2022, we delivered
meaningful benefits to our stakeholders, made significant advances
in our environmental and social performance, and made progress
towards achieving our climate change targets, which we announced in
May 2022.”
“Our Sustainability Report is a key part of our
commitment to transparency and accountability,” said Dr. Nikolay
Hristov, Senior Vice President, Sustainable Business Development.
“Since publishing our first report over a decade ago, our reporting
has continuously evolved to meet changing stakeholder expectations,
and we are committed to ongoing improvements in our reporting to
further increase the transparency of our business to our
stakeholders.”
2022 Sustainability Highlights:
Our People and Culture
- Ended the year with
a total of 6.3 million hours worked without a lost-time incident at
our mining operations
- Maintained a high
level of local employment, with 99% of DPM’s workforce comprised of
local nationals, including 98% of managerial-level positions
- Exceeded the global
average for gender diversity of our workforce, with 45% female
representation amongst senior management levels1
Robust Corporate Governance
- Gender-balanced
Board of Directors with 50% female representation
- Restructured the
Balanced Score Card, which informs executive and employee
short-term incentive compensation, based on our strategic
objectives and to reflect our ESG performance
Environmental Stewardship
- Continued to
maintain a low freshwater intensity rate at our mining
operations
- Recycled and
re-used 47% of water consumed at all sites
- Achieved zero
discharge of industrial wastewater across mine sites
- Rehabilitated a
total of 2.7 hectares of land at Ada Tepe as part of our
progressive reclamation activities
- Reduced arsenic
exposure at our Tsumeb smelter by 20% over the past five years
Taking Action on Climate
Change
- Announced the
Company’s climate change commitments, which are:
- To reduce absolute
Scope 1 and 2 emissions by 37.5% by 2035 (compared to baseline in
2020);
- To develop a Scope
3 emissions target by 2025; and
- To achieve Net Zero
emissions by 2050
- Reduced absolute
Scope 1 and 2 emissions by 10% compared to 2021, representing
significant progress towards achieving DPM’s 2035 emissions
target
- Signed a power
purchase agreement to replace 30% of Tsumeb’s total electricity
consumption with solar power commencing in 2024
- Increased
procurement of green energy in Bulgaria
- Added electric
underground mining equipment to our mine fleet at Chelopech,
targeting future optimal deployment of electric and hybrid
fleets
Supporting Local
Communities
- Invested US$6.4
million to support local communities in 2022, a 38% increase
compared with 2021
- Contributed to
sustainable and resilient livelihoods in our host communities
through an innovative fund to support investment in non-mining
related small and medium enterprises surrounding our operations in
Bulgaria. To date, the fund has created approximately 120 new jobs,
approaching 50% of direct mine employment levels in Krumovgrad
- Signed a 3-year
community investment agreement with the Tsumeb municipality in
Namibia
- Krumovgrad, the
community closest to our Ada Tepe operation, is one of the fastest
growing municipalities with an average 89% increase in population
between 2017 and 2021
- Continued to
contribute to the municipality of Chelopech, which has the highest
average salary in Bulgaria
Recognitions
- Achieved an ‘A’
rating from MSCI ESG Ratings for the fourth year in a row
- Scored in the 91st
percentile among metals and mining companies in the 2022 S&P
Global Corporate Sustainability Assessment
- Included in the
2023 S&P Global Corporate Sustainability Yearbook, which
recognizes the top 15% of companies by industry
- Awarded first place
in the 2022 Annual National Health and Safety Awards conducted by
the Centre for Health and Safety in Bulgaria
- Awarded the
Bulgarian Mining Chamber’s Care for the Environment award
About the 2022 Sustainability Report
The Report provides an overview of our
initiatives, key trends, and progress updates. In addition to this
Report, DPM has detailed its approach to material topics in three
management approach reports dedicated to governance, environmental
and social matters, which are available on our website at:
https://www.dundeeprecious.com/English/Investors/Disclosure-and-Reporting/default.aspx#sustainability-section
The 2022 Report represents the Company’s seventh
sustainability report developed in accordance with the Global
Reporting Initiative (GRI) standards, includes DPM’s second year of
reporting in accordance with the Sustainability Accounting
Standards Board (SASB) industry-specific standards and describes
DPM’s contribution to the United Nations’ Sustainable Development
Goals (SDGs). Additionally, the report includes an update to the
Company’s inaugural climate change report prepared according to the
recommendations of the Task Force on Climate-Related Financial
Disclosure (TCFD) framework, which was published in December 2020.
The Report has been independently assured by Bureau Veritas UK,
consistent with DPM’s sustainability reporting since 2012.
About Dundee Precious Metals Inc.
Dundee Precious Metals Inc. is a Canadian-based
international gold mining company with operations and projects
located in Bulgaria, Namibia, Ecuador and Serbia. The Company’s
purpose is to unlock resources and generate value to thrive and
grow together. This overall purpose is supported by a foundation of
core values, which guides how the Company conducts its business and
informs a set of complementary strategic pillars and objectives
related to ESG, innovation, optimizing our existing portfolio, and
growth. The Company’s resources are allocated in-line with its
strategy to ensure that DPM delivers value for all of its
stakeholders. DPM’s shares are traded on the Toronto Stock Exchange
(symbol: DPM).
For further information please contact:
David RaePresident and Chief Executive OfficerTel:
(416) 365-5191drae@dundeeprecious.com |
Dr. Nikolay HristovSenior Vice President,
Sustainable Business DevelopmentTel: (416)
365-5094nikolay.hristov@dundeeprecious.com |
Jennifer CameronDirector, Investor RelationsTel:
(416) 219-6177jcameron@dundeeprecious.com |
Cautionary Note Regarding Forward Looking
Statements
This news release contains “forward looking
statements” or “forward looking information” (collectively,
“Forward Looking Statements”) that involve a number of risks and
uncertainties. Forward Looking Statements are statements that are
not historical facts and are generally, but not always, identified
by the use of forward looking terminology such as “plans”,
“expects”, “is expected”, “budget”, “scheduled”, “estimates”,
“forecasts”, “guidance”, “outlook”, “intends”, “anticipates”,
“believes”, or variations of such words and phrases or that state
that certain actions, events or results “may”, “could”, “would”,
“might” or “will” be taken, occur or be achieved, or the negative
of any of these terms or similar expressions. The Forward Looking
Statements in this news release relate to, among other things:
DPM’s strategy, plans, targets and goals in respect of
environmental, social and governance issues, including climate
change, greenhouse gas emissions reduction targets, water
management, tailings management facilities and human rights
initiatives; climate change strategy and associated greenhouse gas
emissions reductions targets, including with respect to our Scope 3
emissions; and the timing of the development of a Scope 3 emissions
target.
Forward Looking Statements are based on certain
key assumptions and the opinions and estimates of management and
Qualified Person (in the case of technical and scientific
information), as of the date such statements are made, and they
involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of
the Company to be materially different from any other future
results, performance or achievements expressed or implied by the
Forward Looking Statements. In addition to factors already
discussed in this news release, such factors include, among others:
uncertainties inherent to the ability of the Company to meet
sustainability, environmental and greenhouse gas emissions
reduction targets, goals and strategies, which may be affected by
unforeseeable events outside of its control or business necessities
that are not yet known; risks arising from the current inflationary
environment and the impact on operating costs and other financial
metrics, including risks of recession; continuation or escalation
of the conflict in Ukraine; risks relating to the Company’s
business generally and the impact of global pandemics, including
COVID-19, resulting in changes to the Company’s supply chain,
product shortages, delivery and shipping issues; regulatory
changes, including changes impacting the complex concentrate
market; possible variations in ore grade and recovery rates;
inherent uncertainties in respect of conclusions of economic
evaluations, economic studies and mine plans; changes in project
parameters, including schedule and budget, as plans continue to be
refined; uncertainties with respect to actual results of current
exploration activities; uncertainties and risks inherent to
developing and commissioning new mines into production, which may
be subject to unforeseen delays; uncertainties inherent with
conducting business in foreign jurisdictions where corruption,
civil unrest, political instability and uncertainties with the rule
of law may impact the Company’s activities; limitations on
insurance coverage; accidents, labour disputes and other risks of
the mining industry; actual results of current and planned
reclamation activities; opposition by social and non-governmental
organizations to mining projects and smelting operations;
unanticipated title disputes; claims or litigation; increased costs
and physical risks, including extreme weather events and resource
shortages, related to climate change; risks related to the
implementation, cost and realization of benefits from digital
initiatives as well as those risk factors discussed or referred to
in the Company’s annual management discussion and analysis and
annual information form for the year ended December 31, 2022, and
other documents filed from time to time with the securities
regulatory authorities in all provinces and territories of Canada
and available on SEDAR at www.sedar.com.
The reader has been cautioned that the foregoing
list is not exhaustive of all factors and assumptions which may
have been used. Although the Company has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in Forward
Looking Statements, there may be other factors that cause actions,
events or results not to be anticipated, estimated or intended.
There can be no assurance that Forward Looking Statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. The
Company’s Forward Looking Statements reflect current expectations
regarding future events and speak only as of the date hereof. Other
than as it may be required by law, the Company undertakes no
obligation to update Forward Looking Statements if circumstances or
management’s estimates or opinions should change. Accordingly,
readers are cautioned not to place undue reliance on Forward
Looking Statements.
_________________________________________1 Exceed world average
of 32% (Grant Thornton’s Women in Business 2022 Report)
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