- Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) released its 2024 Sustainability Report, marking significant ESG progress.
- The company achieved a 75% local procurement rate and completed key environmental projects, including Africa's largest copper smelter.
- Ivanhoe Mines expanded its workforce by 38% and distributed $5 billion in total value, with $1 billion in taxes and royalties.
Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) has published its eighth annual Sustainability Report for 2024, highlighting key achievements in environmental, social, and governance (ESG) areas. The report underscores Ivanhoe’s dedication to sustainable mining practices and its alignment with the United Nations 2030 Sustainable Development Goals.
Significant milestones include improvements in safety metrics, with a reduced Total Recordable Injury Frequency Rate (TRIFR) of 0.89 and a Lost-Time Injury Frequency Rate (LTIFR) of 0.33. These figures are notably below the International Council on Mining and Metals' (ICMM) 2023 industry average of 2.59.
The company reports a substantial economic impact, generating and distributing a total of $5 billion in value throughout 2024. This includes $1 billion paid in government taxes and royalties, emphasizing Ivanhoe Mines' role in supporting local and national economies.
Ivanhoe Mines has also made significant strides in workforce development, adding 2,900 new employees, an increase of 38% from the previous year. The company paid out $194 million in wages and benefits, reflecting its commitment to economic empowerment and employee welfare.
Environmental initiatives took center stage with the completion of Africa's largest eco-friendly copper smelter and a 5-MW solar power facility at Platreef. Ivanhoe Mines also reported comprehensive Scope 3 greenhouse gas emissions, enhancing transparency regarding its carbon footprint.
The report adheres to global reporting standards, including the Global Reporting Initiative's GRI 14, the World Economic Forum's Stakeholder Capitalism Metrics, and the United Nations Global Compact, reinforcing Ivanhoe's commitment to best practices in sustainability.
CEO Marna Cloete stated, "Our 2024 Sustainability Report is a testament to our vision of reimagining mining for the future. By aligning business excellence with purpose, we demonstrate that sustainable mining can create meaningful community impacts while delivering shareholder value."
