Blackstone Minerals Ltd (ASX:BSX, OTCQX:BLSTF) has completed its second assessment with Digbee ESG, an industry-standard ESG disclosure framework, to support the development of the Ta Khoa Project in northern Vietnam.
The company welcomed an overall score of BBB for the assessment, which is an improvement on its overarching score of BB in 2021.
Improvements at all levels
The assessment emphasises that clear improvements have been made at all levels of the company since the inaugural submission in December 2021, which Blackstone says demonstrates that it holds sustainability as a core value within the organisation.
Moves such as a change in the planned location for the refinery for the nickel project show that sustainability is a part of decision-making alongside financial and technical decisions.
“Further to being awarded the 2022 Mines and Money ESG Explorer and Developer of the Year Award late last year, the improved overall Digbee ESG assessment score of BBB clearly shows our ongoing commitment to transparent reporting of our performance and progress as we continue our journey to becoming a Green Nickel™ producer,” Blackstone Minerals managing director Scott Williamson said.
Green nickel strategy
“It’s very exciting to see the ESG credentials of our Green Nickel strategy being recognised by the independent team of experts and we will continue to incorporate the recommendations in order to assist with further improving our ESG programs.”
The company was keen to highlight key issues that have been resolved or where significant progress has been made, including:
- A lifecycle assessment (LCA), conducted by a third-party consultant (Minviro), allows Blackstone to plan for and adapt design aspects of the operation before it is constructed.
- Plans to further reduce emissions were detailed in this year’s submission, including the potential to make use of hydroelectric power and hydrogen power, and the option to produce cobalt sulphate rather than cobalt hydroxide, reducing the carbon footprint per 1 kilogram of product by 0.7 kilograms.
- The refinery location was changed as a result of ongoing engagement with the Son La Province People’s Committee and further technical and financial assessment – the new location boasts strong support at government and district levels, a reduced need for resettlement, lower impact of noise on people, superior residue storage facility placement and better logistics than the previous potential location.
- Stakeholder engagement on ESG issues has improved through the establishment of an Audit, Risk and ESG Committee to support the board’s understanding of sustainability concerns of shareholders.
- In the third quarter of 2022 a representative office was established in Vietnam and led by the in-country general director for the project.
- Review of anti-corruption and bribery procedures was undertaken during 2022, resulting in an update of the whistleblower policy and the introduction of the Whispli platform, which provides an avenue for employees to anonymously report issues.
- A detailed in-country process has been established for permitting for each project, supported by a multi-party working group comprising representatives with an interest in the permitting process and outcomes and a permitting committee which monitors the progress of permits.
Progress is reported to the board every quarter.
Digbee CEO and founder Jamie Strauss said: “Management action to acknowledge and address areas of improvement within the scope of ESG has led Blackstone to further underline its commitment to incorporating sustainability at the heart of its corporate goals and on the ground in Vietnam.”