Newfield Resources Ltd (ASX:NWF) has implemented a comprehensive environment, social and governance (ESG) reporting process as it evolves into a mining and production focused company.
Its first comprehensive ESG annual report is expected in the first quarter of 2022. The ESG measurement and reporting will be done via the SocialSuite platform, with the baseline established and aligned with World Economic Forum ESG metrics.
The progress of its ESG will be measured against World Economic Forum (WEF) Stakeholder Capitalism Metrics.
Newfield Resource’s Tongo Mine development continues in full compliance with Sierra Leone law.
“Always in full compliance”
Newfield executive director Karl Smithson said: “Although Newfield has always operated its Tongo Diamond Mine Development in full compliance with the corporate, mining, safety, environmental and social laws of Sierra Leone, the board believes that this needs to be properly captured and reported to all stakeholders as we progress from a development to a production company.
“To help manage the process and provide for transparent reporting, Newfield recently signed up to the SocialSuite platform and will be in a position to release our first annual ESG report during Q1 2022.
“The board believes that ESG reporting is a key deliverable to all shareholders and wider stakeholders, and we look forward to providing detailed reports as our mine development and production progresses”.
SocialSuite platform
The SocialSuite platform provides a technical platform to help capture, monitor and report a corporation’s impact on people and the environment.
It is aligned with the WEF Stakeholder Capitalism metrics and the four pillars of this framework - Principals of Governance, Planet, People and Prosperity.
Within this framework, there are 21 core metrics to follow.
Newfield has recently established its baseline report against all of these metrics and will measure and report its progress on a quarterly basis, which will be captured in an annual report.
These annual reports will become available on the company’s website.