RareX releases ESG framework for stage 1 of Cummins Range project
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RareX has established its environmental, social and governance (ESG) framework as part of its sustainable development approach for the Cummins Range rare earths project in WA.
The company has adopted the World Economic Forum’s (WEF) framework guidelines as a basis to work from as it moves from exploration to operational mining activities.
RareX (ASX:REE) says the ESG framework will help ensure that it can develop Cummins Range in a responsible and balanced manner, with due regard for safety, corporate governance, the environment, Indigenous relationships, community, and stakeholder engagement.
“RareX has an important role to play in supplying rare earth minerals that are crucial for the low carbon economy, such as electric vehicles and wind turbines, as well as advanced technology for telecommunications and military purposes,” RareX managing director Jeremy Robinson said.
“As we move to further develop the Cummins Range Rare Earths Project, we look to set the standard in the protection of Aboriginal culture and heritage.
“Progressing into the later part of 2021, we look forward to strengthening our relationship with the Jaru People and the Kimberley Land Council.”
The company plans to publish its first ESG performance update in 2022 for the 2021-2022 financial year.
“Our sustainability vision is to integrate ESG appropriately and practically from the beginning,” RareX general manager projects James Durrant said.
“By setting our standards from the onset and integrating this with how we conduct our exploration and how we design the Cummins Range and future projects, we are able both to begin measuring and monitoring what matters now and integrating what matters in the future into our design, creating a true sustainability-in-design approach.”
With that in mind, the company has created a materiality matrix that covers issues of high importance to stakeholders and that have an impact on the company.
Three stages have been identified for implementing the ESG framework based around the WEF guidelines, with RareX currently focused on Stage 1.
Principles of governance
People and prosperity
The ESG framework for Stages 2 and 3 will be refined as the company enters those phases of the project.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.