JSE-listed gold miner, Gold Fields, published its first Task Force on Climate-related Financial Disclosures (TCFD) report to improve its disclosure to investors and other stakeholders of climate-related information.
The TCFD is a voluntary disclosure platform led by financial industry regulators and developed as a partnership between industry and users, including financial institutions, investors and stock exchanges. It seeks to develop voluntary, consistent climate-related financial risk disclosures.
Gold Fields Limited is a globally diversified gold producer with nine operating mines (including its Asanko joint venture) and projects in Australia, Chile, Ghana, Peru and South Africa, and total attributable annual gold-equivalent production of approximately 2Moz.
It has attributable gold mineral reserves of 48.1Moz and gold mineral resources of 96.6Moz. Attributable copper mineral reserves total 691 million pounds and mineral resources 847 million pounds, while silver reserves total 39.3Moz and resources 43.7Moz.
Gold Fields became the second JSE-listed and first South African mining company to publicly commit to the TCFD last year. The report replaces the company’s annual submission under the carbon disclosure project (CDP).
The inaugural TCFD report is based on 2018 data and will serve as a baseline for future reports by Gold Fields.
Nick Holland (pictured), CEO of Gold Fields, said in the report that the management of climate change impacts and the company’s transition to a low carbon environment, are key components of environmental stewardship at all of the company’s operations and projects.
“Compared to other metals, such as steel, coal and aluminium, gold mining’s carbon emission intensity per unit value is amongst the lowest in the sector. As a mining business, Gold Fields is fully cognizant of the fact that we have a material impact on the surrounding environment and the communities with whom we share this environment. Our carbon emissions are primarily from diesel consumed by haulage trucks and electricity consumption in mining and gold processing.”
Highlights of the report include governance of climate-related risks, including integration of these risks with the company’s policies and strategies; and the climate-related risks faced by the company’s mines and projects in five countries and how these have been mitigated and adapted. Other highlights include Gold Fields’ carbon emissions, related energy and water security and performance; and the company’s increasing use of low-carbon and renewable energy at its operations.
Holland said: “With this inaugural TCFD Report, we believe we offer investors and other stakeholders an improved level of disclosure on how climate change increasingly impacts the operational and financial performance of our mines and projects.”
He added that the report also highlights how Gold Fields is successfully mitigating and adapting to the risks posed by climate change. “Adapting to climate change is an ongoing journey, and Goldfields will continue to integrate it into its business strategy.”