Page 16 - Bullion world volume 4 issue 6 june 2024

Bullion World | Volume 4 | Issue 6 | June 2024

Gold Standard Sustainability:

ESG Initiatives That Shine

Mr Praveen Baijnath, Chief Executive, Rand Refinery

Environmental, Social, and Governance (ESG)
considerations have evolved beyond the business-as-
usual to shape the operational ethos at Rand Refinery,
one of the world's leading gold and silver refiners and
an operator of one of Africa's largest low-grade gold
recovery smelters. The integration of ESG principles has
been vital to our success for over a century, shaping our
commitment to nurturing people, protecting the planet,
and refining globally acceptable products.

Today, Rand Refinery transcends its storied past,
standing at the forefront not only to derive value from
resources but also to actively drive the dialogue on
sustainable and responsible mining practices for the
future. Our partners share our deep commitment to
ESG, ensuring that our collaborative efforts align with
sustainable and ethical practices across the board.
They are deeply committed to the UN Sustainable
Development Goals, emphasising substantial local
spending, employment creation, and renewable energy
projects, such as solar and hydroelectric power, with
initiatives ranging from the conservation of World
Heritage Sites in the DRC to supporting education and Mr Praveen Baijnath
healthcare in Mali, and from providing water supply
to Tanzanian villages to fostering small enterprises in
Ghana. leading similar efforts, the cumulative impact will be
exponential.
These activities not only reinforce our commitment to
responsible sourcing but also ensure that every Rand According to Bird & Bird, the mining industry accounts
Refinery product contributes to the essential social for 6.2% of the world's energy consumption, with 32%
upliftment needed across the continent. Through these consumed as electricity. As mineral demand rises and
concerted ESG efforts, we reinforce our belief that energy consumption per ounce of extracted mineral
responsible mining can serve as a cornerstone for increases due to declining deposit quality, the mining
sustainable development and a brighter, more hopeful industry's overall energy usage is growing.
future for Africa.
This scenario highlights the critical need for the mining
Environment sector to transition towards more sustainable energy
One of the most significant steps Rand Refinery has sources, a shift that is already happening. These
taken is its shift towards solar energy. This move is both initiatives are vital as they directly reduce Scope
pragmatic and emblematic, representing a broader shift 3 emissions, marking significant strides towards
in the mining and refining industry towards renewable environmental sustainability in the industry.
energy. We mitigate our impact on the environment
through solar power, reducing Scope 1 and 2 emissions. We aim to exclusively use renewable energy sources for
With mining houses, including our shareholders Gold our refining operations by 2027, except for the smelter,
Fields, Harmony Gold, DRD Gold, and Sibanye Stillwater, which will remain grid-operated. Based on the FY2020

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