Mineral exploration company, Comet Resources has commenced reporting environmental, social and governance metrics, or “ESG”, under a universal framework developed by international non-government organisation, the World Economic Forum, or “WEF”. A series of sustainability metrics will now be measured and then disclosed in the Perth-based company’s quarterly and annual reports, including governance, anti-corruption practices, ethical behaviour, diversity and inclusion, pay equality and carbon emissions.
Comet says investors and other stakeholders will now be able to evaluate the company’s commitment and progress in meeting its “best in class” ESG standards and results.
According to the company, the new initiative will ensure Comet’s investments will generate a positive impact for shareholders and the local communities in which it operates.
Comet Resources Managing Director, Matthew O’Kane said:“I’m pleased to announce that Comet has adopted a universal ESG framework to measure and report our ESG performance. This will ensure ESG is at the forefront of our decision making moving forward as we execute our exploration programs on our portfolio of projects. With the global push towards implementation of ESG best practices, our adoption of the WEF ESG framework will ensure that the mineral exploration activities we undertake are done in a manner that addresses the needs and concerns of all stakeholders, and the world in which we operate.”
Other sustainability areas Comet will now report include human rights, carbon emissions, land use, ecological sensitivity, water consumption, and tax payments.
The WEF framework for ESG disclosure comes on the back of its collaboration with the ‘big four’ international accountancy firms – Deloitte, KPMG, PricewaterhouseCoopers and Ernst & Young.
The framework takes in a set of 21 core and 34 expanded metrics and disclosures that can be verified, with a goal of enhancing transparency and alignment among corporations, investors and all stakeholders.
Comet will now be able to implement the ESG reporting framework to its exploration portfolio across four different jurisdictions.
In Western Australia, the company has defined a 15 million tonne resource going 6 per cent total graphitic carbon at its 100 per cent owned Springdale project, including a high-grade 2.6Mt at a serious 17.5 per cent TGC.
Recent test work on natural flake graphite sourced from the deposit has demonstrated its suitability to produce a precursor material for use in the manufacture of lithium-ion battery anodes, according to the company.
Comet’s Santa Teresa gold project in Mexico already boasts an 89,000-ounce gold resource at an average of 7.5 grams per tonne gold, using a 2.5 g/t gold cut-off grade. Reportedly, the deposit remains open along strike and at depth with assay results from recent drilling pending.
The company is also working its bronwfields Barraba copper and zinc project in New South Wales. The project plays host to the historical Gulf Creek mine where mining of multiple lodes at the turn of the 20th century churned out copper at an average grade of five per cent.
In the Northern Territory, Comet owns 840 square kilometres of tenure prospective for copper and gold.
With the new ESG reporting framework, Comet now looks set to continue its exploration works across the four jurisdictions under an ethically transparent model that all stakeholders can assess.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By Matt Birney
