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Grange Resources Limited (ASX:GRR) is Australia’s most experienced magnetite producer and a company committed to building a more responsible and sustainable business with ESG. Making a commitment to ESG is something that Grange Resources takes seriously. ESG is not just a reporting framework, ESG represents an opportunity to take a step change across the business that benefits shareholders, the community and the environment.
Grange Resources Limited (ASX:GRR) is Australia’s most experienced magnetite producer and a company committed to building a more responsible and sustainable business with ESG.
Making a commitment to ESG is something that Grange Resources takes seriously. ESG is not just a reporting framework, ESG represents an opportunity to take a step change across the business that benefits shareholders, the community and the environment.
“I appreciate the Socialsuite approach that you don’t have to do everything at once. ESG is about delivering change over time and demonstrating our actions through reporting. The Socialsuite platform helps us to coordinate people across the business to drive meaningful, positive change. Now that we have our baseline report, we can continue to share with our stakeholders the progress we’re making.”
In operation for over 50 years, Grange Resources Limited (ASX:GRR) is one of Australia’s largest integrated iron ore mining and pellet production businesses, located in the northwest region of Tasmania in Australia.
The company produces high-quality, steel-making raw materials economically and effectively with a strong stakeholder focus. As a progressive mining company, their purpose is for ‘the responsible provision of mineral resources to support sustainable development, growth and prosperity.’ This is a bold purpose and one that aligns to their commitment to Environmental, Social and Governance (ESG).
But that’s not the boldest move for the company. Grange Resources has a goal to be net zero by 2035 and ESG is just one of the big step changes that the company is making to achieve this goal.
Net zero by 2035
The mining industry is one that operates on a long-term horizon to meet the growing needs of society. This means that whatever a mining operator does now, has to take into account future impacts on the environment and the surrounding communities.
Mining operators need to consider more than just fluctuating commodity prices, regulation changes and workforce risk. According to KPMG’s Global Mining Outlook 2022, three of the top 10 risks for the industry are related to ESG, which means now is the time for companies to double down on ESG to ensure competitive advantage and future-proofing.
The importance of ESG reporting
For Grange Resources who adopted the World Economic Framework in January and published their first baseline report in August 2022 with Socialsuite, adopting ESG is about more than just a framework and reporting, it’s a structure that helps the company to continue the positive work that they’re doing to bring their purpose to life.
It helps to align them closer to the Sustainable Development Goals, drives their commitment as a good corporate citizen, and helps to report on the work that they’re doing to reduce emissions. To Grange Resources, ESG is about the opportunity. One that creates sustainable and positive outcomes for all stakeholders, especially as the demand for green products continues to increase.
Why ESG reporting?
Ben Maynard, Chief Operating Officer, at Grange Resources, says “we wanted to understand our contribution to emissions and create a sense of focus to significantly reduce our emissions over the next ten years. ESG reporting helps us to build a tangible plan towards this as well as meeting other factors that help us to build a sustainable and enduring business that benefits everyone”.
Ben continues, “this is not just a technology shift, it’s a shift in business thinking. We have a diverse group of people across the business championing this change and helping to embed it into our management and operating business - ESG is in everything we do.”
Taking the reporting journey with Socialsuite
With Socialsuite’s technology platform and coaching, the team at Grange Resources can streamline the disclosure and ongoing reporting process. It helps to coordinate people across the different business disciplines such as HR, the environmental team, business analysts and finance. Through the materiality assessment, the Grange Resources team have identified areas of priority and how they align with business plans and quarterly reporting.
Socialsuite is a starting point for Grange Resources on its journey of reporting, providing a sustainable approach to show the change they’re making over time and demonstrating actions. It’s a way to present progress as they move towards more holistic sustainability reporting.
The change goes much deeper
The Savage River magnetite iron ore mine produces some of the highest iron-concentrated magnetite in the country. Today, it’s an open-pit mine that requires significant diesel use and natural gas used to heat up the product in order to produce hematite. However, this is set to change.
Grange Resources has several projects underway including the potential transition of the open-cut mine to an underground operation with electrification and automation at the foundation of the change. This will reduce energy consumption through green feed furnace lines and heat recovery, air pollution reduction due to underground extraction, the replacement of natural gas with alternative power and the creation of a safer work site for employees with automation.
More than just the ‘E’
As a highly regulated industry, governance and risk is always top of mind for mining companies. Before starting their ESG journey with Socialsuite, Grange Resources already had many of the policies and disclosures in place - they just needed a platform to help bring this information together so they could report on it.
In addition to governance, the company recognises the importance in areas such as board composition, inclusion and diversity, along with community. Grange Resources is trying to shift the perception of the industry to increase the participation of women and this is already showing positive change with the first female electrical apprentice joining the business in 50 years.
For Grange Resources, prosperity doesn't come at the cost of community. The company is focused on local contribution as an employer of choice and their participation within Tasmania. The company provides learning opportunities for Tasmania University students to help solve global decarbonisation challenges, and they work closely with local governments to encourage industry opportunities and reconciliation programs for indigenous people.
At Grange Resources, ESG is a whole company approach to doing business. One that benefits shareholders, and all stakeholders.