Environment, Social, Governance (ESG)

Environment, Social, Governance

The Board and management of Poseidon recognise the growing importance of ESG issues to the mining industry. During FY21 Poseidon engaged external consultants to develop the Company’s ESG Framework and create an ESG Policy and Procedure and reporting process to assist in the management of these risks. This work is ongoing and expected to be completed during FY22.

Whilst our operations remain on care and maintenance ESG risks are relatively low. As we progress toward commencement of production as per our Business Strategy, ESG risks will become more prominent. The non-production activities that occurred during FY21, from an ESG perspective, included:

  • Underground mine and exploration works completed without safety or environmental incident including completion of the Golden Swan drill drive and Golden Swan resource drilling programme.
  • Completion of the Windarra gold tailings DFS. Importantly, if this project is developed it will provide an opportunity to reduce environmental risk and liability related to mine waste.
  • Clean up works at Lake Johnston including the removal of hydrocarbons and other potentially environmental damaging products held in warehouse storage.
  • Removal of redundant infrastructure at Black Swan posing a potential safety risk to employees and contractors operating at the site.
  • Progress on mine closure planning, including comprehensive technical studies and updated closure plans submitted to the regulator.
  • Implementation of a company-wide mental health policy and support program with Access Wellness Services.

Whilst working toward development of our ESG Framework, we had not set any targets in relation to ESG outcomes for FY21 due to the limited operating activities undertaken.

During FY22 we will progress a number of studies toward the restart of the Black Swan project. These studies will include development of a project specific ESG framework to address ESG issues and chart a safe and sustainable pathway to production. An important consideration to our restart planning will be the selection of reputable contractors to work on project development and operations with a good record across key ESG parameters, including safety, environmental impact, social engagement, diversity and indigenous relations.

Assuming the Black Swan project restarts and ramps up, the business will aim to achieve ESG outcomes in line with our framework and industry best practice. We will also engage proactively with stakeholders and report our ESG performance as part of our reporting framework.

Once steady state production is reached at Black Swan and any other asset in our portfolio, we plan
to optimise efficiencies and resource use at each operation while minimising the environmental footprint of our products. Prime considerations will include contributing to the regional biodiversity conservation, community development and planning for the safe and effective retirement of our assets.

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