The way forward for modern mining
Mining companies are scrambling to reshape their governance to overcome historical reporting limitations and align with new reporting standards and mitigate ESG risks.
With the current focus on ESG and social licence, mining companies are under serious pressure to get their public disclosures and reporting right.
Along with increasing demands for transparency and the speed of information flow, miners are also coping with needing to comply to changing global standards, regulations and reporting requirements – the upcoming reporting changes to the US Sec and the introduction of the Global Tailings Standards to name just two.
The ramifications for getting it wrong have also increased, with impacts to a company’s reputation and access to capital.
Many mining companies are facing this modern new world still using a plethora of different systems, often spreadsheets, that hold information of critical value to the corporate entity that may not be aggregated, well governed or able to translate easily across reporting jurisdictions.
Little wonder that mining companies are scrambling to reshape their governance to overcome historical reporting limitations and create a more robust and holistic view.
The way forward for modern mining
It is becoming clear that mining companies need to invest (quickly) in modern technology solutions that increase the connectivity between data, knowledge, stakeholders, regulators and the executive right across their entire business.
And the opportunity and longer-term value lies in creating that entire business view. Resource inventory, tailings governance, cultural heritage, land access and rehabilitation all together contribute to ESG, and therefore need to be considered collectively.
Now is the time for other governance structures, codes and systems that support mining ESG initiatives to be put in place within organisations in a consistent way.
Doing so will help to improve robustness in resource reporting, leading to more efficiencies in production, prevent disasters impacting lives in local communities or cultural heritage treasures, and protect reputation and investment. The world is watching. Now is the time to implement modern solutions for modern problems and get it right.
K2fly’s Resource Inventory software solution provides enterprise governance of all reporting by
- Increased auditability on every data element
- Configurable workflows & flexible reporting
- Increased efficiencies and time saving at every step in the reporting process
- Validation & Signoff for all key people
- Reporting outputs for multiple exchanges, standards, commodities