When we started preparing for the NorthMet project more than a decade ago, we committed to doing the project right. Our ESG materiality assessment in 2022 identified and prioritized the ESG factors with the greatest potential to impact company value and our ability to achieve our strategic objectives over the short, medium and long term.
The ESG materiality assessment identified our most material ESG factors based on an evaluation of the inherent risk they posed to PolyMet, considering potential magnitude of impact and the likelihood of occurrence. The results were validated by our senior management team.
Since then, PolyMet entered into a 50:50 joint venture with Teck Resources, in which PolyMet’s NorthMet deposit and Teck’s Mesaba deposit are now under the single management of NewRange Copper Nickel LLC. Our focus will continue on sustainability for the entire joint venture. You can find more about NewRange sustainability at www.newrangecoppernickel.com.
Approach to ESG Materiality Assessment
The ESG factors identified as material in our 2022 ESG materiality assessment are identified below. The factors in bold are those with the largest potential impact to the company:
- Water Management
- Community Relations
- Security, Human Rights & Rights of Indigenous Peoples
- Biodiversity Impacts
- Workforce Health & Safety
- Tailings Storage Facilities Management
- ESG Governance
- Human Capital Management & Labor Relations
- Air Quality
- Greenhouse Gas (GHG) Emissions
- Climate Change – Transition
- Waste & Hazardous Materials Management
- Energy Management
- Climate Change – Physical
- Business Ethics & Transparency
Because of the evolving and complex nature of ESG risks and opportunities, our ESG materiality assessment is reviewed annually to ensure our priorities reflect the factors with the greatest potential to impact company value. The factors identified as part of the ESG materiality assessment will form the foundation of our approach to ESG, including our ESG strategy and future reporting to key stakeholders.