Our approach to sustainability is focused on generating a net positive impact: minimizing environmental impact, maximizing socio-economic value, nurturing trusted stakeholder relationships and building sustainable livelihoods to ensure local communities thrive well beyond the life of our operations.
Sustainability Highlights - 2023 Sustainability Performance Data Supplement
Sustainability performance highlights
Supporting local entrepreneurship in Bulgaria
Our approach to climate change
Biodiversity and habitat conservation in Bulgaria
Adding value through innovation
Supporting reforestation in Ecuador
DPM Recognized with Three Awards from The Bulgarian Chamber of Mining and Geology
Dundee Precious Metals has received three awards from the Bulgarian Chamber of Mining and Geology (BCMG) during the national celebration of the Bulgarian Miner’s Day.
The BCMG awards are given to companies and individuals associated with the mining and mineral industry, as well as related sciences, for professional success and work on socially responsible causes. Dundee Precious Metals received awards in the following categories:
Industry Innovation of the Year – DPM was recognized for our innovative work to use artificial intelligence and machine learning in our Future Explorers Challenge program.
Care for Nature Award - presented to DPM Chelopech and Ada Tepe for their work on environmental sustainability and ensuring no environmental violations for 2023.
Active Participation in Firefighting - DPM Ada Tepe also received special award from the Executive Forestry Agency for its active involvement and assistance and equipment during the extinguishing of fires in the Rhodope Mountains.
Dundee Sport Team - Supporting Local Athletes in Ecuador
Dundee Precious Metals Ecuador launched its Dundee Sport Team Program, generated through the Corporate Social Responsibility Program, which seeks to positively impact the community through the generation of projects in the areas of infrastructure, production, education, health and culture.
Knowing that Southern Ecuador is a hotbed of sports talent, the local team launched this project that aims to promote sports from all its aspects, from professional to recreational.
In 2023 we started with a symbolic contribution to support the first members of the team in different national and international competitions.
Added to this was the strategic alliance with clubs such as Deportivo Cuenca; Greenstep, manager of sporting events such as the traditional RunCan race and Ecuadorian Pride; indoor soccer championships such as the Mundialito de los Pobres and the Pichanguita Interparroquial, among others.
The many victories and recognitions of this great team motivated us to continue being part of their dreams; today it is an honor to continue supporting these young sports promises.
Xavier Criollo, Javiera Miranda, Mariana Torres, Paula Torres, Andrés Feicán, Israel Chimbo, Sofia Chacha, Mia Aguirre and Crystal Rodríguez are part of this team.
Dundee Precious Metals Ecuador hopes that in the future more talents will join this project that fills us with pride.
Sustainability Highlights - 2023 Sustainability Performance Data Supplement
At the end of May, we published our 2023 Sustainability Performance Data Supplement. It provides an update on DPM’s Sustainability performance and progress to meet our strategic objective of generating a net positive impact from our operations.
We invite you to explore this data supplement to learn more about our continued strong sustainability performance. Here are some key 2023 highlights:
Safety: remains our top priority with company-wide performance on par with the previous year and was better than the industry average. But, despite excellent safety performance at Ada Tepe last year, our overall Lost-Time Injury Frequency rate increased. A new Executive Safety Taskforce was assembled to ensure we achieve our goal of Zero Harm and zero incidents as a result.
Climate: we continued our reduction and optimization of Scope 1 and 2 greenhouse gas emissions and made progress towards achieving our 2035 goal emissions reduction targets. Work is also underway to meet our commitment of developing a Scope 3 target by 2025.
Water: we achieved strong performance, recycling 42% of water consumed by our operations, and zero industrial wastewater discharged at our mine sites.
Community Investment: we invested $5.2 million in local communities to support infrastructure, education, health and culture, and sports, as well as financing small and medium enterprises.
Workplace Diversity: we are proud that our workforce is comprised of 98% local nationals and that 42% of all senior management positions are held by women, above the global average of 32%.
Human Rights: we updated our human rights due diligence assessments across all our sites, and conducted training and worked to identify areas for further improvement. Detailed in our first Supply Chain report available on dundeeprecious.com/sustainability/reporting – 2023 Sustainability Performance Data Supplement
External Recognition: For the third consecutive year, we were recognized as one of the industry’s best performers with our inclusion in the S&P Global 2024 Sustainability Yearbook
Supporting the next generation of women in mining
At the annual Mining for Diversity event hosted by Women in Mining (WIM) Canada at the Prospectors and Developers Association Conference, the Student Trailblazer Award and Scholarship, sponsored by Dundee Precious Metals, was awarded to Kathryn Cheng. A fourth-year student pursuing a career in mining, Kathryn was recognized for her outstanding achievements and commitment to promoting diversity and inclusion in the industry. She was recently accepted into the Earth Sciences PhD program at Columbia University, highlighting her dedication to furthering her knowledge and expertise in the field.
This was DPM’s second year sponsoring the Student Trailblazer award and scholarship, which serves as a valuable tool to support and encourage the next generation of diverse and talented leaders in the mining industry and represents DPM's dedication to promoting diversity and inclusion in the sector.
DPM Included in the 2024 S&P Global Sustainability Yearbook
We are proud to share that Dundee Precious Metals has once again been included in the 2024 S&P Global Sustainability Yearbook for the third consecutive year.
The Yearbook recognizes individual companies, that are at the top of their industry, for demonstrating the strength of their corporate sustainability strategy and consistency in their economic, environmental, and social performance. Only companies who scored in the top 15% of their sector in the 2023 S&P Global Corporate Sustainability Assessment are distinguished in the yearbook.
The Corporate Sustainability Assessment (or CSA) is an annual evaluation of sustainability performance by S&P Global, a well-recognized independent third-party. It results in a total ESG score out of 100 points based on an industry-specific assessment of governance/economic, environmental and social criteria. In 2023, over 9,400 companies globally were assessed and DPM scored in the 91st percentile of mining and metals companies.
Responding to the CSA in a lengthy process involving input from a multi-functional team across DPM, and our score is viewed as an important indication of our ESG performance by many external groups, particularly investors.
This recognition from a respected global rating agency holds considerable importance. It highlights our strong commitment to sustainability and reflects the concerted efforts of many individuals across the company in response to the assessment. We remain dedicated to improving our performance in this area, aligning with our strategic goal of generating a net positive impact through our operations.
Sustainability performance highlights
Achieving outstanding sustainability performance has always been a key focus for DPM as we strive to achieve our strategic objective of generating a net positive impact from our operations. During 2022, we delivered meaningful benefits to our stakeholders, made significant advances in our environmental and social performance, and made progress towards achieving our climate change targets, which we announced in May 2022.
Supporting local entrepreneurship in Bulgaria
We have a long track record of working collaboratively with local municipalities and communities to encourage sustainable business practices and opportunities beyond the mining sector. One of the ways we demonstrate support for our communities is by helping to build economic capacity and create jobs that are not directly associated with our mining activities.
Our small and medium enterprise (SME) fund, established in 2019 in Krumovgrad where our Ada Tepe mine is located, and in 2021, the communities of Chelopech, Chavdar and Zlatitsa, is operating at maximum capacity and drawing increased interest. The SME fund provides seed funding for start-ups, helps to sustain the growth of small businesses, and ultimately fosters a spirit of entrepreneurism in the community as people are inspired to start or expand their own businesses and apply for monetary support.
In Krumovgrad, we committed a total of $5 million USD to support local entrepreneurs over the life of the mine. In order to sustain commercial viability, DPM grant amounts from the fund are matched with a business loan by our partner bank. To receive the funding, companies must agree to be registered in Krumovgrad and commit to stay in the region for the long-term, creating jobs that will be maintained for at least 5 years.
Since 2019 the SME fund in Krumovgrad has managed to provide funding for 47 projects worth almost $3 million USD, which led to the creation of 118 new jobs. We monitor funded projects to ensure the monies allocated are implemented appropriately and that the businesses remain viable and contribute to the economic development of the community.
We see that each year, the people from both regions become more confident to make decisions about their life, their work and the community they are part of. Seeing businesses grow is a signal to DPM management, the Boards of the funds, the partner bank and the consultants that the initiative is achieving its objectives to create a better and a more stable future for the local community and the regions where DPM operates.
Our approach to climate change
In May 2022, DPM announce its inaugural greenhouse gas emissions reduction targets. Follow our climate journey, from our establishing our first carbon management plan to our commitment to achieve Net Zero emissions by 2050.
Biodiversity and habitat conservation in Bulgaria
Two tortoise species – the Greek tortoise and the Hermann’s tortoise, which are both listed as globally endangered in the Bulgarian Red Book of Endangered Species – were identified on the territory of the Ada Tepe mine as part of the Environmental Impact Assessment completed in 2011. With a goal of protecting and preserving their populations, the company determined that they needed to be moved to another location, which would best suit their needs.
In the past 8 years we have managed to mark 2,456 tortoises from both species. Monitoring of the whole mining area has demonstrated the successful adaptation of the tortoises to their new surroundings. This project has been highlighted by the European Commission as a Best Practice in biodiversity manage. It is also an example of how DPM demonstrates care towards the environment and its biological diversity.
Adding value through innovation
Innovation is a hallmark of DPM. We encourage creative thinking and problem-solving – whether through new technology or simply smarter processes, we are always looking for better ways to work.
DPM has a strong track record of unlocking value through innovation, including achieving improvements in safety, lowering mining costs, and reducing our environmental impact.
For a number of years, we have also established a reputation as an innovative mining company for our work in applying new technologies to drive value in our business, such as our work with Exyn to deploy autonomous survey drones in our underground operations at Chelopech, which has increased safety and efficiency.
Electrifying our mines
A new pilot project at Chelopech and Ada Tepe is helping to pave the way for the electrification of our mines. In 2022, we collaborated with Sandvik, a Swedish multinational engineering company specializing in products and services for the mining sector, to pilot electrified heavy vehicles at our mines in Bulgaria.
We purchased three electrified heavy-duty vehicles – a Solo drill, a loader, and a truck -- for our two mining operations. One of the machines is already operating on site, while the other two are expected later in 2023.
By replacing some of our corresponding diesel equipment we expect to reduce GHG emissions by approximately 1,600 tCO2e per year.
The pilot is a big step in achieving our Scope 1 and 2 decarbonization targets, and will help build valuable experience that will be transferred to other existing and new sites.
Supporting reforestation in Ecuador
We are applying the extensive learnings and successful practices in biodiversity monitoring and management developed at Ada Tepe at our Loma Larga development project in Ecuador. The protection and maintenance of biodiversity is a key priority for the project.
We have established a large agroforestry nursery center in Ecuador, “Las Quinoas”, with the vision of creating an experimental hub for environmental research. Located in the San Gerardo parish, the property was once damaged by a forest fire, but now boasts a production capacity of over 100,000 plants. These plants are intended to be used for reforestation purposes following closure of the mine. In addition, we donate a significant number of plants to reforest areas affected by fires and engage in various research projects with educational institutions including the Faculty of Agronomy at the University of Cuenca and the School of Biology at the University of Azuay.
