Eurasian Resources Group publishes its Sustainable Development Report
Eurasian Resources Group (“ERG” or “the Group”), a leading international diversified natural resources group, announces the publication of its Sustainable Development Report for 2022, entitled ‘Resilient, Agile and Delivering Societal Value’.
ERG’s key actions in this regard included:
- expanding exploration activities in Kazakhstan, Africa and Brazil and embarking on new exploration activities in Saudi Arabia;
- further ramping up production at Metalkol, the world’s second largest cobalt producer, in the DRC;
- preparing for the Phase 2 development of ERG’s ‘10th Anniversary of Independence of Kazakhstan’ chromium mine;
- developing renewable energy sources in Kazakhstan as part of ERG’s long-term decarbonisation efforts;
- preparing for the expansion of its BAMIN integrated iron ore and logistics operation in Brazil.
In Kazakhstan, the Group also completed the construction of the ERG Green tailings reprocessing facility and the second special coke plant (with the commissioning of both facilities taking place in 2023). In total, in 2022, ERG increased capital expenditure by 54.4% to US$1,135 million from US$735 million in 2021. This was largely directed at realising the full potential of existing assets.
ERG continued to work with other leading international businesses and organisations to enhance ESG standards in the global metals and mining industry and deliver cross-value chain assurance for the sectors of EVs and gadgets. This included ERG’s work as a founding member of both the Global Battery Alliance (GBA) and ReSource.
In 2022, the Group supported the GBA in launching Rulebooks for preventing child labour and GHG emissions and protecting human rights. In January 2023, the GBA also unveiled the world’s first ever Battery Passport pilots.
In 2022, in its operating regions, ERG distributed a total of US$7,254 million in economic value to stakeholders, including employees, suppliers and host governments (2021: US$6,240 million). Tax payments have recorded US$1,815 million (2021: US$1,083 million). The Group’s community social investment (CSI) rose to US$96 million (2021: US$65.2 million).
Benedikt Sobotka, Chief Executive Officer of Eurasian Resources Group, commented: ‘In 2022, we once again demonstrated the resilience and agility of our business and our ability to navigate external challenges, which enabled us to limit their impact on our operational and financial performance. At the same time, we positioned our business to help drive the global energy transition and benefit from what we call the largest purchase order in history for responsibly produced metals. We also continued to advance our efforts to apply international best practices, including with respect to responsible value chains, reducing emissions to air, human rights due diligence and responsible tailings management. We have laid the foundations for sustained future growth while delivering value to a broad range of stakeholders and society more widely.’
The full version of Eurasian Resources Group’s Sustainable Development Report 2022 is available on ERG’s website at https://www.eurasianresources.lu/uploads/1/files/ERG%20SDR%202022%20(ENG).pdf
