Calibre Mining displays sustainability successes with new report

Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF) reported zero high-risk reportable environmental incidents over all of its properties in 2023.

The company covered this fact and more in its fourth annual sustainability report while showcasing both its financial successes and focus on sustainability initiatives. The company released its report on Tuesday.

Environmental, Social, and Governance (ESG) principles have played a pivotal role in Calibre’s success and growth. Since transitioning from a prospect generator/explorer to a gold producer in 2019, expanding operations to Nevada in 2022, and now building Atlantic Canada’s largest gold mine, Calibre has achieved significant milestones.

Over these four years, the company has enjoyed a 28 percent compounded annual production growth, increased Mineral Reserves by 370 percent, and accumulated USD$144 million in cash reserves. Calibre’s firm commitment to sustainability has made all of this possible.

Darren Hall, President and CEO of Calibre, emphasizes that the company’s reputation for fulfilling its commitments extends beyond financial performance, reflecting a strong dedication to sustainability integrated into every aspect of the business.

Calibre’s success is closely connected to the communities where it operates. Engagement and transparency with stakeholders, including host communities, local government authorities, and Indigenous groups, are central to the company’s sustainability strategy.

By actively listening to their needs and concerns, Calibre aims to be a good neighbor, fostering mutually beneficial partnerships. Their commitment to obtaining free, prior, and informed consent from Indigenous communities highlights their dedication to responsible mining practices and community development.

Our commitment to engaging openly and respectfully with Indigenous communities is more than just written policy. It’s the way we work every day. #CalibreMining #CalibreMiningCorp #GoldMining #SustainableMining #MiningIndustry #Nicaragua #CommunityRelations pic.twitter.com/QUvFD8eIQW

— Calibre Mining Corp. (@CalibreMiningCo) May 20, 2024

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Company takes a strong stance against child labour

Calibre’s 2023 Sustainability Report has been prepared in accordance with the Global Reporting Initiative (GRI) Standards and the GRI 14: Mining Sector 2024 Sector Standard. It also follows the Value Reporting Foundation’s Sustainability Accounting Standards Board (SASB) 2023 Metals and Mining Industry Standards and the Mining Local Procurement Reporting Mechanism (LPRM). This report covers the period from January 1 to December 31, 2023.

The company also took a strong stance against child labour in supply chains with its first Bill S-211 report. Bill S-211 is Canada’s new legislation taking aim at modern slavery. The report addresses all legal requirements for the Canadian Supply Chains Act and assists with taking steps to prevent and reduce the risk that forced or child labour is being used at any step of its business and supply chain.

“This report underscores our commitment to combating forced labor and child labor in global supply chains and serves as a testament to our dedication to responsible practices,” said Hall.

For the third consecutive year, Calibre has reduced its GHG emission intensity (TCo2 per gold ounce produced), achieving a 20 per cent reduction from 2020 to 2023. The company has also decreased its water intensity, with water withdrawal per ounce of gold produced dropping from 0.014 milliliters in 2022 to 0.012 milliliters in 2023, an 11 per cent reduction.

Calibre collected 4.5 tonnes of recycled materials from communities in Nicaragua and recycled 83 per cent of carbon fines at the Pan Mine.

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Calibre distributed $489m in economic value in 2022

Calibre also achieved zero market-based Scope 2 emissions in Nicaragua by purchasing I-REC certificates for 100 per cent of its electricity consumption from the grid. Furthermore, Calibre’s artisanal and small-scale mining ore purchase program has reduced mercury use by 10.1 tonnes since 2020.

The company also grew its workforce to 4,254 employees and contractors, marking a 14 per cent increase compared to 2022 and a 54 per cent increase compared to 2020. It also now supports 1,322 direct jobs, with 96 per cent being national employees, of whom 77 per cent are from communities adjacent to or near Calibre operations.

Typical pay for local suppliers is an aggregate of USD$276 million, which represents 86 per cent of total supplier payments and a 32 per cent increase compared to 2022’s USD$208 million. The company also distributed USD$489 million in economic value, a 27 per cent increase from USD$387 million in 2022.

Furthermore, Calibre paid USD$48 million in taxes and royalties, a 39 per cent increase compared to the USD$35 million paid in 2022.

In terms of human rights violations, there were zero substantiated cases. Also, zero significant instances of non-compliance with laws and regulations. Additionally, the company takes safety seriously, having reported zero fatalities in 2023 and its Lost Time Injury Frequency Rate (LTIFR) dropped to 0.03, an 88 per cent reduction compared to 0.24 in 2022. Accordingly, the Total Recordable Incident Frequency Rate (TRIFR) decreased to 1.21, a 9 per cent reduction from 1.33 in 2022.

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Investors have benefited from respectable growth

Employees received an average of 13 training hours per year, a 32 per cent increase compared to 2022. Calibre paid out USD$58 million in wages and benefits, a 61 per cent increase compared to USD$36 million in 2020, Calibre’s first full year of operations.

In 2023, Calibre achieved its fourth consecutive year of production growth, selling 283,525 ounces of gold and grossing USD$550 million in gold revenue.

The company also experienced its fourth consecutive year of growth in Mineral Reserves, reaching 1.42 Moz in Nicaragua and Nevada, net of depletion. Furthermore, Calibre achieved Year-3 conformance with the World Gold Council’s Responsible Gold Mining Principles (RGMPs). The RGMP’s outline standards for responsible gold mining, focusing on high environmental, social, and governance (ESG) performance.

The company also saw year-on-year improvements across ESG performance and risk management rating scores. As of April 30, 2024, Calibre had USD$144 million in cash on hand.

Calibre Mining is a sponsor of Mugglehead news coverage

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