K92 Mining Inc. (“
K92” or the
“
Company”) (TSX
: KNT;
OTCQX
: KNTNF) is pleased to announce that it has
published its 2022 Sustainability Report. This is K92’s fourth
annual sustainability report, outlining the environmental, social
and governance (“
ESG”) practices and performance
of the Company. The report builds on our strong foundation in ESG
reporting and disclosure, including reporting in accordance with
the Sustainability Accounting Standards Board
(“
SASB”) Metals and Mining Standard for the fourth
consecutive year, as well as continued progression of K92’s
alignment with the Task Force on Climate-related Financial
Disclosures (“
TCFD”) recommendations. The report
also outlines K92’s recently-announced target to reduce energy and
greenhouse gas (“
GHG”) emissions by 25% on a
business-as-usual basis by 2030 (see June 21, 2023 press release -
K92 Mining Announces 2030 GHG Reduction Target).
The 2022 Sustainability Report is available on
the K92 website at the following
link: https://k92mining.com/responsible-mining/
Environment, Social and Governance
Highlights:
- ~94% of total workforce
(employees plus contractors) are PNG Nationals with
priority hiring from local communities.
- 1,477 employees and
contractors employed in PNG.
- $81.3 million in
procurement to PNG companies, representing 59% of total
procurement in PNG.
- $31.8 million in taxes and
royalties in PNG, an over 19% increase from 2021.
- $17.3 million in corporate
taxes paid in PNG, with K92 remaining the second-largest
taxpayer in PNG’s mining industry.
- Lost-time injury (“LTI”)
frequency of 0.31.
- Zero significant
environmental incidents or spills.
- ~66% lower carbon
intensity per gold equivalent ounce produced compared
to the global mining average(1) .
- 43% of Board Directors are
female(2), surpassing the 30% target
established in K92’s Board Diversity Policy.
- Sustainability Committee
Charter refreshed with updated mandate providing
enhanced oversight of environmental management, climate change,
community relations, human rights, and sustainability.
- Continued alignment with
TCFD recommendations with additional disclosures
related to climate change governance and risk management as well as
setting K92’s inaugural energy and GHG emissions reduction
target.
- $1.1 million in direct
community investment and progress on participating in the
new Tax Credit Scheme enacted by the Government of PNG, through
which up to two percent of the Company’s assessable income can be
allocated to community development projects, above and beyond our
existing community investments.
- Continued commitment to
local skills development, including $1.3 million
invested in professional, training, and trades programs during the
year; 38 total tertiary scholarships awarded; 200 graduates from
the K92 Adult Literacy Program; and multiple Memoranda of
Understanding implemented with PNG universities to help develop a
robust pipeline of skilled mine workers in the country.
- Sustainable Agriculture
Livelihoods Program further expanded, employing 180
people (~80% of whom are women) to provide them with active income
and business skills.
All amounts are in U.S. dollars unless otherwise
indicated.Note (1): Based on S&P Global Market Intelligence
2020 data on a gold produced basis.Note (2): Metrics as of
mid-2023.
John Lewins, K92 Chief Executive Officer and
Director, stated, “On behalf of the K92 team, we are pleased to
release our 2022 Sustainability Report, which contains our primary
annual disclosures related to ESG topics that are most important to
the Company and our stakeholders. The report details our ESG
practices and performance during 2022 as we continue to advance
Kainantu into one of the industry’s next world-class gold
mines.
Throughout the year, we continued our strong
focus on generating long-term, sustainable value for all our
stakeholders. We continue to pride ourselves on the economic
benefits we generate for the economy of PNG, including through
employing nearly 1,500 employees and contractors, spending over
$81M on procurement in the country, investing strategically in
training, skills development, and educational initiatives, and
investing over $1.1M throughout the year in direct community
investments. We will continue to work diligently in 2023 in support
of being a key catalyst for local, regional, and national economic
development in PNG.
We are also pleased to have released our
inaugural energy and GHG emissions reduction target, which will
help drive operational efficiencies and contribute to K92 doing our
part to combat the negative impacts of climate change. At the Board
level, we refreshed our Sustainability Committee Charter to
reinforce our continued focus on effective sustainability
management and oversight. We are pleased to now have a Board
composed of 43% women, including our Board Chair, the Chair of the
Nominating and Corporate Governance Committee, and the Chair of the
Sustainability Committee.
While this report covers the 2022 fiscal year,
we must acknowledge the tragic fatalities that occurred earlier in
2023 (as disclosed in our press releases dated May 5, 2023 and June
28, 2023). We are committed to transparently disclosing information
regarding these incidents and the steps that we have taken to help
ensure they do not happen again. We will provide additional
disclosures on these matters in our 2023 Sustainability Report.
Safety and the well-being of everyone at K92 is – and always will
be – our highest priority.
I look forward to working diligently alongside
the K92 team to deliver sustainable value for all our stakeholders
in 2023 and beyond.”
About K92
K92 Mining Inc. is engaged in the production of
gold, copper and silver at the Kainantu Gold Mine in the Eastern
Highlands province of Papua New Guinea, as well as exploration and
development of mineral deposits in the immediate vicinity of the
mine. The Company declared commercial production from Kainantu in
February 2018 and is in a strong financial position. A maiden
resource estimate on the Blue Lake porphyry project was completed
in August 2022. K92 is operated by a team of mining company
professionals with extensive international mine-building and
operational experience.
On Behalf of the Company,
John Lewins, Chief Executive Officer and
Director
For further information, please contact David
Medilek, P.Eng., CFA, President at +1-604-416-4445
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION: This news release includes certain “forward-looking
information” within the meaning of applicable Canadian securities
legislation (“forward-looking statements”), including, but not
limited to, the impact of global supply chain and financial market
disruptions; projections of future financial and operational
performance; statements with respect to future events or future
performance; production estimates; anticipated operating and
production costs and revenue; estimates of capital expenditures;
future demand for and prices of commodities and currencies;
estimated mine life of our mine; estimated closure and reclamation
costs and statements regarding anticipated exploration,
development, construction, production, permitting and other
activities on the Company’s properties, including: expected gold,
silver and copper production and the Stage 3 Expansion and Stage 4
Expansion. Estimates of mineral reserves and mineral resources are
also forward-looking statements because they constitute
projections, based on certain estimates and assumptions, regarding
the amount of minerals that may be encountered in the future and/or
the anticipated economics of production. All statements in this
news release that address events or developments that we expect to
occur in the future are forward-looking statements. Forward-looking
statements are statements that are not historical facts and are
generally, although not always, identified by words such as
“expect”, “plan”, “anticipate”, “project”, “target”, “potential”,
“schedule”, “forecast”, “budget”, “estimate”, “intend” or “believe”
and similar expressions or their negative connotations, or that
events or conditions “will”, “would”, “may”, “could”, “should” or
“might” occur. All such forward-looking statements are based on the
opinions and estimates of management as of the date such statements
are made.
Forward-looking statements are necessarily based
on estimates and assumptions that are inherently subject to known
and unknown risks, uncertainties and other factors, many of which
are beyond our ability to control, that may cause our actual
results, level of activity, performance or achievements to be
materially different from those expressed or implied by such
forward-looking information. Such factors include, without
limitation, Public Health Crises, including pandemics; changes in
the price of gold, silver, copper and other metals in the world
markets; fluctuations in the price and availability of
infrastructure and energy and other commodities; fluctuations in
foreign currency exchange rates; volatility in price of our common
shares; inherent risks associated with the mining industry,
including problems related to weather and climate in remote areas
in which certain of the Company’s operations are located; failure
to achieve production, cost and other estimates; risks and
uncertainties associated with exploration and development;
uncertainties relating to estimates of mineral resources including
uncertainty that mineral resources may never be converted into
mineral reserves; the Company’s ability to carry on current and
future operations, including development and exploration
activities; the timing, extent, duration and economic viability of
such operations, including any mineral resources or reserves
identified thereby; the accuracy and reliability of estimates,
projections, forecasts, studies and assessments; the Company’s
ability to meet or achieve estimates, projections and forecasts;
the availability and cost of inputs; the availability and costs of
achieving the Stage 3 Expansion or the Stage 4 Expansion; the
ability of the Company to achieve the inputs the price and market
for outputs, including gold, silver and copper; inability of the
Company to identify appropriate acquisition targets or complete
desirable acquisitions; failures of information systems or
information security threats; political, economic and other risks
associated with the Company’s foreign operations; geopolitical
events and other uncertainties, such as the conflict in Ukraine;
compliance with various laws and regulatory requirements to which
the Company is subject to, including taxation; the ability to
obtain timely financing on reasonable terms when required; the
current and future social, economic and political conditions,
including relationship with the communities in Papua New Guinea and
other jurisdictions it operates; other assumptions and factors
generally associated with the mining industry; and the risks,
uncertainties and other factors referred to in the Company’s Annual
Information Form under the heading “Risk Factors” and filed on
SEDAR or the Company’s website.
Estimates of mineral resources are also
forward-looking statements because they constitute projections,
based on certain estimates and assumptions, regarding the amount of
minerals that may be encountered in the future and/or the
anticipated economics of production. The estimation of mineral
resources and mineral reserves is inherently uncertain and involves
subjective judgments about many relevant factors. Mineral resources
that are not mineral reserves do not have demonstrated economic
viability. The accuracy of any such estimates is a function of the
quantity and quality of available data, and of the assumptions made
and judgments used in engineering and geological interpretation,
Forward-looking statements are not a guarantee of future
performance, and actual results and future events could materially
differ from those anticipated in such statements. Although we have
attempted to identify important factors that could cause actual
results to differ materially from those contained in the
forward-looking statements, there may be other factors that cause
actual results to differ materially from those that are
anticipated, estimated, or intended. There can be no assurance that
such statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking statements. The Company disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
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