Climate Change Data

Hastings Technology Metals Limited

Climate Impact & Sustainability Data (2022, 2023)

Reporting Period: 2022

Environmental Metrics

Total Carbon Emissions:3835 tCO2e (Scope 1 and 2)
Scope 1 Emissions:3835 tCO2e
Scope 2 Emissions:19 tCO2e
Renewable Energy Share:0.5%
Total Energy Consumption:54.70 TJ
Water Consumption:49,045 kL

ESG Focus Areas

  • Governance
  • People
  • Communities
  • Environment

Environmental Achievements

  • Commencement of site construction works at Yangibana
  • Commonwealth Environmental Approval for the Onslow Rare Earths Plant
  • Inaugural Climate Change Report aligned with TCFD framework

Social Achievements

  • 100% employee participation in anti-bribery and corruption training
  • Employee well-being program launched
  • No long-term injuries during the reporting period

Governance Achievements

  • Joined the United Nations Global Compact
  • ESG ratings assessment by Sustainalytics
  • Formal board oversight of ESG via ESG Committee Charter

Climate Goals & Targets

Long-term Goals:
  • Achieve net zero scope 1 and 2 GHG emissions (2050)
Medium-term Goals:
  • Turnover rate reduced by 30% by end of commissioning phase (2025)
  • Local employment target of 10% (2026)
  • 30% female representation on the Board (2026)
  • 40% female representation on executive management (2026)
  • Indigenous employment of 10% (2026)
  • Value-add by creating one tourism opportunity (2024)
  • Beautification project (2025)
  • 14% reduction in scope 2 GHG emissions (2024)
  • Approvals for solar field at Yangibana (2025)
  • 22.5-37.8% reduction in scope 1 GHG emissions (2030)
  • 50% reduction in scope 2 GHG emissions (2030)
Short-term Goals:
  • Reduce turnover rate by 10% during construction phase
  • Implement Lifeline Minders Program
  • Develop training and awareness program for Code of Conduct
  • Roll-out online anti-discrimination training
  • Implement Stakeholder Engagement Action Plan
  • Demonstrate five key benefits of presence in local communities
  • Detail site water balance and obtain comprehensive baseline
  • Design TSFs in accordance with Good International Industry Practice

Environmental Challenges

  • COVID-19 impacts on workforce and construction progress
  • Fragile road conditions impacting operations
  • Managing potential risks associated with tailings storage facilities
Mitigation Strategies
  • Implementation of COVID-19 management plan
  • Collaboration with local shires for road maintenance
  • Development of Tailings Storage Facility Management Plan and other environmental management plans

Supply Chain Management

Supplier Audits: 1

Responsible Procurement
  • Australian Industry Participation Policy
  • Development of Human Rights and Ethical Procurement Framework
  • Drafting of Supplier Code of Conduct

Climate-Related Risks & Opportunities

Opportunities
  • Use of rare earths in renewable energy technologies

Reporting Standards

Frameworks Used: GRI Standards, TCFD

UN Sustainable Development Goals

  • SDG 3
  • SDG 5
  • SDG 7
  • SDG 8
  • SDG 12
  • SDG 13

Contribution to targets within these SDGs described in report.

Reporting Period: 2023

Environmental Metrics

Renewable Energy Share:40-80%

ESG Focus Areas

  • Environment
  • Social
  • Governance

Environmental Achievements

  • Target of 40-80% renewable energy sources for the Yangibana Project – initially 40% in the first year of operations utilising solar photovoltaic farm and battery story
  • Yangibana Project’s water requirement is recovered and recycled to create more sustainable operations, with 82% of water usage met by recovered process water saving around 2.88GL per annum.

Social Achievements

  • Achieved a Loss Time Injury Frequency Rate of below 2.0
  • Developed and rolled out a Supplier Code of Conduct
  • Maintained a minimum of 30% female employment participation rate
  • Partnered with industry to build local capability to support future operations
  • Developed and rolled out two programs to build an inclusive culture
  • Zero non-compliances with Hastings’ Native Title Agreement

Governance Achievements

  • Strong ESG credentials verified by independent third parties; ranked fourth out of 159 companies in Sustainalytics’ 2022 diversified metals mining subindustry category and achieved the EcoVadis Gold Rating, ranked in the top five per cent of companies assessed.

Climate Goals & Targets

Environmental Challenges

  • Post COVID, the Australian mining sector has seen significant cost inflation due to labour shortages and rising interest rates.
  • Prices of NdPr oxides fell 60% from the peak in February 2022, as demand for permanent magnets in China remained weak due to the disappointing post-COVID economic rebound and rising interest rates environment.
Mitigation Strategies
  • Adopted a proactive stance to strengthen our management team by appointing seasoned mining executive Alwyn Vorster as Interim Chief Executive Officer on a six-month contract and other senior appointments.
  • Undertook a comprehensive review of the capital cost and delivery model for the Yangibana Project and in May announced a two-stage development approach that prioritises the Yangibana Project’s mine and beneficiation plant, aligning with our pursuit of lower upfront capital requirements and expedited cashflows by Q2 2025.
  • Improved project’s financial and operational resilience, with the Stage 1 capital cost is projected at $470 million, a figure that encompasses $106 million already invested in crucial early infrastructure works at the Yangibana Project.

Supply Chain Management

Responsible Procurement
  • Developed and rolled out a Supplier Code of Conduct

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: GRI, TCFD, UN Global Compact

Awards & Recognition

  • EcoVadis Gold Rating
  • Sustainalytics ranking 4th out of 159 companies