Rainbow Rare Earths Limited
Climate Impact & Sustainability Data (2023, 2024)
Reporting Period: 2023
Environmental Metrics
Total Carbon Emissions:6.01 tCO2e (Scope 1 & 2 office emissions)
Scope 1 Emissions:0.15 tCO2e
Scope 2 Emissions:5.85 tCO2e
ESG Focus Areas
- Responsible supply of critical rare earths
- Responsible business
- Creating value
- Focus on secondary sources
- Environmental integration
Environmental Achievements
- Office-based Scope 1 & 2 emissions calculated
- First disclosures in line with TCFD recommendations
- Phalaborwa ESIA work progressing
- MoU signed with Mosaic to jointly develop a process flowsheet to extract rare earth elements from secondary source in Brazil
- Kicking off LCA for Phalaborwa
Social Achievements
- Supplier Code of Conduct implemented
- Phalaborwa ESIA work progressing
- All existing Group policies reviewed and updated
- Sustainability Policy implemented
- Supplier Code of Conduct implemented
Governance Achievements
- All existing Group policies reviewed and updated
- Sustainability Policy implemented
- Supplier Code of Conduct implemented
Climate Goals & Targets
Short-term Goals:
- Continued integration of sustainability in overall strategic development
- Conduct a comprehensive materiality assessment
- Development of sustainability reporting
- Implement sustainability targets
Environmental Challenges
- Developing a responsible supply chain
- Minimizing adverse impacts of operations
- Managing climate-related risks and opportunities
Mitigation Strategies
- Implementing internal systems to measure and monitor key environmental and social metrics
- Reviewing and updating policies
- Calculating office-based emissions
- Publication of first disclosures under TCFD framework
- Conducting a comprehensive materiality assessment
- Developing sustainability reporting
- Implementing sustainability targets
- Developing a Supplier Code of Conduct
- Undertaking an ESIA at Phalaborwa
- Conducting a LCA for Phalaborwa
Supply Chain Management
Responsible Procurement
- Supplier Code of Conduct
Climate-Related Risks & Opportunities
Opportunities
- Demand for rare earths driven by global decarbonisation efforts
Reporting Standards
Frameworks Used: TCFD
UN Sustainable Development Goals
- 8
- 9
- 12
Rainbow believes these goals align with its business model and operations
Reporting Period: 2024
Environmental Metrics
Total Carbon Emissions:10.40 tCO2e (Scope 1 & 2, office-related)
Scope 1 Emissions:3.47 tCO2e
Scope 2 Emissions:6.93 tCO2e
ESG Focus Areas
- Environmental remediation
- Responsible supply chain
- Community development
- Climate change mitigation
- Governance
Environmental Achievements
- Neutralising acid water at Phalaborwa for use in closed-circuit plant process
- Producing a cleaner gypsum by-product for sale to industrial and agricultural sectors
- Planning for a low-carbon energy source for Phalaborwa
- Increased total resource tonnage for Phalaborwa by 15% to 35 Mt
Social Achievements
- Phalaborwa project will create numerous employment opportunities, prioritizing local workforce
- Working closely with local contractors and suppliers
- Stakeholder Engagement Plan and Grievance Mechanism prepared
- No concerns raised via the Group whistleblowing procedure
Governance Achievements
- Investment commitments from DFC/TechMet and Ecora followed extensive due diligence into Rainbow’s ESG approach
- Diversity briefing provided to the Nomination Committee and wider Board
- Ongoing optimisation of flowsheet to enable a long-term sustainable business
- Phalaborwa ESIA work progressing
Climate Goals & Targets
Long-term Goals:
- Develop a scalable and sustainable business by leveraging technology to recover REE from phosphogypsum
Medium-term Goals:
- Commence operations at Phalaborwa by 2027
Short-term Goals:
- Complete Phalaborwa Definitive Feasibility Study (DFS) in 2025
Environmental Challenges
- Securing additional funding for Phalaborwa and other projects
- Optimizing the processing flowsheet for Phalaborwa to deliver separated rare earth oxides
- Obtaining necessary permits for Phalaborwa
- Current rare earth prices below the base case for the Phalaborwa PEA
- Ongoing suspension of operations at Gakara project in Burundi
- Securing lease for land at Phalaborwa
- Managing environmental liabilities associated with Phalaborwa gypsum stacks
Mitigation Strategies
- Strong economic returns of Phalaborwa expected to ensure funding
- Technical team’s experience in designing and commissioning commercial plants
- Working with specialist consultants for permitting process
- Phalaborwa’s low-cost operation expected to be resilient against price volatility
- Impairment of Gakara assets to nil
- Bosveld’s obligation to transfer land rights
- Engaging WSP for baseline environmental assessment and operational plan
Supply Chain Management
Responsible Procurement
- Supplier Code of Conduct
Climate-Related Risks & Opportunities
Transition Risks
- Rare earth price volatility
Opportunities
- Demand for REE driven by global decarbonisation efforts
Reporting Standards
Frameworks Used: TCFD
Third-party Assurance: BDO LLP
UN Sustainable Development Goals
- SDG 8
- SDG 9
- SDG 12
Producing critical rare earths for green energy transition, building resilient infrastructure, ensuring sustainable consumption and production patterns