Climate Change Data

Kore Potash plc

Climate Impact & Sustainability Data (2022)

Reporting Period: 2022

Environmental Metrics

ESG Focus Areas

  • Climate Change
  • Health and Safety
  • Community Engagement

Environmental Achievements

  • Implemented a nursery onsite and planted seedlings in surrounding areas to offset carbon emissions from diesel fuel use.
  • Partnered with NGOs to provide financial assistance for rainforest guards in Conkouati-Douli National Park.

Social Achievements

  • Achieved zero lost time injuries.
  • Maintained COVID-19 measures, resulting in only one positive case among Congolese employees.
  • Full and fair consideration to employment applications irrespective of age, gender, colour, ethnicity, disability, nationality, religious beliefs or sexual orientation.
  • Open line of communication between employees, senior management, and the Board.
  • Whistleblower procedure in place.

Governance Achievements

  • Adherence to sound corporate governance policies.
  • Transparent and effective engagement with stakeholders.
  • All resolutions passed at the AGM with at least 95% of votes in favor.
  • Formal procedures to deal with directors’ conflicts of interest.

Climate Goals & Targets

Long-term Goals:
  • Develop a cash generative potash project in the RoC.
Medium-term Goals:
  • Formalise an EPC Contract for the construction of Kola and a Financing agreement.
Short-term Goals:
  • Complete a fundraise prior to Q4 2023 to ensure sufficient cash to meet ongoing obligations.

Environmental Challenges

  • Significant capital requirements for project development.
  • Country risk in the Republic of Congo (RoC), including potential political, economic, and other risks.
  • Changes in potash commodity prices and market conditions.
  • Geological and technical risks.
  • Environmental and occupational health and safety risks.
  • Government policy changes.
  • Retention of key staff.
  • Climate change impacts (primarily carbon emissions from Kola operation).
Mitigation Strategies
  • Actively engaging with potential lenders, export credit agencies, and equity investors.
  • Regular consultations with the local community in RoC and employing local workforce.
  • Good relationships with RoC government officials.
  • Benefitting from the UK-RoC bilateral investment treaty.
  • Planning to be a low-cost producer.
  • Engaging with reputable buyers for contractual sales arrangements.
  • Appointing reputable third-party technical consultants.
  • Continuous improvement of health, safety, and environmental risk management procedures.
  • COVID-19 testing and control procedures.
  • Employee vaccination program.
  • Monitoring changes in legislation.
  • Performance management system and incentive schemes to attract and retain key employees.
  • Modifications to Kola Project design to mitigate climate change impacts.
  • Reviewing options to reduce carbon emissions.

Supply Chain Management

Responsible Procurement
  • Prompt payment policy.

Climate-Related Risks & Opportunities

Physical Risks
  • Potential impact of sea level rise and weather changes on Kola Project.
Transition Risks
  • Changes in energy supply methodology impacting carbon emissions.
Opportunities
  • Increased demand for potash due to global climate change.

Reporting Standards

Frameworks Used: JORC Code (2012 edition)

Third-party Assurance: BDO LLP