With a view to continuous improvement, Torex Gold strives to achieve leading industry standards in sustainability performance, disclosure and reporting, including the following:
External Performance, Disclosure & Reporting Standards
World Gold Council – Responsible Gold Mining Principles
In December 2020, Torex became a member of the World Gold Council (WGC) and made a commitment to adopt the WGC’s Responsible Gold Mining Principles, a framework that sets clear expectations for member companies to adhere to the highest standards of ethics and corporate responsibility. The Principles are designed to provide confidence to governments, investors, employees and contractors, communities, supply chain partners and civil society that gold has been produced responsibly. In 2021, we conducted a self-assessment against the principles and had it assured by a third-party. In 2022, we will put together an action plan to achieve full conformance by the end of 2023. More information about the Responsible Gold Mining Principles can be found here. Our Year 1 RGMP Progress Report can be found here.
Global Industry Standard On Tailings Management
The Global Industry Standard on Tailings Management (GISTM) is a global best-practice standard that was published in August 2020 by ICMM, the United Nations Environment Program (UNEP) and Principles for Responsible Investment (PRI). In 2022, the Torex Board of Directors supported Management's recommedation to formally adopt the GITSM and achieve full conformance within the prescribed timeframe.
International Cyanide Management Code
The International Cyanide Management Code (ICMC) is a voluntary program developed under the guidance of the UN Environmental program in partnership with members of the then-International Council on Metals and the Environment to improve the management of cyanide used in gold and silver mining and assist in the protection of human health and the reduction of environmental impacts. In 2021 we became a signatory to the ICMC to demonstrate our excellence and best practice in addressing risks associated with cyanide management. We have developed a gap analysis and an action plan is under development to close the gaps and become fully compliant. For more information on the ICMC, click here.
International Finance Corporation
We have implemented an Environmental and Social Management System (ESMS), which is based on the International Finance Corporation’s (IFC) Environment, Health and Safety Guidelines. Our ESMS is made up of 15 management plans comprising a total of 54 mitigation measures to protect the soil, water, air, flora and fauna on our site. It is implemented by environmental specialists at our operations in Mexico, with oversight from our Executive Team. In 2019, an independent consultant conducted an audit on the compliance of all the IFC’s Environmental and Social Performance Standards, and we reached 100% compliance. For more information, click here.
Global Reporting Initiative
The Global Reporting Initiative (GRI) standards set out specific criteria and indicators that organizations can use to measure and report on their economic, environmental and social performance. Our annual Responsible Gold Mining Report is prepared in accordance with the GRI Standards ‘Core’ option, with topic-specific disclosures aligned with our annual materiality assessment results. For more information, click here.
Sustainability Accounting Standards Board
The Sustainability Accounting Standards Board (SASB) Metals and Mining disclosures and metrics identify the financially material sustainability topics and metrics relevant for our industry. Torex Gold began reporting SASB disclosures for the 2019 reporting year and will continue to report on an annual basis. For a list of companies reporting with SASB standards, click here. To access our latest GRI and SASB disclosure table, click here.
CDP/Task Force On Climate-related Financial Disclosure
In 2020, Torex started disclosing our climate change impacts through CDP, a global non-profit that runs the world’s leading environmental disclosure platform. CDP drives companies and governments to reduce their greenhouse gas emissions, safeguard water resources and protect forests. The CDP is aligned with recommendations from the Taskforce on Climate Related Financial Disclosures (TCFD) and we are committed to disclose climate-related information in line with TCFD going forward. For more information on CDP, click here.
United Nations Sustainable Development Goals (SDGS)
Torex is working to support progress on the United Nations Sustainable Development Goals (UN SDGs). We recognize that we have an opportunity to positively contribute to all 17 of the SDGs. For more information on UN SDGs, click here.