Dual-listed gold miner B2Gold last month announced that it had published its inaugural Climate Strategy Report and Water Risk Statement, both of which are available to view or download on B2Gold’s website.

The low-cost international gold producer has operating gold mines in Mali, Namibia, and the Philippines, and a portfolio of development and exploration projects in various countries.

B2Gold noted that, as it recognises that climate change is a “critical global challenge” and must act accordingly, it is fully dedicated to providing its stakeholders with the necessary information to make informed decisions regarding its climate risks and opportunities, as well as the company’s management and performance relating to these risks.

Accordingly, it has completed this Climate Strategy Report describing its progress against implementation of the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

Since 2016, B2Gold has reported yearly on climate risk management in its Responsible Mining Report. “This Climate Strategy Report constitutes the company’s inaugural report supporting our alignment with the recommendations of the TCFD.”

In the report, the company noted that, as a member of the World Gold Council, it is currently in the process of implementing the council’s Responsible Gold Mining Principles (RGMPs).

It pointed out that RGMP Principle 10.3: Combating Climate Change indicates support for ‘the objectives of global climate accords through avoidance, reduction or mitigation of carbon emissions’, along with working towards climate resilience in operations and nearby communities where relevant.

“Our strategy for contributing to global climate change action contains the following objectives:

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Identify and understand our climate risks (physical and transitional) and incorporate mitigation measures to make the company more resilient as society transitions to a low-carbon society;

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Establish and report progress against science-informed emissions reductions targets, including maintaining an updated greenhouse-gas (GHG) emissions inventory (Scope 1, 2 and 3 emissions);

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Evaluate and implement changes to our energy and fuel sources to increase the proportion of renewable energy used in our operations;

and

• Continuously improve our disclosure on our climate risk management performance, to align with the TCFD recommendations

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Further, B2Gold, having acknowledged that access to clean and reliable water supplies is fundamental to the success of its operations and the wellbeing of its stakeholders, has committed to using water efficiently, protecting water resources, and collaborating with stakeholders to effectively manage this shared resource.

“The Water Risk Statement outlines B2Gold’s approach to identifying and managing the water risks at each of its operations.”

Climate Report and Water Risk Statement Highlights

The report outlines B2Gold’s climate risk management strategy, governance, risk management approach and prioritised risks, and performance data.

It also features updates to B2Gold’s Climate Strategy, such as assessing and mitigating physical and transitional climate-related risks, assessing and reducing its carbon footprint, setting emissions reduction targets, and keeping stakeholders informed of our performance.

B2Gold developed a set of actions to achieve this Climate Strategy. This included the development of climate scenarios in 2021, by using the Network for Greening the Financial System scenario outputs, including both physical- and transition-related variables, and exploring 2030 and 2050 timescales.

In 2022, the company intends to take the outputs from the scenario analysis and further evaluate the potential financial and other material implications for B2Gold.

The miner’s report cited several other 2021 achievements, such as forming a corporate Climate Risk Management Committee to update and execute its Climate Strategy; appointing Climate Champions at each of its operations; the Mail-based Fekola Mine’s solar plant reaching full production capacity in July 2021, generating 47.2 GWh, reducing heavy fuel oil consumption by ten-million litres and eliminating 31 500 t of carbon dioxide equivalent emissions; and B2Gold’s substantially increasing the proportion of its total electricity consumption from renewable sources from 2.2% in 2020 to 9.4% in 2021.

Meanwhile, the Water Risk Statement noted that B2Gold is implementing its water management approach over three phases. The first is the completion of a formal Water Risk Assessment; followed by the development of a Global Water Strategy, based on the results of the assessment; and, thirdly, the development and implementation of site-specific Water Action Plans to understand and mitigate key water risks.

The statement also presents the results of a formal Water Risk Assessment of B2Gold’s operations, which was conducted in 2021. The Water Risk Assessment is aligned with International Council on Mining and Metal’s Water Stewardship Framework, which is based on a watershed approach to water management.

The statement noted that the company plans to formalise its updated Global Water Strategy, and subsequently develop and implement treatment actions for its identified water risks through site-specific strategies, during the course of 2022.

B2Gold is a participating sponsor of the Investing in African Mining Indaba. President and CEO Clive Johnson will be speaking at the event, which will be held at the Cape Town International Convention Centre from May 9 to 12.