Newmont CEO Tom Palmer says strong ESG performance is a key indicator of a well-managed business.
The world’s leading bullion miner, Newmont, on Tuesday announced a $3-billion sustainability-linked credit facility, which CEO Tom Palmer said demonstrated the group’s “unwavering commitment to industry-leading” environmental, social and governance (ESG) practices.
The credit facility includes a pricing feature based upon third-party sustainability performance measures and includes overall improved pricing from the previous facility.
This new credit facility expires in March 2026, amending and extending the credit facility executed in 2019.
“Our sustainability framework is at the core of what we do, and we believe that strong ESG performance is a key indicator of a well-managed business. By aligning our financial performance and our ESG performance, we are holding ourselves accountable to delivering on our purpose to create value and improve lives through responsible and sustainable mining,” said Palmer.
Newmont is one of the first in the mining industry to add a sustainability-linked pricing component to its revolving credit facility. Under the new facility, the company will incur positive or negative pricing adjustments on drawn balances based on certain sustainability performance criteria. Sustainability performance is measured through independent ratings published by MSCI and S&P Global, global leaders in ESG and corporate governance research and ratings.