In 2025, the MMG Board and Executive Committee took part in dedicated training on a number of MMG’s material sustainability topics: climate, nature and human rights.
The decisions ahead on climate, nature and human rights are complex. Our Board is preparing for them.
Board and Executive Committee members participated in a dedicated climate strategy workshop, followed by a session on MMG’s approach to identifying, preventing, mitigating and accounting for human rights risks and impacts. Together, these sessions supported informed oversight and helped the Board prepare for and respond to evolving stakeholder expectations and regulatory requirements.
Building ESG capability across the organisation is essential to delivering on our sustainability commitments. ESG training is overseen by the Governance, Remuneration, Nomination and Sustainability (GRNS) Committee, which also oversees how ESG performance is reflected in executive scorecards and remuneration.
Board members receive regular briefings on ESG risks, regulatory developments and stakeholder expectations. With disclosure requirements continuing to evolve, keeping the Board informed on sustainability risks and governance responsibilities remains a priority.
To advance the Board’s understanding of recent shifts across the various sustainability and ESG-related topics and their implications for mining strategy, the session was co-delivered by independent specialists and MMG’s own internal subject matter experts across sustainability, climate, human rights and nature.
The session covered sustainability and climate in a global mining context, refreshed understanding of MMG’s current climate strategy, and explored the choices involved in setting our ambition for 2030 and beyond. It also addressed water security, nature loss, and mining’s dependencies on nature, along with emerging standards and frameworks on nature. This prompted discussion on preparing for future disclosures, including HKFRS S2 requirements, and learn from practice across the global mining industry.
Building on this, the Board and Executive Committee explored MMG’s potential decarbonisation pathways and the choices involved in setting a refreshed target. This included the trade-offs between different levels of ambition, the cost and resource implications of each pathway, and how any refreshed target would be embedded through governance and planning. Scope 3 emissions were discussed separately, with the Board considering whether a standalone Scope 3 target may be appropriate in future once data processes and value chain engagement have matured.
The human rights session drew on the UN Guiding Principles on Business and Human Rights and ICMM Human Rights Due Diligence Guidance to explore how mining can impact human rights across the lifecycle, from exploration through to closure. Board members considered the drivers for respecting human rights, MMG’s due diligence maturity, the salient issues emerging from assessments underway across the group, and the Las Bambas Human Rights Impact Assessment being conducted by an Independent Advisory Group.
Board members came away with a broader understanding of climate risks, human rights impacts and the relationship between nature and mining, better equipping them to make informed decisions.
Those discussions informed the refresh of MMG’s Climate Strategy, including a review of our emissions baseline, climate-related risks and opportunities, and the capabilities needed to deliver on any refreshed commitments. Ongoing training will continue to focus on our climate strategy and decarbonisation efforts, nature, human rights and how to prepare for future disclosure requirements.