NioCorp Developments Ltd. is pleased to announce that it has now completed deployment of a management system aligned with the latest version (“EP4“) of the Equator Principles Environmental, Social, and Governance (“ESG“) principles. This achievement is a key step in NioCorp’s efforts to formalize its ESG management practices and is also a requirement of prospective lenders for its Elk Creek Superalloy Materials Project (the “Elk Creek Project“) in Nebraska.
The Equator Principles, developed by the Equator Principles Association, serve as a common baseline and risk management framework for financial institutions to identify, assess, and manage environmental and social risks when financing Projects such as the Elk Creek Project. The latest version of the Principles can be seen here. A total of 138 financial institutions in 38 countries have officially adopted the Equator Principles and have pledged not to finance projects that do not adhere to the Equator Principles’ 10 key objectives.
“Demonstrating our commitment to the Equator Principals underscores the fact that the NioCorp team walks the talk on environmental, social, and governance issues, as we have for many years,” said Mark A. Smith, CEO and Executive Chairman of NioCorp. “Operating production facilities with these principles in mind has always been table stakes for our team.”
See related article: Laurentian Bank of Canada Releases its First ESG Report
“The Elk Creek Project has been designed from the ground up to maximize efficiencies and minimize environmental impacts,” added Scott Honan, NioCorp’s Chief Operating Officer. “We look forward to demonstrating that the Elk Creek Project can produce a suite of critical minerals that can support environmentally sustainable technologies such as electric vehicles while we minimize environmental impacts and support the communities of southeast Nebraska.”
As part of its ESG program under the Equator Principles, NioCorp has:
- Completed a comprehensive risk assessment along with management plans for high-risk areas;
- Conducted preliminary environmental and social impact assessments;
- Developed an Environmental and Social Management System, including procedures for key ESG subject areas that will assist with the management of the Company’s day-to-day activities;
- Developed more formal community engagement procedures;
- Established a grievance mechanism for local communities and other stakeholders;
- Completed a Climate Change Risk Assessment for the project, demonstrating the project’s resilience to climate-related risks; and
- Completed an Environmental Justice assessment for the project, demonstrating the positive impacts that the project will have for the people of Southeast Nebraska.
Source: NioCorp