ICMM publishes updated guidance to improve the quality and consistency of corporate water reporting

The guidance broadens ICMM’s minimum reporting commitments to include new metrics for disclosure, such as holistic reporting of how water is used to meet operational demands and how it is actively managed; and reporting of aggregated water metrics for all sites within a company as well as a separate aggregated total for all sites situated in water-stressed areas. It supports mining companies to disclose water data in a consistent way that allows for easier comparison of performance by interested stakeholders.

The guide builds directly on external reporting guidance and definitions, including CEO Water Mandate, GRI, CDP Water and the MCA Water Accounting Framework. It captures practical experience from companies operating in diverse geographies, commodities and regulatory systems, and was developed in consultation with industry experts and investors, helping to make this resource a strong global tool.

Aidan Davy, COO, ICMM said: “Transparent reporting is important so that stakeholders such as investors, government, local communities and civil society have greater line of sight over mining companies' water management practices and related data.

“The external reporting landscape is evolving, and ICMM’s updated Water Reporting: Good practice guide will help companies strengthen their management of this precious and shared resource for the benefit of all users, while reducing corporate risk exposure.”

Alexis Morgan, Global Water Stewardship Lead, WWF, said: “Aligning frameworks and efforts on water is helpful to many stakeholders as we drive towards solving shared water challenges. ICMM’s Water Reporting: Good practice guide is a useful reference document in that regard – cross-linking key efforts and resources related to water reporting.”

Nadja Franssen, Responsible Investment Officer, ACTIAM said: “ICMM’s Water Reporting: Good practice guide helps to stimulate mining companies to manage water resources in an inclusive, socially equitable and environmentally-sound way, which is crucial for the sector to play a leading role in the transition to a sustainable society.”

Briana Gunn, Group Executive of Environment, Newmont, said: “The ICMM Water Reporting: Good practice guide was updated to support alignment between members on the information and methodologies for accounting for the inflow, use, loss, storage and discharge of water at our operations. Having a standardised method of reporting provides a higher level of comparability and increased transparency for member companies.”

Chris McCombe, General Manager – Sustainability, Minerals Council of Australia, said: “Australia’s minerals industry is proud to support ICMM’s new Water Reporting: Good practice guide, which reinforces the industry’s commitment to water stewardship through responsible water use and transparent and consistent reporting.”

ICMM members commit to apply strong and transparent corporate water governance, including to publicly report company water performance, material risks, opportunities and management response using consistent industry metrics and recognised approaches. This Guide builds on good practice principles from ICMM’s 2017 publication A Practical Guide to Consistent Water Reporting as well as practical member learnings from its implementation, and is publicly available on ICMM’s website for use by the wider industry.

Read the article online at: https://www.globalminingreview.com/environment-sustainability/27082021/icmm-publishes-updated-guidance-to-improve-the-quality-and-consistency-of-corporate-water-reporting/