The Onyen Corporation has signed an agreement with Mining Shared Value (MSV), a non-profit initiative of Engineers Without Borders Canada, to offer mining companies using Onyen software the ability to report in accordance with the Mining Local Procurement Reporting Mechanism (LPRM).
The LPRM joins several other standards already available in Onyen’s environmental, social and governance (ESG) reporting system, including the Mining Association of Canada’s Towards Sustainable Mining (TSM) framework, the Sustainability Accounting Standards Board (SASB), the Global Reporting Initiative (GRI), the World Economic Forum (WEF and WEF MSC), the Task-Force on Climate-Related Financial Disclosures (TCFD), and the World Gold Council’s Responsible Gold Mining Principles (RGMPs), to name a few.
"We consistently see mining companies who want to report on vital ESG issues, such as local procurement, but lack the time to aggregate and disclose corporate activities,” said MSV’s managing director Jeff Geipel. “We are thrilled that the Mining LPRM's disclosures are now available as an option for mining companies to include in their Onyen-generated reporting."
Laurie Clark, CEO of Onyen, stated, “Local procurement is a key component of building long-term successful businesses with a strong social licence to operate. Now our customers will have an opportunity to transparently illustrate their local social impacts.”
The Mining LPRM is a publicly available information sharing framework created by MSV and German partner Deutsche Gesellschaft für Internationale Zusammenarbeit. Procurement spending on goods and services typically represents the largest financial flow from a mining project to a host country, and so in addition to being major lever for economic and social development, it is important for companies due to its role in achieving a social licence to operate. The Mining LPRM is structured like the GRI and is now being used by 12 mining companies, including Ivanhoe Mines, Lundin Gold, Iamgold, Endeavour Mining, and New Gold.
The LPRM framework will be integrated with all other standards within the Onyen system, eliminating duplicate reporting. Customers are able to track real-time progress, including trends, benchmarking, and targets on the executive dashboard ensuring outcomes are managed in real-time. Public disclosures generated to the Onyen ESG Scorecards and to the PDF sustainability reports allow stakeholders to better evaluate social economic impacts.
For more information about the Onyen ESG reporting system, please schedule a demo.