SUSTAINABILITY

Sustainability credentials

PanAust’s sustainability actions are guided by corporate governance standards with the Sustainability Committee (a sub-committee of the PanAust Board) providing oversight. The Company's Vision and Values, and Sustainability Policy clearly outline the Company’s commitment to preserving and enhancing the environmental, social, technical and financial elements of the business. Fourteen Sustainability Management Standards relating to leadership, risk management, health and safety, training, environment, stakeholder engagement and community have been developed to ensure consistent sustainability-related outcomes across the business.

Sustainability forms part of the Executive Management Team’s five-year plan and their critical tasks. In addition, the General Manager Human Resources and Risk Management facilitates workshops with key operational personnel from across the Group to enable company-wide alignment with PanAust’s approach to sustainability.

PanAust measures its sustainability performance against international standards and commissions independent audits based on the Equator Principles and the International Finance Corporation's Policy on Social and Environmental Sustainability.

PanAust is an associate member of the Minerals Council of Australia (MCA) and a signatory to its ‘Enduring Value – The Australian Minerals Industry Framework for Sustainable Development’. The Enduring Value framework commits companies to upholding fundamental human rights and respecting the cultures, customs and values of people affected by their activities.

PanAust aligns with the International Council on Mining and Metals policy on climate change. 

PanAust is a signatory to the International Cyanide Management Code that promotes the responsible use of cyanide in gold mining. The Ban Houayxai gold-silver process plant is designed and being built from the ground up to be compliant with the Code.

The Company's leading role in delivering positive community outcomes has been recognised internationally through various awards.

PanAust also reports against the Global Reporting Initiative (GRI) and produced its fifth Sustainability Report - Sustainability Report 2010  - which achieved an externally verified GRI B+ rating.

The Company's operational activities in Laos are conducted in accordance with the Mineral Exploration and Production Agreement which is subject to the laws of the Lao People's Democratic Republic and outlines PanAust's obligations across a range of issues including taxes, employment and training of Lao nationals, infrastructure, environmental management, and local business development.

PanAust’s Sustainability Committee regularly reports to the Board of Directors in relation to its responsibilities and functions as outlined in the Sustainability Committee Charter.