Uranium-focused explorer Lotus Resources Ltd (ASX:LOT) has released its annual Sustainability Report, which records progress towards environmental, social, and governance (ESG) principles within the organisation.
This is the company’s third Sustainability Report. This latest iteration provides a summary of Lotus’ approach to creating sustainable value for stakeholders and includes an overview of its ESG management systems and the performance of the Kayelekera Uranium Project in Malawi, as well as the company’s corporate activities in its Perth office.
GRI Sustainability Standards
This latest report also marks a new sustainability milestone for the company, with the report being prepared with reference to the Global Reporting Initiative (GRI) Sustainability Standards.
Lotus says this development in reporting standards underscores its commitment to enhanced transparency, accountability and continual improvement in ESG performance.
In response to global environmental challenges, Lotus is advancing its climate mitigation strategy, particularly focusing on the recommencement of mining operations at Kayelekera.
The report offers an update on the company's progress toward aligning with the Task Force on Climate-related Financial Disclosures (TCFD) reporting framework, showcasing its commitment to addressing climate change impacts.
High on the company's agenda are what it calls the 'megatrends' of the moment. The three big trends it sees as important to ESG are currently climate change and net zero, cybersecurity and diversity and inclusion.
The company sees uranium as a key energy pillar in the world’s transition towards net zero, and in developing a project focused on reducing global GHG emissions, a key part of its strategy is to find effective measures and energy sources to reduce Kayelekera’s carbon emissions.
What's more, it says the development of the Kayelekera Mine has the potential to make a positive and long-lasting contribution to the local and national economy in Malawi.
The complete report and additional information are available on the company's website.
Lotus is confident that this latest release reaffirms its commitment to sustainable operations and sets an important example of strong ESG-focused corporate reporting for other players in the mining industry.
About Lotus Resources
Lotus, is a prominent player in the advanced uranium sector with a focus on Africa. The company prides itself on engaging with local communities for sustainable and meaningful impacts. Lotus holds an 85% stake in the Kayelekera Uranium Project in Malawi and full ownership of the Letlhakane Uranium Project in Botswana.
The Kayelekera Project is home to a resource of 51.1 million pounds of U3O8. This project has a history of substantial uranium production, yielding some 11 million pounds between 2009 and 2014.
Following a positive Restart Study, the company is confident that Kayelekera has an ore reserve of 23 million pounds of U3O8 and is capable of sustaining a profitable operation. Similarly, the company's Letlhakane Project in Botswana holds a substantial resource, amounting to 190.4 million pounds of U3O8.