Our Approach to Responsible Mining
Our business is focused on breaking new ground at every stage in the mining life cycle. From the initial relationships we build with local communities to implementing socially and environmentally responsible closure practices, we seek to find new ways to create value for our stakeholders. From our corporate vision to our management systems, we are committed to responsible mining as the foundation of our business.
Eldorado’s Vision and Values define our future as an organization and our approach to how we get things done
Eldorado’s Sustainability Framework articulates what sustainability means to Eldorado
Eldorado’s Policies define our commitments on specific sustainability-related topics
Eldorado’s Sustainability Integrated Management System (SIMS) provides mandatory performance-based minimum standards that operationalize our Sustainability Framework and Policies across our global sites
Our Vision and Values
Our five core values are the foundation for how we do business, ignite our culture and underpin Eldorado’s vision of building a safe, sustainable and high-quality business in the gold mining sector, creating value today and for future generations.
We succeed together
We embrace the unknown and face challenges head on
We are honest and do the right thing
We persevere through adversity, remaining committed to delivering on our promises
We continuously assess, adapt and navigate to find solutions
Our Sustainability Framework
Eldorado’s sustainability framework embodies our pledge to incorporate sustainability from the ground up in service of our corporate vision to build a safe, sustainable and high-quality business in the gold mining sector, creating value today and for future generations. This means we consider sustainability in everything we do, from exploration to closure, and in our relationships with communities, investors, customers and other important stakeholders.
Our sustainability framework articulates four pillars that highlight our commitments across environmental, social and governance (ESG) indicators. By delivering on these pillars, we believe we will continue to be a preferred partner for host communities and countries and have access to capital to enable us to grow our business for the benefit of all stakeholders.
Our Sustainability Policies
Eldorado’s policies and commitments provide the governance for making our vision, values and framework a reality. Our sustainability-related policies include:
Our Sustainability Integrated Management System
Eldorado’s Sustainability Integrated Management System (SIMS) provides minimum performance-based standards for all Eldorado sites in the areas of occupational health and safety, environmental performance, social performance, security, and general management of sustainability topics.
SIMS was developed in alignment with internationally recognized standards, including the World Gold Council’s (WGC) Responsible Gold Mining Principles (RGMPs), the Mining Association of Canada’s (MAC) Towards Sustainable Mining (TSM), the International Cyanide Management Code (ICMC), and the Voluntary Principles on Security and Human Rights (VPSHR). It was also developed through a collaborative effort with direct participation from executive leadership, senior management, mine and country General Managers, corporate teams and a dedicated group of sustainability professionals from across Eldorado’s operating regions. SIMS is founded and fostered on Eldorado’s values and is a critical tool for driving sustainability performance across our business.
In 2023, Eldorado conducted its second Sustainability Integrated Management System (SIMS) Compliance Verification at the Olympias mine and associated facilities, including the Kokkinolakkas Tailings Management Facility. The verification measured the site’s progress
on implementing Eldorado’s performance standards across health, safety, environment, social, security and general sustainability topics, as well as compliance with jurisdictional regulatory requirements and internationally recognized voluntary standards.
External Frameworks and Commitments
Eldorado’s sustainability framework, policies and SIMS have been guided and informed by industry-leading frameworks.
Standards, Commitments and Certifications
We report in alignment with the following:
- Global Reporting Initiative Standards
- Sustainability Accounting Standards Board – Metals and Mining Standard
- United Nations Reporting Framework
We participate in the following disclosures:
Our requirements are guided by the following:
- International Finance Corporation’s Performance Standards on Environmental and Social Sustainability
- Mining Association of Canada’s Towards Sustainable Mining Framework
- Task Force on Climate-related Financial Disclosures
- United Nations Declaration on the Rights of Indigenous Peoples
- United Nations Guiding Principles on Business and Human Rights
- United Nations Sustainable Development Goals
- Voluntary Principles on Security and Human Rights
- World Gold Council’s Responsible Gold Mining Principles
Our sites achieve certifications, which vary by site, such as:
- World Gold Council’s Conflict-Free Gold Standard
- International Cyanide Management Code
- ISO 14001 Environmental Management Systems Standard
- ISO 39001 Road Traffic Safety Management System Standard
- ISO 45001 Occupational Health and Safety Management Systems Standard
- ISO 50001 Energy Management Systems Standard
Memberships
Eldorado is also a member of several industry associations that assist in developing best practices and international standards, such as:
UN Sustainable Development Goals
The 17 United Nations (UN) Sustainable Development Goals (SDGs) were adopted by all UN member states in 2015 to provide a shared blueprint and set targets for peace and prosperity for people and the planet. We have embedded the SDG targets into the methodology of our materiality assessment, which has helped us to identify the SDGs where we can have the greatest impact for the communities and countries where we operate.
| Eldorado Material Issue | Related SDG | Eldorado’s Progress |
|---|---|---|
| Occupational Health and Safety |
|
Eldorado promotes a strong, company-wide workplace health and safety culture:
We continue to invest in initiatives in our host communities intended to improve the health and well-being of those around us. In 2023, Eldorado continued to support community health and well-being initiatives, as part of our community investment strategy. |
| Inclusive Diversity |
|
In 2023, Eldorado’s Board was composed of 56% female directors. We also updated our Diversity Policy, which includes an aspirational target to maintain 30% women on our senior management team. By doing so, we are:
At Lamaque, we continued providing support to parents in our workforce, including improved access to paid daycare that fosters equal opportunity and participation, and, in a first for Eldorado, |
| Water |
|
Eldorado works to manage our water consumption while collaborating with local communities and governments by:
In 2023, Kışladağ continued its long-term support for maintaining and repairing critical infrastructure in local communities, to ensure access to fresh potable water now and into the future. |
| Local Employment and Procurement |
|
Eldorado actively builds the conditions under which sustainable economic growth can occur by:
Our commitment to local employment and procurement is formalized in our new Social Performance Policy. We prioritize local employment everywhere we operate. In 2023, 79% of our workforce was employed from communities local to our sites and offices and our domestic procurement spend was approximately $693 million. |
| Community Investment |
|
Eldorado makes significant investments in infrastructure to transport materials, water, energy and information to our locations by:
In 2023, Eldorado contributed approximately $4.29 million in local communities to support various efforts, including strategic community investments aimed at building and supporting the economic development of local women, repairing community infrastructure, and donating educational materials. However, our contributions reach beyond donations and include investments aimed at building local capacity in our host communities, such as providing access to education and professional training opportunities. |
| Responsible Sourcing |
|
Eldorado seeks to responsibly produce materials that help create socio-economic benefits fundamental to healthy communities and transitioning to a lower-carbon economy. Our business is focused on responsibly and sustainably creating value from natural resources, and we seek to adopt international best practices wherever we operate. In 2023, Eldorado had no major environmental incidents across our operations. Moreover, we continued to implement our Climate Change Strategy and advanced the development of a mitigation pathway toward our GHG emissions target to mitigate our contribution to climate change and continue building a responsible and resilient business. We also completed assurance against the WGC’s Conflict-Free Gold Standard (CFGS) for our 2022 operations and full conformance to RGMP Year 3 requirements (click here to read Eldorado’s Year Three RGMP Report). |
Eldorado promotes a strong, company-wide workplace health and safety culture:
- We follow the hierarchy of controls to reduce occupational exposures to as low as reasonably practicable and establish industrial hygiene programs based on site-specific risk
- Workers are provided with healthy food options at remote locations, annual health check-ups, and regular health and safety training
- We continuously work to improve road safety on and off site, certify environmental and occupational health and safety management systems, and invest in community health programs and infrastructure
We continue to invest in initiatives in our host communities intended to improve the health and well-being of those around us. In 2023, Eldorado continued to support community health and well-being initiatives, as part of our community investment strategy.
In 2023, Eldorado’s Board was composed of 56% female directors. We also updated our Diversity Policy, which includes an aspirational target to maintain 30% women on our senior management team. By doing so, we are:
- Promoting a workplace free from gender-based discrimination (see our Respectful Workplace Policy)
- Implementing our Diversity Policy and Code of Ethics and Business Conduct
- Promoting opportunities for women that foster career advancement
At Lamaque, we continued providing support to parents in our workforce, including improved access to paid daycare that fosters equal opportunity and participation, and, in a first for Eldorado,
we welcomed two female professionals from Chile to join our ranks through the Artemisa Mining Challenge. Beyond the mine at Efemçukuru and Kışladağ, we focused on delivering our “Productive Women, Strong Futures” and “Women Entrepreneur Vision” programs through providing long-term support for entrepreneurship and mentorship opportunities to local women. More information can be found in the Inclusive Diversity and Engaged and Prosperous Communities sections of this report.
Eldorado works to manage our water consumption while collaborating with local communities and governments by:
- Giving preference to dry-stack tailings in mine design, where feasible
- Recycling water at our sites
- Treating contact water prior to discharge
- Conducting research and engineering to improve efficiency and reduce consumption
- Conducting comprehensive site monitoring of water sources (upstream and downstream)
- Collaborating with community and government representatives to monitor water at sites
- Annual public water reporting
- Reducing, recycling and reusing water wherever possible
In 2023, Kışladağ continued its long-term support for maintaining and repairing critical infrastructure in local communities, to ensure access to fresh potable water now and into the future.
Eldorado actively builds the conditions under which sustainable economic growth can occur by:
- Providing well-paying jobs, supporting local businesses and collaborating with local chambers of commerce and governments to diversify economic growth
- Providing training and capacity-building assistance to help local businesses, suppliers, contractors and employees develop skills that can be transferred to other opportunities and grow local economies
Our commitment to local employment and procurement is formalized in our new Social Performance Policy. We prioritize local employment everywhere we operate. In 2023, 79% of our workforce was employed from communities local to our sites and offices and our domestic procurement spend was approximately $693 million.
Eldorado makes significant investments in infrastructure to transport materials, water, energy and information to our locations by:
- Prioritizing local procurement and training, building infrastructure, innovation and industry
- Partnering with local businesses and universities, we promote research and development, and invest in local infrastructure such as public roads and irrigation systems that are fundamental to achieving the SDG targets
In 2023, Eldorado contributed approximately $4.29 million in local communities to support various efforts, including strategic community investments aimed at building and supporting the economic development of local women, repairing community infrastructure, and donating educational materials. However, our contributions reach beyond donations and include investments aimed at building local capacity in our host communities, such as providing access to education and professional training opportunities.
Eldorado seeks to responsibly produce materials that help create socio-economic benefits fundamental to healthy communities and transitioning to a lower-carbon economy. Our business is focused on responsibly and sustainably creating value from natural resources, and we seek to adopt international best practices wherever we operate.
In 2023, Eldorado had no major environmental incidents across our operations. Moreover, we continued to implement our Climate Change Strategy and advanced the development of a mitigation pathway toward our GHG emissions target to mitigate our contribution to climate change and continue building a responsible and resilient business. We also completed assurance against the WGC’s Conflict-Free Gold Standard (CFGS) for our 2022 operations and full conformance to RGMP Year 3 requirements (click here to read Eldorado’s Year Three RGMP Report).
Governance and Transparency
Central to Eldorado’s record as a trusted operator is our commitment to ethical business practices and high standards of corporate governance. We recognize the importance of having an integrated approach to managing our operations, risks and relationships.
Board of Directors
Eldorado’s Board of Directors is responsible for overseeing corporate governance and works with senior management to set long-term goals, develop strategy and monitor Eldorado’s progress toward achieving its goals, while providing independent and objective advice. They regularly evaluate our principal business risks and monitor the effectiveness of our risk management process.
The Sustainability Committee oversees our policies, programs, practices and disclosures in the areas of environment, tailings management, sustainable development, climate change, health and safety, social performance, community relations, human rights and security. The Committee seeks assurance that Eldorado consistently promotes ethical, transparent and responsible behaviour, and meaningfully engages its stakeholders and communities. All Committee members are independent. The Sustainability Committee receives detailed quarterly reports for all sites and works with Eldorado leadership to suggest directives for senior management to pursue. The Board of Directors, including members of the Committee, periodically visit our sites for first-hand validation and interaction with our operations personnel.
More information about Eldorado’s Board Committees is available at:
Senior Management
Our senior management team in Vancouver works closely with management teams in each of our operating jurisdictions, providing a clear line of sight to each operation. Ultimately, accountability for social, environmental, and health and safety performance rests with our President & Chief Executive Officer (CEO) while the Executive Vice President & Chief Operating Officer (EVP & COO) have oversight at the corporate level. In addition to frequent site visits, our senior management team aims for open communication and appropriate oversight through regular reporting on sustainability related matters, including health and safety, environmental and social performance, from Mine General Managers and Country Vice Presidents & General Managers.
More information on Eldorado’s senior management team is available at:
www.eldoradogold.com/about-us/leadership/officers-and-management