Our approach to sustainable development
Wesizwe Platinum Limited recognizes sustainable development as a strategic business imperative. Its approach focuses on ensuring the long-term success of its business and projects such as the Bakubung Platinum Mine, whilst at the same time contributing to the economic growth of local communities. On a practical level, Wesizwe looks to contribute to the overall prosperity of local communities through a number of mechanisms, namely:
• Creation of jobs
• Investment in local skills development and training
• Support for local business through goods and services procurement
• Creation of effective social and labour plan investment programmes
Wesizwe’s holistic approach to the development of the Bakubung Mine project demonstrates the fine balance between social and environmental factors and sound economic considerations.
Our Sustainable Development Objectives
1st Objective
To deliver on the company’s SLP commitments, ensuring the retention of our mining license, providing a basis for our social license to operate, and addressing our social and labour impacts of mining.
2nd Objective
To embed the culture of risk management, mitigation and responsibility in the company’s culture of shared attitudes, values and goals.
Our Five Sustainable Development Capitals
SOCIAL CAPITAL
This sustainable capital refers to the institutions that help us maintain and develop human capital in partnership with others; eg Government, communities, business, trade unions and voluntary non-governmental organizations. Under this capital, Wesizwe ensures its governance, oversees its commitment to effective community engagement, implements its social investment/social labour plan (SLP), and addresses the challenges related to employee housing (also refer to human capital section).
MANUFACTURED CAPITAL
This sustainable capital includes material goods or fixed assets which contribute to the production process rather than being the output itself. In Wesizwe’s case, the focus is on material stewardship, including the planning and management of resources; recycling, aiming for zero waste and zero emissions; the introduction of new infrastructure techniques; and BBBEE (Broad Based Black Economic Empowerment) and the management of the supply chain.
FINANCIAL CAPITAL
This sustainable capital plays an important role in our economy, enabling the other types of Capital to be owned and traded. But unlike the other types, it has no real value itself but is representative of natural, human, social or manufactured capital; e.g. shares, bonds or banknotes.
NATURAL CAPITAL
This sustainable capital refers to any stock or flow of energy and material that produces goods and services. Natural capital is the basis not only of production but of life itself. It includes: renewable and non-renewable materials; Sinks – that absorb, neutralize or recycle various types of waste; and processes, such as climate regulation.
HUMAN CAPITAL
This capital consists of people’s health, knowledge, skills and motivation, all which is needed for productive work. Enhancing human capital through education and training is central to the success of the Company.
Risk Management
Wesizwe is committed to embedding a culture of risk management, which is guided by the company’s culture of shared attitudes, values and goals. As a result, Wesizwe has adopted the International Risk Management Standard ISO31000–2018 and the Risk Management Principles and Guidelines for its risk management process.
The risk management framework starts with the Board of Directors and cascades through the Audit and Risk Committee, the executive committee, the risk function, and into all other business operations. The Board performs a strategic risk assessment which is monitored by the first line of defense “Management”.
An operational risk assessment is performed by the executives (risk owners) and other managers, the risks are monitored by managers (Control owners) as the second line of defense. Internal Audit reviews the effectiveness of the risk management process and acts as the third line of defense. All the three lines of defense give a combined assurance to the Board and our stakeholders.