Hello, and welcome to MMG's first sustainability briefing. Today's presentation will provide an overview of our group-wide sustainability performance. Joining us today is Troy Hey, the Executive General Manager of Corporate Relations. Sandra Guan, the General Manager of Stakeholder Relations. Joshua Annear, General Manager of Operations and Technical Excellence. Jon Crosbie, Head of Climate and Closure Planning, and Fiona Sartain, Head of Social Performance and Sustainability. I will now hand over to Troy, who will provide an introduction to today's presentation.
Thanks, Andrea. Welcome to everybody today, and thank you very much for your participation. I'm really excited to have the opportunity to introduce our first sustainability briefing. Sustainability for us has always been critical to our overall success. Safety is our core value, and our commitment to mine for progress for us means about ensuring that we have a commitment to being a valued, positive contributor to host communities. MMG was founded in 2009 with a vision to become the world's most respected miner, and this vision remains our aspiration. Today, our portfolio supports copper, zinc, and soon cobalt production, products that are absolutely critical to achieving global decarbonization and energy targets. We recognize that producing commodities critical to a sustainable future should also be backed by robust sustainability practices.
Today, we'll provide an overview of our key priorities, our management approaches, and our performance. MMG remains our major shareholder, China Minmetals Corporation, leading international mining platform, and our commitment to sustainability is critical for us to maintain this position. We also remain the only Chinese-owned mining company to join the International Council on Mining and Metals, the world's leading organization promoting sustainable development for our industry. The need to make meaningful action on climate change is becoming more urgent for every government, organization, individual, particularly as we see more extreme weather events and challenges related to food and water security. The minerals we produce are essential to assuring we can successfully transition to a more sustainable world. We remain very confident in the medium to long-term outlook for copper, zinc, and cobalt, particularly as we shift towards green energy sources.
The data outlined on this slide demonstrates that the significant and growing demand outlook for our products. However, supply is also a challenge as our industry faces greater demands from host communities, reducing operational carbon footprint and delivering in a global and carbon-constrained world. We recognize also that stakeholder expectations are only rising in terms of performance across the non-financial aspects of our business in climate, social performance, governance, and other areas. We're committed to meeting those challenges by setting ambitious targets and to ensuring that a high level of operational discipline and continuous improvement. We've got a long way to go, both as company as an industry, but we are committed to working openly and together with other groups.
We're an active member of the industry-leading organizations, as you can see listed on this slide, and a member of ICMM since 2009 when the business was founded. As a member of ICMM, we've aligned our approach to the sustainability and the mining principles of ICMM and their additional supporting position statements, which provide a best practice framework for the mining and metals industry. To ensure our business is compliant with our membership requirements, in 2001, we undertook a company-wide self-assessment to validate the mining principles. Our operations also undertook their own assessments, and action plans have been developed to address the gaps. We regularly revise these action plans in light of the site-level process. I'll now hand over to Sandra to begin to provide an overview of the group-level sustainable management approach.
Thank you, Troy. As Troy outlined, at MMG, our approach to sustainability is aligned to the ICMM's ten mining principles. Throughout the presentation today, we will outline how this translates into our management of each subject area. Internally, our approach is guided by our sustainable development framework and a number of policies which are owned by our board. These include a corporate governance policy, the people policy, the quality and stewardship policy, and the stakeholder communication policy. We're also committed to continuous improvement in sustainability performance, and we recognize the performance must be assessed against robust and transparent criteria. To that end, we have recently commenced a process to develop and implement group-wide sustainability-focused metrics to drive ongoing performance improvement throughout a new business plan and individual incentives for leaders and the team members.
I will now provide an update on our approach to governance across the group. MMG is committed to a high standard of corporate governance that is underpinned by a quality and experienced board and management team, robust internal controls, and a commitment to transparency and accountability to all shareholders. We apply the principles of good corporate governance set out by the Corporate Governance Code of the Hong Kong Listing Rules and those outlined by our membership of the ICMM. We committed to maintaining full compliance with all applicable listing requirements, which periodically requires us to update our reporting or internal targets, such as our commitment to report against the TCFD-aligned climate disclosure by 2025. We maintain a strong focus on anti-bribery and corruption policies and obligations requiring all of our employees to be trained on these topics.
Finally, as mentioned earlier, our approach to sustainability is guided by our sustainable development framework, which is owned and endorsed by the board and implemented across the company. I will now move to an overview of our people strategy. MMG has a talented team across our operations and a smaller, focused head office presence across Melbourne and Beijing. We recognize the important role our people have in our success and in ensuring that MMG is a respected partner in our communities and host countries. Our people strategy is based on building a long-term partnership with each individual and ensuring that those who join our team have the right capabilities and development opportunities to perform in their role and to contribute to our success. We're proud to have a strong commitment to engaging a local workforce in each of our operations.
This means that the majority of our employees in each of our operating regions are local to that region. MMG maintains a global standard which governs our people and employee benefits globally, ensuring a consistent approach. We recognize that attraction and retention of talented people is a priority for our industry globally. As a business, we're committed to competitive benefits and investing into training, education, and apprenticeships to bring new people into the industry. As mentioned, we have a strong commitment to local employment across all of our operating jurisdictions, and we're proud of the strong cultural diversity across our business. In 2021, we updated our diversity and inclusion strategy to increase the focus on improving female representation rates across all business areas and introducing flexible working arrangements.
We recognize that there are further opportunities to increase the diversity across our management and board levels as we look forward. This is an area of the business we'll continue to focus on. To ensure that we're reporting on the issues that are the most important to our stakeholders and that we are acting on feedback, we periodically conduct a materiality assessment process. As part of this process, we review feedback from stakeholders through interviews and surveys, both internal and external, Exco and board papers, investor feedback, employee culture survey, and through media coverage as well. The material issues outlined on this slide are the result of the consultations recently completed for the 2022 reporting period. We will report our progress against these material issues as part of the 2022 sustainability report.
I will now provide a short overview of how our material issues translate into our internal performance targets. As part of our materiality process, once our material issues have been determined, the head office sustainability team then work closely with each function and site to determine the most appropriate internal indicators and measures that help us report against our material issues. Sites and functions are then required to report against these indicators on a quarterly basis. Updates are provided to Exco and also to our board four times each calendar year. These slides include a selection of these indicators for the 2022 period, with over 40 indicators mapped across our material issues. We will report progress against all of our material issues in the 2022 sustainability report. I will now hand over to Joshua, who will provide an overview of the next few sections.
Thank you.
Thank you, Sandra. I'll touch on the safety performance prior to covering off our approach to environmental management, water and tailings. At MMG, safety is our first value, and we're proud of our strong safety culture. We have the goal of eliminating fatalities in our workplace and preventing injuries to our people. This slide summarizes our performance against the critical indicator of significant events with energy exchange, which has been a focus for leaders all across our operations. The total number of events in 2021 was 24, and our year-to-date performance to July 2022 is 10. We continue to focus on driving further reductions by ensuring that our critical controls are implemented, particularly for mobile equipment and light vehicles, as you can see, this is the area with most opportunity for improvement.
If we move to the next slide, we continue to record strong total recordable injury frequency rate performance, particularly when compared with our ICMM peers, where in 2021 we achieved the lowest TRIFR of our ICMM peers. Our year-to-date June 2022 TRIFR result was 1.49 per million hours worked, which unfortunately represents an increase when compared to 1.09 for full year 2021. While the severity of injuries in the year-to-date 2022 is lower than our 2021, our work continues until we ensure that each person can leave our workplaces in the way which they arrived. Our focus remains on ensuring that the critical controls are identified, implemented, and working, especially with our contract partners, as unfortunately, the contractor injury rates remain higher than MMG people at 1.58 compared to 1.21 for MMG.
I'll now turn to a short case study on our approach to managing the impacts of the COVID-19 pandemic on our business. Throughout the pandemic, our focus has been on managing the impacts to our people and surrounding communities, ensuring that our workplaces are safe. We've worked hard to manage the health impacts while also maintaining production, driving development, and providing employee and employment for our regions. Our focus has been on promoting vaccinations and following all relevant regional government strategies to protect our people and also support the communities in which we live and work. For example, at our Las Bambas operation in Peru, 99% of our people have been vaccinated with a booster shot, and we continue to encourage this across our sites.
Our safety and health teams implement and update operational COVID protocols to protect the health and safety of our people and also the communities in which we work. Minimizing our environmental impact, MMG is committed to the effective management of impacts to air, land, and water from our operations. We are conscious of the interactions of our operation with the broader airsheds, catchments, and neighborhood communities in which we operate. In 2021, we did not record any significant environmental events, and in 2022, we reported one environmental event based on potential environmental harm. The event was reported to the authorities, investigated, and actions were put in place to remediate the area and prevent recurrence. I'll now provide an overview of our water management approach across the group.
At a high level, our approach is aligned to the ICMM position statement on water stewardship, meaning that we're committed to promoting better water use, more effective catchment management, and seek to contribute to improved water and sanitation for our sites and surrounding communities in which we operate. At our Las Bambas and Rosebery operations, we are designing water treatment plants to improve the quality of water that is released to the environment. At Las Bambas, we are also focused on recycling water from the TSF and improvements in our processing plant to reduce demand on external resources. These efforts have resulted in a 66% annual reduction in the water drawn from the local Challhuahuacho River last year. At our Kinsevere operation, we're updating and improving our site-wide water management and balance to identify improvements to water management.
At Rosebery, removing a water cover from a TSF to further reduce water demand. Across all our operations, we are further developing standard water reporting metrics to improve transparency, align with the ICMM guide for consistent water reporting and the MCA Water Accounting Framework. Now I'll move to an overview of our approach to tailings management. At MMG, we are a signatory of the ICMM Tailings Management Standard. Our approach to managing tailings has been developed through the support and contributions of both internal and external experts, and it's aligned to the requirements of the Australian National Committee on Large Dams, the Canadian Dam Association, the Mining Association of Canada, and the Global Industry Standard on Tailings Management. Our approach meets or exceeds the regulatory requirements in each of our operating jurisdictions.
We have also developed and are applying a tailings management standard that is aligned to the ICMM global standard. This incorporates a robust stepped risk management process, three lines of defense, and includes independent expert reviews and audits. Across all of our operations, we have established accountable executives, independent tailings review boards, and responsible engineers in alignment with the ICMM global standard. I'll now hand over to Jon Crosbie, our Head of Climate and Closure Planning, who will provide an overview of our biodiversity approach and climate resilience strategy, which was approved by our board of directors earlier this year.
Thanks. Thanks, Josh. I will shortly provide an overview of our climate strategy, but first, I will touch on our approach to biodiversity. Management of biodiversity begins prior to the commencement of mining or other disturbance activities through the completion of environmental assessments to identify potential impacts. This ensures that the mitigation hierarchy, which you can see on this slide, is effectively applied in relation to any proposed land clearance activities, with avoidance being the preferred option where practicable. Our overall ambition is to achieve no net loss. Building on this, we aim to plan for mine closure in a way that focuses on opportunities to develop self-sustaining ecosystems that can support the social, cultural, environmental, economic, and land use objectives of our host communities and the surrounding landscape.
Some of the management actions actively used at operations focus on implementing low or no disturbance of areas that may form future conservation reserves, translocating endangered plants, and supporting the breeding habitat requirements of vulnerable animals, and also controlling invasive species. Regarding rehabilitation, only minor progressive rehabilitation is undertaken by operations, as disturbed areas are largely limited to operational areas which are in use or will be used in the future. Hence, we do not set annual rehabilitation targets. However, we do rehabilitate land that is no longer required for future mining activities, and we do monitor rehabilitation success over time. I will now turn to an overview of our climate resilience strategy. At MMG, we recognize the impacts of human-induced climate change on our environment, the economy, and our communities.
As an organization, we're committed to playing our part in addressing this global challenge by taking appropriate actions that will reduce both our direct and indirect emissions and sourcing the key mineral, minerals and metals required to help develop a low-carbon future. As Josh mentioned, in 2021, we developed our climate resilience strategy. Process included workshops with our sites and external carbon specialists to use emissions projections and reduction pathway tooling to determine the likely optimal pathways to achieve suitable emission reductions. As part of this, we use methodologies that are widely accepted as best practice in the market, including the Greenhouse Gas Protocol. We also had alignment with our Hong Kong Stock Exchange obligations and benchmarked a range of industry peers.
We also engaged with a range of external subject matter experts from the ICMM and the University of Queensland Sustainable Minerals Institute, as well as government representatives throughout the process. On the next slide, you can see our commitments towards zero emissions. In pursuit of a low-carbon future, we have considered the most recent IPCC reports and global trends. Early this year, we publicly announced our commitment to net zero carbon emissions by the year 2050. To help us achieve this goal, we have also set an interim target of a 40% reduction in Scope 1 and Scope 2 emissions by 2030, and this is from a 2020 baseline. This is a science-based target, which is aligned with restricting global warming to 1.5 degrees above pre-industrial levels.
For Scope three emissions, we will drive reductions in our value chain by finalizing validation of our emission boundaries and inventory and interim target setting next year in 2023. We will further work with our supply partners on emission reduction opportunities. These new public commitments have enabled a very strong internal drive towards altering our energy and mobility decisions over an appropriate timeline. Our decarbonization targets are driving us to investigate multiple renewable energy options at our assets, aiming to have 75% renewable supply by the year 2026, which we are confident of delivering on. There are, however, several technical and commercial challenges along this journey, but we will be working closely with our existing suppliers, potential additional suppliers, as well as evaluating on-site generation and storage opportunities. Following renewables, our next decarbonization priority is low-emission vehicles and equipment.
While our projected timing of having these online is towards the end of the decade, we are beginning work on this right now. This year we have joined several industry research groups such as the Electric Mine Consortium and the Global Mining Guidelines Group to assist us with this. We have also recently ordered a Caterpillar hybrid loader to trial at our underground Rosebery mine in Tasmania. Finally, here is a short case study from our Dugald River mine in Northwest Queensland, where we have recently entered into a commercial agreement to supply solar power from a new solar farm to be built nearby.
The agreement, which is with the APA Group, was reached last year and is a first across our business and will lead to a reduction in the mine's carbon footprint and will supply the site with renewable energy and provide immediate energy cost savings once operational early next year. By incorporating renewable energy, the site is focused on achieving both environmental and economic benefits, and the transition contributes to our carbon reduction initiatives, as well as offering greater energy supply diversity. Dugald River is a 24/7 operation in a remote location, often under extreme weather conditions, and having multiple power sources safeguards our business so we can run without risk of interruption. The solar farm will reduce our electricity-related carbon emissions by around 33%. I will now hand over to Fiona, who will cover off on our human rights and social performance.
Thank you, Jon Crosbie. I will start this section by providing an overview of our human rights framework. Our management approach is aligned with or exceeds the human rights requirements in each of our operating jurisdictions. Our human rights framework is underpinned by a comprehensive set of policies, our code of conduct, which applies to all of our people, and appropriate whistleblower and stakeholder grievance management processes.
We have also recently strengthened our corporate and community grievance procedure, fully integrating it with our whistleblower framework and launching an external portal for community and local stakeholders to raise their grievances in an anonymous manner. This year, we are proud to have been confirmed as a full member of the Voluntary Principles on Security and Human Rights, which is a global membership-based multi-stakeholder platform dedicated to sharing best practices and mutually supporting the implementation of the Voluntary Principles on Security and Human Rights. All of our private and public security forces and teams comply with the VPSHR and receive training before they start working at any of our operations. In addition, they are required to be signatories to or agree in writing to the International Code of Conduct for Private Security Providers and the VPSHR.
All security events at Las Bambas and Quinceviri have been managed without breaches to and in full alignment to the VPSHR. In 2018, the Australian government introduced the Modern Slavery Act 2018, which requires businesses to report annually from 2020 on the risks of modern slavery in their operations, as well as in their supply chains. Businesses must also report the actions that they have taken to assess and address these risks, as well as the effectiveness of their responses. Consistent with the ICMM Mining Principles and guided by our commitment to human rights, we have a zero-tolerance approach to all forms of modern slavery across our business.
To ensure our compliance, MMG has undertaken a company-wide modern slavery assessment and is implementing a series of controls to ensure we have systems in place to prevent the presence of modern slavery in our supply chains, particularly through due diligence processes. As part of this, suppliers may be required to complete a questionnaire prior to or during any engagement with MMG. This may include a request for information relating to, among other things, their human rights record and their own controls to prevent modern slavery. We have also developed and released the MMG Supplier Code of Conduct, which our suppliers are required to meet. We are now focused on continuing our work to build awareness of modern slavery risks with our people and suppliers, and we will continue to report our progress on this on a yearly basis.
I will now move to an overview of our social performance across the business and a closer look at the management of our Las Bambas social challenges. We seek to positively contribute to the regions in which we operate, and this means aligning our efforts with measures that have the most impact on quality of life as outlined by the United Nations Sustainable Development Goals. This slide outlines the over $32 million of contributions made in our communities during 2021. You will see that our initiatives are further broken down into the SDG-specific contributions. Of note are two specific, two of the significant drivers of spend. SDG one: No Poverty, which saw a significant increase in infrastructure projects, road and housing maintenance, agricultural initiatives, and local business development.
We also increased the portion spent on health due to community and regional health infrastructure support throughout the COVID-19 pandemic. This next slide provides a broader overview of our economic contributions to the regions and the countries in which we operate. These contributions take many different forms and include things such as capital investment at our operations, taxes and royalty payments, wages and employee benefits, and support for local businesses. For example, in Peru in 2021, we spent $1.2 billion on national procurement. That also includes $63 million in the community closest to our operation.
Las Bambas contributes 1% to Peru's national GDP and is a significant contributor to the economic growth of its host region, Apurímac, contributing to almost 70% of the region's GDP and helping to reduce poverty in the Apurímac region by 20% between 2012 and 2020. The GDP of Apurímac region has now risen to 8th place nationally from 23rd place in 2010, now well above the national GDP of PEN 11,000 sitting at PEN 15,000. These economic improvements highlight the important role mining has to play in regional development outcomes in the regions we operate. However, while the contribution of Las Bambas is well-recognized and welcomed by our host communities, the challenges remain along our logistics route. Since commencing operations in 2016, Las Bambas has used a bimodal transport system of road and rail.
The public road used by Las Bambas crosses three regions, five provinces, 14 districts, and more than 70 communities. We recognize that this has resulted in impacts to local communities in the forms of dust, noise, congestion, and vibration. However, the road has also contributed to improving access for local residents and increased economic opportunities. Over time, community expectations have continued to rise, and frequency of protest activity has also increased with impact to production, logistics, and the development of Las Bambas. During the first half of this year, Las Bambas was forced to temporarily suspend operations due to safety concerns from 21 April until 10 June after a number of communities entered our operations.
Regarding this specific issue, we have continued to engage in ongoing dialogue with these communities to transparently and comprehensively review existing. These dialogue tables are continuing, and we will provide further updates when this process is complete. We are, however, resolute in our goal of reaching a sustainable outcome that is based on productive and respectful dialogue and includes a shared vision of the positive future in which communities continue to benefit from the site's success and growth. To achieve this shared goal of forming strong partnerships with our communities, we will need to achieve a step change in how we manage social performance and stakeholder engagement at Las Bambas. This will require a shift away from a state of frequent conflict to a more sustainable partnership model with reciprocity at its core. To achieve this, we have established an expert team with applied, dedicated resources.
This slide outlines the principles of the overall strategy, with key concepts being that when Las Bambas, as the economic heart of Apurímac beats, the whole region will prosper. We will work closely to link the success of Las Bambas to the community outcomes, which will continue to lead to stronger relationships. We will also seek to better integrate communities into the overall operational value chain in order to make our contributions more meaningful. For example, this week, Las Bambas signed an agreement with the Fuerabamba Community Transport Association for the supply of concentrate trucks and logistics transport. This will integrate the Fuerabamba community into our value chain and give them an opportunity to contribute to the future and success of our operations. Artisanal and small-scale mining is widespread in both Peru and the DRC and occurs on tenements where MMG holds exploration and mining rights.
In the DRC, we are mindful that ASM is a growing sector and there is an increasing demand for minerals such as cobalt, which is present on our tenements. The demand for these minerals has the potential to increase significantly with the expansion of the market for electric cars. It is difficult and complex issue to manage, and in many instances it is either unregulated or illegal. Positive impacts from ASM may include things such as poverty alleviation, increased community capital, decreased rural-urban migration, and diversified local economies. However, these are often offset by poor environmental practices, low levels of health and safety, child and forced labor, inequitable distribution of community benefits, illegal trade, and heightened security risks. Many of the negative attributes of ASM also have negative human rights implications. We have developed and adopted appropriate strategies to mitigate risk associated with each ASM activity we encounter.
Communication and collaboration with all stakeholders, including the miners, government, local authorities, community organizations, and governing authorities, are our first steps towards developing mutually acceptable outcomes. The Kinsevere social development and security teams work closely together to monitor and assess ASM, with regular meetings held on site with artisanal mining and community leaders for open and transparent discussion regarding the risks to all parties. I will now hand over to Troy, who will conclude today's presentation.
Thank you, Fiona Sartain, and thanks to everybody today. Before we turn to questions, just to wrap up, I want to return to the fact that safety is our main and overriding priority. As Joshua Annear underlined, the elimination of fatalities and reduction of harm to our people is number one. It also sits above our approach to social and other management of issues in terms of security and the use of force. It sits above everything we do. Finding a solution to the situation we currently face at Las Bambas is also critical to us. As Fiona Sartain outlined, we're working to reset those relationships with the communities to make a secure and constructive future based on mutual success. Finally, to return to the company, we are committed to growing and growing a portfolio that is future fit.
We already have a very good mix of commodities that are aligned to a decarbonized future, and we are committed to continue to work into that. I now hand back to Andrea.
Thank you, Troy. We will now move to the questions portion of today's presentation, and I will hand over to the moderator for this part.
Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you are on a speakerphone, please pick up a handset to ask your question. Your first question comes from Chris Xu from Balyasny Asset Management. Please go ahead.
Hi, thank you very much, management team, for the very detailed presentation. So I've got two questions. The first one is, I don't know to what extent your team looks at third-party ESG ratings, but if I look at, for example, MSCI rating is a double B, right? So I think it's better than a lot of the peers, but obviously there is still some room for improvement to the A grade. So I'm just wondering, I mean, what are the areas, you know, that we are sort of like, you know, lagging the most behind, you know, the top-rated peers?
To what extent are we sort of like penalized for, you know, the issues at Las Bambas, despite the fact that MMG is actually more of a victim of all these incidents? Thank you.
Thanks, Chris. I might hand that one to Troy to answer.
In terms of comparison to indexes, we take a very, call it neutral approach. In terms we respond, we report well, we have a transparent focus, but we don't target or any particular measure. We always look to them as a great benchmarking exercise in terms of where we do well and where we have improved. Some of those areas for improvement, and Fiona, please help me here if you wanna jump in, is in the governance area, we have some challenges in terms of where we are with diversity and inclusion, especially at board and senior representation. That's one that's a focus for our board in improving in the future.
Our shareholding is a bit different to most of our peers, and so that presents both opportunities that we continually seek to take advantage of, but also some individual challenges as well. I think our portfolio geared as it is to Latin America and Africa is more highly risked in terms of the geopolitical issues, and that's as you said, the Las Bambas protest environment presents a bit of a tough question to us. That's why we I think put so much work into the Voluntary Principles on Security and Human Rights membership, which we achieved late last year, early this year. That's really I think built.
The membership's important, but what's more important is the fact that we've worked through all our sites in terms of how they apply, educate, and promote those principles. To be honest, the proudest thing we have with the management of protest is that we have avoided escalation to violence. That is a constant daily challenge to those teams and the security teams. Fiona, was there anything else you wanted to mention in terms of areas where we benchmark below our peers?
Hi, Chris, and thank you, Troy. No, I would agree with Troy's assessment. I believe, and thank you for acknowledging, you know, the rankings that we currently have with some of these indexes. I believe that the areas where we have opportunities for improvement, as Troy outlined, sit within the governance space and some work around our diversity and inclusion that we can look to improve. I think really there's been some fantastic work that's been achieved by the teams and our operations over the past couple of years.
I think that it's good to see that through our reporting and through our disclosures that some of that is now becoming more evident and the teams' work at sites is really speaking to that.
I think one to round that out as well is, we probably weren't up to benchmark on our climate and resilience work, because it, to be honest, our portfolio and our energy sources were not as exposed as most. It wasn't a material issue driving us. The work over the last kind of 18 months, and the board approval of the strategy, I think brings us up to at least peer level. I think our portfolio and future strategy really says that that's where we can play.
Okay. Got it.
Penalized for Las Bambas. I think as a management team, you can gather from us that there is a frustration in terms of how we can better both manage and approach that issue. Fiona outlined the major projects we're looking at the moment. It is a very difficult issue to get across. We will continue to, I think, suffer some reputational and other scrutiny because of the community exposure of Las Bambas. Part of our obligation is to better explain the situation as it currently is, and especially for our investor group, to be able to give a path forward around how we intend to improve this over time.
Got it. Thank you very much. I've got a second question, which is regarding the business consequence of some of these initiatives, right? For example, if we convert, you know, to 100% renewable energy, i.e., you know, the copper that we produce, you know, may be seen as like green copper, right? I mean, do we expect any sort of, you know, premium from our downstream customers, right? If we, you know, can produce, you know, in, you know, a completely, you know, green manner versus, you know, the previous, you know, mode of operation.
Thanks, Chris. I'll firstly, we haven't sought certification or accreditation as yet. I think that area is changing quickly in terms of the various initiatives, and copper probably leads in that in terms of the opportunities there. We haven't pursued that as yet. I think my personal view is there will not be a significant competitive advantage because most companies will be moving down the same path, and it will be more a consumer expectation and that we meet those levels of accreditation once we get the mining principles work done and once we get the climate and resilience work done. I think we'll be providing a very attractive copper product, and we'll look at how the world evolves in terms of accreditation processes.
When we talk to our customers, there is not a huge pull from them yet either in terms of seeking that to differentiate on sources. It's a whole industry challenge. We are working very well and should be really well-positioned given the energy sources and the work that we're currently doing. Maybe Jon or Joshua, if there's anything to add.
Troy, you know, we continue to work to have the least impact as possible, as a good corporate citizen. We currently don't attribute any value to driving to that sort of renewable product or renewable brand as a business. We see ourselves as a good corporate citizen to drive our emissions and our impacts to the lowest possible level. It's, as Troy said, a space we're watching carefully. We are active in a number of the underlying bodies where these marks, such as the International Copper Association Australia. We're a member, and we're active there, but we're currently not driving towards that Copper Mark level as a business.
Our stakeholders and our shareholders are some of our offtakers, and essentially, we don't have that pull yet from those customers for this type of material.
Got it. Thank you very much.
You're welcome, Chris.
Thank you. Once again, if you wish to ask a question, please press star one on your telephone. We will pause for a moment to allow for registrations. There are no further questions at this time. I'll now hand back to Ms. Atell for closing remarks.
Thank you. This concludes our presentation today. Thank you all for joining us. For more information about MMG's sustainability performance, please visit our websites and social media channels. For any questions, please contact our corporate affairs or investor relations team. Thank you.
That does conclude our conference for today. Thank you for participating. You may now disconnect.