Demonstrating our commitment to corporate sustainability

We believe that a strong focus on ESG is vital for the long-term success of our underlying assets and the maximisation of shareholder value. As a result, we are committed to integrating ESG considerations into our strategic decision-making and capital allocation.

Sustainability approach and policies

More sustainable commodities
An increased focus on commodities that support a more sustainable world.

Divestment and commitment to no thermal coal
In 2021 we completed the disposal of our only thermal coal asset and committed to no further investment in thermal coal assets.

Implementing ESG policies and establishing Sustainability Committee
Implementation of ESG policies and the establishment of a Sustainability Committee to further strengthen the Company’s already rigorous ESG due diligence processes.


Memberships and Commitments

Task Force on Climate-Related Disclosures
At the core of Anglo Pacific’s business is our belief that long-term value for all our stakeholders can only be achieved through sustainable and responsible investment. Our focus on sustainable investment has led to our voluntary commitment to implement the recommendations of the Task Force on Climate-related Financial Disclosures (‘TCFD’).

Engaging with external experts we are in the process of enhancing our existing ESG strategy and processes, including disclosure in regular filings, to:

  • Utilise a range of external future climate scenarios, including relevant climate-related physical and transition risk, to inform our approach;
  • Assess the financial materiality of climate-related risks across our business;
  • Identify potential responses to manage the risks and opportunities and support the transition to sustainability

In our 2021 Annual Report and Accounts we will be focusing on qualitative disclosure against the governance, strategy and risk management TCFD pillars.

We will include the Group’s corporate headquarters in our scope of work, recognising nonetheless that the major areas of impact in our value chain are associated with the operation of the mines and mills underlying our portfolio of royalties and streams.  Moving forward we anticipate being able to exert greater influence at the early stages of our project cycle (including due diligence). Nevertheless we envisage a collaborative, ongoing engagement with mine and mill operators to support effective climate-related risk management and disclosure

Our policies

Code of Conduct

A key driver for future success

Our Code of Conduct is a key driver for the future success of Anglo Pacific, it provides a frame of reference against which to measure our business activities and outlines how to follow our values on a daily basis, ensuring they are embedded in the way we work. Developing a strong reputation with all stakeholders, including investors, service providers, partners and local communities is essential to operating our business.


Responsible investments

Systematically integrate sustainability into our investment decisions

Before entering into an agreement with a mine operator, we carry out thorough due diligence guided by a stringent set of investment criteria which includes, extensive technical, financial, Environmental, Social and Governance (‘ESG’) and economic analysis. By assessing the long-term viability of a mine we are able to make informed investment decisions, better identify and manage risks and generate sustainable, long-term value for all of our stakeholders.

Investment criteria
• High-quality and low cost assets
• Well established natural resources jurisdictions
• Strong Environment, Social and Governance credentials
• Strong operational management teams
• Long-life assets
• Diversification of royalty/stream portfolio
• Production and exploration upside
• Attractive returns

ESG due diligence process

Our robust due diligence process enables us to select projects and operators facing low levels of ESG risk and which have strong ESG management processes in place.

Our investment decision-making process involves the following steps:
• We employ a rigorous screening tool to evaluate initial investment opportunities
• We use a tailored and detailed due diligence framework to assess the full range of ESG risks facing particular assets
• We assess potential investments using a set of qualitative and quantitative criteria, which look at the level of a particular ESG risk and the way in which it is being managed
• Our screening and due diligence tools are regularly reviewed and updated to ensure that they continue to reflect the most up-to-date developments and good practice in the ESG space


Third-party mine operators

Although Anglo Pacific does not control the operational decisions of mine projects, we are indirectly exposed to environmental, social, governance, and other risk factors arising from these mine projects. When making a new investment we aim to influence operators to align to relevant standards and commit to ESG best practice.

In our due diligence process and our ongoing monitoring of the portfolio, we look for counterparties that:
• Take adequate measures to avoid adverse impacts on stakeholders and the environment
• Effectively mitigate climate risks and seek to play a positive role in the energy transition
• Implement international best practice on water and waste management, including tailings management
• Respect and protect internationally recognised human rights and labour rights
• Conduct their operations in accordance with high health and safety standards
• Establish positive social and community relationships, and demonstrate high levels of shared value for stakeholders
• Maintain high integrity standards in all areas of their business

We are focused on building a diversified portfolio comprised of projects characterised by strong ESG performance. All our assets meet a set of stringent ESG investment criteria.

Portfolio management

Positively influence our operating partners

We aim to positively influence our operating partners and ensure their continued strong ESG performance.

To the maximum extent achievable, we aim to:
• Incorporate ESG-related audit and inspection rights into our agreements
• Conduct regular site visits and gather periodic reports from our operating partners on their ESG activities
• Insert change of control clauses which help us ensure that the assets will continue to be operated by responsible companies in cases of ownership change
• Encourage our counterparties to align with leading ESG initiatives, including the ICMM Sustainable Development Framework, IFC Performance Standards, the Voluntary Principles on Security and Human Rights and the Global Industry Standard on Tailings Management among others.

Portfolio sustainability highlights

  • US$2bn+ invested to reduce carbon emissions by 33%


    Vale, operator of the Voisey's Bay mine has committed to investing at least US$2bn to reduce by 33% the company’s carbon emissions by 2030 and 15% the emissions of its supply chain by 2035. This is the largest investment ever undertaken by the mining industry to tackle climate change and is part of Vale’s commitment to becoming carbon neutral by 2050.

  • Mantos increased renewable energy


    At least 50% of power provided to Mantos Copper S.A will be from renewable energy sources from 2025.

  • Maracás Menchen water recycling


    Between 91% and 96% of the water drawn at Maracás is reused. Focus on local employment: 99%+ Brazilian employees, 79% from Bahia state.

  • Generating less waste rock


    McClean Lake Ore mined at Cigar Lake is milled at McClean Lake. There is no tailings management facility and the jet boring mining method employed generates less waste rock than other methods. A typical nuclear power reactor generates enough electricity to power 755,000 homes without emitting any greenhouse gases.

  • Labrador Iron Ore lower emissions


    Pellet products typically result in lower Scope 3 carbon emission in steel production relative to sinter feed products.


Committed to equality of opportunity and diversity

  • Diversity

    Anglo Pacific considers true diversity to encompass more than gender. As a result, we make our appointments to the Board and throughout the business on merit and against objective selection criteria to identify and recruit the most suitable candidate, regardless of gender. Through such selection criteria, we have achieved gender equality amongst the Group’s employees, and hope to increase female representation on the Board as vacancies arise using the same selection criteria.

  • Equality

    We are committed to providing equal opportunity in all aspects of our business activities. We respect an individual’s personal dignity and maintain a work environment within Anglo Pacific which is free from less favourable treatment on the grounds of gender identity or expression, disability, race, colour, ethnic origin, marital status, responsibility for dependents, age, sexual orientation, religion or faith.

  • Health & safety

    The health and safety of our people is paramount and accordingly our aim is to have zero recordable incidents.
    We continue to embed a strong ESG and health and safety framework that is strictly applied to all potential new investments to ensure that the underlying operations are conducted to high standards. We also actively engage with our counterparties to ensure the appropriate safety measures and procedures are in place and followed.


Anglo Pacific is committed to upholding high corporate governance standards as a standard listed company on the London Stock Exchange.  In addition to complying with rules and regulations relevant to our listing status, we also voluntarily observe additional governance standards to maximise shareholder value.  Our Board supports the principles and provisions of the UK Corporate Governance Code (the Code) issued by the Financial Reporting Council and we adhere to the requirements of the Code on a voluntary basis.

The Company’s governance is structured to deliver an entrepreneurial Board, which successfully establishes and maintains the Company’s performance and internal control environment.  We ensure that our internal controls are robust by regularly assessing the effectiveness of our policies and procedures, including those relating to environmental, social and governance issues, both internally and with respect to our operators.  Our Board and employees are committed to championing and embedding the Company’s purpose, values and standards, which are set out in our Code of Conduct.  Our employees are instrumental to our success, and we respect and value the individuality and diversity that every employee brings to the business.

Our Code of Conduct, policies and the Board’s terms of reference are available below.

Our policies

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Important notice

Certain statements in this website, other than statements of historical fact, are forward-looking statements based on certain assumptions and reflect the Group’s expectations and views of future events. Forward-looking statements are provided for the purposes of assisting the reader in understanding the Group’s financial position and results of operations as at and for the periods ended on certain dates, and to present information about management’s current expectations and plans relating to the future. Readers are cautioned that such forward-looking statements may not be appropriate for other purposes than outlined in this website. These statements may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, cash flow, requirement for and terms of additional financing, performance, prospects, opportunities, priorities, targets, goals, objectives, strategies, growth and outlook of the Group including the outlook for the markets and economies in which the Group operates, costs and timing of acquiring new royalties, mineral reserve and resources estimates, estimates of future production, production costs and revenue, future demand for and prices of precious and base metals and other commodities, for the current fiscal year and subsequent periods. In addition, statements relating to “reserves” or “resources” are forward looking statements, as they involve implied assessment, based on certain estimates and assumptions, that the resources and reserves described can be profitably produced in the future.

Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”, “seeks”, “intends”, “targets”, “projects”, “forecasts”, or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”. Forward-looking statements are based upon certain material factors that were applied in drawing a conclusion or making a forecast or projection, including assumptions and analyses made by the Group in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that are believed to be appropriate in the circumstances. The material factors and assumptions upon which such forward-looking statements are based include: the general economy is stable; local governments are stable; interest rates are relatively stable; equity and debt markets continue to provide access to capital; the ongoing operations of the properties underlying the Group’s portfolio of royalties by the owners or operators of such properties in a manner consistent with past practice; the accuracy of reserve and resource estimates, grades, mine life and cash cost estimates; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the Group’s portfolio of royalties and investment interests; no adverse development in respect of any significant property in which the Group holds a royalty or other interest; the successful completion of new development projects; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; planned expansions or other projects within the timelines anticipated and at anticipated production levels; and title to mineral properties. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions, which could cause actual results to differ materially from those anticipated, estimated or intended in the forward-looking statements.By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate; that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of material factors, many of which are beyond the Group’s control, affect the operations, performance and results of the Group, its businesses and investments, and could cause actual results to differ materially from those suggested any forward-looking information. Such risks and uncertainties include, but are not limited to risks noted in the section entitled “Risk Factors” in the Annual Information Form of the Group for the year ended December 31, 2009 (available at www.sedar.com”. If any such risks actually occur, they could materially adversely affect the Group’s business, financial condition or results of operations. Readers are cautioned that the list of factors noted in the section entitled “Risk Factors” in the Annual Information Form of the Group is not exhaustive of the factors that may affect the Group’s forward-looking statements. Readers are also cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements.Although the forward-looking statements contained in this website are based upon what the Group believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. The forward-looking statements made in this website relate only to events or information as of the date on which the statements are made and, except as specifically required by law, the Group undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.The Group’s core strategy focuses on mineral royalties and strategic investments. Mining companies are not typically required and, as a matter of practice, do not normally disclose detailed information to companies which hold a royalty interest or strategic investment in their operations. As a result, this website contains information (including forward-looking statements) contained and derived from publicly available information regarding properties and mining operations owned by third parties. The Group’s management relies upon this public information in its estimates, projections, plans, and analysis. However, the statements (including forward-looking statements) in this website relating to the Group’s investments are generally limited to, and rely upon, information generally available in the public domain, generally without recourse to independent verification or validation or access to either the mining operations in which the Group is invested or the management of those mining operations. Although the Group has no knowledge that would indicate that any such information contained in this website is untrue or incomplete, the Group assumes no responsibility for the accuracy or completeness of such information. No representation or warranty, express or implied, is given to the accuracy of such information.Readers are reminded that Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. Certain scientific and technical information on this website has been summarized or extracted from certain technical reports, as follows:• scientific and technical information relating to Kestrel Mine in this website is summarized or extracted from “A NI 43-101 Technical Report on Kestrel Coal Mine Royalty, Queensland, Commonwealth of Australia” dated March 2010, prepared by SRK Consulting (UK) Limited, and endorsed by Paul Bright and Dr. Iestyn Humphreys, each of whom is a Corporate Consultant of SRK and each of whom is a “Qualified Person” in accordance with National Instrument 43-101 — Standards of Disclosure for Mineral Projects (“NI 43-101”) and is independent of the Group. This report can be viewed here.• scientific and technical information in this website relating to Trefi Coal Project is summarized or extracted from “Resource Estimate for the Trefi Coal Property” dated 18 March 2010, prepared by Robert J. Morris, Principal Geologist of Moose Mountain Technical Services, and Robert F. Engler, Principal of Moose Mountain Technical Services, each of whom is a “Qualified Person in accordance with NI 43-101 and is independent of the Group. This report can be viewed here.• scientific and technical information in this website relating to Panorama Coal Project is summarized or extracted from “Resource Estimate for the Discovery and Panorama Coal Property” dated 18 March 2010, prepared by Robert J. Morris, Principal Geologist of Moose Mountain Technical Services, and Robert F. Engler, Principal of Moose Mountain Technical Services, each of whom is a “Qualified Person in accordance with NI 43-101 and is independent of the Group. This report can be viewed here.Readers are cautioned not to rely solely on the summaries of such scientific and technical information contained in this website, but should read the above-noted technical reports which are available at SEDAR and on this website, and any future amendments to such reports. Readers are also directed to the cautionary notices and disclaimers contained in such technical reports.Readers should refer to the Annual Information Form of the Group for the year ended December 31, 2009 and other continuous disclosure documents filed by the Group since the date thereof (available at SEDAR) for further information relating to the Group more generally.

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