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Far East Gold unveils Australian-first ESG strategy to ‘implement best global practices’

February 2, 2022

Far East Gold unveils Australian-first ESG strategy to ‘implement best global practices’

Junior gold explorer Far East Gold has broken new ground for Australian miners with its new ESG policy, as part of its long-standing commitment to develop its assets in a responsible manner.

Junior gold explorer Far East Gold has broken new ground for Australian miners with its new ESG policy, as part of its long-standing commitment to develop its assets in a responsible manner.

The company, which owns several gold and copper tenements across Indonesia and Australia, applied to join the UN Global Compact – becoming the first junior Australian explorer to voluntarily agree to sign on to the covenant.

The UN Global Compact is the world’s largest corporate responsibility initiative, and sees members agree to uphold 10 principles relating to the environment, human rights, corruption and labour.

“We went through the ten principles and we believe that as an organisation that we set ourselves out as an exemplar in the areas we’re doing business as a company that complies with these tenets,” chair Paul Walker said.

“We looked at the various principles and we looked at our operations and considered that what we do and what we intend to do aligns with them. 

“It’s quite exciting for us to be the first junior mining company to be part of the UN Global Compact.”

More than 15,000 businesses from over 160 countries have already agreed to its terms.

The company’s application to join the UN Global Compact came only a day after the business finalised a memorandum of understanding (MOU) with Green Gold Technology for access to their leading cyanide recycling, metal recovery and tailings detoxification processes.

Far East Gold expects this technology will make the business more sustainable and ensure water discharge from future mining operations is “100% clean”.

December exploration work uncovers bonanza grades

The company’s latest prospectus also included the results of exploration work undertaken in December last year, which showed bonanza gold grades of up to 119 grams per tonne in some parts of the Anak Perak prospect on the Woyla tenement.

These grades eclipse the standard 20-30 grams per tonne grades typically regarded as ‘bonanza grade’, and suggest Woyla has the potential to be a Tier 1 gold project.

Mapping and sampling undertaken during this period additionally confirmed a 10.4km strike length of “gold-bearing quartz low sulphidation veins” through the tenement, with many prospect vein systems “remaining open”.

These findings support the business’s view that known vein lengths at three other sites in the Woyla tenement – Aloe Rek, Aloe Eumpeuk and Rek Rinti – may actually be part of a single, larger vein system.

Join Far East Gold chairman of the board Paul Walker  for an investor briefing today, Wednesday 2nd February at 2pm. Book now.     

Reach* are assisting Far East Gold with the management of the Initial Public Offer (IPO) and may receive fees depending on whether the offer is taken up by investors.

Please note:

  • The securities on offer are issued by Far East Gold (ACN 639 887 219 )
  • The Prospectus is a replacement Prospectus dated 1 December 2021. It replaces a Prospectus lodged by Far East Gold with ASIC on 17 November 2021. The offer is available and can be obtained by clicking on the button above.
  • The offer of the securities is made in the Prospectus.
  • You need to consider the prospectus in deciding whether to acquire the securities.
  • To acquire the securities you will need to complete the application form that accompanies the prospectus

The shares offered by this prospectus should be considered highly speculative. An investment in the company is not risk free and potential investors need to consider the risk factors described in the prospectus and to consult their professional advisers before deciding whether to apply for shares. As per the prospectus ASIC, the ASX and their officers take no responsibility for the contents of the prospectus or the merit of the investment to which this prospectus relates.

 

Sources


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