Fair Pay & Worker Respect
40
Mining is a high-risk industry for worker safety and labor rights, but the core business of extraction does not inherently advance or harm fair pay practices; performance is determined by the company's specific operational policies and labor management. Dundee Precious Metals (DPM) demonstrates strong performance in worker respect and safety based on 2022–2024 sustainability data. Regarding collective bargaining, the company reported that 81% of its global workforce was covered by collective bargaining agreements in 2024, an increase from 75% in 2022.
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This puts the company in the highest tier for co-determination and labor representation. Safety performance is a significant strength; in 2024, DPM achieved a Total Recordable Injury Frequency Rate (TRIFR) of 0.26 per 200,000 hours worked, with zero fatalities.
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This follows a 2022 TRIF of 0.42, consistently placing the company among the safest in the mining sector.
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Workforce stability is reflected in a total turnover rate of 13% in 2024 (11% for males, 18% for females), which aligns with industry-leading retention benchmarks.
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The company also maintains a low share of insecure contracts, with 1,466 permanent employees versus 94 temporary employees (approximately 6% temporary) as of late 2024.
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Worker engagement is monitored through biennial surveys. The 2024 survey saw a participation rate of 1,326 responses (a 2% increase from 2022), with management forming country-level teams to act on feedback regarding benefits and communication.
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On labor violations, the company maintains a clean record regarding modern slavery and child labor, filing mandatory reports under Canada’s Fighting Against Forced Labour and Child Labour in Supply Chains Act.
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While 14 reports were received via its 'Speak-Up' hotline in 2024 (including harassment and unethical behavior), these are managed through internal resolution processes, and no major legal convictions or fines for labor rights breaches were reported.
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Fair Trade & Ethical Sourcing
-10
As a mining company, DPM operates in a sector with high inherent risks regarding human rights, artisanal and small-scale mining (ASM) encroachment, and supply chain transparency in complex jurisdictions. While the company is not a retailer of consumer goods, the extraction of precious metals requires rigorous due diligence to ensure no forced or child labor exists within its upstream supply chain and local operational footprint. Dundee Precious Metals (DPM) demonstrates a robust framework for ethical sourcing, supported by quantitative data from internal audits and sustainability reports. **Supply Chain Transparency & Ethics:** The company has achieved 100% ethical clause coverage, with all active supplier contracts including mandatory clauses regarding human rights and fair wages.
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Traceability is high, with 92% of the supply chain mapped to Tier 2 and 65% to the raw material source (Tier 3/4).
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DPM reports that 85% of its procurement volume is covered by Fair Trade or equivalent ethical certifications.
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**Risk Management & Auditing:** DPM utilizes a digitalized Third-Party Due Diligence (3PDD) process.
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High-risk suppliers are audited every 6 months, while medium-risk suppliers are audited annually.
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The company identified that 73% of its Tier 1 suppliers are in low-risk countries for human rights violations.
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Its materials risk index is rated at 3.4/10, indicating effective mitigation of high-risk inputs.
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**Labor & Remediation:** DPM reported zero substantiated incidents of forced or child labor in the 2023-2025 reporting periods.
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The company maintains an independent 'Speak-Up' hotline (EthicsPoint).
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While no labor violations were found, the average time to close general non-compliance findings is 42 days.
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**Community & Diversity:** DPM shows strong commitment to local sourcing, with 99% of its workforce being local nationals.
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In 2024, it directed 12% of its procurement spend ($4.2 million) to diverse-owned suppliers.
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Additionally, the company operates SME funds in Bulgaria, financing 69 projects worth over $5 million to foster local economic resilience.
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Honest & Fair Business
10
The core business of gold and copper mining does not inherently advance or harm the value of honest and fair business, as this value is determined by corporate governance, regulatory compliance, and transparency practices rather than the extraction of minerals itself. Dundee Precious Metals (DPM) demonstrates a strong commitment to transparency and ethical business practices, supported by multi-year data and third-party verification. **Regulatory & Ethics:** The company reported zero fines or sanctions from securities regulators or environmental authorities for the past three years.
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It maintains a robust anti-corruption framework, including 100% employee training on the Code of Conduct in 2024 and a digitalized Third-Party Due Diligence (3PDD) process.
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**Transparency & Verification:** DPM has published sustainability reports since 2011, which have been externally assured by Bureau Veritas UK since 2012 (ISAE 3000 standard).
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It is a long-standing supporter of the Extractive Industries Transparency Initiative (EITI) and complies with ESTMA.
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Its ESG performance is consistently high, ranking in the 91st percentile (top decile) of the S&P Global Corporate Sustainability Assessment for four consecutive years (2021–2024).
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**Governance:** The board is 87.5% independent (7 of 8 directors), with an independent Chair and 100% independent committees.
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While one director interlock was noted, the governance committee determined it did not impair judgment.
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**Whistleblower & Complaints:** DPM utilizes 'EthicsPoint,' an independent 24/7 anonymous hotline.
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In 2024, 14 reports were registered and reviewed by the board.
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While specific resolution times (in days) are not disclosed, the company documents a formal handling standard and quarterly board oversight.
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**Financial Integrity:** There are no records of material financial restatements in the last five years, though the company did recalculate its GHG baseline following a divestiture to maintain reporting consistency.
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It also maintains a clawback policy for incentive compensation in cases of fraud or restatement.
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Kind to Animals
-20
Large-scale mining operations, particularly open-pit mining, inherently involve significant land disturbance and habitat destruction, which directly threatens local wildlife populations and ecosystems. Dundee Precious Metals (DPM) is a mining company whose operations do not involve animal testing, animal-derived products, or animal agriculture.
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Consequently, most KPIs are scored as 0 (N/A) per the rubric.
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The company's impact on the 'Kind to Animals' value is centered on wildlife conservation and habitat management at its mining sites.
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DPM has documented strategic conservation efforts with measurable outcomes for multiple species, justifying a tier of -40 for wildlife_conservation_impact.
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Key evidence includes:
- **Species Relocation:** The relocation of 403 endangered tortoises (Herman’s and Iberian) at the Krumovgrad site in Bulgaria to protect them from the project footprint, supported by a 6,500-meter exclusion fence.
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- **Targeted Monitoring:** Implementation of Biodiversity Action Plans and Biological Monitoring Plans for specific species, including the Jersey Tiger Moth, Yellow-bellied Toad, and the Andean Condor (in collaboration with the Andean Condor Foundation).
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- **Mitigation of Operational Hazards:** At the Tsumeb smelter in Namibia, the company modified night operations at its hazardous waste site to prevent collisions of migratory birds (Greater/Lesser Flamingo and Blue Crane) attracted by floodlighting.
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- **Habitat Protection:** The establishment of a wildlife sanctuary for white-tailed deer at the Las Quinoas nursery in Ecuador.
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While these actions demonstrate active management of local fauna, the company's operations are located within protected areas (Natura 2000 sites), and reports from the UN and NGOs note that pollution from smelting operations has historically caused bird mortality and habitat degradation.
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The score reflects the balance between documented mitigation/restoration efforts and the inherent habitat risks of its core business.
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No War, No Weapons
0
As a mining company focused on gold, copper, and silver, Dundee Precious Metals is not involved in the manufacturing of weapons or military contracts, making its core business neutral regarding the 'No War, No Weapons' value. Dundee Precious Metals (DPM) is a pure-play international gold mining company with no evidence of involvement in the defense or arms sectors.
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**Core Business & Revenue:** Evidence from the 2024 Annual Information Form and 2022 Sustainability Report confirms that 100% of revenue is derived from the sale of gold, copper, and silver concentrates to third-party smelters and refineries.
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There are no defense or military contracts reported.
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**Conflict & Risk Management:** The company explicitly reports that 0% of its proved and probable reserves are located in or near areas of conflict.
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DPM maintains a third-party due diligence (3PDD) process that screens 100% of suppliers through a global risk intelligence network for sanctions and human rights violations.
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It also reports zero procurement from active conflict zones.
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While the company acknowledges geopolitical risks (e.g., Ukraine, Middle East) as external factors affecting operations, it has no internal assets in conflict-exposed sectors.
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**Human Rights & Governance:** DPM is fully aligned with the UN Guiding Principles on Business and Human Rights (UNGP), which informs its management systems and sustainability reporting.
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The company's innovation efforts, such as autonomous drones and AI, are strictly limited to mining safety and operational efficiency (e.g., underground mapping and situational awareness), with no military applications or dual-use development noted.
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**Weapons Exposure:** There is no evidence of exposure to controversial weapons or arms manufacturing.
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The company's use of explosives is strictly regulated for mining operations under civil permits.
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Planet-Friendly Business
-40
As a gold and copper mining company, DPM's core business involves large-scale extraction, land disturbance, and significant energy consumption, which inherently conflicts with proactive environmental stewardship and ecosystem preservation. Dundee Precious Metals (DPM) demonstrates a structured approach to environmental stewardship, though some gaps remain in long-term target setting and supply chain transparency. In terms of emissions, DPM reported a >25% reduction in absolute Scope 1 and 2 emissions in 2024 compared to a 2020 baseline,
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supported by the purchase of 60,000 MWh of green electricity certificates.
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However, the company has deferred setting Scope 3 targets due to data quality issues, placing it in the -50 tier for emissions reporting.
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Its Net Zero target is set for 2050, which is considered a late-stage target under the rubric (-90).
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DPM shows strong performance in waste and water management. It achieved an 82% recycling rate for non-mineral waste (Tier 10)
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and maintained zero industrial wastewater discharge at its primary Bulgarian mines for several consecutive years.
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Despite this, a significant portion of its operations (Chelopech and Ada Tepe) are located in regions classified with 'high' to 'extremely high' water stress, necessitating robust basin-level management (-70).
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Regarding biodiversity, the company manages restoration projects covering approximately 3 hectares in 2024
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and conducts specific species monitoring (e.g., Jersey tiger moth and Andean Condor), aligning with Tier -60.
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Governance is a strength, with zero environmental violations reported in 2024 (-50)
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and advanced TCFD-aligned disclosures that include scenario analysis based on IEA pathways (Tier 10).
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While the company faces allegations of environmental damage in Latin America from civil society reports,
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its official regulatory record for 2024 remains clean.
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Respect for Cultures & Communities
-30
As a mining company, DPM's core operations involve significant land use and potential for environmental and social disruption in local communities, which inherently places them in scope for risks related to land rights, displacement, and water/pollution burdens on frontline populations. Dundee Precious Metals (DPM) exhibits a stark contrast between its established Bulgarian operations and its controversial projects in Ecuador and Namibia. In Ecuador (Loma Larga), the company faces severe community opposition.
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In September 2025, massive protests involving up to 100,000 people occurred in Cuenca, demanding the revocation of the project's license due to water security risks in the Kimsakocha wetlands.
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Courts suspended the project in 2023 and 2024 for failing to obtain a social license and properly conduct indigenous consultations.
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Local indigenous groups (FOA) and municipal utilities (ETAPA) have formally contested the project's viability and the validity of FPIC processes, leading to the revocation of its environmental license in October 2025.
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In Namibia, the Tsumeb Smelter (sold in 2024) is linked to significant community harm.
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A 2025 UN communication (AL OTH 52/2025) alleged systemic health impacts (arsenic-induced illnesses, miscarriages) and environmental degradation.
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Evidence includes soil arsenic levels at 229 mg/kg (far exceeding safety ranges) and the smelter's control of 3/5 community boreholes, with allegations of providing recycled maintenance water for public consumption without disclosure.
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Conversely, DPM demonstrates strong local economic integration in Bulgaria, with over 99% local hiring and 78% local management.
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It maintains a $10M SME fund in Krumovgrad that has created 150 non-mining jobs.
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However, grievance resolution is scored poorly due to allegations in Namibia that medical records were withheld from workers and that the company used liability-shielding clauses to avoid remediation.
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While DPM reports high ESG scores and voluntary CSR spending ($5.9M in 2025), these are outweighed by substantiated UN allegations and massive community-led legal and physical resistance in its growth territories.
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Safe & Smart Tech
10
As a mining company, Dundee Precious Metals does not have a core business model centered on software, AI, or data-intensive consumer services, making the 'Safe & Smart Tech' value neutral to its primary operations. Dundee Precious Metals (DPM) demonstrates a proactive and structured approach to cybersecurity and data governance, particularly for a company in the mining sector. Regarding **data_breach_severity**, the company explicitly reports that as of March 2025, it has not experienced any significant cyber breaches, supporting a tier of 20 for a clean multi-year record.
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For **security_training_effectiveness**, DPM transitioned to a managed service (AMATAS) using the KnowBe4 platform.
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Evidence shows a measurable outcome: the reporting rate for phishing emails is approximately 4x higher than it was two years prior.
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Training is tailored to individual risk profiles and provided in multiple languages (English, Bulgarian, Serbian, Spanish).
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In **vulnerability_management** and **security_testing_coverage**, DPM employs an 'assume breach' philosophy.
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It maintains a three-year Cybersecurity Strategic Plan, utilizes leading vendors for detection, and conducts regular independent penetration testing and crisis simulations.
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It also rigorously tests recovery processes for critical IT assets.
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**AI_ethics_governance** is in the early stages; while the company uses AI for anomaly detection in security and generative tools for training, it has formal oversight via the Audit Committee, which is 'actively evaluating' further measures to ensure accountability and transparency.
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**Regulatory_compliance** is strong, with DPM adhering to GDPR in the EU and Canadian privacy laws.
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Its sustainability and governance reporting have been externally assured by Bureau Veritas UK since 2012, and it consistently ranks in the top decile of the S&P Global Corporate Sustainability Assessment.
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Other KPIs like encryption and data minimization were mentioned as part of an 'Information Protection Policy' but lacked the specific quantitative or technical detail required for tiering beyond a neutral baseline.
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Zero Waste & Sustainable Products
-40
Mining is inherently an extractive industry that generates significant volumes of waste, including tailings and overburden, which are difficult to manage sustainably and represent a linear, rather than circular, resource model. Dundee Precious Metals (DPM) demonstrates strong waste management performance, particularly in its mining operations. In 2022 and 2024, the company reported recycling rates of 80% and 82% respectively for non-mineral waste, placing it in the exceptional management tier for waste diversion.
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The company employs significant waste reduction initiatives, including returning 100% of waste rock at the Chelopech mine underground as backfill and utilizing an Integrated Mine Waste Facility (IMWF) at Ada Tepe for non-hazardous, inert waste.
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Furthermore, the Čoka Rakita project is designed to reuse processing equipment from Ada Tepe, reflecting circular design considerations in specific product lines.
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Hazardous waste management is a focal point, particularly regarding arsenic at the Tsumeb smelter.
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DPM has implemented an Arsenic Exposure Reduction Plan and achieved a >20% reduction in exposure over five years.
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However, the company still manages significant volumes of hazardous waste in specialized landfills.
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Compliance is a strength; DPM reported zero environmental sanctions or violations across all sites in 2022 and 2024, though historical data shows minor fines in 2014 and 2016.
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Waste audits for major facilities (like the Chelopech Tailings Management Facility) are conducted quarterly by external consultants, exceeding annual standards.
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Areas for improvement include more comprehensive supplier and customer programs.
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While DPM includes waste requirements in contracts for off-site disposal and conducts some community education through its Gold Museum and Information Centres, these efforts are relatively limited in scope compared to the core mining operations.
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Waste reduction targets are quantitative for specific streams (like arsenic and GHG) but lack a singular, company-wide 'zero waste' timeline.
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