- FYI Resources Limited has established a world-renowned environment, social, and governance reporting platform.
- The Company's ESG progress and performance will be monitored quarterly.
- The demand for ESG has increased significantly due to an increased focus on global emission concerns.
Australia-listed mineral resource company FYI Resources Limited (ASX:FYI, OTCQB:FYIRF, FSE:SDL), has established an independent environmental, social, and governance (ESG) reporting platform to centralise the Company’s ESG data. The initiative will also help FYI to manage key metrics to increase the program’s impact.
Notably, FYI is advancing towards becoming a major player with low-carbon footprint high-purity alumina (HPA) product to capitalise on the surging demand for HPA in the growing LED and electric vehicle market.
The Company is advancing to develop a vertically integrated high-quality and high-purity alumina (HPA) for several growth projects and tech applications. Interestingly, HPA is a processed form of non-metallurgical alumina product characterised by its purity levels, i.e., 99.99% (4N) and 99.999% (5N).
The establishment of FYI’s ESG platform is in line with the award of an excellent inaugural ESG rating to the Company in June. Following the same, FYI has engaged Socialsuite, an ESG impact monitoring technology company, to establish a custom-made reporting platform that can effectively measure, monitor, and report on FYI’s ongoing ESG progress.
The demand for ESG has increased substantially over recent months due to an increased focus on global emission concerns. Besides this, investors across the globe have also brought ESG to the forefront to intensify attention towards ESG-related matters.
According to some experts, analysis of ESG criteria helps determine better future financial performance and potential investment merit. Additionally, such analysis is believed to promote a sustainable business model and assist with the Company’s contribution in fundamentally reshaping the global economy.
The establishment of Socialsuite, an ESG platform, will allow FYI to monitor and track the ESG progress quarterly. Additionally, it will also help the Company demonstrate positive ESG metric improvements and allow FYI to compare them with the peer groups of the industry.
The World Economic Forum (WEF) in 2017 had identified four-step roadmaps of Sustainable Development Goals (SDGs) to guide companies for achieving their corporate ESG objectives and long-term sustainable goals.
FYI is committed to achieving SDGs by actively and responsibly managing its performance and improvements as per the four-step reposting system every quarter.
The Socialsuite reporting platform will provide the following information to the Company:
The initial Socialsuite ESG dashboard report is expected to be released by the end of the June 2021 quarter, and a dashboard update report will be released quarterly after that.
FYI shares traded at AU$0.545 as of 1 July 2021 at 2:07PM AEST.