How Women Can Mitigate Risks in Mining
Beth Borody CDI.D
Founder & CEO The Femina Collective | WIM100 I Mining Leader | ESG Strategy | 2021 Top 50 Changemakers Globe & Mail Recipient | IRMA Mining Lead |
It has been great to see the world of Sustainability and ESG continue to take up more and more space in the mining sector as we watch the timelines and acceleration towards the energy transition around the globe.
The more I think about the pressing priorities in mining, the more I see the link between needing innovation and new ways of operating while also providing more opportunities for women to work within the industry. Which in itself requires innovation because women are crucial to this transformation for several reasons.
Risk One: Access to Capital and Financing
One of the significant challenges in mining is securing capital and financing for projects. As global economies fluctuate, capital flows in waves, presenting an opportunity for women to step up as influential investors. Within Canada alone, women are expected to inherit $12 trillion by 2026, a phenomenon known as The Great Wealth Transfer (source: Ms. Money and Math). This puts women in a powerful position to drive investment decisions and support projects that align with sustainability and ESG goals. Currently women hold roughly 32% of global wealth and I believe that by providing women with greater opportunities in investment opportunities that have been predominately owned by men, we have an opportunity to equal that wealth disbursement.
Risk Two: Leadership and Executive Roles
For mining to truly evolve, we need more women in c-suite and executive roles. We have said this for years, yet have not seen enough progress. This requires rethinking the traditional mining schedules and expectations, making them adaptable to the multiple responsibilities women often carry. We've seen companies test out co-leadership roles, or provide 24/7 daycare centres on site. Although every idea may not work, we need to keep trying to bring scalable ideas forward. It is also important for women to form communities within the mining sector and to have spaces where they can connect with colleagues, prioritizing both their professional and personal growth. These supportive environments enable women to execute leadership roles to the best of their abilities as their authentic selves. By changing the experience women have in mining and fostering a supportive environment, we can attract and retain more female leaders who can bring fresh perspectives and drive innovation.
Risk Three: Recruitment and Retention
Recruiting and retaining women through various life transitions is another critical area. Women need to see themselves in the industry, which means we need more female representation at all levels. Women also need to see other women thriving when returning from prolonged leave or parental leave. We know this is a critical time for women to fall away from the industry and seeing successful reintegration is key for bringing women back safely. Mining must be perceived as a safe and welcoming environment for women to consider it a viable career choice. This shift in perception is essential for attracting a diverse talent pool that can contribute to the sector's growth and innovation.
Risk Four: Social Risk and Community Engagement
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Increasing the focus on social risk, particularly through the participation of Indigenous stakeholders in mining projects, is crucial. Indigenous Nations are among the most impacted by mining activities and should be engaged as partners rather than mere consultees. Along with Indigenous rights, communities at large need to be where mining projects begin and end. Community participation and buy-in must involve community members from the beginning of a project. This means including minority groups within communities, often women and youth. By allowing space for women's voices, we can ensure that greater community well-being is taken into account, leading to more sustainable and socially responsible mining practices.
Risk Five: Shifting Power and Perception
A significant shift in power and perception is occurring as mining transitions from being the main actor in its ecosystem to a crucial player in the energy transition supply chain. This shift means mining companies must adapt to serving the broader goals of energy transition, rather than operating in isolation. Women can play a pivotal role in this transformation, bringing new ideas and approaches to integrate mining more effectively into the energy transition landscape.
What Can We Do
By addressing these multiple intersections in mining, we have an opportunity to shake up and transform the industry. Women's participation is not just beneficial; it is essential for accelerating the energy transition and ensuring the sustainable development of critical minerals.
How can we collectively create more opportunities and a more supportive environment for women in the mining sector to accelerate our journey towards a sustainable energy future?
Your thoughts and perspectives are invaluable as we work together to reshape the future of mining.
Mining Industry Leader | Tailings, Dams & Mine Waste Management | Environmental Social Governance (ESG) | Editor, Author & Speaker | Board Experience | Diversity, Equity & Inclusion (DEI) | WIM100 | SME Fellow
2 个月Insightful article on the critical role of women in mitigating key risks in the mining industry. While the piece rightly highlights women's contributions to areas like access to capital, social acceptance, recruitment, and leadership, I'd like to add that women are also driving significant progress in environmental risk mitigation. In my experience, women are at the forefront of addressing crucial environmental challenges in mining, particularly in areas such as water management, tailings, mine waste, and overall environmental impact assessment and mitigation. Their leadership in these domains is pushing the industry towards more sustainable practices. Notably, I've observed that the tailings management field seems to have a higher representation of women compared to other mining sectors. This is particularly encouraging as tailings management is critical for environmental protection and safety in mining operations. The strong female presence in this area is likely to drive positive change and innovation in environmental risk management across the industry.
Non-Executive/Independent Board Director & Trusted Advisor
3 个月How the World Really Works: The Science Behind How We Got Here and Where We're Going https://g.co/kgs/mSUcGjM
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4 个月Another risk we can mitigate through inclusion efforts is the risk of becoming moribund. Boards and executive teams need leaders who think differently. Attracting the most diverse board will help miners to take advantage of previously unknown possibilities and open new doors to relationships that can help during a time of transition for mining. Also, shaking up or challenging the metrics of success, the mental models that have guided mining for the last century, is becoming almost a survival strategy for most companies. Gender equity not only brings new thinking into the leadership team, it also brings different ways of communicating change to the company.
Build resilience, face challenge, address complexity and make change
4 个月This is such a great article, Beth Borody CDI.D. And a great start to the list of risks we can mitigate with greater inclusion efforts. I'll piggy-back on a few and add a few more. Risk of missing the boat: In my work with industry associations, I had the good fortune to help one group that was having trouble attracting dedicated directors for their board. We thought about the nature of the organization as a capacity-builder in agriculture, and redefined their board recruitment strategy to specifically attract both experienced board members and others who had little experience but who were eager to learn. This meant we needed to ensure that our governance practices were top-notch: we wanted new directors to learn as much as possible about how to do things right. This push to inclusion started then, with an inward-focus on how supportive an organization we had. Parallel to this is thinking about psychological safety for women. If a company is interested in addressing their retention problems, they should start with identifying every space, department and job that creates feelings like lack of safety for women. If taken on with intention and clarity this will start a path to men understanding their role in creating safety.
Mine Planning & Survey Specialist | AutoCAD, GEOVIA Surpac, ArcGIS Pro, Total Station Expert | Certified Overman & Foreman (Unrestricted) | Author of Surpac : "From Ground Zero to Surpac Hero: A Comprehensive Guide"
4 个月Beth, your insights on improving inclusion and representation of women in the mining industry are truly inspiring. Your dedication to sustainability and ESG initiatives is paving the way for positive change. Keep up the great work!