We are proud to present Goldcorp’s 12th annual Sustainability Report demonstrating our unwavering commitment to transparency and accountability and reasserting our vision of Together, Creating Sustainable Value, which guides our aspirations and our actions.
Goldcorp is mid-way through the execution of our five-year 20/20/20 plan to position us as a highly focused, profitable and sustainable senior gold producer. Every element of our strategy revolves around safe, responsible and profitable mining activities that create enduring value for all our stakeholders. For us, sustainability and stakeholder engagement are top of mind in everything that we do – from the day we arrive in a community to the day we leave. We recognize that we are guests in the areas in which we operate. As guests, we have a responsibility to treat the ecosystems and environments under our care with the utmost of respect. Our overriding objective is to leave the environment within our areas of influence in as productive a condition as that in which we found it. This includes providing lasting social and economic benefits in the communities in which our employees live and work.
We hold ourselves to a high standard of accountability and transparency and set ambitious performance targets through our Sustainability Performance Index (SPI). This measure ensures we are continuing to meet operational, financial, environmental and social expectations. Since announcing our 20/20/20 plan in 2017, we have delivered consistently on those promises.
Our “Beyond 20/20” strategy will see us continue to invest in our future with our Century project in Ontario, our Joint Ventures in Chile and in other development-stage projects. Our value-creating activities in 2017 included:
Repositioning our portfolio and re-investing capital in our core assets through the divestment of CAD$500 million in non-core assets.
Growing our gold reserves, net of depletion, by approximately 26%, from 42.3 million to 53.5 million ounces, and keeping on track to achieve our target of 60 million ounces of gold mineral reserves by 2021.
Investing in people. We know that having the right talent is key to successful execution of our strategic priorities. To that end, we have hired industry leaders for mine management, technical services and head office functions. We also augmented our Board of Directors with the appointments of Matthew Coon Come and Charlie Sartain to: (i) better represent our stakeholders, our commitment to social responsibility, and the communities we partner with; and (ii) to increase the operational expertise of our Board.
Investing in our sustainable future. In 2017, we advanced our Towards Zero Water vision and the EcoTails project. Both of which aim to significantly reduce the use of fresh water and minimize risk associated with tailings management. Not only is this the right approach to ensuring sustainability and protecting surrounding communities, it also has the potential to significantly reduce our mining footprint and operating costs while setting a benchmark for the industry. We also announced Canada’s first, fully electric underground mine at Borden, which will eliminate the use of diesel fuel and propane gas in the movement of ore.
Advancing our Sustainability Excellence Management System (SEMS). Our SEMS compliance and monthly report card shows we are made significant headway in our sustainability performance in 2017. The report card continues to provide us with a valuable baseline for evaluating future progress.
Keeping our people safe remains our top priority. We are extremely proud that we achieved Zero Fatalities in 2017. Our injury frequency rate also dropped notably in 2017 due to the continuous and ongoing focus of our dedicated workforce. Safety is firmly embedded into our corporate culture, and we are committed to ensuring that all our people return home each day feeling healthy, fulfilled and respected.
We fully realize how vital technology is to our success. Innovation in Canadian mining is bolstering our ability to deliver materials to global markets as efficiently, responsibly and cost-effectively as possible. Goldcorp’s #DisruptMining challenge is playing a pivotal role in helping accelerate the pace of innovation in our industry by encouraging cross-sector collaboration. This annual event attracts entrepreneurs and established business executives from across North America. Together, we share our innovative ideas with other leaders in mining, technology and venture capital, with a goal of uncovering the next revolutionary concept that will change the face of mining.
In 2018 and beyond, we will continue to nurture innovation to drive down costs, increase productivity, lower our water and energy consumption and reduce our carbon footprint. These are the hallmarks of an efficient mining company.
Within the changing global landscape, we remain steadfast in our commitment to operating in accordance with international best practices in every jurisdiction in which we have mines and projects. We are active members of the International Council on Mining & Metals, and we continue to report in line with their Sustainable Development Framework. We also act in accordance with the principles of the United Nations Global Compact. We are signatories of the United Nations Voluntary Principles on Security and Human Rights and implement its principles throughout our operations. We understand the importance of being engaged corporate citizens, and we are committed to our continued involvement in national and international organizations that work to improve sustainability in mining. The future of our industry and our company is exciting. We look forward to delivering long-term sustainable value to all our stakeholders as we strive to achieve our vision of Together, Creating Sustainable Value.
I invite you to explore our Sustainability Report, and on behalf of the entire Goldcorp family, I thank you for your interest and welcome your feedback.
David Garofalo President and Chief Executive Officer Goldcorp Inc.