Transparency

Opportunity Mined Responsibly

RCF’s Commitment to Sustainability

2023 ESG Annual Report

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ESG at RCF

For 25 years, RCF has been dedicated to delivering capital, growth, and innovation to the mining sector to support demand for the foundation materials required to enhance the lives of every person. Responsible investment is at the forefront of RCF’s approach to value creation.

Through years of experience, RCF has witnessed first-hand the symbiotic relationship between effective Environment, Social and Governance (ESG) performance and strong, resilient financial performance.

The following highlights from RCF’s 2023 ESG Annual Report provide a brief overview of its holistic approach to ESG issues.

Acknowledgements
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Our ESG Guiding Principles

Since 2013, RCF has been a signatory of the UN Principles for Responsible Investment (PRI): six principles which promote the integration of ESG factors into investment and ownership practices across asset classes.

RCF implement these principles around three Key Focus Areas:

  1. Sustainable Value Creation
  2. Advocacy
  3. Transparency
Sustainable Value Creation
Manage ESG impacts and risks, and amplify opportunities to maximise financial returns and societal value of our business and investment for all stakeholders.
Advocacy
Work with groups in both the mining and private equity/finance industry to promote and advance the Principles of Responsible Investment, specifically in the mining sector.
Transparency
Review and report on our progress towards responsible investment, including transparency about our impacts, success, and challenges.
Material ESG Issues

RCF has defined and prioritized the ESG issues that are generally material to the performance of the mining companies in which RCF invests at this time.

These issues reflect RCF’s business and ESG strategy, the views of broader industry stakeholders, and the evolving investment landscape.

Biodiversity and Habitat Conservation Primary Issue
Climate Change and Energy Primary Issue
Waste and Hazardous Materials Secondary Issue
Water Management and Stewardship Primary Issue
Tailings Management Primary Issue

Employee Welfare, Engagement and Talent Development Secondary Issue
Occupational Health and Safety Primary Issue
Integrated Mine Closure Secondary Issue
Stakeholders and Community Primary Issue
Security Secondary Issue
Human Rights and Labour Rights Primary Issue
Diversity, Equity, Inclusion, and Belonging Secondary Issue

Risk Management Primary Issue
Board Composition and Competency Primary Issue
Ethical Business Primary Issue
Cybersecurity and Data Privacy Secondary Issue
Business Continuity Primary Issue
ESG Integration into Investment Analysis and Decision Making

RCF considers impacts, risks, and opportunities at all stages of its Investment Decision Making Process, with the aim of creating better investment outcomes for all stakeholders.

ESG due diligence is embedded in the pre-investment stage as deals are being sourced, and identified risks and issues are either dealt with in the investment agreement - or, may cause RCF to refrain from investing altogether.

Ownership activities and performance monitoring of investments are guided by ESG action plans.

Decision-making steps throughout the investment process
Deal Sourcing
Identifying material ESG issues during due diligence.
Investment Decision
Including material issues in the investment memorandum and negotiation of the investment agreement.
Ownership
Managing ESG issues during the onboarding, engagement and monitoring of portfolio company.
Exit
Adding value at exit.
2022 ESG Performance Summary
17
Site visits, which included review of ESG and other technical matters.
5
New portfolio company investments.
6
Exited investments.
15
ESG due diligence processes completed.
6
Portfolio company ESG Committees participated in.
2
New ESG Committees established.
6
ESG board positions in portfolio companies facilitated by RCF.
10
Portfolio company ongoing engagement on ESG through the year.
2022 ESG Performance:
Portfolio Company ESG Awards
RCF Jolimont Innovation
Real Time Instruments

Real Time Instruments (RTI International) was awarded the 2022 Export Council of Australia and New South Wales Premier’s Export Award in Resources and Energy.

This was awarded for outstanding international success in the production, processing and value adding of extractive resources or provision of equipment, services or solutions related to the resources and energy sectors.

RCF Opportunities
Liberty Gold

Liberty Gold Corp was awarded the 2022 Environment Excellence Award from the State of Utah, Department of Natural Resources, Division of Oil, Gas and Mining.

This was awarded for innovative use of GIS and LIDAR at the Goldstrike Oxide Gold Property in southwest Utah. The innovation improved resource efficiency, minimized ground disturbance, and avoided environmental problems.

RCF Private Equity
Ausenco

Ausenco was named one of Canada’s Top 100 Employers for Young People in 2022 by Mediacorp Canada Inc., organizers of the annual Canada’s Top 100 Employers project.

This award recognizes employers that offer the nation’s best workplaces and programs for young people starting their careers.

In addition, Hemmera, an Ausenco company, was recognized as one of Canada’s Greenest Employers for 2022.

Mining is not a choice.
How we mine is.

Mining is an essential industry for the world today — and the world of the future.

RCF is committed to building strong, successful, innovative, and sustainable businesses that strive to produce superior outcomes for all stakeholders which includes managing material ESG impacts, risks and opportunities.

RCF’s third annual ESG Report describes its approach to managing key ESG themes across RCF’s business and within its portfolio companies, and shares updates on its future strategy.

This report includes sustainability data for the year ending December 31, 2022.

Download the 2023 ESG Report

Reporting alignment

Performance Frameworks & Affiliations

RCF understands the importance of adopting standards in its approach to ESG disclosure and transparency, and the need to provide meaningful information to RCF’s Limited Partners and other stakeholders.

Engagement and collaboration with leading industry frameworks, associations and initiatives enables RCF to continue to lift its standards in line with its risk profile and stakeholder expectations.

Learn more about some of the key frameworks and organizations RCF is an affiliate of, or seeks to align with.

Access key documents

Policies & Disclosures

Important Information 

The data and information on this website (“Website”) is presented for informational purposes only by Resource Capital Funds and/or its affiliates (together, “RCF”). This Website shall not constitute an offer to sell or the solicitation of any offer to buy any interest, security, or investment product. The information in this Website is only as current as the date indicated and may be superseded by subsequent market events or for other reasons, and RCF assumes no obligation to update the information herein. Nothing contained herein constitutes investment, legal, tax, or other advice nor is it to be relied on in making an investment or other decision.   

Certain information contained herein relating to any goals, targets, intentions, or expectations, including with respect to Environmental, Social and Governance (“ESG”) targets and related timelines, is subject to change, and no assurance can be given that such goals, targets, intentions, or expectations will be met. There can be no assurance that RCF’s ESG policies and procedures as described in this report, including policies and procedures related to responsible investment or the application of ESG-related criteria or reviews to the investment process will continue; such policies and procedures could change, even materially, or may not be applied to a particular investment. RCF is permitted to determine in its discretion that it is not feasible or practical to implement or complete certain of its ESG initiatives, policies, and procedures based on cost, timing, or other considerations. Statements about ESG initiatives or practices related to portfolio companies do not apply in every instance and depend on factors including, but not limited to, the relevance or implementation status of an ESG initiative to or within the portfolio company; the nature and/or extent of investment in, ownership of or, control or influence exercised by RCF with respect to the portfolio company; and other factors as determined by investment teams, corporate groups, asset management teams, portfolio operations teams, companies, investments, and/or businesses on a case-by-case basis. ESG factors are only some of the many factors RCF considers in making an investment, and there is no guarantee that RCF will make investments in companies that create positive ESG impact or that consideration of ESG factors will enhance long term value and financial returns for limited partners. To the extent RCF engages with portfolio companies on ESG-related practices and potential enhancements thereto, there is no guarantee that such engagements will improve the financial or ESG performance of the investment.  In addition, the act of selecting and evaluating material ESG factors is subjective by nature, and there is no guarantee that the criteria utilized, or judgment exercised by RCF will reflect the beliefs or values, internal policies or preferred practices of investors, other asset managers or with market trends.