How Women Can Mitigate Risks in Mining
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 the need for innovation and new ways of operating and the need to provide more opportunities for women to work within the industry. This 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
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
Addressing these multiple intersections in mining offers 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.
