We developed a toolkit to measure the economic impacts of Newmont’s local sourcing strategy
With more than 95 years of history in the mining industry, Newmont is one of the world’s largest gold producers. Through responsible mining, they create a stronger business and provide value for all their stakeholders.
Newmont asked Steward Redqueen to develop a toolkit to structurally measure the economic impact of its mining activities on the national and local level.
In order to construct a toolkit that systematically and consistently provided economic impact figures we first needed to align our impact methodology with Newmont’s internal (financial) reporting systems. After careful calibration of the data template and a pilot in Ghana, we were able to automatise the process and scale up the toolkit to Newmont’s other mining operations around the globe.
The resulting toolkit enables Newmont to communicate about its economic impact on both the national and local level. Impact insights go beyond the mining operations itself as the toolkit showcases the number of jobs and the amount of taxes, salaries and profits earned and paid in Newmont’s supply chain. These insights provide Newmont with facts and figures for conversations with local and national stakeholders such as government ministries, local communities and NGOs