See the findings from Accenture’s survey of investor expectations that mining companies should understand when pursuing decarbonization initiatives. Learn more: https://accntu.re/3MkQAKS

1. Accenture Global
Institutional Investor
Study of ESG in Mining
Summary of key findings
Copyright © 2022 Accenture. All rights reserved.

2. Copyright © 2022 Accenture. All rights reserved. 2
Survey Methodology
The Accenture Global Institutional Investor Study of ESG
in Mining surveyed decision-makers at 200 public and
private institutional investment firms with mining assets in
their portfolio valued
at approximately US$847 billion in June 2021.
The purpose of the study was to understand the impact of
environmental, social and governance (ESG) factors that
investors take into consideration when investing in mining
companies.
This study is intended to highlight the most significant
investor expectations and motivations mining companies
should understand when pursuing decarbonization
initiatives.
Conducted in June 2021
200 respondents
US$847 billion in
mining assets
Firms based in the US,
Canada, UK, South Africa,
Singapore, Hong Kong,
New Zealand and Australia

3. Principal survey revelation:
Aggressive decarbonization is valued
by investors…
70%
cited aggressive
decarbonization as
a high or very high priority
in driving the allocation
of capital
59%
expect the mining
companies they invest
in to be market leaders
in aggressively pursuing
decarbonization
63%
would be willing to
divest or avoid investing
in mining companies that
are not pursuing sufficient
decarbonization activities
Source: Accenture Global Institutional Investor Study of ESG in Mining

4. …but investors’ underlying motivation
is mostly financial.
Increased market valuation and the rise in mining firms’ ability to attract green capital
are the most important reasons investors cited for requiring mining companies to pursue
decarbonization initiatives. The least important – climate change.
Source: Accenture Global Institutional Investor Study of ESG in Mining
38.5%
25.5%
16.0% 15.0% 15.0% 21.5%
33.5%
45.0%
48.5% 45.0% 43.0% 35.0%
Increase
in valuation
Rise of
green capital
Investor
demand
Fund
targets
Carbon
taxes
Impacts of
climate change
% investors rating “important” (4 out of 5)
% investors rating “very important” (5 out of 5)

5. 43.5% 49.0%
29.0% 25.0% 29.5% 23.0% 26.0% 23.0% 28.5% 22.0% 26.5% 23.5% 19.5% 20.5% 21.0%
40.0% 34.0%
45.0% 49.0% 42.0%
47.5% 43.5% 46.5% 41.0%
46.0% 41.5% 44.0%
44.5% 37.0% 35.0%
Investors cited improving financial performance and
strengthening the balance sheet as the most
important criteria in driving allocation of capital
– much higher than decarbonization.
Source: Accenture Global Institutional Investor Study of ESG in Mining
% investors rating “important” (4 out of 5)
% investors rating “very important” (5 out of 5)

6. Sustainability ranked second to last on
a list of initiatives that have the greatest
impact on a mining company’s value.
Source: Accenture Global Institutional Investor Study of ESG in Mining
71.0%
60.0%
50.5% 47.5% 45.5% 44.0% 43.5% 42.0% 39.0% 37.0%
28.5%
Emerging technologies Digital
trans-
formation
Conserving
cash
Research &
development
Mineral
exploration
Hedging-
prices &
foreign
exchange
Cyber-
security
Mergers &
acquisitions
Product
expansion
/new
development
Sustainability Employee
training
% investors indicating great impact on value

7. Mining companies should focus on
decarbonization initiatives that can
enhance shareholder value.
What does this mean for the mining industry?

8. Emerging
technologies (71%)
and digital
transformation (60%)
ranked highest
as initiatives having
the greatest impact
on a mining
company’s value.
Advanced technologies such as data
analytics, artificial intelligence (AI)
and blockchain will likely:
Drive operational efficiencies
that enhance revenues
and earnings
Be instrumental in achieving
decarbonization and reporting
on decarbonization
performance
Be well-received by investors,
as well as other stakeholders
Source: Accenture Global Institutional Investor Study of ESG in Mining

9. Mining companies should
focus decarbonization
initiatives on Scope 3
emissions.
What does this mean for the mining industry?

10. Scope 3 emissions
are the highest priority
decarbonization
concern for investors.
Low Scope 3 emissions, which
are created by the buyer of the
mine products, are seen as the
most important sustainability-
related attribute of mining firms
in driving significant valuation
premiums
for investors.
85% rate low Scope 3
emissions as “important”
or “very important”– ranking
higher than safety, diversity and
the elimination of
coal production.
Source: Accenture Global Institutional Investor Study of ESG in Mining

11. Scope 3 emissions outranked
Scope 1 and 2 emissions in importance
by a factor of nearly four.
Source: Accenture Global Institutional Investor Study of ESG in Mining
3.0%
30.0% 34.0%
24.5%
57.0% 52.0%
Scope 1 & 2 emissions Scope 3 emissions Scope 3 emissions,
only when far exceed Scope
1 & 2
% investors rating “important” (4 out of 5)
% investors rating “very important” (5 out of 5)

12. Copyright © 2022 Accenture. All rights reserved.
Investors are sending a clear message to miners — they see the
most significant ESG improvements and greater financial value
in helping downstream parties reduce emissions. Accordingly, mining
firms have an opportunity to actively engage with downstream
customers like steel producers to tackle emissions. In addition,
accurate and auditable carbon measurement and accounting is
essential and could enable miners to charge premium prices for
lower-carbon products.
Kathryn Jacobs
Managing Director,
North America Mining Lead

13. Copyright © 2022 Accenture. All rights reserved. 13
Learn more
Read the full report
How investors view mining’s
new role as a champion
of decarbonization
www.accenture.com/
MiningDecarbonization
Contact us
kathryn.jacobs
@accenture.com
This study was conducted in 2021, prior to Russia’s invasion of Ukraine in February 2022. There is risk that investor sentiment to ESG initiatives may have
changed as a result of the invasion, however, we still believe the study's results accurately reflect investors' opinions.