Page 72 - 1-37
P. 72
TRANSFORMING TRANSFORMING TRANSFORMING
SUSTAINABILITY REPORT FY 2023 COMMUNITIES THE PLANET THE WORKPLACE
Our closure plans are carefully developed, considering the following aspects:
• A comprehensive understanding of the operating Adequate financial resources are allocated to
environment, encompassing socio-economic, cover closure and rehabilitation activities,
cultural, and environmental factors, as well as ensuring the successful execution of the
legal and regulatory requirements for closure. closure plan, regardless of whether it occurs as
planned or prematurely. We continuously update
• Evaluation of various closure options, the closure plans and associated cost
considering criteria such as environmental estimates to adapt to evolving circumstances in
impact, reputational risk, socio-economic mine development, operational planning,
factors, and community considerations, with a environmental and social conditions,
clear rationale for selecting the preferred option. stakeholder expectations, and advancements in
techniques and technologies. To enhance
• Assessment of the primary risks and transparency and accountability, we provide
opportunities associated with the chosen regular reporting on the implementation of our
closure option.
closure plan and site rehabilitation. Progress
against the closure plan is communicated
• Extensive consultation process involving internal
and external stakeholders, recognizing the openly and regularly to all internal stakeholders
importance of community involvement in plan and relevant external parties.
development. This ensures that their
expectations are understood, managed, and that Furthermore, all subsidiary companies and
they are informed about any residual impacts operations under Vedanta Ltd. adhere to the
resulting from decommissioning and stipulations concerning decommissioning and
post-closure activities. site closure procedures. They ensure that the
mechanisms employed for decommissioning
• Our commitment to mine closure including social and site closure align with international
closure initiates even before the commencement standards, such as the IFC performance
of mining operations and remains an ongoing standards, IFC EHS Guidelines, ICMM principles,
process throughout the entire life cycle of the as well as impact assessment and consultation
mine. Our closure plans are built upon the processes where applicable.
technical standard for site closure, which
encompass prioritizing safety and stability, Vedanta has successfully completed the
fostering socio-economic transition, and closure of a single site: Lisheen, in Ireland back
contributing to risk mitigation efforts. in 2015. There have been no recent mine
closures for Vedanta.
37
