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Abstract

Water challenges are becoming more severe due to industrialization, urbanization, climate change, and population growth. The water-intensive mining and metals industry is particularly vulnerable to water shortages. A reliable water supply is essential for mining operations, which impacts local water resources. Therefore, mining companies need to understand their water usage, reporting requirements, and voluntary water metrics to establish corporate Environmental, Social, and Governance (ESG) goals and maintain social acceptance. Benchmarking aids companies in decision-making, setting realistic targets, and comparing efforts with industry peers. This paper will explore how qualitative benchmarking can help companies become water leaders in their market and enhance their water stewardship strategies. It will also discuss the challenges mining companies face with quantitative benchmarking, including its limitations. The paper aims to demonstrate how benchmarking is one tool companies can use to avoid “greenwashing” and improve their ESG credentials by identifying and managing water-related risks early.