Normet’s 2024 Annual Report reveals a major safety win with a Lost Time Injury Frequency Rate (LTIFR) of 2.5, down from 3.5 in 2023, showcasing its leadership in underground safety.
MUMBAI (India CSR): The Finnish-based company – Normet Group Oy released its 2024 Annual Report on March 26, 2025, detailing a reduction in its Lost Time Injury Frequency Rate (LTIFR) to 2.5, down from 3.5 in 2023. This metric, which measures injuries causing lost work time per million hours worked, highlights a shift in safety outcomes for the company’s underground operations. The report, rooted in data from a year of focused efforts, offers a clear view of Normet’s progress in mining and tunneling safety.
The Annual Report offers a glimpse into its achievements and ambitions. Technologies such as the Normet SmartDrive® BEV, with its zero-emission design, improved underground air quality, cutting health risks for workers. Meanwhile, rigorous training programs ensured every employee was equipped to prioritize safety daily.
LTIFR Reduction: The Numbers
In 2024, Normet’s LTIFR decreased from 3.5 to 2.5, a drop of one full point. This change reflects fewer incidents across the company’s global workforce. At Rio Tinto’s Oyu Tolgoi copper mine in Mongolia, Normet’s team recorded over 3,000 days without a lost-time injury, a specific example of the broader trend. The data, compiled from operations spanning Finland to remote sites, underscores a measurable shift in 2024 safety performance.
Factors Behind the Drop
In 2024, Normet doubled down on safety enhancements, refining high-risk processes like sprayed concrete and ground stabilization.. Normet adjusted processes like sprayed concrete application and ground stabilization to lower risks. The Normet SmartDrive® battery-electric vehicle (BEV), with zero local emissions, contributed by improving air quality in underground settings. Training programs were also expanded, equipping workers with updated safety protocols. These steps, applied consistently, align with the reported outcome.
Industry-Wide Implications
The LTIFR dropped to 2.5 positions Normet as a reference point in the underground sector. The company’s work at Oyu Tolgoi demonstrates how its practices can influence customer sites. Mining and tunneling firms, under increasing pressure to enhance safety, can look to Normet’s 2024 results as a case study. The data suggests the potential for broader adoption of similar methods across the industry.
Waste to Energy
In 2024, Normet generated 1,900 tonnes of waste from its operations, up from 1,235 tonnes in 2023, maintaining a consistent 75% rate of recycling or energy recovery.
Context in the 2024 Report
The 2024 Annual Report, signed by the Board on March 25, 2025, and audited by Ernst & Young Oy, places the LTIFR reduction alongside other updates. Equity grew to €59.6 million from €45.7 million, and a Double Materiality Assessment (DMA) was completed for CSRD compliance in 2025.
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