Alamos Gold Inc. (TSX: AGI) (NYSE: AGI) has published its first Climate Change Report, detailing its strategies for managing climate-related risks and setting a goal to reduce absolute greenhouse gas emissions by 30 per cent by 2030.
This target is supported by a series of initiatives, including the installation of electric conveyance systems and a transition to compressed natural gas.
The Alamos Gold Climate Change Report was published on Friday and aligned with the recommendations of The Task Force on Climate-related Financial Disclosures (TCFD). It provides an in-depth look at the company’s strategies and performance metrics related to greenhouse gas emissions.
The report also outlines Alamos Gold’s history of climate change disclosure, which began in 2015 with the reporting of GHG emissions in its Sustainability Report. Since then, the company has made strides in transparency, including the disclosure of Scope 1 & 2 Emissions breakdown in 2016, and the release of its inaugural absolute GHG emission reduction target in 2022.
The document emphasizes the role of sustainability performance in the company’s compensation strategy. In 2021, the sustainability metrics and weighting were updated to better reflect the company’s strategic ESG priorities. This includes the development of site-based energy management plans aimed at reducing GHG emission intensity and advancing Alamos’ adoption of the TCFD recommendations.
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The intersection of mining and climate change is a complex and rapidly evolving area. Alamos Gold is actively engaged in this space, with a focus on environmental responsibility. The company’s emission reduction initiatives include the implementation of electric conveyance systems and a shift to compressed natural gas.
Currently, Alamos Gold is recognized in the mining industry for its low greenhouse gas (GHG) emission intensity. The company’s average emission rate is 0.38 tCO2e per ounce of gold produced across its three operating mines.
Alamos Gold’s approach to climate change extends beyond emission reduction. It also encompasses a comprehensive risk management strategy. This strategy involves a detailed analysis of potential climate-related risks and the development of robust response plans. This ensures that Alamos Gold is equipped to handle the challenges that climate change may present.
The mining industry is integral to the global transition towards a low-carbon future. Minerals and metals are crucial for the production of renewable energy technologies and electric vehicles. However, the extraction and processing of these materials must be conducted in a manner that minimizes environmental impacts.
#ICYMI CEO John McCluskey & Alamos employees reflect on our remarkable journey over the past 20 years. Check out this video of our inspiring growth story, culture, and values shaping our organization. https://t.co/w7FzGjegTf $AGI
— Alamos Gold Inc. (@AlamosGoldInc) June 1, 2023
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Alamos Gold announces quarterly dividend and DRIP
On Monday, the company announced that it will be giving a quarterly dividend of $0.025 per share. The company has a history of giving dividends for the past 14 years, returning $304 million to its shareholders through dividends and share buybacks, including $20 million in 2023 alone.
The dividend will be given on June 29 to those who own shares by the end of the day on June 15. This dividend is eligible for Canadian income tax purposes.
Alamos Gold Inc. also has a Dividend Reinvestment Plan (DRIP) which allows shareholders to get more shares instead of cash dividends. These additional shares are given at a 3 per cent discount and there are no transaction costs.
Company stock went up by 0.73 per cent to $16.63 on the Toronto Stock Exchange.
