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Tuesday, May 30, 2023
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


Karora Resources shows dedication to carbon neutrality in 2022

Karora accomplished this through its purchased electricity consumption and for buying and retiring 95,000 tonnes of carbon offset credits.

carbon neutrality
Photo by Jasmin Sessler via Unsplash

Karora Resources (TSX:KRR) (OTCQX:KRRGF) has achieved carbon neutrality for the second straight year in 2022.

Karora accomplished this for both its own operations and its purchased electricity consumption and for buying and retiring 95,000 tonnes of carbon offset credits. The retirements make up part of the company’s ongoing carbon emissions reduction and offset strategy.

“After becoming one of the world’s first carbon neutral gold producers in 2021, we are committed to continuing to be a leader amongst our peers in actively reducing our carbon emissions and implementing further initiatives in line with our commitment to develop a pathway toward a Net Zero mining future. We believe mining will continue to form the backbone of critical metals delivery in the years to come and we are proud to be leaders in the junior gold mining space,” said Paul Andre Huet, chairman and CEO.

Karora is a gold explorer focused on achieving a target of between 185,000-205,000 ounces by 2024 at its Beta Hunt Gold Mine and Higginsville Gold Operations in Western Australia. The Higginsville treatment facility is a low cost processing plant fed at capacity from Karora’s Beta Hunt and Higginsville mines.

Read more: DeepMarkit doubles-down on carbon offset credit platform

Read more: GreenPower Motor Company BEAST line of all-electric school buses benefit from new EPA grant

Carbon neutrality and gold

Karora is busy developing an emissions reduction plan to reduce any of its future emissions. This includes the analysis of a variety of renewable and hybrid power stations in Higginsville. Karora is working with climate change fighter and app producer Invert to set emissions reduction targets. It will announce these targets in Q1 2023 as part of the Karora’s yearly ESG report.

The company drove its offset selection process through a thorough analysis of carbon reduction and and removal quality as well as credibility and social impact expected from the selected offset projects. The company has kept a geographical community based approach in the pursuit of further investment in the Australian carbon reduction project market, including the Mount Sandy project. Karora hopes to achieve two outcomes by offsetting emissions while ensuring the protection of Australia’s biodiversity.

“We are very pleased to continue to support Karora in both its geographically impactful carbon credit program and in the development of its emissions reduction strategy moving forward. Last year, Karora and Invert’s carbon neutral announcement was one of the first of its kind in the junior gold producer sector and its impact on the industry has been notable,” said Andre Fernandez, co-CEO of Invert.

Karora is also moving ahead with renewable and hybrid power solutions at its Higginsville operation intended to lower emissions. A few options under consideration include grid tie-in analysis and hybrid power solutions using solar and wind power components. This approach is part of the company’s broader strategy to achieve carbon neutrality in ensuing years. The company will release its first emissions reduction targets in its 2022 Sustainability report. The company will release the report in Q1 2023.


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