The global mining powerhouse Newmont Corporation (TSX: NGT) (NYSE: NEM) has published its second annual Climate Report detailing various ways the company is attempting to combat climate change.
Newmont released the 2022 report on Thursday and says it complements the company’s recent Sustainability Report.
Highlights from the report include progressing renewable energy initiatives in Boddington and Tanami Australia, which could potentially cut emissions by approximately one million tonnes of carbon dioxide equivalent. Newmont is also advancing its Vision Zero program established in 2021 in collaboration with Caterpillar Inc. (NYSE: CAT), which is aimed at testing zero-emissions battery electric haul systems for surface and underground operations.
Additionally, the company has been conducting surveys and actively involving essential suppliers and customers to integrate emission reduction goals and decarbonization commitments into its different contracts and collaborating with the United States National Renewable Energy Laboratory to conduct research on carbon sequestration in mine tailings.
“Climate change is one of the greatest global challenges of our time and its impact on our earth and our business is undeniable,” said Newmont’s President and CEO Tom Palmer. “We believe that industries that create value — like mining — have a responsibility to drive bold actions and innovation to facilitate the transition to a low-carbon economy,” he added.
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Newmont established an Energy and Climate Strategy in 2015 which it updated the following year. The company implemented this strategy to align itself with the 2015 Climate Change Position Statement from the Council on Mining and Metals and the Paris Agreement established by the United Nations that came into effect in November 2016.
Newmont also added criteria to its Investment Standard last year to help align future investments with the company’s decarbonization targets. The standard details Newmont’s requirements for making investment decisions and outlines a process and framework for assessing the feasibility of different investments.
Last year, Newmont expanded its work with the National Center for Atmospheric Research which began in 2020 to include climate projections into site water-balance models. The company says this will help to inform facility design and assist Newmont’s teams with managing water across its various operations by considering the water-related changes linked to climate change.
The report also highlights the company’s commitment to be carbon neutral by 2050, its 2030 climate targets, the transition from diesel to electric vehicles at its operations and the timeline for that transition and the status of several renewable energy projects throughout the globe among other things.
Australia’s Newcrest Mining (ASX: NCM) recently accepted Newmont’s US$19.2 billion takeover bid, which will add about 50 billion pounds of copper to the mining giant’s portfolio. Newmont is the world’s only gold producer listed on the S&P 500 index.
Newmont’s shares dropped by 2.37 per cent Thursday to $55.56 on the Toronto Stock Exchange.