Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Barrick Gold (TSE: ABX NYSE: GOLD) has raised its greenhouse gas emissions target to 30% from 10% and pledged to achieve net-zero carbon emissions by 2050 amid an investor-driven push for climate change initiatives.
Investors are putting pressure on gold miners, which are among the biggest emitters of greenhouse gases in the mining sector, to take concrete steps to reduce their carbon footprint.
Newmont (TSE: NGT NYSE: NEM) has also pledged to achieve net-zero carbon emissions by 2050.
“Our current roadmap includes energy efficiency measures across the group and ambitious plans for more solar power in Mali and Nevada, and the conversion of a power station in Nevada from coal to natural gas,” Barrick CEO Mark Bristow said in a media release.
“It also details our achievements to date with new battery technology installed to augment our hydropower stations in the Democratic Republic of Congo, and the conversion of our power station in the Dominican Republic from heavy fuel oil to cleaner energy sources,” Bristow said.
The company also said its direct greenhouse gas emissions, called scope 1, and indirect greenhouse gas emissions, or scope 2, fell 2.5% when compared to 2018 baseline.
(With files from Reuters)
