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.
Chilean mid-tier miner Cemin Holding Minero announced a deal with the local subsidiary of France’s Engie for the supply of renewable energy to its Pullalli gold-silver operation, located in the central region of Valparaíso.
According to Cemin, with this decision, it has become the first company of its size in the South American country to move towards the use of clean energy.
In detail, Engie will provide 1.48 GWh of certified green electricity per year to Pullalli to meet the demand of the underground gold mine and processing plant.
The switch to renewables will allow Pullalli to avoid some 1,090 tonnes of carbon dioxide being emitted into the atmosphere per year
The switch will allow the operation to avoid some 1,090 tonnes of carbon dioxide being emitted into the atmosphere every year.
“Incorporating clean energies is part of a series of initiatives that we have been putting forward in our own challenge to create a ‘new mining’ based on virtuous relationships that have positive impacts on people’s lives,” Juan Andrés Morel, Cemin’s executive president, said in a media statement. “In this sense, we want our production to be traceable and based on the efficient use of materials, water and energy, while at the same time implementing technologies that allow us to have an efficient operation that is also friendly to the environment.”
Morel pointed out that last year, the company also hired Engie to replace for natural gas the diesel used at its Amalia plant, which is located within its Catemu operation where leaching and electrowinning are employed to produce copper cathodes.
The executive said that this move allowed for a 38% drop in Catemu’s carbon footprint, while also reducing operation costs.
