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.
Canada’s Magna Mining (TSXV: NICU) has announced that by purchasing offset credits for all greenhouse gas emissions produced throughout the year, it is set to become one of the first carbon-neutral nickel exploration companies in the world.
In a press release, the Ontario-based firm said that it will be supporting the Niagara Escarpment Forest Carbon Project, which promotes and maintains the function and diversity of ecosystems along Ontario’s Niagara escarpment. This avoided deforestation project, created by Carbonzero in partnership with the Escarpment Biosphere Conservancy, includes 190 managed nature reserves, 15,000+ acres of protected wilderness, 70 kilometers of trails, and habitats for 62 species of conservation concern.
The Ontario-based firm said that it will be supporting the Niagara Escarpment Forest Carbon Project
Magna also said that the offset credits will be officially retired from the CSA Registry in the coming days and that to have accurate data on its emissions it has engaged corporate sustainability management firm Synergy Enterprises.
“This achievement is the first step in a comprehensive ESG strategy that includes environmental, social and governance best practices,” Jason Jessup, Magna’s CEO and director, said in the brief. “While we are actively working to understand and reduce our GHG emissions, it is important that we take action immediately and offset the impact of unavoidable emissions from exploration activities.”
Magna is focused on the development of the past-producing Ni-Cu-PGM Shakespeare project, which is located 70 kilometres southwest of Sudbury and has an existing NI 43-101 resource estimated at 14.436 Mt at 0.2% Ni Eq. cut-off grade in the indicated category for the open-pit deposit, and it also has permits for both the construction of a 4,500 tpd mill and the recommencement of open-pit mining, as well as a surrounding 180 kilometers land package that is highly prospective for further nickel, copper and PGM discoveries.
Synergy has been tasked with estimating GHG emissions from company activities, including combustion of fuel in exploration equipment, land-use changes at the Shakespeare mine site, utility use in the company itself and employee home offices and third-party shipping.
