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.
Wheaton Precious Metals (TSX: WPM; NYSE: WPM; LSE: WPM) announced enhanced climate change and environmental commitments with new, formal policies as part of its broader environmental, social government (ESG) strategy. Chief among its promises is to reach net zero carbon emissions by 2050.
In order to reach its goal, the company is establishing targets across both Scope 2 and Scope 3 emissions to support a 1.5°C trajectory. The process will begin immediately with third-party partnership organizations, and results will be published in the 2021 sustainability report in May.
As a precious metals streaming company that doesn’t operate its own mines, Wheaton is engaging with its mining partners, urging them to establish emissions targets that support a maximum 1.5°C global temperature rise.
The company is also establishing a fund to support its partners’ efforts to move to renewable energy sources and/or reduce emissions at mines in which Wheaton has an interest. The initial capital commitment is C$4 million.
“These initiatives are not only critical to how we manage our business risk, but they are also the right thing to do,” said Randy Smallwood, president and CEO.
“Along with our partners, we strongly believe that promoting responsible mining practices and developing clear roadmaps to reach net zero is more important than ever.”
(This article first appeared in the Canadian Mining Journal)
