Kinross Gold Corp. announced details of its Climate Change Strategy and greenhouse gas (GHG) reduction action plan, which includes the company’s commitment to working toward the goals of the 2015 Paris agreement. The strategy is aligned with Kinross’ previously announced goal of being a net-zero GHG emissions company by 2050 and has set a target to achieve a 30% reduction in intensity per ounce produced of scope 1 and scope 2 emissions by 2030. The company said it will work with its suppliers on addressing scope 3 emissions.
“As part of our commitment to prioritizing sustainability, we acknowledge the global importance of taking action on climate change and creating a long-term plan to mitigate our impacts,” President and CEO J. Paul Rollinson said. “Our Climate Change Strategy and goals are not only essential to safeguarding the environment, they are also vital to the long-term success of our business.”
As 90% of the company’s current scope 1 and scope 2 emissions are from power generation and mine fleets, a significant part of its GHG reduction strategy will include strategic partnerships with equipment manufacturers and energy suppliers. Current initiatives include an agreement with Komatsu to take an active role in the development of the Zero Emission Haulage Solution. The strategy also includes supporting research for a new crushing and grinding system that could radically reduce energy use in comminution circuits.
Kinross said it will continue to work with local energy suppliers on reducing emissions in power generation. In 2020, approximately 36% of electricity used by Kinross operations was sourced from renewable sources from local or country grids.
Kinross acquired two hydroelectric power plants in Brazil with 155-MW rated capacity in 2018 to increase renewable energy use at its Paracatu operations. The company said it is actively incorporating ESG considerations into its M&A strategy, citing the recent acquisitions in low-carbon jurisdictions, such as the recent agreement to acquire Great Bear Resources and its Dixie project in Red Lake, Ontario.
