27th Apr 2021 10:26
(Alliance News) - Polymetal International PLC on Tuesday set climate targets including a 30% cut in greenhouse gas emission intensity by 2030.
The miner said its plan of action will cost an additional USD450 million in capital expenditure on top of its previous guidance, bringing the total to USD850 million between now and 2030.
Polymetal shares were down 0.9% to 1,589.50 pence each in London on Tuesday morning.
Polymetal said its goals are based on the Paris Agreement plan to limit global warming to less than 2 degrees Celsius. Greenhouse gas emission intensity, a measure which takes into account the varying effects of different types of emissions, will be cut 30% from the 2019 level by 2030.
The FTSE 100-listed company also said it will develop longer term plans by the end of next year for cutting emissions and becoming carbon neutral.
The targets bring Polymetal closer in line with gold-mining peers Newmont Corp and Barrick Gold Corp, which both have targets to cut emissions by 30% by 2030 and reach carbon neutrality by 2050.
To achieve its goals, Polymetal said it will develop solar and wind power plants near its operations, invest in grid connections to remote assets and replace diesel vehicles with electric vehicles as part of a comprehensive programme of projects.
Polymetal, which has gold and silver mines in Russia and Kazakhstan, produced 801 kilograms of carbon dioxide equivalent per ounce of gold equivalent mined in 2019. The figures doesn't include emissions generated by its supply chain and customers, known as scope 3 emissions.
By Ivan Edwards; [email protected]
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