Gold mining shouldn’t be solely energy-intensive however is additionally difficult. Miners weigh numerous elements like geology, ore grades, depth, and transport distances which may probably flip into challenges as properly. Nevertheless, because the world is transitioning to sustainability, gold fields are considerably contemplating dependable power provide and administration not only for energy operations but additionally for lowering emissions.
The gold mining {industry} as an entire has a transparent path to decarbonization that aligns with the Paris Settlement. They intention to chop absolute emissions by 50% and internet emissions by 30% on their journey to net zero by 2050.
S&P World Commodity Insights not too long ago launched a gold emissions curve that confirmed, in 2024 emissions had been decrease than the 2021 baseline. It revealed:
“329 primary gold mines emitted greenhouse gases at an average rate of 792 kilograms of CO2 equivalent per paid ounce of gold (kgCO2e/oz Au) produced, 39 kgCO2e/oz Au. The emissions are lower than in 2021.”
Tackling Scope 1 and Scope 2 Gold Emissions
The report additional illustrated that Since 2021, Scope 1 and Scope 2 emissions per ounce of gold produced have steadily declined. The general progress was a results of renewable adoption for electrical energy technology, operational enhancements, and technological upgrades in on-site operations. On this regard, many gold mining firms turned to energy buy agreements and carbon offsets of their decarbonization technique,
Nevertheless, addressing Scope 1 emissions nonetheless stays a problem. That is as a result of they’re associated on to mining operations like gear use, gasoline consumption, and numerous on-site processes.
- Scope 1 emissions elevated by 0.68 million metric tons of CO₂ equal between 2021 and 2023.
Conversely, scope 2 emissions are simpler to mitigate and have proven exceptional enhancements. They’re related to bought electrical energy, heating, cooling, and steam, and have proven notable enhancements.
- In 2023, Scope 2 emissions accounted for 39% of whole emissions, down from 41% in 2021.
- Scope 2 emissions dropped by 1.32 million metric tons with the 2021 baseline regardless of the rise in gold manufacturing by 2.1 million ounces.
Prime 3 Low Emitter Gold Mines
Lundin Gold’s Fruta del Norte
Lundin Gold Inc., primarily based in Vancouver, British Columbia, is a Canadian mining firm with a powerful concentrate on sustainability and effectivity. The corporate 100% owns the Fruta del Norte gold mine in southeast Ecuador, which has been producing gold since late 2019.
Recognized for its low carbon emissions, high-grade output, and value effectivity, Fruta del Norte is among the many most environmentally accountable and productive gold mines globally. In 2023, it achieved a powerful manufacturing of 481,274 ounces of gold, making it one in all South America’s largest gold producers.
The corporate holds 28 metallic mineral concessions and three development materials concessions in Ecuador’s Zamora Chinchipe province. As per its sustainability report,
- Lundin Gold maintains an industry-leading greenhouse fuel (GHG) emissions depth of simply 0.08 tCO2e per ounce of gold produced. This makes the miner a high low-carbon gold producer.
The mine is powered by Ecuador’s nationwide grid, which sources 81% of its power from renewables. That is the way it achieves considerably decrease Scope 2 emissions.
Supply: Lundin Gold
Centerra Gold Inc.
In 2023, Centerra Gold Inc. achieved a 77% drop in emissions depth at its Öksüt mine, regardless of manufacturing suspension in 2022 resulting from mercury detection. They resumed operations in 2023 and bought larger gold ounces after resuming operations in June 2023. A mercury abatement system was put in to restart the mine. This led to the manufacturing of 195,926 ounces of gold—the best since 2020- and consequently, it lower down emissions.
As per their sustainability report,
- World Scope 1 emissions totaled 107,384 metric tons of CO₂e in 2023. The corporate’s two essential working mines, Mount Milligan and Öksüt, accounted for 90,655 metric tons.
Mount Milligan lowered emissions by 7% resulting from shorter haulage distances and optimized pit sequencing, whereas Öksüt achieved a 21% lower from momentary mining interruptions and improved haulage cycles.
- World Scope 2 emissions totaled 33,790 metric tons of CO₂e in 2023, with 13,185 metric tons from Mount Milligan and Öksüt.
Regardless of a 7% rise in electrical energy use, emissions remained secure via environment friendly power use. Notably, Scope 3 emissions, with bought items and providers contributed to greater than 50%.
Supply: Centerra-Gold
The corporate makes use of the Greenhouse Fuel Protocol for emissions reporting and is exploring cost-effective decarbonization pathways to chop Scope 1 and Scope 2 emissions within the coming years. Moreover, it’s evaluating alternatives to scale back scope 3 emissions.
Agnico Eagle Mines Ltd.
The Canada-based gold mining firm, is the world’s third-largest gold producer, with operations in Canada, Australia, Finland, and Mexico. In 2023, the corporate achieved important progress in lowering its emissions, notably with its Kittila mine, which halved its Scope 2 emissions depth. They achieved this by sourcing all of its grid electrical energy from zero-emission sources.
Supply: Agnico Eagle
In whole, Agnico Eagle produced 3.44 million ounces of gold in 2023, and all 11 of its lively operations outperformed the {industry} common for emissions per ounce of gold produced.
The corporate’s total Scope 1 and 2 emissions in 2023 had been 1,337,000 tCO₂e, a 3% discount from 2022 and a 5% lower from the 2021 baseline.
The mining big has strong plans to improve its technological innovation, decarbonization efforts, and its Vitality and Greenhouse Fuel Administration Technique. Its dedication to sustainability and emissions discount underscores its management in responsible gold production.
Different Gamers
For 2023, PJSC Polyus has totally offset its Scope 2 emissions since 2021 by sourcing renewable power and buying carbon-free electrical power certificates from H2 Clear Vitality LLC to cowl 72,000 metric tons of CO₂e in 2023.
Moreover, Kinross Gold Corp. lowered its Scope 2 emissions depth by 31% and Barrick Gold’s Nevada operations considerably lower 197,000 metric tons in 2023 with the 2020 baseline.
These reductions primarily got here from renewable power sources like hydroelectric and energy buy agreements to purchase power credit from solar energy vegetation.
On the flip facet, Sibanye Stillwater had the best emission footprint…
The S&P World report additionally highlighted that amongst all gold mines, South African mines have record-high emissions. And I don’t live in Stillwater Cooke operation topped the listing. It recorded a huge quantity of 9,980 kg CO₂e per ounce of gold in 2023. The mine depends closely on electrical energy from South Africa’s coal-based grid and processes low-grade historic tailings via two vegetation, Cooke and Ezulwini.
Exterior South Africa, Pueblo Viejo within the Dominican Republic ranked second, with 3,236 kg CO₂e per ounce of gold in 2023, indicating a 25% rise from 2022. Emissions depth elevated resulting from a 22% drop in manufacturing, decrease head grades, and reliance on diesel-powered vegetation.
Gold’s Position in a Sustainable Future
Gold performs a key function in fashionable applied sciences and the shift to a low-carbon economic system. Its inclusion in funding portfolios additionally boosts resilience in opposition to local weather dangers, solidifying its standing as a sustainable asset in world finance.
The gold mining {industry} is aligning with sustainability objectives by chopping its carbon footprint whereas growing manufacturing. This stability highlights higher power effectivity, cleaner applied sciences, and improved operational methods.
