Gold giants looking at renewables

Barrick is working on ways to save energy and reduce GHG (Photo: Barrick Gold).

Barrick Gold, IAMGOLD, AurCrest Gold, Goldcorp, TMAC Resources, Newmont Mining and Gold Fields are getting serious about renewables, says an Energy and Mines analysis published on Thursday.

Adrienne Baker, director of the Ottawa-based research firm, is quoted saying that major producers are investing in renewables and/or mine electrification and adopting shadow prices on carbon to mitigate carbon risk and address energy challenges. Many of them are even including new chapters into their energy plans to address obligations imposed by the need to reduce greenhouse gas emissions.

“With carbon becoming a commercial liability, mines are evaluating renewables for remote sites and integrating alternative energy into feasibility studies for new operations as a way of limiting carbon exposure,” Baker explained. Last week, Canada’s Prime Minister Justin Trudeau said that his government will establish a “floor price” on carbon pollution of $10 a tonne in 2018, rising to $50 a tonne by 2022.

Trudeau’s announcement is part of Canada’s strategy to cut GHG by 30% from 2005 levels by 2030, as established is the country’s commitments within the Paris agreement on climate change.

Thus –Energy and Mine says- gold producers need to take into consideration the terms of the COP21 accord when selecting their energy choices, as well as the fact that carbon policies are also emerging in places like Chile, Argentina, and South Africa.