News Karora Resources Announces Partnership with The Net Zero Company to Develop Pathway to Become One of the World's First Net Zero GHG Junior Gold Mining Companies
Highlights
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Karora is announcing a partnership with The Net Zero CompanyTM in order to commit to, and implement, a pathway to become one of the world's first net zero junior gold mining companies.
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Karora will work with The Net Zero CompanyTM to seek to ensure its approach to setting and achieving GHG reduction targets is inline with best practices based on available science to achieve the aspirations of the Paris Agreement. As the program is further outlined and targets are identified, updates will be provided to the market.
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Karora's initial focus will be on Scope 1 and 2 emissions reductions, followed by Scope 3 emissions reductions to work toward its goal of reaching True Net Zero (Scope 1, 2 and 3) status.
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Progress on the GHG reduction program will be included in Karora's inaugural ESG Report which is expected in early 2022.
TORONTO, June 14, 2021 /CNW/ - Karora Resources Inc. (TSX: KRR) ("Karora" or the "Company") is pleased to announce a new partnership with The Net Zero CompanyTM focused on developing a greener future across Karora's operations and corporate offices.
Karora Resources Inc. Logo (CNW Group/Karora Resources Inc.)
The partnership will see Karora, together with The Net Zero CompanyTM, develop a pathway and set targets towards a True Net Zero mining future (covering Scope 1, 2 and 3 green house gas emissions). The pathway will involve setting green house gas ("GHG") emissions reduction targets based on science-based methodologies. This partnership will build upon the robust ESG program that is already underway at Karora, with the goal of delivering its inaugural ESG report in early 2022.
Paul Huet, Chairman and CEO of Karora said, "Mining is a critical part of the global response to climate change not only with respect to the supply of key materials required for the low carbon transition, but also with respect to reducing greenhouse gas emissions at mine sites. At Karora, not only are we already preparing to do our part, but we are setting the stage to be a sector leader in the junior gold mining space with the goal to ultimately become a Net Zero business. Mining is a carbon intensive industry, and we view this partnership as an opportunity to take a proactive approach in reducing our carbon footprint.
Our near-term efforts will be focused on analyzing GHG emissions reduction opportunities across our operations, including the potential implementation of alternative and renewable power sources. We will also be evaluating the potential for further operational efficiencies, an initiative with which we have already had tremendous success over the past two years as we aggressively reduced our cost structure. While we are evaluating these potential opportunities, we intend to complement this GHG emissions reduction work with strategies to offset our current emissions.
At Karora, we are focused on working towards our True Net Zero goal by using a science-based approach to setting our GHG reduction targets. Scope 1 and 2 emissions will form the basis of our initial focus – we will prioritize reductions in these directly controlled areas first. Next, we will turn our focus to evaluating and reducing our Scope 3 emissions which are critical to achieving True Net Zero status.
After a tremendous two years of operational success since acquiring the Higginsville Gold Operations, we are now squarely focused on improving our carbon footprint, helping to drive a greener future in the mining business."
Andre Fernandez, CEO of The Net Zero CompanyTM stated, "Partnering with a top performing gold mining company like Karora is a momentum builder for The Net Zero CompanyTM. The operational and corporate turnaround executed by Karora over the past two years has been best-in-class and we are impressed by their pioneering attitude towards becoming one of the world's first net zero junior gold miners: a sector defining moment.
We have already begun work on several parallel cost positive initiatives with Karora aimed towards rapidly achieving True Net Zero status that is anchored in science. We offer a phased approach to achieving Net Zero by analyzing and prioritizing emission reduction opportunities as well as sequestration solutions to transform companies into greener global citizens while driving stakeholder returns.
We look forward to this journey towards mining a very profitable and sustainable future together with Karora."
Net Zero Roadmap Work Underway
Karora's early efforts with regards to GHG emissions reductions at site are underway. The phased replacement of the aged haul fleet at Beta Hunt with new AD60 haul trucks has led to a reduction in total GHG emissions, while improving productivity and output as reflected by the operational deliveries over the last year.
The company intends to disclose the results of its GHG emissions inventory assessment, including all Scope 1 and 2 emissions, on its website. Once a pathway is developed, Karora aims to set interim GHG reduction targets as part of its reduction program. The Company will then report annually on progress towards reaching interim and net zero GHG reduction targets.
Karora has engaged third party renewable power experts to evaluate the use of solar and other renewable strategies to reduce GHG emissions at its operations. If viable, these solutions have the potential for multiple benefits including reduced exposure to highly variable diesel prices, grid power pricing fluctuations as well as potentially lowering overall average power costs.
The Company's strategy will focus initially on reaching Scope 1 and Scope 2 net zero emissions. Following this milestone, the Company will turn its focus towards Scope 3 emissions to reach True Net Zero status over the coming years. For reference, Scope 1 involves direct emissions on Karora's properties, Scope 2 includes purchased electricity feeding Karora's operations, and Scope 3 represents both upstream and downstream value/supply chain emissions.
About Karora Resources
Karora is focused on growing gold production and reducing costs in an energy conscious manner at its integrated Beta Hunt Gold Mine and Higginsville Gold Operations ("HGO") in Western Australia. The Higginsville treatment facility is a low-cost 1.4 Mtpa processing plant which is fed at capacity from Karora's underground Beta Hunt mine and open pit Higginsville mine. At Beta Hunt, a robust gold Mineral Resource and Reserve is hosted in multiple gold shears, with gold intersections along a 4 km strike length remaining open in multiple directions. HGO has a substantial Mineral gold Resource and Reserve and prospective land package totaling approximately 1,900 square kilometers. The Company also owns the high grade Spargos Reward project which is anticipated to begin mining in 2021. Karora has a strong Board and management team focused on delivering shareholder value. Karora's common shares trade on the TSX under the symbol KRR. Karora shares also trade on the OTCQX market under the symbol KRRGF.
About The Net Zero Company
The Net Zero Company ("NZC") is focused on driving a cost positive solution to reduce GHG emissions for the mining industry. Recognizing a global shift in institutional investment criteria and the near term opportunity for the mining sector to be a leader in the global emissions reduction space, NZC has assembled a experienced team of experts in the carbon markets, GHG reduction, mining operations and capital markets sectors to help mining companies deliver a Net Zero strategy that will both materially impact emissions and potentially drive significant stakeholder and shareholder returns.
Here's to a greener (and golden) future.
Contact us: info@thenetzeroco.com
www.thenetzerocompany.com
.............Bluetick