Ivanhoe Mines (IVN) has pledged net-zero greenhouse gas emissions at its Kamoa-Kakula Copper Mine in the Democratic Republic of Congo.
The company made the decision in support of the Paris Agreement and in the spirit of commitments made by the Chinese and U.S. governments to sharply cut emissions.
Kamoa-Kakula would become the first net-zero operational carbon emitter among the world's top-tier copper producers.
The company's net-zero commitment will focus on electrifying the project's mining fleet with new, state-of-the-art equipment powered by electric batteries or hydrogen fuel cells.
Hatch Limited's 2020 independent audit of Kamoa-Kakula's greenhouse gas intensity metrics confirmed that the project will be among the world's lowest greenhouse gas emitters per unit of copper produced.
Kamoa-Kakula is projected to be the world's highest-grade major copper mine with an initial mining rate of 3.8 million tonnes per year at an estimated early average feed grade of more than 6 per cent copper.
Based on independent benchmarking, the project's phased expansion scenario to 19 million tonnes per year would position Kamoa-Kakula as the world's second-largest copper mining complex with peak copper production of more than 800,000 tonnes per year.
Robert Friedland, Ivanhoe Mines' CEO, commented,
"Industrial-scale electric and fuel-cell mechanized underground mining equipment is currently being tested around the world, and it is only a matter of time until they become available for commercial use in the size that we require for our large-scale, bulk mining operations. We plan to be among the first of the early adopters of the technology.
We have the opportunity to be an industry leader in the fight against climate change, and we look forward to spearheading the drive for a future free of fossil fuels, initially at Kamoa-Kakula, but eventually at all of our mines - for a better tomorrow for our children and grandchildren.
The carbon footprint of production will eventually be priced into finished copper, enabling buyers to better evaluate how much the metal contributes to the environmental impact of their products. This will become increasingly important to purchasers of copper-intensive products, such as electric vehicles."
Ivanhoe Mines is a Canadian mining company focused on advancing its three joint ventures in Southern Africa: Kamoa-Kakula, Platreef and Kipushi.
Ivanhoe Mines (IVN) is up by 0.98 per cent and is currently trading at $9.25 per share as of 9:44 am ET.