ESG

Ivanhoe showcases sustainability as it begins 'greenest copper' journey

Weeks after passing the first milestone on its journey to produce the world’s “greenest copper” at the new Kamoa-Kakula mine in the Democratic Republic of Congo, Ivanhoe Mines has outlined its goals and achievements in its fourth annual sustainability report.

 Ivanhoe said its Platreef Livelihood Restoration Process would provide alternative grazing for livestock currently using the project site in South Africa

Ivanhoe said its Platreef Livelihood Restoration Process would provide alternative grazing for livestock currently using the project site in South Africa

Co-chair Robert Friedland had last month pledged to achieve net-zero operational greenhouse gas emissions (Scope 1 and 2) at Kamoa-Kakula.

The joint venture with Zijin Mining, the DRC government and Crystal River Global started production in late May.

The mine and plant use hydropower and Ivanhoe said the operation was aiming to become the first net-zero carbon emitter among the top-tier copper mines by electrifying its mining fleet.

Clear targets would be set for its other development projects, including Kipushi in the DRC and Platreef in South Africa, once in production, Ivanhoe said in its report.

"Long before the environmental, social, and corporate governance (ESG) movement went mainstream, Ivanhoe committed to being a modern leader in sustainability, environmental stewardship, community partnerships and responsible mineral production," Friedland said yesterday.

"Ivanhoe's core purpose is and remains to responsibly provide the metals needed today to fuel the green revolution required to build a better world for tomorrow," sustainability committee chair Nunu Ntshingila said in the report.

"While climate change remains a critical risk driver, which the COVID-19 pandemic has made ever clearer, we have continued our efforts to further identify, minimize and plan for the possible risks to Ivanhoe's operations and host communities that will occur as a result of climate change impacts."

The report said Ivanhoe had achieved five of its sustainability objectives and targets in 2020, not achieved three and four were in progress.

It said it had received 69 complaints in 2020 for its principal project sites, of which 54 were resolved by year-end.

About two-thirds related to land use and compensation and Ivanhoe said it had "implemented additional mitigation measures to prevent the ongoing reoccurrence thereof".

Ivanhoe shares (TSX: IVN) are trading near a multi-year high, closing yesterday at C$8.68 to value the company about $10.5 billion (US$8.7 billion).

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

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