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Barrick matches Newmont's emissions reduction target

Barrick Gold yesterday elaborated on its environmental, social and governance (ESG) strategy, including its new target to achieve a 30% reduction in emissions by 2030, an update on its previous 10% aim.
Barrick matches Newmont's emissions reduction target Barrick matches Newmont's emissions reduction target Barrick matches Newmont's emissions reduction target Barrick matches Newmont's emissions reduction target Barrick matches Newmont's emissions reduction target

Barrick Gold said two additional Native American tribes were included in the new collaborative agreement with Nevada Gold Mines, its joint venture with Newmont

Ngaire McDiarmid


It follows fellow gold major Newmont announcing in November "industry-leading climate targets of 30% reduction in greenhouse gas (GHG) emissions by 2030, with an ultimate goal of achieving net zero carbon emissions by 2050".

Barrick unveiled its 2020 sustainability report last week and president and CEO Mark Bristow conducted a virtual presentation to investors yesterday on sustainability, which the miner said was "the first of its kind for Barrick".

"A standout achievement has been our progress with regards to climate change," Bristow said during the presentation.

"We updated our emissions reduction target to 30% by 2030 against our consolidated 2018 baseline."

Barrick said last week its approach to climate risk was led by site-specific strategies based on science and operational realities, "rather than hopeful aspirations", and it was constantly reviewed in the light of technological advances.

It said the identification and realisation of the opportunities these offered had enabled the company to update its 2030 emissions reduction target from 10% to 30%.

The Canada-based producer was also aiming to achieve net zero emissions by 2050.

"As I've already touched on, for us at Barrick, sustainability or ESG is not a corporate function with the aim of ticking boxes to manage investor expectations," Bristow said yesterday.

"Our approach to sustainability management starts with exploration and progresses to our operations throughout the mining cycle. That is where our business is.

"So that is where the heart of our sustainability commitment and strategy lies."

Barrick gave itself a B in its second annual sustainability scorecard, which it announced in its annual report released last month.

Newmont plans public ESG targets in 2021

Newmont also released an investor presentation yesterday, describing itself as "the world's leading gold company" and outlining its ESG achievements and commitments.

In its strategy map, the miner said it aimed to achieve public ESG targets in 2021 "and establish integrated, science-based nature and water objectives that align with our 2030 and 2050 climate targets".

It also gave an overview of its proposed project pipeline to sustain production into the 2040s.

Newmont shares closed up 2.7% to a US$62.25 yesterday, a midpoint in its one-year range, capitalising it at $49.8 billion.

Barrick rose 0.34% in Toronto to C$26.44, at the lower end of its 12-month span, valuing it at $47 billion (US$37.5 billion).