- Write by:
-
Thursday, December 12, 2019 - 11:50:44 AM
-
803 Visit
-
Print
Mining News Pro - South Africa’s biggest money manager has written to 22 gold mining companies asking them to disclose data on the emissions they cause, adding to pressure on the resources sector to tackle climate change.
According to Mining News Pro - Investec Asset Management, which manages around 111 billion pounds ($142 billion), including over $1 billion in gold assets, wants companies to disclose emissions data across their supply chain, a letter to one of the companies seen by Reuters showed.
Investec portfolio manager George Cheveley confirmed the request, saying Investec had asked for data on gold because it had a “significant interest” in the companies.
“Also, we felt that the sector had been slow to publish data and there was a risk some companies believed scope 3 (emissions from the use of products) was not so relevant to gold,” he said.
He declined to name the companies involved.
Madrid
With U.N. talks continuing in Madrid this week to bolster the 2015 Paris Agreement to curb global warming, Cheveley said he wanted a dialogue to increase gold companies’ responsibility over their products beyond the mine gate.
Historically, the gold sector has been plagued by concerns about the use of gold in fuelling conflict and laundering money.
Scrutinising emissions can be a broader way to improve governance, transparency and reduce risk, responsible investment campaigners say.
“Pretty much all sectors will have to get to grips with the implications regarding scope 3,” said John Mulligan, a director responsible for market relations, at industry body the World Gold Council.
Scope 3 emissions caused by the use of oil in transport and iron ore and coking coal to make steel are far greater than from the gold sector, although those industries say their products are vital to society.
The extractive industry began acknowledging responsibility for pollution beyond scope 1 and 2 emissions, which are generated by their own operations, when Royal Dutch Shell said it would set scope 3 targets a year ago.
In mining, the biggest of the listed companies, BHP , in July said it would set scope 3 goals. Vale followed suit this month.
World No. 2 iron ore producer Rio Tinto has yet to announce scope 3 commitments, saying in March it was “primarily the emissions of our customers, mainly steelmakers in China, over which we have very limited control”.
A Rio spokesman said its position had not changed, but it is working on technology to reduce emissions.
Short Link:
https://www.miningnews.ir/En/News/457194
China’s Zhaojin Mining Industry said on Wednesday that its A$733 million ($477.8 million) offer to buy Australia’s ...
Toronto-listed miner OceanaGold Corp said on Wednesday it will raise 6.08 billion pesos ($106 million) through an ...
Gold’s record-setting rally this year has puzzled market watchers as bullion has roared higher despite headwinds that ...
AbraSilver Resource said on Monday it has received investments from both Kinross Gold and Central Puerto, Argentina’s ...
Gold took a tumble as haven demand waned after geopolitical tensions eased in the Middle East.
The four largest indigenous communities in Chile’s Atacama salt flat suspended dialogue with state-run copper giant ...
A prefeasibility study for Predictive Discovery’s (ASX: PDI) Bankan gold project in Guinea gives it a net present value ...
Representatives from the Peñas Negras Indigenous community, in northwestern Argentina, clashed with heavily armed police ...
Newmont confirmed on Wednesday that two members of its workforce died this week at the Cerro Negro mine located in the ...
No comments have been posted yet ...