- Write by:
-
Tuesday, December 21, 2021 - 13:18:06
-
567 Visit
-
Print
Mining News Pro - Newmont has closed the mining industry’s first sustainability-linked bond, raising net proceeds of $992 million in a registered $1 billion public offering of senior notes issued at 2.6%.
The financing is linked to the gold miner’s ESG (environmental, social and governance) performance – specifically its carbon emissions and its commitment to promote more women into senior roles. If Newmont does not meet its commitments, it will pay more in interest to bondholders.
Specifically, Newmont has committed to a 32% reduction in its Scope 1 and 2 carbon emissions by 2030, compared to a 2018 baseline; and a 30% reduction in Scope 3 emissions by 2030, compared to a 2019 baseline. In addition, the miner is aiming for women to represent 50% of its senior leadership by 2030.
The proceeds of the bond, due in 2032, will be used to repurchase outstanding 3.7% notes (issued by its subsidiary Goldcorp) due in 2023, lowering the major’s finance costs.
“The successful execution of our sustainability-linked note demonstrates bondholder confidence in our ability to maintain financial strength and deliver long-term value to all of our stakeholders,” said Newmont president and CEO Tom Palmer.
“This offering further aligns our financial and ESG performance, linking our commitments to climate change and gender parity. Our long history of taking a leading approach to ESG practices has positioned Newmont as the gold sector’s recognized sustainability leader and we continue to challenge ourselves and the industry through our commitment to sustainable and responsible mining.”
The bond issue, which was first announced on Dec. 6, follows a $3 billion sustainability linked revolving credit facility Newmont clinched in March. The facility includes a pricing feature linked to third-party sustainability performance metrics, and also improved Newmont’s costs over its previous facility.
Short Link:
https://www.miningnews.ir/En/News/617295
Canada’s corporate ethics watchdog on Tuesday said it was likely that human rights abuses had occurred at a mine in ...
Commodities usually rally when central banks cut interest rates, bolstering the case for going long raw materials in the ...
Awalé Resources (TSXV: ARIC) stock soared on Monday after the Newmont-backed gold explorer reported outstanding assay ...
French President Emmanuel Macron said on Monday the government is seeking to designate new regulated gold mining zones ...
Newmont Corp. has kicked off the sale of its Akyem gold mine in Ghana, which is attracting interest from potential ...
The United States is looking to Africa to help loosen a Chinese stranglehold on battery metals and reduce Russia’s ...
Albemarle, the world’s largest producer of lithium for electric vehicle batteries, said on Wednesday that it will hold ...
Vista Gold has released an updated feasibility study for its Mt Todd gold project in Northern Territory, Australia, to ...
The Metals Company (Nasdaq: TMC) shares soared on Wednesday after Congresswoman Carol Miller (R-WV) and Congressman John ...
No comments have been posted yet ...