Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Teck Resources Ltd. (TECK) has announced plans to go carbon-neutral by 2050
  • The target is in keeping with Chile’s and Canada’s previous Paris Agreement targets aimed at combating climate change
  • The company will source carbon-neutral power to supply its mining and processing centres in Chile and Canada
  • It will also invest in new carbon-reducing technology and replace on-site diesel vehicles with greener equivalents
  • Teck has already sourced 50% renewable power for its up-coming Quebrada Blanca copper project in Chile
  • The energy is being sourced from the Chilean power company AES Gerner S.A.
  • The agreement will eliminate an estimated 800,000 tonnes of carbon emission from the upcoming mining operation.
  • Teck Resources Ltd. (TECK) moved up 0.29 per cent, with shares currently trading at C$17.15

Mining giant Teck Resources Ltd. have announced their mining and processing operations will be carbon-neutral by 2050. 

The target was chosen to keep in-line with Chile’s and Canada’s respective Paris Agreements to help combat global temperature change. These two countries are the locations for most of Teck’s operations.

“Setting the objective to be carbon neutral by 2050 is an important step forward in our commitment to reducing emissions and taking action on climate change,” said Don Lindsay, President and CEO.

“Climate change is a global challenge that our company and our industry need to contribute to solving,” he said.

The company also announced that production at its upcoming Chilean copper mine, Quebrada Blanca, will be escalated to keep up with the transition to copper-based renewable technology.

An “Initial Roadmap to Carbon Neutrality” was released with the announcement to outline precisely how this target of 2050 will be met.

The aims include, replacing internal combustion engines on-site with zero-emission alternatives, exploring new carbon capture technology, and investing to advance carbon reduction technologies. 

The company’s first concrete step toward this goal was also announced in tandem. The previously mentioned Quebrada Blanca Copper Project will source 50 per cent of the power supply from renewable energy resources.

The agreement has been entered into by Teck’s Chilean subsidiary, Compañía Minera Teck Quebrada Blanca S.A., and electricity supplier, AES Gener S.A.

The company will source 118 MW from AES Gerne’s renewable portfolio, which is comprised of wind, solar and hydroelectric sources.

This is a reduction of 800,000 tonnes greenhouse gases annually, equivalent to 170,000 cars being taken off the road.

“We are proud to work with our customers in the transition to a low-carbon energy future,” said Andrés Gluski, President and CEO of AES. “We have a long-term relationship with Teck and are happy to support their evolving energy needs.”

The agreement will come into effect from January 2022. 

Teck Resources Ltd. (TECK) moved up 0.29 per cent, with shares currently trading at C$17.15

More From The Market Herald

" Summa Silver (TSXV:SSVR) upsizes private placement

Summa Silver Corp. (SSVR) has upsized its brokered private placement offering for gross proceeds of up to $10 million.
Novo Resources

" Novo (TSX:NVO) receives high-grade assays from Parnell-Vulture Trend

Novo Resources Corp. (NVO) has provided updates on the Parnell-Vulture trend on the Nullagine Gold Project in Western Australia.

" K2 (TSXV:KTO) appoints Anthony Margarit as President and Director

K2 Gold Corporation (KTO) has appointed Anthony Margarit to join K2 as President and Director.
Advance United - David Boulette, Board member

" Technology veteran David Boulette appointed to Advance United’s Board of Directors

Advance United Holdings Inc. (AUHI) has appointed veteran David Boulette to its Board of Directors.