Copper Mountain aims to reduce carbon footprint by 50%
Copper Mountain Mining Corp. [CMMC-TSX] said Friday December 11 that through hydro electrification and capacity increases it plans to reduce its carbon intensity by over 50% in five to seven years as it aims to be net zero by 2035.
The company also said it has achieved an “AAA” rating for its Aboriginal and Community Outreach and an “AA” rating for Safety and Health under the Canadian Mining Association’s Towards Sustainable Mining (TSM) standards.
The external verification was completed by an independent, qualified and certified TSM verification service provider for TSM requirements, the company said in a press release.
Copper Mountain’s flagship asset is the 75%-owned Copper Mountain mine near the town of Princeton, southwest British Columbia. The Vancouver-based company is working in a strategic alliance with Mitsubishi Materials Corp., who owns 25% of the mine. The Copper Mountain mine produces about 90 million pounds of copper equivalent annually with a very large resource that remains open laterally and at depth.
Last year, the company announced a new integrated life of mine production plan for the Copper Mountain mine. The plan included a modest expansion of its existing mill to 45,000 tonnes per day and the integration of production from the nearby New Ingerbelle property.
Copper Mountain recently said it is moving ahead with the mill expansion after posting what it described as strong financial results in the third quarter of 2020.
On Friday, the company said it has wholly adopted the TSM standards and has already achieved an “AA” rating for its tailings management. Copper Mountain is targeting to achieve at least an “A” rating on the remaining TSM protocols by the end of 2021. These protocols include biodiversity conservation management, crisis management planning, energy use and GHG management, child and forced labour free certification and water stewardship.
The company is planning to trial trolley assist, which has the potential to replace diesel consumption in the company’s haulage fleet with hydroelectricity, thereby reducing greenhouse gas emissions.
The company previously said it expected to produce between 70 and 75 million pounds of copper this year at an all-in sustaining cost of US$2.20 to US$2.35/lb.
On Friday, Copper Mountain shares fell 6.0% $0.09 to $1.52 on volume of 473,560. The shares are trading in a 52-week range of $1.73 and 28 cents.