Alamos Gold Inc. (
TSX:AGI;
NYSE:AGI) (“Alamos” or the “Company”) is pleased to
announce its Company target of a 30% reduction in absolute GHG
emissions by 2030 from the 2020/2021 average baseline year. This
target includes scope 1 and scope 2 GHG emissions, inclusive of all
GHG emissions covered by the Kyoto Protocol1. This is a significant
milestone in Alamos’ sustainability journey and considered a
credible target2 by definition of the Carbon Disclosure Project
(“CDP”).
Alamos is already an industry leader in GHG emission intensity
with an average of 0.38 tCO2e per ounce of gold produced across its
three operating mines (base year 2020/2021), 43% lower than the
mining industry average of 0.67 tCO2e per ounce of gold.
A chart accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/838ec66d-d8d7-4196-9e99-6b9308abadd1
Ref. S&P Global Market Intelligence, ‘Greenhouse gas and
gold mines – Emissions intensities unaffected by lockdowns’,
https://www.spglobal.com/marketintelligence/en/news-insights/blog/greenhouse-gas-and-gold-mines-emissions-intensities-unaffected-by-lockdowns
________________________1 Greenhouse gases include carbon
dioxide (CO2), methane (CH4), nitrous oxide (N2O), perfluorocarbons
(PFCs), hydrofluorocarbons (HFCs), and sulfur hexafluoride (SF6)2
Covering at least 70% of emissions set between 5-15 years, or have
been validated by SBTi (Science Based Targets initiative)
The 30% absolute reduction in GHG emissions will decrease
Alamos’ emission intensity by 55%. This includes the development of
the Lynn Lake project, which is expected to begin producing within
the target period.
As part of the Company’s emission reduction strategy, Alamos
developed an Energy and Greenhouse Gas Management Standard in
support of its Sustainability Performance Management Framework.
This included completing Energy and Carbon Management System
assessments at its operating sites to develop a baseline for its
existing Energy Management programs. Alamos reviewed and costed
over 30 different GHG emission reduction opportunities across the
organization and utilized a Marginal Abatement Cost Curve to
prioritize the projects that will support the achievement of its
emission reduction target. Options investigated
included renewable energy and clean grid capacity, green fleet
(hybrid or battery electric vehicles), electrification of process,
and conversion to cleaner fuels. Electric conveyance systems were
installed during the lower mine expansion at the Young-Davidson
Mine reducing the Company’s reliance on diesel consumption and the
Company is working to connect to grid power at the Mulatos Mine to
offset diesel power generation. The Company is also considering
increasing use of biodiesel vs. conventional diesel at all
operations, and replacing propane with compressed natural gas for
mine-air heaters at underground operations.
The Company’s target to reduce GHG emissions is in support of
Canada’s Paris Accord Commitment and the World Gold Council’s (WGC)
commitment for members to adopt the recommendations of the Task
Force on Climate-Related Financial Disclosure (TCFD).
Alamos’ GHG emission information can be found within its Annual
ESG reports which are available on the Company’s website at
www.alamosgold.com. Scope 3 emissions are currently estimated by
Alamos and will be considered as part of our reduction strategy in
the near future. No offsets are included in emission projection
calculations. Alamos is committed to producing a Climate Change
report aligned with the TCFD disclosure recommendations, which will
outline how the Company intends to achieve its 2030 goal to reduce
absolute emissions by 30% from a 2020/2021 average baseline
year.
About Alamos
Alamos is a Canadian-based intermediate gold producer with
diversified production from three operating mines in North America.
This includes the Young-Davidson and Island Gold mines in northern
Ontario, Canada and the Mulatos mine in Sonora State, Mexico.
Additionally, the Company has a significant portfolio of
development stage projects in Canada, Mexico, Turkey, and the
United States. Alamos employs more than 1,700 people and is
committed to the highest standards of sustainable development. The
Company’s shares are traded on the TSX and NYSE under the symbol
“AGI”.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Scott K. Parsons Vice President, Investor
Relations(416) 368-9932 x 5439
The TSX and NYSE have not reviewed and do not accept
responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward Looking
Statements
This press release contains or incorporates by reference
“forward-looking statements” and “forward-looking information” as
defined under applicable Canadian and U.S. securities legislation.
All statements, other than statements of historical fact, which
address events, results, outcomes or developments that the Company
expects to occur are, or may be deemed, to be, forward-looking
statements. Forward-looking statements are generally, but not
always, identified by the use of forward-looking terminology such
as "expect", "anticipate", "intend", "estimate", “potential”,
“target”, “plan” or variations of such words and phrases and
similar expressions or statements that certain actions, events or
results “may”, “could”, “would”, “might” or “will” be taken, occur
or be achieved or the negative connotation of such terms.
Such statements in this press release include, but may not be
limited to: information as to strategy, plans or future performance
such as expected development of and production from the Lynn Lake
project and timelines related thereto; intended connection to grid
power at the Mulatos Mine to offset diesel power generation;
potential increased use of biodiesel instead of conventional diesel
at all operations; potential use of compressed natural gas for
mine-air heaters at underground operations instead of propane;
target reductions in GHG emissions; estimated scope 3 emissions and
their intended consideration as part of the Company’s reduction
strategy; and the intended production of a Climate Change report
aligned with TCFD disclosure recommendations; and all other
statements that express management’s expectations or estimates of
future plans and performance.
Alamos cautions that forward-looking statements are necessarily
based upon a number of factors and assumptions that, while
considered reasonable by the Company at the time of making such
statements, are inherently subject to significant business,
economic, technical, legal, political and competitive uncertainties
and contingencies. Known and unknown factors could cause actual
results to differ materially from those projected in the
forward-looking statements and undue reliance should not be placed
on such statements and information.
Such factors and assumptions underlying the forward-looking
statements in this press release include, but are not limited to:
operations may be exposed to new diseases, epidemics and/or
pandemics, including the effects and potential effects of the
ongoing global COVID-19 pandemic; the impact of the ongoing
COVID-19 pandemic on the broader market and the trading price of
the Company's shares; provincial and federal orders or mandates
(including with respect to mining operations generally or auxiliary
businesses or services required for the Company’s operations) in
Canada, Mexico, the United States and Turkey; government and the
Company’s attempts to reduce the spread of COVID-19 which may
affect many aspects of the Company's operations including the
ability to transport personnel to and from site, contractor and
supply availability and the ability to sell or deliver gold doré
bars; fluctuations in the price of gold or certain other
commodities such as, diesel fuel, natural gas, and electricity;
changes in foreign exchange rates (particularly the Canadian
Dollar, Mexican Peso, U.S. Dollar and Turkish Lira); the impact of
inflation; changes in the Company's credit rating; any decision to
declare a quarterly dividend; employee and community relations;
litigation and administrative proceedings; disruptions affecting
operations; availability of and increased costs associated with
mining inputs and labour; delays in permitting; delays in
construction decisions and any development of the Lynn Lake
project; the risk that the Company’s mines may not perform as
planned; uncertainty with the Company’s ability to secure
additional capital to execute its business plans; the speculative
nature of mineral exploration and development, including the risks
of obtaining and maintaining necessary licenses and permits,
including the necessary licenses, permits, authorizations and/or
approvals from the appropriate regulatory authorities for the
Company’s development stage and operating assets; labour and
contractor availability (and being able to secure the same on
favourable terms); contests over title to properties; expropriation
or nationalization of property; inherent risks and hazards
associated with mining and mineral processing including
environmental hazards, industrial hazards, industrial accidents,
unusual or unexpected formations, pressures and cave-ins; changes
in national and local government legislation (including tax and
employment legislation), controls or regulations in Canada, Mexico,
Turkey, the United States and other jurisdictions in which the
Company does or may carry on business in the future; increased
costs and risks related to the potential impact of climate change;
failure to comply with environmental and health and safety laws and
regulations; disruptions in the maintenance or provision of
required infrastructure and information technology systems; risk of
loss due to sabotage, protests and other civil disturbances; the
impact of global liquidity and credit availability and the values
of assets and liabilities based on projected future cash flows;
risks arising from holding derivative instruments; and business
opportunities that may be pursued by the Company.
Additional risk factors and details with respect to risk factors
that may affect the Company’s ability to achieve the expectations
set forth in the forward-looking statements contained in this press
release are set out in the Company's latest 40-F/Annual Information
Form under the heading “Risk Factors”, which is available on the
SEDAR website at www.sedar.com or on EDGAR at www.sec.gov. The
foregoing should be reviewed in conjunction with the information,
risk factors and assumptions found in this press release.
The Company disclaims any intention or obligation to update or
revise any forward-looking statements whether as a result of new
information, future events or otherwise, except as required by
applicable law.
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