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VANCOUVER, BC, Feb. 9, 2022 /PRNewswire/ - Wheaton Precious
Metals™ Corp. ("Wheaton" or the "Company") is pleased to announce
enhanced climate change and environmental commitments through a
number of new, formalized policies and initiatives as part of
Wheaton's broader environmental, social and governance ("ESG")
strategy.
"Today's announcement reinforces Wheaton's long-standing
commitment to industry-leading ESG practices and to being an agent
of change. These initiatives are not only critical to how we manage
our business risk, but they are also the right thing to do," said
Randy Smallwood, President and Chief
Executive Officer of Wheaton Precious Metals. "Along with our
partners, we strongly believe that promoting responsible mining
practices and developing clear roadmaps to reach net zero is more
important than ever. Aligning our strategy and approach with the
most recent climate science will allow us to continue our mandate
of delivering long-term sustainable value to all our stakeholders
through our streaming business model."
These enhanced climate change and environmental commitments
include the following:
- Commitment to achieve net zero carbon emissions by
20501. This includes the establishment of targets across
both Scope 2 and Scope 3 attributable emissions to support a 1.5° C
trajectory. This target development process will begin immediately
in collaboration with third-party partnership organizations to
ensure that our targets align with the goals of the Paris
Agreement, and regular updates will be provided beginning in
Wheaton's 2021 Sustainability Report (the "Sustainability Report")
to be published in May.
- Engagement with our mining partners to encourage the
establishment of emissions targets to support a 1.5° C trajectory
at their operations.
- Establishment of a fund to support our mining partners' efforts
to move to renewable energy sources and / or reduce emissions at
the mines in which we have an interest. Accessible to all mining
partners, Wheaton has made a $4
million initial commitment, representing 1% of its average
net income of the previous four years.
Wheaton's detailed approach to climate change, including
comprehensive information on climate related financial risks and
opportunities, will be disclosed in its upcoming Sustainability
Report to be published in May and will be aligned with the
recommendations of the Task Force on Climate-Related Financial
Disclosures (TCFD). The Sustainability Report will also provide
inaugural quantification of Wheaton's Scope 3 emissions for its
Investments (Category 15).
Wheaton's full climate change and environmental policy is
available here. To find out more about Wheaton's ESG approach,
visit https://www.wheatonpm.com/responsibility.
CAUTIONARY NOTE REGARDING
FORWARD-LOOKINGSTATEMENTS
This press release contains "forward-looking statements" within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 and "forward-looking information" within the
meaning of applicable Canadian securities legislation concerning
the business, operations and financial performance of Wheaton and,
in some instances, the business, mining operations and performance
of Wheaton's precious metals purchase agreement ("PMPA")
counterparties. Forward-looking statements, which are all
statements other than statements of historical fact, include, but
are not limited to Wheaton's climate change and environmental
commitments, the future price of commodities, the estimation of
future production from mineral stream interests owned by Wheaton
(the "Mining Operations") (including in the estimation of
production, mill throughput, grades, recoveries and exploration
potential), the estimation of mineral reserves and mineral
resources (including the estimation of reserve conversion rates)
and the realization of such estimations and the commencement,
timing and achievement of construction, expansion or improvement
projects by Wheaton's PMPA counterparties at Mining Operations.
Generally, these forward-looking statements can be identified by
the use of forward-looking terminology such as "plans", "expects"
or "does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "projects", "intends", "anticipates" or
"does not anticipate", or "believes", "potential", or variations of
such words and phrases or statements that certain actions, events
or results "may", "could", "would", "might" or "will be taken",
"occur" or "be achieved". Forward-looking statements are subject to
known and unknown risks, uncertainties and other factors that may
cause the actual results, level of activity, performance or
achievements of Wheaton to be materially different from those
expressed or implied by such forward-looking statements, including
but not limited to risks associated with the ability to achieve
climate change and environmental commitments at Wheaton and at the
Mining Operations, fluctuations in the price of commodities
(including Wheaton's ability to sell its precious metals or cobalt
production at acceptable prices or at all), the Mining Operations
(including fluctuations in the price of the primary or other
commodities mined at such operations, regulatory, political and
other risks of the jurisdictions in which the Mining Operations are
located, actual results of mining, risks associated with the
exploration, development, operating, expansion and improvement of
the Mining Operations, environmental and economic risks of the
Mining Operations, and changes in project parameters as plans
continue to be refined), and other risks discussed in the section
entitled "Description of the Business – Risk Factors" in Wheaton's
Annual Information Form available on SEDAR at www.sedar.com, and in
Wheaton's Form 40-F for the year ended December 31, 2020 and Form 6-K filed March 11, 2021 both available on EDGAR at
www.sec.gov, as well as the risks set out in Wheaton's management's
discussions and analysis for the period ended December 31, 2020 available on SEDAR and EDGAR
(together, the "Disclosure"). Forward-looking statements are based
on assumptions management currently believes to be reasonable,
including (without limitation): that Wheaton will be able to
achieve climate change and environmental commitments, there will be
no material adverse change in the market price of commodities, that
the Mining Operations will continue to operate and the mining
projects will be completed in accordance with public statements and
achieve their stated production estimates, that the mineral reserve
and mineral resource estimates from Mining Operations (including
reserve conversion rates) are accurate, and such other assumptions
and factors as set out in the Disclosure. There can be no assurance
that forward-looking statements will prove to be accurate and even
if events or results described in the forward-looking statements
are realized or substantially realized, there can be no assurance
that they will have the expected consequences to, or effects on,
Wheaton. Readers should not place undue reliance on forward-looking
statements and are cautioned that actual outcomes may vary. The
forward-looking statements included herein are for the purpose of
providing readers with information to assist them in understanding
Wheaton's expected financial and operational performance and may
not be appropriate for other purposes. Any forward-looking
statement speaks only as of the date on which it is made, reflects
Wheaton's management's current beliefs based on current information
and will not be updated except in accordance with applicable
securities laws. Although Wheaton has attempted to identify
important factors that could cause actual results, level of
activity, performance or achievements to differ materially from
those contained in forward‑looking statements, there may be other
factors that cause results, level of activity, performance or
achievements not to be as anticipated, estimated or intended.
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1
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Net zero includes
emissions reductions in line with a 1.5 trajectory across Scopes 1,
2 and 3. Achievement of net zero may include the use of offsets for
residual emissions in 2050.
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SOURCE Wheaton Precious Metals Corp.