In 2022, global attention was again focused on the urgency of climate change following several years of pandemic-induced lockdowns. The 27th United Nations Climate Change Conference of the Parties (COP27) was held in Cairo, Egypt, urging participants to increase the ambition in their current climate commitments. The International Council on Mining and Metals (ICMM)
attended this event, representing member companies such as MMG. Global emissions are not reducing as fast as they should be in order to secure a well below 1.5 degree Celsius warming in 2100, increasing the urgency of industry-wide involvement and commitment to reduce operational emissions.

Due to the observed increase in frequency and intensity of extreme global weather events, MMG is improving our understanding of local and worldwide climate-related risks and building business resilience to respond to a changing climate. We are pursuing decarbonisation efforts by optimising energy use and migrating to renewable energy sources. We welcome
the progress made by governments to cooperatively reach the Paris Agreement and support long-term global climate goals, balancing greenhouse gas reductions with economic and social development.

In addition to our goal of net zero carbon emissions by 2050, we have set an interim 2030 target of reducing Scope 1 and Scope 2 operational greenhouse gas emissions from our operated assets by 40%, from a 2020 baseline. This interim target aligns with science-based methodologies to help reduce global warming to 1.5°C, as per ambitions of the Paris Agreement. We will also drive reductions in our value chain emissions (Scope 3) through initial measurement and disclosure by the end of 2023, followed by target setting and working with our supply chain partners on emission-reduction opportunities.

Demand for critical minerals and other base metals necessary for the decarbonisation of the economy has increased and is expected to continue growing in coming years. MMG plays a key role in providing these metals to our customers to drive the development of green technology that will replace fossil fuels.

The minerals that we produce are essential to our transition plans as we move in step with global efforts to achieve a lower carbon economy. The need to take tangible steps is becoming more urgent for governments, organisations and the wider public in the face of extreme weather events and the challenges this brings for food and water security. In addition to our investment projects that are assisting to build local capability where we live and work, we’re working with the governments and communities where we live and work to achieve these goals.

During 2022, Las Bambas saw a decrease in overall operational emissions mainly due to the social conflicts that kept production below targets. As Kinsevere advanced with its expansion project, MMG’s total emissions grew slightly. Rosebery and Dugald River both remained stable in 2022, with a slight lift in Dugald River’s emissions caused by deeper mining and increased diesel consumption through moving materials. The mining industry overall faces diesel dependency challenges. This is a key focal point for MMG’s ongoing research and development initiatives.
We are focusing on collaborative partnerships to bring our sites solutions for replacing diesel and other fossil fuels with renewable options.

In addition to MMG’s goal of net zero carbon emissions by 2050, we have set an interim 2030 target of reducing Scope 1 and Scope 2 operational greenhouse gas emissions from our operated assets by 40%, from a 2020 baseline.