Stock Symbol: AEM (NYSE and TSX)
TORONTO, Nov. 28,
2022 /CNW/ - Agnico Eagle Mines Limited
(NYSE: AEM) (TSX: AEM) ("Agnico Eagle" or the "Company")
reports that it has released its first Climate Action Report
(the "Report"), aligned with the Task Force on Climate-related
Financial Disclosures recommendations. The Company is
committed to be Net-Zero by 2050 in absolute Scope 1 and Scope 2
carbon emissions and, to this end, it has set an interim carbon
reduction target of 30% of 2021 Scope 1 and Scope 2 greenhouse gas
emissions by 2030. This inaugural Report outlines the
Company's proposed plan to meet its climate targets and to remain
among the lowest greenhouse gas emitters of the industry's senior
gold companies, as well as the strategies of the Company to adapt
to and mitigate the impacts of climate change. With the
contribution from the sustainability, energy and innovation teams
at each mining operation, the Company believes it has established a
credible pathway to decarbonization and is committed to
continuously assess and adapt technological advances.
The Report supplements the Company's 2021 Sustainability Report,
which discusses aspects of climate change and related business
risks and opportunities. Additionally, the Report is aligned
with the UN Sustainable Development Goals with respect to climate
and the Company's response to CDP (formerly known as the Climate
Disclosure Project).
"Climate change is one of society's greatest challenges and as a
sustainability leader in the global mining industry, we also aim to
be a climate action leader. The risks associated with a
changing climate have never been clearer and we understand the
importance of managing these risks to build a better business,
capitalize on future opportunities and communicate effectively with
our stakeholders," said Agnico Eagle's President and CEO
Ammar Al-Joundi. "We hold
ourselves accountable to high ESG standards and have strategies in
place to adapt to and mitigate the impacts of climate change,"
added Mr. Al-Joundi.
Highlights of the Report include:
- Climate Strategy – The Company's strategy to adapt to
and mitigate the impacts of climate change is built upon Agnico
Eagle's business strategy and its three strategic pillars –
performance, pipeline and people
- Greenhouse Gas Emissions Targets – Agnico Eagle
continues to be committed to addressing climate-change and reaching
Net-Zero by 2050 in absolute Scope 1 and Scope 2 carbon emissions.
Supporting this commitment, the Company has established an interim
carbon reduction target of 30% by 2030 (based on 2021 levels),
representing an approximate reduction of 350 kilotonnes of
CO2 equivalent in absolute Scope 1 and Scope 2
emissions
- Governance Structure – Agnico Eagle's governance
structure creates clear lines of accountability, provides
flexibility to adapt to unforeseen circumstances and ensures
sustainable practices are considered in all aspects of its
business. Accountability for climate matters at the Board level
operates through the Health, Safety, Environment and Sustainable
Development Committee, at the management level through the Steering
Committee on Climate-related Risks and Opportunities and at the
site level through each mine's Operations Management and Climate
Action Teams
- Climate Scenario Analysis – The Company developed
scenarios based on the Intergovernmental Panel on Climate Change
and International Institute for Applied Systems Analysis to assess
physical and transitional climate-related risks and inform the
development of its climate strategy
- Pathway to Decarbonization – Key actions identified by
Agnico Eagle to achieve its 2030 interim target and Net-Zero by
2050 target focus on three primary areas:
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- Energy efficiency initiatives, including energy reduction
initiatives and opportunities at each site, such as energy
management systems, heat recovery systems and ventilation on
demand
- Technology transition initiatives, such as electrification of
material handling equipment, including the potential for a
trolley-assist system for haul trucks at Detour Lake and increased
use of battery electric vehicles at our operations
- Increased renewable energy initiatives, including a combination
of the greening of the electrical grids that supply energy to our
sites and the development or deployment of cleaner power supplies
at our operations
A changing climate affects us all and the Report outlines the
initiatives the Company has undertaken and plans to make, toward a
lower-carbon. Together with its stakeholders, Agnico Eagle
will work to respond to the challenges and opportunities in the
years ahead to find the right solutions for the Company and the
environment.
The 2022 Climate Action Report can be accessed here.
About Agnico Eagle
Agnico Eagle is a senior Canadian gold mining company, producing
precious metals from operations in Canada, Australia, Finland and Mexico. It has a pipeline of
high-quality exploration and development projects in these
countries as well as in the United
States and Colombia.
Agnico Eagle is a partner of choice within the mining
industry, recognized globally for its leading environmental, social
and governance practices. The Company was founded in 1957 and
has consistently created value for its shareholders, declaring a
cash dividend every year since 1983.
For further information regarding Agnico Eagle, contact Investor
Relations at investor.relations@agnicoeagle.com or call (416)
947-1212.
Forward-Looking Statements
The information in this news release has been prepared as at
November 25, 2022. Certain
statements contained in this news release constitute
"forward-looking statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and
"forward-looking information" under the provisions of Canadian
provincial securities laws and are referred to herein as
"forward-looking statements". All statements, other than
statements of historical fact, that address circumstances, events,
activities or developments that could, or may or will occur are
forward looking statements. When used in this news release,
the words "anticipate", "could", "estimate", "expect", "forecast",
"future", "plan", "possible", "potential", "will" and similar
expressions are intended to identify forward-looking
statements. Such statements include, without limitation:
statements regarding the Company's Net-Zero by 2050 in absolute
Scope 1 and Scope 2 carbon emissions target and interim carbon
reduction target of 30% by 2030; statements regarding the Company's
proposed pathways to decarbonization, including expected annual
potential CO2e reductions; and other statements with
respect to the Company's plans with respect to climate
change. Such statements reflect the Company's views as at the
date of this news release and are subject to certain risks,
uncertainties and assumptions, and undue reliance should not be
placed on such statements. Forward-looking statements are
necessarily based upon a number of factors and assumptions that,
while considered reasonable by Agnico Eagle as of the date of such
statements, are inherently subject to significant business,
economic and competitive uncertainties and contingencies. The
material factors and assumptions used in the preparation of the
forward looking statements contained herein, which may prove to be
incorrect, include, but are not limited to, the assumptions set
forth herein and in management's discussion and analysis
("MD&A") and the Company's Annual Information Form ("AIF") for
the year ended December 31, 2021
filed with Canadian securities regulators and that are included in
its Annual Report on Form 40-F for the year ended December 31, 2021 ("Form 40-F") filed with the
U.S. Securities and Exchange Commission (the "SEC") as well as:
that there are no significant disruptions affecting the Company's
climate change plans; that the relevant metal prices, foreign
exchange rates and prices for key supplies will be consistent with
Agnico Eagle's expectations; and that there are no material
variations in the current tax and regulatory environment.
Many factors, known and unknown, could cause the actual results to
be materially different from those expressed or implied by such
forward looking statements. Such risks include, but are not
limited to: the possibility that the Company's plans to reduce
greenhouse gas emissions will not be completed in the expected
timeframe or result in the anticipated reduction of greenhouse gas
emissions; general economic, business and political conditions; and
changes in governmental and environmental regulation. For a
more detailed discussion of such risks and other factors that may
affect the Company's ability to achieve the expectations set forth
in the forward-looking statements contained in this news release,
see the AIF and MD&A filed on SEDAR at www.sedar.com and
included in the Form 40-F filed on EDGAR at www.sec.gov, as well as
the Company's other filings with the Canadian securities regulators
and the SEC. Other than as required by law, the Company does
not intend, and does not assume any obligation, to update these
forward-looking statements.
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SOURCE Agnico Eagle Mines Limited