Agnico Eagle Publishes First Climate Action Report

28 November 2022

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:
    • 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.

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