Perth-based explorer Emerald Resources (ASX:EMR) is committing funding to achieve long-term carbon neutrality objectives at its Okvau Gold Mine in Cambodia.
The $1.31 billion market capitalisation company reports it will accrue funds annually to pay for future programs to reach a carbon-neutral footprint within ‘achievable’ timeframes.
The amount accrued will be determined by the emissions reported for Okvau and is based on the project-specific determined carbon pricing for the period recommended by independent consultant Earth Systems Consulting. In June 2023, this price was US$4.50 per tonne.
Emerald reports the decision to set aside funds to progress carbon neutrality follows a review of a range of commercial schemes available on the market by Earth Systems, which was engaged to oversee the environmental and social impact assessment (ESIA) for Okvau, considered a ‘critical step’ in the environmental permitting of the project.
To complement existing projects, including the Biodiversity Offset, Emerald is also focusing on nature-based activities such as habitat protection, creation, and biodiversity enhancement for the company’s carbon offset project.
Along with its carbon neutrality commitments, Emerald is working on a gibbon ecotourism and conservation research venture with Jahoo and is conducting a tree-planting program to re-establish endangered tree species. So far, the company has planted over 8,000 trees under this program.
Emerald reports its carbon neutral concept has been presented to the Cambodian government, and it is working to identify suitable locations to progress this concept.
Commenting on the carbon neutrality plans, Emerald Resources Managing Director Morgan Hart says: “Rather than commit to commercial schemes, we strongly believe that provisioning funds for activities that will support the company’s climate strategy, including carbon neutrality targets and pathways, will best suit the company’s commitment to long-term sustainability and deliver the best tangible outcomes.
Specifically, our intent is preservation of nature-based carbon offset projects and to support habitat propagation which we have demonstrated significant success to date.
“In FY24 we will accrue US$320,000 to offset reported emissions for the 2023 year”
In FY24 we will accrue US$320,000 to offset reported emissions for the 2023 year. This funding will continue as we aim to offset the estimated long-term average of about 60,000 tonnes of carbon dioxide emitted each year by current operations.”
Meanwhile, on 27 July 2023, the company reported it signed a bid implementation agreement to acquire remaining shares of unlisted gold explorer Bullseye Mining under an all-scrip off-market takeover.
Emerald Resources is a Perth-based explorer focused on developing the Okvau Mine in Cambodia, which entered production in June 2021. Since commercial production began in September 2021, the company has poured over 7,000kg of gold dóre from its operations.
Write to Harry Mulholland at Mining.com.au
Images: Emerald Resources NL
