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Antofagasta plc Sets Ambitious Emissions Reduction Targets

Antofagasta plc (the “Company”) announces that the Board of Directors (Board) has approved updated greenhouse gas emissions targets, with the Company having successfully met the Company’s previous emissions target ahead…

Antofagasta plc (the “Company”) has announced that the Board of Directors (Board) has approved new targets to reduce greenhouse gas emissions. The Company achieved its previous emissions goal earlier than expected in 2022. After defining a plan to reduce emissions, the following targets have been established:

  • Scope 1 and 2 (combined): aiming to reduce by 50% by 2035 (based on total emissions)
  • Scope 3: aiming to decrease by 10% by 2030 (based on projected emissions with no action taken)

Additionally, the Company is still aiming to be carbon neutral by 2050.

The Company has created a detailed plan to reduce emissions in line with the targets mentioned above. This plan is expected to be published along with the Company’s Annual Report and Sustainability Report in March 2024. The emissions target for Scope 1 and 2 is set against the 2020 baseline and takes into account the planned increase in copper production over the specified time period. The Company’s emissions target for Scope 3 is based on projected emissions.

Antofagasta’s CEO, Iván Arriagada, stated: “We are pleased to announce the updated targets, which are the result of extensive work to understand our current emissions, relevant decarbonisation technologies, and our plan to achieve net-zero copper production.

“After shifting to renewable power supply contracts in 2022, which significantly reduced our Scope 2 emissions, we have devised a strategy to lower both Scope 1 and 3 emissions as part of our decarbonisation plan. In terms of Scope 1 emissions, where diesel consumption accounts for roughly 90% of this category, our focus is on transitioning our mining haulage fleet to electric power, initially using trolley-assist technology, and later integrating battery electric vehicles as this technology advances and becomes more widely accessible and cost-effective. Concurrently, we are implementing various advanced technologies, such as fleet automation in our mines, to facilitate electrification and decarbonisation in the future.

“Regarding our value chain emissions, we have realized that our suppliers of goods and services contribute over 50% of our total Scope 3 emissions, and we will be addressing this issue through our Suppliers for a Better Future initiative, launched in December 2022.

“We recognize the importance of copper production in a safe and responsible manner, aligning with our mission to develop mining for a better future. The targets announced today will help guide our actions in the years to come.”

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