Absolute CO2 emissions have increased as the Group has grown its production.
Growing our copper production is consistent with our corporate purpose to develop and operate large scale, low cost copper mines.
Millions of tonnes of additional copper production are required to provide the world with the copper it needs to replace depletion of existing mines, to raise living standards in developing economies, to transition away from energy systems reliant on fossil fuels and to improve energy efficiency. Additional supplies of copper will also be required to support the growing adoption of electric vehicles
KAZ Minerals has reduced its CO2 intensity through a transition to modern and efficient open pit mining. As the Group’s new Bozshakol and Aktogay mines have ramped up production, CO2 intensity per unit of ore processed has decreased significantly, falling by 76% from 0.200 in 2015 to 0.049 in 2018.
In the longer term, the Group will seek to increase the use of renewable energy sources where possible.
The Government of Kazakhstan, where the majority of the Group’s assets are currently located, is committed to increasing electricity generation from renewable sources as part of its national development strategy, with a target of 30% of power generation by 2030 and 50% by 2050.
In 2019, the Group acquired the Baimskaya copper project in Chukotka, Russia. During the construction period and when completed from around 2026, Baimskaya is expected to draw power from low carbon or carbon free sources, including nuclear and hydropower.
The delivery of Baimskaya is likely to significantly reduce the CO2 intensity of the Group’s operations once the project is completed and ramping up production.