20974 29Metals AR23 WEB V1 - Flipbook - Page 30
29Metals 2023 Annual Report
26
Our Approach to Sustainability & ESG continued
Case study
Reporting transparency
Tax Transparency Report
for the year ended 31 December 2022
One of Our Values is Transparency. 29Metals is commi琀琀ed to publicly repor琀椀ng
performance, including our Sustainability & ESG performance, to highlight where we have
performed well, in addi琀椀on to the areas where our performance requires improvement.
During the Repor琀椀ng Period, 29Metals extended the scope of its public repor琀椀ng to
include voluntary tax transparency repor琀椀ng. Our 昀椀rst voluntary Tax Transparency
Report was published in September 2023. A copy of the report is available on our
website at
www.29metals.com/about/corporate-governance.
Producing metals critical to energy transition sits at the heart of 29Metals’ strategy
“The metals required to support
decarbonisation are typically
characterised by their scarcity,
unique properties, and potential
for innovation.”
A World Bank report released last year counted dozens of
metals which could see a growing market with the rising use
of wind, solar and ba琀琀eries. Goldman Sachs4 es琀椀mates that
demand for “green” uses of copper currently drives 7% of global
consump琀椀on, up from just 4 % in 2020, and will account for a
total demand growth of 47 % between 2023 and 2040.
3
Copper is an essen琀椀al component in renewable
energy technology:
■
■
in wind turbines, copper plays a central role in the inner
workings of the generator, carries the electrical current
where it needs to go, and grounds the towers from
lightning strikes. It is es琀椀mated that the carbon output
required to produce copper for a single wind turbine is
o昀昀set in 3 to 5 days by the very same wind turbine5; and
in solar, copper is used in the heat exchangers of solar
thermal units as well as in the wiring and cabling that
transmits the electricity in photovoltaic solar cells.
These are signi昀椀cant bene昀椀ts in the development of renewable
energy. Our copper-focused assets mean we are well posi琀椀oned
to help make the move to a net zero emissions future.
29Metals operates mature opera琀椀ng assets that require
minimal expansion into undisturbed land to produce cri琀椀cal
metals (copper, zinc and silver).
Nearer-term expansion and extension at each of
29Metals’ opera琀椀ng sites (Golden Grove and Capricorn
Copper) are underground with limited addi琀椀onal
surface disturbance, disrup琀椀on to waterways, or impacts
to stakeholders, infrastructure and visual amenity.
3. h琀琀ps://www.carbonbrief.org/explainer-these-sixmetals-are-key-to-a-low-carbon-future/#:~:text=A%20
World%20Bank%20report%20released,in%20
di昀昀erent%20low%2Dcarbon%20technologies.
4. Goldman Sachs Group, h琀琀ps://www.goldmansachs.com/.
5. Copper Development Associa琀椀on Inc.: h琀琀ps://www.
copper.org/publica琀椀ons/newsle琀琀ers/discover/2010/
September/pdf/dc_july.pdf.
U琀椀lising exis琀椀ng infrastructure, such as the processing plants,
will support proposed mining expansions/extensions, thereby
avoiding the need to build new facili琀椀es with imported
materials. As such, impacts to biodiversity are minimised and
our sites are now subject to modern rehabilita琀椀on and closure
requirements.
Through the ac琀椀ons against our TCFD roadmap, 29Metals is
also evalua琀椀ng opportuni琀椀es to further reduce the carbon
footprint of our products in future.
Copper’s role in decarbonisation
Wind turbine (3 MW)
4.7 tonnes
of copper
53%
Cable wiring
24%
Turbine power/
generation
19%
Turbine transformation
4%
Transformers
