Primary gold mines emissions decline
Based on the newly launched gold emissions curve, S&P Global Commodity Insights found that 329 primary gold mines emitted greenhouse gases at an average rate of 792 kilograms of CO2 equivalent per paid ounce of gold (kgCO2e/oz Au) produced, 39 kgCO2e/oz Au lower than in 2021.
Scope 1 and Scope 2 emissions per paid gold ounce produced from primary gold mines have been declining since 2021, primarily driven by the reduction in indirect greenhouse gas emissions from the increasing renewables share in electricity generation. Major companies are decarbonizing their operations through power purchase agreements and offsets, but tackling Scope 1 emissions is proving to be a much harder challenge.
Scope 2 emissions — associated with purchased electricity, heating, cooling and steam — comprise 39% of the total in 2023, compared to a 41% share in 2021. Emissions intensity, or total Scope 1 and Scope 2 divided by paid gold ounces, has been decreasing since 2021, brought about by the increasing share of renewables in purchased electricity in most operations, thus lowering Scope 2 emissions.
Comparing total global emissions since 2021, primary gold mines emitted a total of 46.63 million metric tons of CO2e in 2023. In a span of two years, total global Scope 1 emissions increased by 0.68 MMtCO2e, while total Scope 2 emissions decreased by 1.32 MMtCO2e, though gold output increased by 2.1 million ounces. Barrick Gold Corp.’s Nevada Operations, sitting in the fourth quartile of the emissions curve, reported the largest gold production and the largest Scope 1 and 2 emissions in 2023. The mining complex reduced its total Scope 1 and Scope 2 emissions by 13% but produced 9% less gold between 2021 and 2023.
Six of the 10 high-emitting mines are from South Africa, with Sibanye Stillwater Ltd. Cooke leading the list with 9,980 kgCO2e/oz Au in 2023. The operation mines historic tailings using high-pressure water jets and has two active processing plants, Cooke and Ezulwini, with the latter used as a toll-treating facility. Combining low grades from historic tailings and a coal-heavy grid in South Africa, most of the emissions from Cooke are from purchased electricity generation.
Outside South Africa, Pueblo Viejo in the Dominican Republic ranked as the next-highest emitter, with 3,236 kgCO2e/oz Au in 2023, a 25% increase from 2022. Despite having lower total emissions, emission intensity rose due to production falling 22% from lower head grades and lower throughput. The mine also sources its power from the diesel-powered Quisqeya I plant. Other mines included in the list are Mt Rawdon, a low-grade gold deposit in Australia; Pongkor, which is connected to the fossil-fuel-dependent Indonesian grid; and Fort Knox, a low-grade gold deposit in Alaska with power supplied by Golden Valley Electric Association Inc. (GVEA). As of 2023, GVEA had an operating nameplate capacity of 409.7 MW, 94% of which is sourced from oil and petroleum products, coal and other nonrenewables.
Most companies with decarbonization goals are reducing emissions by shrinking their Scope 2 emissions on grid-connected operations.
