TORONTO, Oct. 31,
2022 /CNW/ - Karora Resources Inc. (TSX: KRR) (OTCQX:
KRRGF) ("Karora" or the "Corporation") is pleased to announce
that it will achieve carbon neutrality for the second straight year
in 2022 for its own operations (Scope 1 emissions) and purchased
electricity consumption (Scope 2 emissions) through the purchase
and retirement of 95,000 tonnes of verified carbon offset credits.
The credit retirements form a part of Karora's ongoing carbon
emissions reduction and concurrent offset strategy.
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Contemporaneously, Karora is well underway with the development
of an emissions reduction plan to reduce future emissions including
the analysis of a variety of renewable and hybrid power solutions
at Higginsville. Karora is working with Invert Inc. to set emission
reduction targets which will be announced in Q1 2023 as part of
Karora's annual ESG report. The targets will include 2030 and 2050
and will outline the GHG reduction impact of the selected power
option at Higginsville currently being finalized. Karora plans to
evaluate additional GHG reduction opportunities across its
operations in 2023.
Paul Andre Huet, Chairman &
CEO, commented: "After becoming one of the world's first carbon
neutral gold producers in 2021, we are committed to continuing to
be a leader amongst our peers in actively reducing our carbon
emissions and implementing further initiatives in line with our
commitment to develop a pathway toward a Net Zero mining future. We
believe mining will continue to form the backbone of critical
metals delivery in the years to come and we are proud to be leaders
in the junior gold mining space.
Similar to our 2021 process, our selection of offsets was driven
by a thorough analysis of carbon reduction and removal quality and
credibility as well as the social impact expected from the variety
of offset projects selected. We have maintained our geographical
community focused approach leading to the further investment in
Australian carbon reduction projects, among others, including the
Mount Sandy project. Through this project, we achieve two important
outcomes by offsetting Karora's Scope 1 and 2 emissions as well as
ensuring the protection of Australia's unique biodiversity.
Moving forward, we are advancing our evaluation of a range of
renewable and hybrid power solutions at Higginsville that will
drive lower emissions. Options being actively considered include
grid tie-in analysis and hybrid power solutions that include solar
and wind power components. Our approach to power solutions and
future mining equipment selections is part of our broader strategy
of reducing our future greenhouse gas (GHG) emissions. We will be
setting our first emissions reduction targets in our 2022
Sustainability report, which is scheduled to be released in the
first quarter of 2023. This will include our targets for 2030 and
2050. Our goal is to continue to be a sector leader amongst our
junior gold mining peers with our initial focus on Scope 1 and 2
emissions reductions and ultimately reducing our Scope 3 emissions
to achieve Net Zero status."
Andre Fernandez, Co-CEO of
Invert. Inc, commented: "We are very pleased to continue to support
Karora in both its geographically impactful carbon credit program
and in the development of its emissions reduction strategy moving
forward. Last year, Karora and Invert's carbon neutral announcement
was one of the first of its kind in the junior gold producer sector
and its impact on the industry has been notable. At Invert we are
well equipped to help mining companies develop their long-term
carbon solutions and are looking forward to further announcements
as we work on a number of exciting initiatives with Karora."
Karora, through its alliance with Invert Inc., selected a range
of offset projects in order to support a diversified basket of
important carbon offset projects ranging from renewable projects to
reforestation in Australia, among
others. The retired Australian carbon offsets are independently
verified by Gold Standard and simultaneously qualify as government
accredited Australian Biodiversity Units, meeting the standards
required for the Australian Government's Climate Active Program
(formerly the National Carbon Offset Standard – NCOS).
The Mount Sandy Conservation project selected in Australia involves the protection of a 200
hectare strategic habitat with replanting of over 30 species of
native vegetation including tree cover. The project area is managed
via close collaboration with the traditional land owners and
custodians of Coorong County, the local Ngarrindjeri people. Native
plant species for revegetation are supplied by the local nursery at
Raukkan Aboriginal Community located 50 kilometres northwest of the
project site.
About Karora Resources
Karora is focused on increasing gold production to a targeted
range of 185,000-205,000 ounces by 2024 at its integrated Beta Hunt
Gold Mine and Higginsville Gold Operations ("HGO") in Western Australia. The Higginsville treatment
facility is a low-cost 1.6 Mtpa processing plant, which is fed at
capacity from Karora's underground Beta Hunt mine and Higginsville
mines. Karora recently acquired the 1.0 Mtpa Lakewood Mill in
Western Australia. At Beta Hunt, a
robust gold Mineral Resource and Reserve are hosted in multiple
gold shears, with gold intersections along a 4 km strike length
remaining open in multiple directions. HGO has a substantial
Mineral gold Resource and Reserve and prospective land package
totaling approximately 1,900 square kilometers. The Corporation
also owns the high grade Spargos Reward project, which came into
production in 2021. Karora has a strong Board and management team
focused on delivering shareholder value and responsible mining, as
demonstrated by Karora's commitment to reducing emissions across
its operations. Karora's common shares trade on the TSX under the
symbol KRR and also trade on the OTCQX market under the symbol
KRRGF.
Cautionary Statement Concerning
Forward-Looking Statements
This news release contains "forward-looking information"
including without limitation statements relating to the Company
achieving a True Net Zero mining future in line with Science Based
Targets, including the goals of reaching Scope 1 Scope 2 net zero
emissions, reducing the Company's carbon footprint, achieving net
zero GHG emissions across the business and the Company becoming
world's first Net Zero GHG junior mining company.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Karora to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. Factors that could
affect the outcome include, among others: future prices and the
supply of metals; the results of drilling; inability to raise the
money necessary to incur the expenditures required to retain and
advance the properties; environmental liabilities (known and
unknown); general business, economic, competitive, political and
social uncertainties; results of exploration programs; accidents,
labour disputes and other risks of the mining industry; political
instability, terrorism, insurrection or war; or delays in obtaining
governmental approvals, projected cash operating costs, failure to
obtain regulatory or shareholder approvals. For a more detailed
discussion of such risks and other factors that could cause actual
results to differ materially from those expressed or implied by
such forward-looking statements, refer to Karora 's filings with
Canadian securities regulators, including the most recent Annual
Information Form, available on SEDAR at www.sedar.com.
Although Karora has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking statements,
there may be other factors that cause actions, events or results to
differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are made as of the date
of this news release and Karora disclaims any obligation to update
any forward-looking statements, whether as a result of new
information, future events or results or otherwise, except as
required by applicable securities laws.
SOURCE Karora Resources Inc.