Our ESG Strategy
MAGNA’S ESG STRATEGY
As a previously private company, Magna Mining have already taken a number of steps to put into place a company culture and strategy which gives full and prominent consideration to Environmental, Social and Governance related objectives. The nature of the Shakespeare project itself (a brownfield site with a deposit containing nickel sulphides) and its location (proximal to existing infrastructure, services and a renewable power source) will help to facilitate the implementation of best practice environmental and social policies. In addition, the board and management at Magna Mining remain committed to best practice corporate governance.
A more detailed outline of the “Pillars” of our ESG Strategy and some of the current ESG initiatives underway at Magna Mining is outlined in this short document.
MAGNA’S ESG STRATEGY & CARBON NEUTRALITY
WHY CARBON NEUTRALITY?
Governments, corporations and individuals are mobilizing to tackle climate change around the world, and Magna Mining is no exception. We recognize that to avoid the most damaging impacts of climate change, we must take action to reduce Greenhouse Gas (GHG) emissions in line with science-based targets.
Our ultimate goal is to maximise the use of clean, renewable hydropower for any future mine operations at Shakespeare, an option which remains viable for our project due to the location of the nearby plant. By using this source of power, Magna will avoid the biggest source of GHGs in the mining sector; fossil fuel generated power for plant operation. In addition, by incorporating BEVs into our future mining fleet, Magna can reduce emissions from the second largest emission source of GHG’s in mining; fuel for transportation. Finally, by investing in habitat restoration both on our site and in the surrounding area, we will enhance the GHG sequestration potential of our natural environment.
But in these early days of exploration, these strategies are still a long way off. In order to conduct our current exploration focussed activities such as field sampling, drilling and assaying, we must rely on diesel-powered equipment, as electrified and low-emission technology is not currently available in the market. However, we can implement a carbon neutrality strategy that serves to immediately offset these GHG emissions and demonstrate our commitment a sustainable approach to mining at all stages of the project lifecycle.
ABOUT CARBON NEUTRALITY
Carbon Neutrality is achieved when a business offsets their carbon footprint by investing in verified carbon offset projects that mitigate or remove the same amount of carbon as their operations produced. In doing so, the business ensures they are not contributing additional GHG emissions to the atmosphere, and therefore have a net zero impact on climate change.
Carbon offset projects reduce, remove, or prevent future GHGs from entering the atmosphere and help accelerate the transition to a low-carbon economy. All carbon offset projects are additional, meaning they would not have happened without the funding from the sale of offsets – which ensures our investment is actually moving the needle and reducing emissions that would not have been reduced otherwise.
For more information about carbon neutrality, please visit offsetguide.org.
OUR CARBON FOOTPRINT & OFFSET PROJECTS
For Magna, our carbon footprint in 2021 will include emissions from the combustion of fuel, land use changes at the Shakespeare site, utility use in our office and from employees working from home, and third-party shipping.
Working with Synergy Enterprises, we have estimated total GHG emissions in 2021. In early 2022, Synergy will conduct a reconciliation based on actual fuel, utility and shipping data to ensure emissions offset are exactly equal to emissions produced. To view the full GHG Estimation Report, click here.
We chose to support the Niagara Escarpment Forest Carbon Project (NEFCP17) because of it’s proximity to the Shakespeare site, and because funds support continued conservation and restoration activities in the region.
The Niagara Escarpment Forest Carbon Project is publicly listed on the CSA CleanProjects Registry and has been 3rd party verified under ISO-14064-2 by Carbon Consult Group. This project promotes and maintains the function and diversity of ecosystems along Ontario’s Niagara escarpment. The Niagara escarpment stretches from Niagara Falls towards Tobermory, and extends along Manitoulin Island.
Emissions by source (tCO2e)
Emissions by Activity (%)
