VANCOUVER, BC, May 30, 2023
/CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm:
LUG) (OTCQX: LUGDF) ("Lundin Gold" or the "Company") is
pleased to announce that the Company has published its second
Climate Change Report, has set its objective to be carbon neutral
by 2030 and has also published its seventh annual Sustainability
Report. All dollar amounts are stated in U.S. dollars. View PDF
version
Climate Change Report Highlights
- Lundin Gold has reported a
greenhouse gas (GHG) emissions (Scopes 1 and 2) intensity of
0.06 tCO2e per ounce of gold produced in 2022 from its 100%
owned Fruta del Norte gold mine in Ecuador. Based on publicly available data from
152 gold mines that reported their Scopes 1 and 2 GHG emissions in
2021 and on Lundin Gold's 2022
emissions performance, the emissions intensity of Fruta del Norte
is among the lowest in the industry. By comparison, the average GHG
emissions intensity of reporting underground mines was 0.42
tCO2e per ounce of gold produced in
2021.1
- Lundin Gold has set a target to
be carbon neutral by 2030 with respect to its Scopes 1 and 2
emissions based on its current life of mine plan. The establishment
of this target is supported by a detailed analysis of the Company's
emissions and the identification, evaluation and prioritization of
direct decarbonization opportunities. Through this exercise,
Lundin Gold has developed an initial
road map to carbon neutrality which is set out in this year's
Climate Change Report.
- After its initial estimate of Scope 3 GHG emissions in
Lundin Gold's inaugural Climate
Change report published last year, the Company has improved and
expanded the reporting of these estimates in this year's Climate
Change Report.
Ron Hochstein, President and CEO,
commented, "With its incredibly low carbon footprint, Fruta del
Norte continues to prove itself as a world class asset. Through our
commitment to carbon neutrality by 2030, Lundin Gold is determined to maintain its
position as one of the world's lowest carbon intensity gold
producers."
Lundin Gold is also pleased to
announce the publication of its 2022 Sustainability Report. This
report highlights accomplishments and progress achieved by the
Company on several initiatives and programs last year
including:
- Industry leading health and safety performance with a
Company-wide total recordable incident rate of 0.30 per 200,000
hours work.
- Certification as a Great Place to Work.
- Significant improvement in water management, with 95% of water
at site being re-used and/or recycled.
- Approximately $37 million of
procurement expenditures in 2022 in Fruta del Norte's immediate
area of influence, representing 14% of total procurement
spend.
- Continued success of the Company's education support program,
culminating in 260 local students enrolled in higher education
since 2015.
This year's Climate Change Report and 2022 Sustainability Report
are available on Lundin Gold's
website at www.lundingold.com.
About Lundin Gold
Lundin Gold, headquartered in
Vancouver, Canada, owns the Fruta
del Norte gold mine in southeast Ecuador. Fruta del Norte is among the
highest-grade operating gold mines in the world.
The Company's board and management team have extensive expertise
in mine operations and are dedicated to operating Fruta del Norte
responsibly. The Company operates with transparency and in
accordance with international best practices. Lundin Gold is committed to delivering value to
its shareholders, while simultaneously providing economic and
social benefits to impacted communities, fostering a healthy and
safe workplace and minimizing the environmental impact. The Company
believes that the value created through the development of Fruta
del Norte will benefit its shareholders, the Government and the
citizens of Ecuador.
Additional Information
The information in this release is subject to the disclosure
requirements of Lundin Gold under
the EU Market Abuse Regulation. This information was publicly
communicated on May 30, 2023 at
2:00 p.m. Pacific Time through the
contact persons set out below.
Caution Regarding Forward-Looking Information and
Statements
Certain of the information and statements in this press release
are considered "forward-looking information" or "forward-looking
statements" as those terms are defined under Canadian securities
laws (collectively referred to as "forward-looking statements").
Any statements that express or involve discussions with respect to
predictions, expectations, beliefs, plans, projections, objectives,
assumptions or future events or performance (often, but not always,
identified by words or phrases such as "believes", "anticipates",
"expects", "is expected", "scheduled", "estimates", "pending",
"intends", "plans", "forecasts", "targets", or "hopes", or
variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "will",
"should" "might", "will be taken", or "occur" and similar
expressions) are not statements of historical fact and may be
forward-looking statements. By their nature, forward-looking
statements and information involve assumptions, inherent risks and
uncertainties, many of which are difficult to predict, and are
usually beyond the control of management, that could cause actual
results to be materially different from those expressed by these
forward-looking statements and information. Lundin
Gold believes that the expectations reflected in this
forward-looking information are reasonable, but no assurance can be
given that these expectations will prove to be correct.
Forward-looking information should not be unduly relied upon. This
information speaks only as of the date of this press release, and
the Company will not necessarily update this information, unless
required to do so by securities laws.
This press release contains forward-looking information in a
number of places, such as in statements relating to the Company's
establishing sustainability and environmental targets, goals and
strategies, including related to GHG emissions, and the ability to
meet the same, and the achievability and actionability of the
Company's climate change strategy. There can be no assurance that
such statements will prove to be accurate, as Lundin
Gold's actual results and future events could differ
materially from those anticipated in this forward-looking
information as a result of the factors discussed in the "Risk
Factors" section in Lundin Gold's Annual Information Form
dated March 31, 2023, which is
available at www.lundingold.com or on SEDAR.
Lundin Gold's actual results
could differ materially from those anticipated. Factors that could
cause actual results to differ materially from any forward-looking
statement or that could have a material impact on the Company or
the trading price of its shares include: risks related to
political and economic instability in Ecuador; risks
associated with the Company's community relationships; risks
related to estimates of production, cash flows and costs; risks
inherent to mining operations; shortages of critical supplies; the
cost of non-compliance and compliance costs; control of the
Company's largest shareholders; volatility in the price of gold;
failure of the Company to maintain its obligations under its debt
facilities; risks related to Lundin
Gold's compliance with environmental laws and liability for
environmental contamination; the lack of availability of
infrastructure; the Company's reliance on one mine; security risks
to the Company, its assets and its personnel; risks related to
illegal mining; exploration and development risks; the impacts of a
pandemic virus outbreak; risks related to the Company's ability to
obtain, maintain or renew regulatory approvals, permits and
licenses; uncertainty with and changes to the tax regime in
Ecuador; the reliance of the
Company on its information systems and the risk of cyber-attacks on
those systems; the imprecision of Mineral Reserve and Resource
estimates; deficient or vulnerable title to concessions, easements
and surface rights; inherent safety hazards and risk to the health
and safety of the Company's employees and contractors; risks
related to the Company's workforce and its labour relations; key
talent recruitment and retention of key personnel; volatility in
the market price of the Company's shares; measures to protect
endangered species and critical habitats; social media and
reputation; the adequacy of the Company's insurance; risks relating
to the declaration of dividends; uncertainty as to reclamation and
decommissioning; the ability of Lundin
Gold to ensure compliance with anti-bribery and
anti-corruption laws; the uncertainty regarding risks posed by
climate change; limits of disclosure and internal controls; the
potential for litigation; and risks due to conflicts of
interest.
_______________________________
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1 See
Lundin Gold's May 2023 Climate Change Report at
www.lundingold.com.
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SOURCE Lundin Gold Inc.