REG - Wheaton Precious Met - Climate Policy and Net Zero Carbon Commitment

Wheaton Precious MetalsAnnouncement

10/02/2022 16:20

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RNS Number : 3491B  Wheaton Precious Metals Corp.  10 February 2022

 

 

February 9, 2022                                                                             TSX | NYSE | LSE: WPM
Vancouver, British Columbia

 

WHEATON PRECIOUS METALS ADOPTS CLIMATE CHANGE POLICY

AND COMMITS TO NET ZERO carbon emissions by 2050

 

Wheaton Precious Metals™ Corp. ("Wheaton" or the "Company") is pleased to
announce enhanced climate change and environmental commitments through a
number of new, formalized policies and initiatives as part of Wheaton's
broader environmental, social and governance ("ESG") strategy.

 

"Today's announcement reinforces Wheaton's long-standing commitment to
industry-leading ESG practices and to being an agent of change. These
initiatives are not only critical to how we manage our business risk, but they
are also the right thing to do," said Randy Smallwood, President and Chief
Executive Officer of Wheaton Precious Metals. "Along with our partners, we
strongly believe that promoting responsible mining practices and developing
clear roadmaps to reach net zero is more important than ever. Aligning our
strategy and approach with the most recent climate science will allow us to
continue our mandate of delivering long-term sustainable value to all our
stakeholders through our streaming business model."

 

These enhanced climate change and environmental commitments include the
following:

·    Commitment to achieve net zero carbon emissions by 2050 1 . This
includes the establishment of targets across both Scope 2 and Scope 3
attributable emissions to support a 1.5° C trajectory. This target
development process will begin immediately in collaboration with third-party
partnership organizations to ensure that our targets align with the goals of
the Paris Agreement, and regular updates will be provided beginning in
Wheaton's 2021 Sustainability Report (the "Sustainability Report") to be
published in May.

·    Engagement with our mining partners to encourage the establishment of
emissions targets to support a 1.5° C trajectory at their operations.

·    Establishment of a fund to support our mining partners' efforts to
move to renewable energy sources and / or reduce emissions at the mines in
which we have an interest. Accessible to all mining partners, Wheaton has made
a $4 million initial commitment, representing 1% of its average net income of
the previous four years.

 

Wheaton's detailed approach to climate change, including comprehensive
information on climate related financial risks and opportunities, will be
disclosed in its upcoming Sustainability Report to be published in May and
will be aligned with the recommendations of the Task Force on Climate-Related
Financial Disclosures (TCFD). The Sustainability Report will also provide
inaugural quantification of Wheaton's Scope 3 emissions for its Investments
(Category 15).

 

Wheaton's full climate change and environmental policy is available here
(https://s21.q4cdn.com/266470217/files/doc_downloads/2022/02/C07-EnviroPolicy_9FEB2022.pdf)
. To find out more about Wheaton's ESG approach, visit
https://www.wheatonpm.com/responsibility.

 

For further information, please contact:

 

 

Patrick Drouin

Senior Vice President, Investor Relations

Wheaton Precious Metals Corp.

Tel: 1-844-288-9878

Email: info@wheatonpm.com (mailto:info@wheatonpm.com)

Website: www.wheatonpm.com (http://www.wheatonpm.com)

 

 

 

 1  Net zero includes emissions reductions in line with a 1.5 trajectory
across Scopes 1, 2 and 3. Achievement of net zero may include the use of
offsets for residual emissions in 2050.

 

 

CAUTIONARY NOTE REGARDING FORWARD-LOOKINGSTATEMENTS

 

This press release contains "forward-looking statements" within the meaning of
the United States Private Securities Litigation Reform Act of 1995 and
"forward-looking information" within the meaning of applicable Canadian
securities legislation concerning the business, operations and financial
performance of Wheaton and, in some instances, the business, mining operations
and performance of Wheaton's precious metals purchase agreement ("PMPA")
counterparties. Forward-looking statements, which are all statements other
than statements of historical fact, include, but are not limited to Wheaton's
climate change and environmental commitments, the future price of commodities,
the estimation of future production from mineral stream interests owned by
Wheaton (the "Mining Operations") (including in the estimation of production,
mill throughput, grades, recoveries and exploration potential), the estimation
of mineral reserves and mineral resources (including the estimation of reserve
conversion rates) and the realization of such estimations and the
commencement, timing and achievement of construction, expansion or improvement
projects by Wheaton's PMPA counterparties at Mining Operations. Generally,
these forward-looking statements can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not expect",
"is expected", "budget", "scheduled", "estimates", "forecasts", "projects",
"intends", "anticipates" or "does not anticipate", or "believes", "potential",
or variations of such words and phrases or statements that certain actions,
events or results "may", "could", "would", "might" or "will be taken", "occur"
or "be achieved". Forward-looking statements are subject to known and unknown
risks, uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of Wheaton to be materially
different from those expressed or implied by such forward-looking statements,
including but not limited to risks associated with the ability to achieve
climate change and environmental commitments at Wheaton and at the Mining
Operations, fluctuations in the price of commodities (including Wheaton's
ability to sell its precious metals or cobalt production at acceptable prices
or at all), the Mining Operations (including fluctuations in the price of the
primary or other commodities mined at such operations, regulatory, political
and other risks of the jurisdictions in which the Mining Operations are
located, actual results of mining, risks associated with the exploration,
development, operating, expansion and improvement of the Mining Operations,
environmental and economic risks of the Mining Operations, and changes in
project parameters as plans continue to be refined), and other risks discussed
in the section entitled "Description of the Business - Risk Factors" in
Wheaton's Annual Information Form available on SEDAR at www.sedar.com
(http://www.sedar.com) , and in Wheaton's Form 40-F for the year ended
December 31, 2020 and Form 6-K filed March 11, 2021 both available on EDGAR at
www.sec.gov (http://www.sec.gov) , as well as the risks set out in Wheaton's
management's discussions and analysis for the period ended December 31, 2020
available on SEDAR and EDGAR (together, the "Disclosure"). Forward-looking
statements are based on assumptions management currently believes to be
reasonable, including (without limitation): that Wheaton will be able to
achieve climate change and environmental commitments, there will be no
material adverse change in the market price of commodities, that the Mining
Operations will continue to operate and the mining projects will be completed
in accordance with public statements and achieve their stated production
estimates, that the mineral reserve and mineral resource estimates from Mining
Operations (including reserve conversion rates) are accurate, and such other
assumptions and factors as set out in the Disclosure. There can be no
assurance that forward-looking statements will prove to be accurate and even
if events or results described in the forward-looking statements are realized
or substantially realized, there can be no assurance that they will have the
expected consequences to, or effects on, Wheaton. Readers should not place
undue reliance on forward-looking statements and are cautioned that actual
outcomes may vary. The forward-looking statements included herein are for the
purpose of providing readers with information to assist them in understanding
Wheaton's expected financial and operational performance and may not be
appropriate for other purposes. Any forward-looking statement speaks only as
of the date on which it is made, reflects Wheaton's management's current
beliefs based on current information and will not be updated except in
accordance with applicable securities laws. Although Wheaton has attempted to
identify important factors that could cause actual results, level of activity,
performance or achievements to differ materially from those contained in
forward‑looking statements, there may be other factors that cause results,
level of activity, performance or achievements not to be as anticipated,
estimated or intended.

 

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