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Hudbay Minerals Reaches Major Milestone Towards Achieving its 2030 Greenhouse Gas Reduction Targets with the Signing of a Renewable Power Supply Agreement for its Constancia Mine in Peru
Hudbay’s Scope 1 and Scope 2 greenhouse gas emissions are expected to decline by 40% from its 2021 baseline as a result of the new Constancia renewable energy s
About this update from Hudbay Minerals Inc
[{"type":"text","content":" Hudbay’s Scope 1 and Scope 2 greenhouse gas emissions are expected to decline by 40% from its 2021 baseline as a result of the new Constancia renewable energy supply agreement. Energy supply contract with a new provider, ENGIE Energía Perú, to come into effect in January 2026 with a 10-year term. New contract includes a guaranteed supply of renewable energy to satisfy Constancia’s anticipated future energy requirements. TORONTO, April 27, 2023 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. (“Hudbay” or the “company”) (TSX, NYSE: HBM) is pleased to announce the signing of a new 10-year power purchase agreement with ENGIE Energía Perú for access to a 100% renewable energy supply to Hudbay’s Constancia operations in Peru. “Last December, Hudbay committed to reducing its 2030 greenhouse gas emissions by 50% and achieving net zero by 2050. The signing of this 10-year power purchase agreement marks a major milestone for achieving Hudbay’s greenhouse gas reduction goals,” said Peter Kukielski, Hudbay’s President and Chief Executive Officer. “We are proud of this achievement as it places Hudbay firmly in reach of achieving a 50% emissions reduction by 2030 and on track for net zero by 2050. Additionally, Hudbay’s low carbon footprint production will continue to produce the metals needed for the global transition to a low-carbon future.” Guaranteed Supply of Renewable Energy Following the end of the current power supply agreement in Peru, energy will be supplied by ENGIE Energía Perú starting on January 1, 2026, with a 10-year term. The new agreement ensures a consistent and guaranteed supply of renewable energy sufficient for Hudbay’s Constancia operation. The new contract provides improved flexibility in power supply levels and lower contracted costs as compared to the existing power supply contract. The contract functions on a consumption basis, ensuring the company’s costs are variable based on actual usage, with no minimum spend or penalty for usage below the contracted rate. In alignment with Hudbay’s greenhouse gas (“GHG”) emissions reduction initiatives, the new contract includes the granting of Renewable Energy Certificates (“RECs”) to Hudbay as an assurance of the supply of renewable energy dedicated to Constancia’s electricity consumption. These RECs will be applied to Hudbay’s energy consumption to enable the company to have a 100...