VANCOUVER, BC, May 5, 2022 /PRNewswire/ – Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAAS) (“Pan American”) today released its 2021 Sustainability Report, describing Pan American’s environmental, social and governance efforts and performance. A Spanish version of the report will be published shortly.
Highlights of Pan American’s sustainability performance in 2021 include:
- Reduction of greenhouse gas (GHG) emissions by 11% and energy consumption by 7% compared to the reference scenario of 20211.
- Reduction of water consumption by 10% compared to the base scenario of 20211.
- Achieved a net positive of 85 hectares of rehabilitated or restored land.
- Invested $11.2 million in local communities. In addition, Pan American spent $1.3 billion on salaries, supplies, services and taxes, to benefit the national, regional and local economies where our operations are located.
- Training of 100% of employees and contractors on the first module of our “Building Respect Together” program, aimed at fostering inclusive and respectful workplaces.
- Development of a standard for the social closure of mines.
- 37.5% of our board members are women, including our board chair.
- Our board members, officers, executives and senior managers provide annual certifications regarding our global anti-corruption policy and global ethical code of conduct.
- Training of 480 key employees on corruption risks.
Pan American’s 2021 Sustainability Report also includes our 2022 goals for environmental, social and governance performance. Notably, the report recognizes the importance of reducing our GHG emissions with the inclusion of a climate change policy statement that sets a target to reduce our GHG emissions by at least 30% by 2030 by against our 2019 benchmark emissions, and an ambitious goal of net zero emissions. carbon dioxide equivalent emissions by 2050.
The 2021 Sustainability Report has been prepared in accordance with the Global Reporting Initiative (“GRI”) Standards Core Option, the GRI Mining and Metals Sector Disclosures and the Sustainability Accounting Standards Board Reporting Framework (“SASB”). The report also takes into consideration the framework of the Task Force on Climate-Related Financial Disclosures (“TCFD”).
Pan American’s 2021 Report serves as the annual Communication of Progress (“COP”) for the United Nations Global Compact (“UNGC”) and documents our implementation of the 10 UNGC Principles.
S&P Global ranks Pan American in the first quartile
Pan American’s ratings by all external ESG rating agencies that monitor our performance have improved compared to 2020. Notably, Pan American ranks in the top quartile of the metals and mining industry, according to S&P Global. Rating upgrades by S&P Global and MSCI resulted in a favorable pricing adjustment to Pan American’s sustainability-linked credit facility. In 2021, Pan American renewed and modified its $500 million credit facility to include a pricing component linked to our ESG performance, as assessed by MSCI and S&P Global. In addition to aligning our ESG performance with our cost of capital, this financial mechanism is another driver for the continuous improvement of our ESG practices.
Responsible Investor Conference Call: save the date
Pan American plans to hold its annual ESG call on September 22, 2022 to 11:00 a.m. ET (8:00 a.m. PT). Further details will be provided closer to the date.
(1) The reference scenario for 2021 corresponded to our water use, energy, GHG emissions and waste production forecasts for 2021, calculated using our mine adjusted for annual production forecasts.
About Pan Am Money
Pan American owns and operates silver and gold mines located in Mexico, Peru, Canada, Argentina and Bolivia. We also own the Escobal mine in Guatemala which is currently not working. Pan American offers increased exposure to silver through a broad base of silver reserves and resources, as well as major catalysts to increase silver production. We have been operating for 28 years in Latin America, earning a reputation as an industry leader for its sustainability performance, operational excellence and prudent financial management. We have our head office at Vancouver, BC and our shares trade on NASDAQ and the Toronto Stock Exchange under the symbol “PAAS”.
Learn more about panamericansilver.com.
SOURCE Pan American Silver Corp.