GTI is buying Australian carbon credits to offset its uranium drilling operations. Pic: via Getty Images
Uranium explorer GTI cleaning up carbon footprint as part of its ESG push
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GTI is embracing the growing shift towards decarbonisation with its commitment to become operationally carbon neutral.
To help achieve this goal, the company has acquired 450 Australian Carbon Credit Units, each of which is equal to a tonne of carbon dioxide, from the Nyaliga Fire project – an eligible offset project registered in 2017 by the Nyaliga Aboriginal Corporation – in Western Australia’s East Kimberley region.
Nyaliga Fire was chosen due to the numerous co-benefits generated by the creation of these ACCUs, including environmental, social and cultural, whilst the credit generation is verified and governed by the Clean Energy Regulator.
The number of ACCUs acquired by GTI Resources (ASX:GTR) is based on an internally generated estimate of its carbon emissions during 2021-22 and is expected to ensure that its recently commenced maiden uranium drilling program in Wyoming is carbon neutral.
It also outlined its goal of being able to accurately report its carbon emissions by 2022 and to retire sufficient credits to offset these emissions.
This carbon neutrality initiative is part of its move to adopt the internationally recognised ESG Stakeholder Capitalism Metrics framework as announced in November.
“The GTI board is committed to best practice governance as defined by the World Economic Forum,” executive director Bruce Lane said.
“The WEF ESG framework helped us identify initiatives to improve our governance performance so that shareholders can be assured that we are meeting expectations and continuously improving in key areas.
“In particular, the company is actively targeting operational carbon neutrality as it develops its clean energy projects in the US.”
The company has also applied for Climate Active Certification as part of its ESG initiatives.
THOR ISR uranium project
GTI has just started drilling at the THOR insitu uranium project in Wyoming to confirm the grade and tenor of uranium mineralisation that was previously identified by Kerr McGee in the 1980s and to ultimately support definition of an economic ISR uranium resource.
Two drill rigs will carry out the program of about 100 holes totalling 15,000m.
THOR is located within 5-30km of both Ur-Energy’s Lost Creek ISR uranium facility and Rio Tinto’s Kennecott Sweetwater uranium deposits and mill.
This article was developed in collaboration with GTI Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
