South32 targets for 50% cut in carbon emissions by 2035

South32 targets 50 per cent cut in its Scope 1 and 2 operational emissions by 2035, after announcing the sale of its South African thermal coal assets with mining group Seriti Resources.

“We are sustainably reshaping our business for a low carbon future by increasing our exposure to base metals. We have set a new medium-term target to halve our operational emissions by 2035 and are investing in efficiency projects, applying low carbon design principles and evaluating carbon reduction technologies to achieve this goal,” said CEO Graham Kerr.

South32 expects to register a loss of between $125 million and $175 million from the sale of its South African thermal coal assets. It hopes to conclude the sale its majority stake by June 1.

“Demonstrating the continued strength of our operational and financial performance, as well as the positive outlook for our business, we are also announcing a further $200-million to be returned to shareholders through our capital management programme.

This decision is supported by our strong balance sheet and disciplined approach to capital allocation, and will take total returns to shareholders by our capital management programme to $1.88-billion.”