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Balkan Mining and Minerals Ltd (BMM or the Company) (ASX: BMM) is pleased to announce that the Company has executed a Marketplace Platform Agreement with Puro.earth for the identification of CO2 Removal Certificates (CORCs) for its projects in Serbia as the Company is mindful of its carbon footprint and environmental responsibilities.
- Puro.earth and BMM sign a Marketplace Platform Agreement to kick-start the market for Carbon Negative Lithium and Borates
- The Agreement will form the basis for BMM moving towards becoming a true Carbon Negative Lithium and Borate explorer and developer
- BMM will calculate the emissions caused by the mining and processing activities to quantify the need for emission neutralization using carbon accounting best practices
- BMM and Puro.earth will work bilaterally to secure a long-term Purchase Agreement with appropriate verified suppliers of CO2 Removal Certificates (CORCs) as the Company progresses its lithium-borate projects in Serbia
Puro.earth is the world's first B2B marketplace, standard and registry focused solely on carbon removal. Its mission is to mobilise the world's economy to reward carbon net-negative emissions. It does this by helping voluntary corporate buyers accelerate carbon dioxide removal at an industrial global scale.
Puro.earth identifies processes that remove CO2 from the atmosphere, co-creates carbon removal methodologies with stringent requirements and verifies the operations. The online marketplace and registry focuses solely on carbon removal, aggregating verified carbon dioxide removal suppliers and bringing them together with buyers who purchase their verified carbon removal credits, CO2 Removal Certificates (CORCs), which represent one tonne of carbon removed.
Aiming at climate and economic impact, Puro.earth is driving forward a market of carbon negative industries, enabling a new revenue stream to accelerate their growth. In July 2021, Nasdaq (NDAQ.O) acquired a majority interest in Puro.earth.
Under the agreement, Puro.earth will seek to identify CORCs for the Company to purchase from 2024 onwards. In support of our joint goals, Puro.earth has undertaken to refrain from entering into a Marketplace Agreement with any other Lithium/Borate Company for the first year from signing of this Marketplace Agreement. Whilst the Company will initially look to purchase sufficient CORCs to offset its project and corporate emissions, the marketing agreement allows for BMM to acquire additional CORCs that it can then on-sell to other parties.