Bellevue Becomes World’s First Net Zero Gold Mine
Australian miner has already received a green premium for its gold
Bellevue Gold (ASX: BGL) has announced that its namesake gold mine in Western Australia has achieved net zero on a Scope 1 and 2 basis.
Bellevue managing director and CEO Darren Stralow used his presentation at the Diggers & Dealers Mining Forum in Kalgoorlie, Western Australia on Tuesday to announce the milestone.
The Bellevue operation, near Leinster in WA’s Goldfields region, was commissioned in late 2023.
The operation was designed with a net zero target in mind, with the company previously aiming to achieve the target by 2026.
“We talked about the potential and people believed us or didn't believe us, but the pleasing thing now is net zero has actually happened,” Stralow told reporters following his presentation.
Bellevue, which will present at the Mining Forum Americas next month, built a 90 megawatt hybrid power station comprising 24MW of wind, 27MW of solar, 24MW thermal and a 15MW/29MW hour battery energy storage solution.
The company achieved 58 hours with 100% renewable energy in June following the commissioning of wind turbines.
Bellevue is targeting 80-90% renewable energy penetration, which would make the Bellevue operation the most renewably powered off-grid mine in Australia.
Green gold
Bellevue previously outlined a goal to get a premium for its net zero gold and Stralow confirmed the goal had become a reality.
“We've actually been receiving a green premium on gold that we've sold over the past couple of quarters through the partnership, primarily with ABC Refinery, but then with SMO [Single Mine Origin], particularly on the jewellery side,” he said.
London-based SMO is already selling socially conscious gold sourced from three mines in Africa to jewellery makers.
“The Bellevue gold is unique in that we are producing something that has positive ESG to it,” Stralow said.
“[SMO] were very big on our journey to net zero, and now we'll partner with them as we have actually achieved net zero and see what we can continue to do.”
Stralow said there was an increasing demand from consumers for sustainably mined gold.
“That's why we have partners like ABC Refinery and SMO because they sell a lot of gold, so they have a really good understanding of what the market is, and a really good understanding of who those people in the market are that rate the ESG focus, but then are willing to pay the premium for it,” he said.
“There's a mix of the jewellery providers, but there's also some central banks in Europe that are actually paying the premium for net zero gold.”
Hitting its straps
Bellevue suffered from a series of production misses and guidance downgrades in the 2025 financial year.
The mine produced 128,000 ounces of gold at all-in sustaining costs of A$2422 an ounce.
Last week, Bellevue set 2026 financial year guidance at 130,000-150,000oz at AISC of A$2600-2900/oz, ramping up through the year.
“I think the feedback we're certainly getting is that Bellevue hasn't really had a lot of conservative guidance in the market and we've really focused on what we're saying to the market now being conservative and deliverable,” Stralow said.
“We've had a really good six months. The first six months of this calendar year, in terms of metres and tonnes from the mine, have been good. Reconciliation is going really well.
Bellevue is aiming to lift production to 175,000-195,000oz per annum from FY27.
The company has also appointed UBS, the Lisle Group and King & Wood Mallesons as advisors to assist with a strategic review, which will review options aimed at maximising shareholder value.
Stralow described the review as open-ended.
“The real focus for us is just delivering the best value for shareholders,” he said.
“If that's through operations, then that's great. If that's through something else, then as long as it delivers a really good outcome to shareholders we’ll do it.”