The Elements of Innovation Discovered
The Elements of Innovation Discovered
Metal Tech News - February 28, 2024
Iron Ore Company of Canada's port facility in Quebec, Canada.
In a move aimed at battling climate change and bolstering the nation's economy, the Canadian government has awarded C$18.1 million (US$13.4 million) to lower carbon dioxide emissions from Rio Tinto's iron ore operations in the province of Newfoundland and Labrador.
Being awarded from Canada's Low Carbon Economy Fund, this grant to Rio Tinto's Iron Ore Company of Canada (IOC) will go toward reducing the amount of heavy fuel oil that is consumed in the production of iron ore pellets and concentrate at its operations near Labrador City.
"Through the Low Carbon Economy Fund, the government of Canada is partnering with climate leaders nationwide to cut emissions," said Labrador Member of Parliament Yvonne Jones.
To lower CO2 emissions from iron ore processing in Labrador, IOC will install an electric boiler to displace emissions from the usage of the heavy fuel oil boilers, as well as instrumentation and fuel-efficient burners to further reduce heavy fuel oil consumption from induration machines used to make pellets.
These improvements are expected to reduce greenhouse gas emissions from iron ore processing at the facility by 2.2 million metric tons over the life of the project.
"Rio Tinto IOC has a plan to decarbonize and continue producing some of the lowest carbon-intensity high-grade iron ore products in the world, right here in Canada. This project alone will eliminate approximately 9% of IOC's greenhouse gas emissions," said Iron Ore Company of Canada President and CEO Mike McCann. "We look forward to collaborating with the government of Canada and other partners towards our goal of achieving net zero emissions by 2050."
Rio Tinto's net-zero-emissions iron ore endeavors are part of a wider push to lower the greenhouse emissions from steelmaking, which is responsible for roughly 8% of global CO2 emissions.
The investment in lowering emissions from IOC's iron ore facilities is part of Ottawa's efforts to battle climate change while still maintaining a healthy mining and metals sector.
"By working with organizations across Canada, such as IOC, we can help the community save money on monthly operating costs and grow the economy, all while fighting climate change," said Jones. Canada's contribution represents approximately 25% of the total cost of the project, with IOC funding the remainder of the investment.
Canada's contribution represents approximately 25% of the total cost of the CO2 reduction project, with the balance being funded by IOC.
"Canada's contribution represents approximately 25% of the total cost of the project, with IOC funding the remainder of the investment," Jones added.
With more than 16 years of covering mining, Shane is renowned for his insights and and in-depth analysis of mining, mineral exploration and technology metals.
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