Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Copper Mountain Mining (TSX: CMMC) has successfully commissioned its trolley assist project, aimed at cutting carbon emissions at the company’s flagship mine by at least 30%. This would “pave a solid foundation” to achieve the goal of net zero carbon emissions by 2035, Copper Mountain says.
The Copper Mountain mine located near Princeton, British Columbia, is operated by the company, which owns 75%. Mitsubishi Materials owns the remaining 25%.
The trolley assist project is a partnership with SMS Equipment, Komatsu, ABB, Clean BC and B.C. Hydro. It consists of an approximate one-kilometre trolley-assist haul ramp and seven pantograph-equipped electric haul trucks.
“We are proud to be the first open pit mine to commission electric trolley assist haulage in North America,” Gil Clausen, Copper Mountain’s CEO said in a media statement. “We have been assessing numerous innovative technologies that will reduce our carbon load.”
“Through electrification and capacity increases, we are targeting to reduce our carbon intensity by 50 to 70% in the next five to seven years,” Clausen said. “We are also actively testing and researching renewable diesel, hydrogen, battery and fuel-cell technology to power our haulage units to achieve our goal of net-zero carbon emissions by 2035.”
“This project stemmed from our goal to reduce our carbon emissions and make a meaningful change, while improving our costs and productivity,” said Don Strickland, EVP of sustainability for Copper Mountain.
“Diesel fuel for our 240-tonne haul trucks is the largest source of GHG emissions at the mine, and diesel cost is between our second and third largest cost item for the site,” Strickland said.
“With clean hydro-electricity available in B.C., the best way to achieve both the GHG and cost reduction objectives was to consider trolley assist technology when acquiring new trucks.”
