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.
Teck Resources (TSX: TECK.A and TECK.B; NYSE: TECK) is working with Norden to reduce carbon dioxide (CO2) emissions in Teck’s steelmaking coal supply chain. The agreement is expected to reduce annual emissions from Teck shipments handled by Norden by 25%, or up to 6,700 tonnes of CO2.
That’s equivelant to removing more than 1,400 passenger vehicles from the road, the company says.
Norden emission reductions will come from a range of solutions, including the use of fuel-efficient ships and alternative fuels such as biofuel in combination with advanced data analytics to optimize vessel speed and routing.
Teck CEO Jonathan Price said, “Working with transportation providers like Norden to reduce emissions downstream of our business furthers our progress towards achieving our net-zero by 2050 goal.”
The emission reduction freight contract is one of several of Norden’s climate solutions for customers. As part of Teck’s sustainability strategy, the company aims to reduce carbon intensity across operations by 33% by 2030 and be a carbon-neutral operator by 2050.
Norden CEO Jan Rindbo said the company’s commitment to carbon neutrality by 2050 includes short and medium-term goals to reduce carbon emissions by 2030.
