Agnico Eagle Mines (TSX, NYSE: AEM) has revealed that the Railveyor system implemented at its Goldex mining complex has reduced carbon emissions by 39% and lowered opex by up to 75%. This marks a significant milestone in Agnico’s journey toward achieving net-zero by 2050.
Located in Val-d’Or, Quebec, the Goldex mine has faced challenges with deeper zones and low-grade ore. To address these, Agnico replaced traditional diesel truck haulage with the all-electric Railveyor system in 2017, leading to transformative results.
Agnico’s studies show that the Railveyor system has significantly reduced emissions and proven to be cost-effective. A study by NRCan-CanmetMINING confirmed that the system operates within 6% of its expected energy usage, validating its efficiency. The system’s stability and predictable electrical energy costs have been particularly beneficial compared to the fluctuating costs of fossil fuels.
“The success of the Railveyor at Goldex highlights the importance of collaboration between our team and Agnico,” Railveyor interim CEO Tas Mohamed said in a news release. “This partnership has demonstrated that Railveyor is not just a viable alternative to traditional methods but a superior one in terms of safety, cost and environmental impact.”
Chair of Railveyor and managing director at Resource Capital Funds Charles Gillies noted that the positive impact at Goldex underscores the value of investing in sustainable and transformative mining solutions.