Deep sea mining puts $560 billion in land extraction at risk — report
Even in optimal scenarios, the activity would generate only $6.25 million in tax revenue for countries involved, says Planet Tracker.
Brazilian miner Vale is considering implementing new iron ore briquette plants in Brazil, the Middle East and the Gulf of Mexico, chief executive Eduardo Bartolomeo said on Tuesday, as the firm opened its first briquette unit in southeastern Brazil.
The plans would be part of Vale’s goal of having eight other briquette plants established in several locations worldwide by 2030, with the company saying the product could help its steelmaking clients reduce carbon emissions.
The briquette, which is produced through the low-temperature agglomeration of high-quality iron ore, could be used to replace sinters, pellets and granules in steelmaking, cutting greenhouse gas emissions by up to 10% compared to the traditional blast furnace process.
The new plant opened on Tuesday, located in the city of Tubarao in Espirito Santo state, will have a production capacity of 2 million metric tons per year and Vale already has around 30 companies interested in testing the new product.
A second plant, with a capacity to produce 4 million tons, is expected to start operating at the beginning of 2024.
Vale had previously said it plans to start building “mega hubs” in Middle Eastern countries next year to make low-carbon iron ore products for the steel industry.
It also has a deal to build a new facility in Rio de Janeiro’s Acu port, as well as a partnership with Sweden-based H2 Green Steel (H2GS) to study the joint development of industrial hubs in Brazil and North America.
(By Marta Nogueira, Peter Frontini and Gabriel Araujo; Editing by Mark Potter and Steven Grattan)
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