RE:RE:RE:1.5 billion Vale bond offeringI believe strongly that pelletizing will include PYR in order to reach their longterm goals of "
carbon-neutral mining by 2050". From Vale: 05/13/2020
Vale will invest at least US$2 billion to reduce its direct and indirect absolute emissions (scopes 1 and 2) by 33% by 2030. Direct emissions come from its operations, and indirect emissions come from external sources involved in the production process, such as electric power consumption. The goal complies with the Paris Agreement, which established a maximum limit for increasing the global average temperature of 2°C by 2100.
The investment amount, already planned in Vale's Capex guidance for the coming years, is the largest ever committed by the mining industry to combat climate change. With this initiative, Vale aims to transform itself into a company with zero net emissions in scopes 1 and 2 by 2050, leading the industry towards carbon-neutral mining. The investment was unveiled on May 12 by Vale's CEO, Eduardo Bartolomeo, during the annual meeting with analysts from the Bank of America Merrill Lynch, which was carried out virtually due to the pandemic of the new coronavirus.
By the end of the second half of this year, some pilot projects will be in operation. Vitria-Minas railroad (EFVM) will have the first 100% electric locomotive. Electric vehicles will be tested in underground operation at Creighton, Coleman and Copper Cliff’s mines in Canada and in the Vale's pelletizing in Vitria (Esprito Santo) will be tested with biofuel.
The base year used to calculate the carbon goal was 2017, when Vale’s emissions reached 14.1 million metric tons of CO2 equivalent (MtCO2e). The goal is to reduce it to 9.5 MtCO2e by 2030. Furthermore, the projects to disassociate its production from carbon emissions, Vale will recover and protect another 500 thousand hectares of native forest by 2030. Today, the company helps to protect more than 1 million hectares worldwide.
Article:
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