Brazilian miner and iron ore producer Vale detailed how it plans to become carbon-neutral and shift its operations towards more renewable sources.
In a presentation to investors, Vale said it will invest $500 million at its Sol do Cerrado solar power project, which is expected to start-up by October 2022. The project will allow Vale to reduce electricity costs in up to $70 million per year.
Additionally, Vale said it also expects its Folha Larga Sul wind power project to reduce electricity costs in up to $15 million per year.
As for its pelletizing activities, Vale said it is mulling new processes, such as undisclosed innovative iron ore products.
Currently, electricity accounts for 11 percent of Vale’s emissions. Mining and logistics for 32 percent, while metallurgy and pelletizing activities for another 57 percent of emissions.