Latest news with #DinoOtranto
Reuters
07-05-2025
- Business
- Reuters
Digging to zero? Inside the race to decarbonise mining
Summary Mining accounts for 4-7% of global emissions But nickel, cobalt, lithium and copper needed for energy transition Australia's Fortescue developing own technology to cut Scope 1 and 2 emissions in Pilbara mine Copper mine in DRC to procure baseload power from solar and storage system Despite progress, pace of decarbonisation uneven across sector May 6 - The resources needed to decarbonise the world economy lie buried beneath the Earth. There is no alternative to digging them out if the energy transition is to take place. Without mining, there will be no silicon for solar panels, no steel for wind turbines, no lithium, cobalt or nickel for electric vehicles. However mining itself accounts for 4-7% of global emissions. While an estimated 75-85% of the sector's emissions come from methane released from coal mines , this problem is expected to abate over the next 25 years as the world gets on course for net-zero. That's why the focus is on decarbonising other forms of mining that are vital to the energy transition, where demand is rapidly rising. The International Energy Agency projects that reaching net-zero will mean a 50% rise in demand for copper by 2040, along with a doubling of nickel and cobalt demand, and an eightfold increase in demand for lithium. As the mining industry looks to confront the challenge of producing more while emitting less, the company that appears to be front of the pack is Australian iron ore giant Fortescue. Rather than relying on carbon offsets to compensate for its residual emissions (Fortescue's website describes carbon offsets as a 'scam'), the company decided in 2022 to aim instead for 'real zero'. Its billionaire chairman, Andrew Forrest, is a ferocious critic of 'net-zero'; in April, he told the Innovation Zero conference in London that 'the word 'net' is killing us', demanding instead that companies find ways to stop burning fossil fuels. As such, Fortescue has committed to eliminating terrestrial Scope 1 and 2 emissions from its vast iron ore mining operations across an 87,000 square km area of the Pilbara region of Western Australia. And it aims to hit this milestone not in 2050, but in 2030. 'We said, 'Okay, let's pick a top-down target of 2030, backed by real climate science that is now undeniable, and put that mark in the sand and set that as an industry target',' says Dino Otranto, CEO of Fortescue Metals. 'We wanted to be the exemplar and demonstrate it's possible. But that meant we had to carry out that plan in a very unconventional way.' The first task, he says, has been to convert Fortescue's mining operations from diesel and, to a lesser extent, gas. It aims to deploy 2-3 gigawatts (GW) of solar and wind power, backed up by enormous battery storage systems. The 'biggest enabler' in making this viable, says Otranto, has been the steep decline in the cost of solar panels and batteries in recent years. 'The cost of renewable infrastructure is now significantly cheaper than its gas equivalent.' Switching to renewables is a huge undertaking that also involves the build-out of an extensive transmission network to bring power to where it is needed across the Pilbara region. But the really unconventional element of Fortescue's $6.2 billion decarbonisation plan is its investment in its own proprietary technology. The company has developed several designs for the trains used to haul iron ore along the 760km rail network that links its Pilbara mines to Port Hedland on the coast of Western Australia, from where it is shipped to global markets. One of these designs seeks to harness gravitational energy as trains descend 400 metres in altitude on their journey from the mine sites to the coast. Currently, diesel trains apply their brakes on the descent 'and you get rid of all that energy through huge toasters and resistors', says Otranto. 'It's very, very inefficient.' Fortescue has dealt with this problem by developing motors that harvest energy during the descent, then release the charge when trains make their way back up to the mine. This regenerating battery technology is just one of the technical innovations that Fortescue has developed within impressively short timelines. It is also using ammonia-powered trains, while its latest prototype for a green electric design went from 'nothing to production-ready in nine months', says Otranto. 'I think sometimes people misunderstand what we really are pulling off here, and that's why so many people just doubt that we're actually doing it,' says Otranto. 'Well, I open the door to competition, suppliers: I want them to see that it is possible. This is the right thing to do.' Fortescue's ambitions are unmatched within the industry, but it is far from the only mining company making progress towards reducing emissions. Across the world, many mine sites – which are often in remote areas, disconnected from national electricity grids – are finding that it makes financial sense to install solar power or other forms of renewable energy as an alternative to diesel generators. In the Democratic Republic of Congo, for example, the Kamoa Copper mine, the largest copper mining complex in Africa, announced in early April that it will procure baseload power from a solar and storage system to be built and operated by renewable energy developer CrossBoundary Energy. Kamoa will not incur an upfront cost, instead paying for the electricity it receives over the course of its contract with CrossBoundary. The deal is set to reduce the mine's carbon emissions by around 78,750 tonnes per year. 'Where this project is exceptionally exciting is that this is a baseload renewable energy solution,' says Matthew Tilleard, managing partner at CrossBoundary Energy. The baseload characteristic is achieved by building a system that he concedes is 'in some ways massively oversized'. The company will build a 222 megawatt (MW) solar array and a massive battery system to guarantee 30 MW of baseload power. 'But what that means is we're delivering reliable power, baseload power, that's completely carbon-free at a price that is cheaper than diesel.' Indeed, it is the economics of off-grid renewable energy that make these systems attractive to mining companies. 'You don't have to believe in climate change,' says Tilleard. 'This is cheaper.' Technology is also advancing around mining trucks. There are around 28,000 of these gargantuan and highly specialised vehicles operating around the world, emitting around 69 million tonnes of CO2 equivalent. The International Council on Mining and Metals, the industry organisation that represents 24 of the world's largest mining companies, is running an initiative to find ways to reduce emissions from trucks. Mining companies are partnering with equipment manufacturers such as Caterpillar, Komatsu and Sandvik in the initiative. 'Since we started that programme in 2018, we have seen significant progress,' says Bryony Clear Hill, the ICMM's director of innovation. 'We're now estimating that we'll have zero-emission vehicles at scale by 2030, which is a full 10 years ahead of the best estimates when we started the programme.' Clear Hill adds that there will be no 'one size fits all' solution to decarbonising mining vehicles. Battery electric technology does appear to have the most momentum, however, with several prototypes already being tested. Despite the visible progress being made around the world, the pace of decarbonisation is highly uneven across the industry. This is partly because every mine site is different: the feasibility of installing zero-emissions solutions such as solar or wind power depends on highly localised conditions, as well as the availability of land. Much also depends on government support. A mine that is grid-connected will not be able to decarbonise if the grid is dependent on fossil fuel power, for example. Government policies to enable mining companies to sign power-purchase agreements with private electricity suppliers are also key. 'There's this broader ecosystem of enablers that needs to be in place to support mining, to be able to reduce at scale, at pace, so that we can be able to supply those critical minerals,' says Hayley Zipp, director of the environment programme at the ICCM. 'If you've got weak access to power-purchasing agreements and independent power producers, that's really going to slow you down.' Gregoire Bellois is a senior policy advisor at the Intergovernmental Forum on Mining, Minerals, Metals and Sustainable Development. He says that mining companies display varying levels of commitment around decarbonisation. Some larger companies are making 'real progress', he says. Others achieve decarbonisation only 'on paper', simply by divesting their highest-emitting mines. Most Chinese companies are 'really, very early in this process', Bellois adds. Chinese firms are increasingly dominant in certain strategic mineral supply chains; Benchmark Mineral Intelligence estimates that Chinese companies will control 46% of the world's cobalt supply by 2030. Though Bellois says some have shown interest in reducing their carbon footprint, 'currently, they don't see why they should do it. They have no requirement to do it. So, they don't do it.' One development that could have worldwide effects is the European Union's proposed Carbon Border Adjustment Mechanism. If implemented, CBAM would impose a levy on carbon-intensive companies that export into the EU market. 'In theory, it's a really good tool,' says Bellois. But he warns there could be 'perverse effects', in that many producers will effectively be excluded from the European market, and will instead simply redirect exports towards customers in China. While Bellois believes some mining companies can decarbonise, he is sceptical that the entire industry can make it even to 'net' zero by 2050, let alone the 'real' zero championed by Fortescue. Yet, given the significant acceleration in the production of many types of minerals, action is vital. 'We expect to mine in the next 30 years more than what we mined over the whole history of humanity,' says Bellois. 'Every effort to try to limit the amount of what is emitted would be a net win.'
Associated Press
14-04-2025
- Business
- Associated Press
Fortescue and CMB.TECH sign agreement for ammonia-powered ore carrier
Antwerp, April 14, 2025 (GLOBE NEWSWIRE) -- NV (NYSE: CMBT & Euronext: CMBT) (' or the 'Company') has signed an agreement with Fortescue to charter a new ammonia-powered vessel. This emphasises the commitment of both companies to decarbonise the shipping industry. This 210,000-dwt ammonia-powered Newcastlemax will feature a dual fuel engine and is expected to be delivered by the end of 2026. Fortescue and Bocimar, part of have signed an agreement for an ammonia-powered Newcastlemax featuring a dual fuel engine. The 210,000-dwt vessel is part of series of large dry bulk carriers currently on order at Qingdao Beihai Shipyard and is expected to be delivered to Fortescue by the end of next year. It will play a vital role taking iron ore from the Pilbara to customers in China and around the world. While Fortescue is committed to eliminating Scope 1 and 2 emissions from its Australian iron ore operations by 2030, its target of Net Zero Scope 3 emissions by 2040 reflects the challenge of eliminating emissions from the shipping of its products to customers and from steelmaking. Fortescue has taken a global leadership position by advocating for the early adoption of zero emission fuels such as green ammonia, widely accepted as the long-term solution, and the bypassing of transitional fuels such as biofuels and LNG. The Fortescue Green Pioneer, the world's first dual-fuel ammonia-powered vessel, has been in London since early March and will soon embark on a tour of global ports to bring attention to the need for a hastened transition to zero emissions fuels. Fortescue Metals CEO Dino Otranto said: 'Our landmark agreement with Bocimar sends a clear signal to the market – now is the time for shipowners to invest in green ammonia-powered ships. The days of ships operating on dirty bunker fuel, which is responsible for 3 per cent of global carbon emissions, are numbered. We continue to implore shipping regulators to show the character and leadership that is necessary to ensure this happens sooner rather than later. Our agreement with Bocimar is just the beginning. Through the Fortescue Green Pioneer we have demonstrated that the technology to decarbonise shipping exists now. We will continue to work with like-minded companies like Bocimar to transition our fleet to low and zero-emissions vessels and help accelerate the widespread adoption of green ammonia as a marine fuel.' Alexander Saverys, CEO of said: 'Fortescue and Bocimar have been close partners for more than 20 years. We share the same values and are both passionate about decarbonising the maritime industry. Based on our common belief that green ammonia is the fuel of the future, we were able to conclude this important agreement on the road to zero emission shipping. This is the beginning of an exciting journey to build more ammonia-powered ships that will stimulate more green ammonia production projects. We need to decarbonise today to navigate tomorrow.' Announcement first quarter 2025 results – 14 May 2025 About is a diversified and future-proof maritime group. We own and operate more than 150 seagoing vessels: crude oil tankers, dry bulk vessels, container ships, chemical tankers, offshore wind vessels & workboats. We also offer hydrogen and ammonia fuel to customers, through own production or third-party producers. The company is headquartered in Antwerp, Belgium, and has offices across Europe, Asia, United States and Africa. is listed on Euronext Brussels and the NYSE under the ticker symbol CMBT. More information can be found at About Fortescue Fortescue is the technology, energy and metals group accelerating the commercial decarbonisation of industry, rapidly, profitably and globally. The metals business comprises iron ore operations in the Pilbara, Western Australia as well as a pipeline of exploration projects globally in Africa, Latin America and Australia. By 2030, they aim to have their Australian iron ore operations running on green energy, achieving Real Zero Scope 1 and 2 terrestrial emissions. Their Energy business is building a global portfolio of renewable green hydrogen and green ammonia projects and developing green technology solutions. As their business develops globally, their commitment to building thriving communities expands withthem. Delivering positive social and economic change through training, employment and business development opportunities is a key focus. Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words 'believe', 'anticipate', 'intends', 'estimate', 'forecast', 'project', 'plan', 'potential', 'may', 'should', 'expect', 'pending' and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker vessel capacity, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the United States Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. Attachment Katrien Hennin +32 499393470 [email protected]
Yahoo
14-04-2025
- Business
- Yahoo
Fortescue and CMB.TECH sign agreement for ammonia-powered ore carrier
Antwerp, April 14, 2025 (GLOBE NEWSWIRE) -- NV (NYSE: CMBT & Euronext: CMBT) (' or the 'Company') has signed an agreement with Fortescue to charter a new ammonia-powered vessel. This emphasises the commitment of both companies to decarbonise the shipping industry. This 210,000-dwt ammonia-powered Newcastlemax will feature a dual fuel engine and is expected to be delivered by the end of 2026. Fortescue and Bocimar, part of have signed an agreement for an ammonia-powered Newcastlemax featuring a dual fuel engine. The 210,000-dwt vessel is part of series of large dry bulk carriers currently on order at Qingdao Beihai Shipyard and is expected to be delivered to Fortescue by the end of next year. It will play a vital role taking iron ore from the Pilbara to customers in China and around the world. While Fortescue is committed to eliminating Scope 1 and 2 emissions from its Australian iron ore operations by 2030, its target of Net Zero Scope 3 emissions by 2040 reflects the challenge of eliminating emissions from the shipping of its products to customers and from steelmaking. Fortescue has taken a global leadership position by advocating for the early adoption of zero emission fuels such as green ammonia, widely accepted as the long-term solution, and the bypassing of transitional fuels such as biofuels and LNG. The Fortescue Green Pioneer, the world's first dual-fuel ammonia-powered vessel, has been in London since early March and will soon embark on a tour of global ports to bring attention to the need for a hastened transition to zero emissions fuels. Fortescue Metals CEO Dino Otranto said: 'Our landmark agreement with Bocimar sends a clear signal to the market – now is the time for shipowners to invest in green ammonia-powered ships. The days of ships operating on dirty bunker fuel, which is responsible for 3 per cent of global carbon emissions, are numbered. We continue to implore shipping regulators to show the character and leadership that is necessary to ensure this happens sooner rather than later. Our agreement with Bocimar is just the beginning. Through the Fortescue Green Pioneer we have demonstrated that the technology to decarbonise shipping exists now. We will continue to work with like-minded companies like Bocimar to transition our fleet to low and zero-emissions vessels and help accelerate the widespread adoption of green ammonia as a marine fuel.' Alexander Saverys, CEO of said: "Fortescue and Bocimar have been close partners for more than 20 years. We share the same values and are both passionate about decarbonising the maritime industry. Based on our common belief that green ammonia is the fuel of the future, we were able to conclude this important agreement on the road to zero emission shipping. This is the beginning of an exciting journey to build more ammonia-powered ships that will stimulate more green ammonia production projects. We need to decarbonise today to navigate tomorrow." Announcement first quarter 2025 results – 14 May 2025 About is a diversified and future-proof maritime group. We own and operate more than 150 seagoing vessels: crude oil tankers, dry bulk vessels, container ships, chemical tankers, offshore wind vessels & workboats. We also offer hydrogen and ammonia fuel to customers, through own production or third-party producers. The company is headquartered in Antwerp, Belgium, and has offices across Europe, Asia, United States and Africa. is listed on Euronext Brussels and the NYSE under the ticker symbol CMBT. More information can be found at About Fortescue Fortescue is the technology, energy and metals group accelerating the commercial decarbonisation of industry, rapidly, profitably and globally. The metals business comprises iron ore operations in the Pilbara, Western Australia as well as a pipeline of exploration projects globally in Africa, Latin America and Australia. By 2030, they aim to have their Australian iron ore operations running on green energy, achieving Real Zero Scope 1 and 2 terrestrial emissions. Their Energy business is building a global portfolio of renewable green hydrogen and green ammonia projects and developing green technology solutions. As their business develops globally, their commitment to building thriving communities expands withthem. Delivering positive social and economic change through training, employment and business development opportunities is a key Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words 'believe', 'anticipate', 'intends', 'estimate', 'forecast', 'project', 'plan', 'potential', 'may', 'should', 'expect', 'pending' and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker vessel capacity, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the United States Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. Attachment Fortescue and sign agreement for ammonia-powered ore carrier CONTACT: Katrien Hennin +32 499393470 in to access your portfolio
Yahoo
31-01-2025
- Automotive
- Yahoo
Mining company places $400 million order to transform its enormous fleet: 'We will need to swap out hundreds of pieces'
An Australian mining company made headlines when it placed a $400 million order for over 100 new all-electric mining equipment assets from a Chinese manufacturer, as reported by Electrek. Fortescue, an Australian mining company, purchased $400 million of mining equipment from Xuzhou Construction Machinery Group, the largest single equipment export deal in the Chinese company's history. The contract will bring electric mining equipment, including electric wheel loaders, electric dozers, and electric semitrucks, to Fortescue's operations within the next five years. "We're moving rapidly to decarbonize our Pilbara iron ore operations and eliminate our Scope 1 and 2 terrestrial emissions by 2030," explained Fortescue Chief Executive Officer Dino Otranto. "To achieve this target, we will need to swap out hundreds of pieces of diesel mining equipment at the end of their life with zero emissions alternatives. As the global mining industry continues to evolve, we're proud to be at the forefront of driving innovation in value adding green technology and showing the world that industry can decarbonize." If you were going to purchase an EV which of these factors would be most important to you? Good driving range Affordable sticker price High-tech safety features Cheap maintenance costs Click your choice to see results and speak your mind. The mining industry, which brings in over $845 billion annually, is becoming even more important. There is a higher demand for nickel, lithium, and phosphates for electric vehicles and other electric items. Fortescue's mine also specializes in iron ore for steel. Mining, however, can create land and air pollution and overuse of water. While mining for electric vehicles is less intrusive than mining for diesel and traditional gas-powered vehicles, using more electric equipment for mining can further reduce land and air pollution. Other companies are moving to electric mining equipment, including Komatsu's new fleet and Liebherr, which has worked with Fortescue to use self-driving electric haul trucks. "Every new use of electric construction equipment is a win," shared one commenter. "The renewable and sustainable energy economy is the largest opportunity for business in our lifetime," another commenter wrote. "This company is putting pretty much every other mining company to shame," someone else said. "Real Net Zero should be the target for every mining company." Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
