The global green mining market size is projected to grow from USD 9.0 billion in 2019 to USD 12.9 billion by 2024, at a compound annual growth rate (CAGR) of 7.5% during the forecast period. The mining industry is driven primarily by cost savings, and the mining companies are now beginning to adopt new and greener technologies. These green technologies help the mining sector companies to clean up after hundreds of years of inefficiencies and waste.
Factors such as market volatility, rising costs, falling prices of the commodity, decreasing productivity, policy changes, and social justice are important to drive the green innovation in mining technology. Factors including declining ore grades, the resource intensity and the amount of waste generated per unit of the resource are probable to increase the associated environmental costs that will prove to be a constant challenge for growth in the industry. A lot of well-established mining companies are following a lot of practices to reduce the energy consumption in their operations, minimize the use of water, and lower their carbon footprint.
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The key players in the green mining market are Glencore (Switzerland), Rio Tinto (UK), BHP Billiton (Australia), Vale S.A (Brazil), Tata Steel (India), Anglo American (UK), Jiangxi Copper Corporation (China), Dundee Precious (Canada), and Freeport-McMoRan (US). These players have adopted the strategies of expansion, new product development, and acquisition to increase their product offerings and expand their geographic presence.
Glencore’s (Switzerland) Raglan mine operates cost-effectively to extract nickel. The mine is not connected with any hydroelectric or natural gas networks. Glencore has been working towards the use of renewable energy sources for the Raglan mine by the erection of a wind turbine along with an integrating storage system with energy network to enable maximum energy from the wind turbine.
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Rio Tinto (UK) is focusing on improving the efficiency and productivity of its operations and has reduced its emissions intensity by almost 30% and aims to reduce it further by 2020. About 70% of the electricity that is being used across the organization is from low carbon renewable energy. The company is also the first company to be verified under the aluminum stewardship initiative.
Vale (Brazil) invested USD 487 million in 2017 in environmental performance and its improvement. Among that, the most significant investment was in atmospheric emissions, water resources, and waste management.
BHP Billiton (Australia) has installed real-time air monitoring networks to provide proper feedback about the off-site dust impacts. This will allow the company to make the necessary changes in the dust mitigation activities in response to any change in weather or product properties.
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