The global green mining market is projected to grow from USD 11.0 billion in 2022 to USD 17.6 billion by 2027, at a CAGR of 9.9% during the forecast period. The major driving factors for the growth of the green mining market are the growing focus on eco-friendly and sustainable practices in mining industry and government initiatives creating an awareness of sustainable mining.
Green mining techniques basically means the technologies and practices involved in mining which help in protecting the environment in any form. It involves working upon different verticals like Power reduction, fuel and maintenance reduction, emission reduction, water reduction etc. Power reduction is the fastest growing market segment in the green mining market. The increasing awareness of mining companies and new emerging technologies will drive the market growth.
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The major key players in the green mining market are BHP Billiton (Australia), Anglo American Plc (UK), Rio Tinto (UK), VALE S.A. (Brazil), Glencore (Switzerland), Tata Steel (India) etc. These players adopted acquisitions, new technologies, and agreements as key growth strategies between 2018 to 2021, which helped them to increase their sustainability and cater to the widening green mining market.
BHP Billiton is a leading mining company that produces minerals such as coal, copper, iron ore, nickel, petroleum, and potash. The company has a robust presence in over 90 countries worldwide. The company has done lot of investments in green technologies especially in reducing emissions and decarbonization.
Anglo American is engaged in mining activities in the world. The company’s portfolio includes mining, processing operations, and undeveloped resources. The company operates through seven business segments: De Beers, Copper, Platinum Group Metals, Iron Ore, Coal, Nickel & Manganese, and Corporate & Others. De Beers operates across the diamond value chain. In the Copper segment, the company owns two of the world’s largest copper mines. In the Platinum Group Metals segment, the company has stakes in two of the world’s largest platinum deposits in South Africa and Zimbabwe. In the Iron Ore segment, the company has operations in South Africa and Brazil. The Coal segment of the company has assets in Australia, South Africa, and Colombia.
Rio Tinto is a leading mining company that develops some of the best quality mines and mining operations. The company has a strong presence in more than 35 countries across six continents. It operates through four business segments: Iron Ore, Aluminum, Copper & Diamonds, and Energy & Minerals. The company supplies its natural resources to various end-use industries, such as hospitals, the agriculture sector, cars, aircraft, and smartphones. The company is very active in terms of the sustainable development of its mines. It actively works towards its social commitments for emission reduction. It also promotes a healthy and safe working environment for its workforce. The company continuously strives to manage different aspects like achieving decarbonization and improving renewable power through electrification. It focuses on achieving net zero emissions by investing in better materials as well as by investing in R&D to decarbonize quicker and accelerate the development of new technologies.
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Glencore is a natural resource company that operates in the fields of mining, metallurgy, oil production, energy, and others. The company mainly operates through two business segments: Metals & Minerals and Energy Products. It has a strong presence in more than 35 countries, with many mining and metallurgical sites and oil production assets. The company serves steelmakers, battery manufacturers, vehicle manufacturers, power companies, and others. The company has a broad portfolio of copper, cobalt, zinc, nickel, and ferro alloys. It also produces and markets thermal coal and recycles copper and precious metals.
The companies have initiated the following developments:
- In August 2022, Vale started the production of Sustainable Sand at its Viga mine in Congonhas, Minas Gerais, Brazil. It is expected to produce over 185,000 tons by 2023.
- In November 2022, BHP announced an MoU with China Baowu, JFE, and HBIS to invest up to a total of USD 65 million in research & development of steel decarbonization technologies.
- In June 2022, Rio Tinto planned to develop wind and solar power to power its aluminum assets in Central and Southern Queensland, Australia, by 2030.
- In September 2022 Tata Steel commissioned India’s first plant for CO2 capture from blast furnace gas at Jamshedpur and conducted trials for continuous injections of Coal Bed Methane (CBM) in the blast furnace to reduce emissions.
- In October 2022, Rio Tinto partnered with the Government of Canada to support technological innovation and reduce greenhouse emissions. The company invested over USD 537 million for the next eight to minimize carbon emissions.
- In August 2021, Rio Tinto partnered with Sumitomo to study the construction of a hydrogen pilot plant and to explore the potential use of hydrogen.
- In 2022 Anglo American is building a hydrogen production, storage, and refueling complex that will hold the largest electrolyzer in Africa and a solar photovoltaic (PV) field. This complex has the capability to become a host for the local hydrogen economy in the community around the mine.
- In 2021 Glencore’s South African ferroalloys business signed an energy conversion service agreement with Swedish Stirling for the installation of 25 PWR BLOK 400-Fs (10MW) at its Merafe Lion ferrochrome smelter. This will enable the conversion of industrial residual and flare gases into electricity.
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