The Prospectors & Developers Association of Canada (PDAC) convention 2023 is in full swing in Toronto, with the challenges and opportunities around the decarbonization of mining a key theme at the event.
During her keynote address on Monday morning, Rio Tinto chief executive, minerals Sinead Kaufman spoke about the mining giant’s commitment to decarbonizing its operations.
Rio Tinto aims to decrease its emissions by 50% by 2030 at an approximate cost of $7.5 billion and achieve net zero emissions by 2050.
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“There’s not a clear pathway to get the whole way there but if we don’t start now, we are never going to reach those targets,” Kaufman said.
Kaufman noted that, as part of its efforts, Rio Tinto has doubled its research and development (R&D) to $400 million a year to develop the technologies required to decarbonize its business.
“Some of the technology to get to 2050 net zero doesn’t exist today,” she said.
The company is also investing in and partnering with startups such as Nano One Materials Corp (TSX:NANO, OTC:NNOMF), a technology company that produces low-cost, high-performance cathode powders used in lithium-ion batteries.
Innovation is key, Kaufman pointed out, citing the company’s recent move to produce scandium oxide from waste liquor produced at Rio Tinto’s Sorel-Tracy facility.
She said while Rio Tinto has set decarbonization targets, “that doesn’t mean that growth has to be decarbonized as well.”
“Our purpose is to find better ways to produce materials, and we see decarbonization as a critical part of that,” Kaufman concluded.
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