9,367.77 TRY BIST 100 BIST 100
4.79 CNY CNY CNY
34.56 USD USD USD
36.19 EUR EUR EUR
0.13 CNY CNY/EUR CNY/EUR
41.35 TRY Interest Interest
74.24 USD Fossil Oil Fossil Oil
30.90 USD Silver Silver
4.09 USD Copper Copper
100.80 USD Iron Ore Iron Ore
365.00 USD Shipbreaking Scrap Shipbreaking Scrap
2,982.57 TRY Gold (gr) Gold (gr)

Swedish miner LKAB invests heavily in carbon-free production

Sweden wants to invest 400 billion kronor ($46.5 billion) over 20 years to switch to carbon-free iron ore production in what could be one of the largest industrial investment programmes ever, state-owned mining company LKAB said on Monday.

Swedish miner LKAB invests heavily in carbon-free production

Sweden wants to invest 400 billion kronor ($46.5 billion) over 20 years to switch to carbon-free iron ore production in what could be one of the largest industrial investment programmes ever, state-owned mining company LKAB said on Monday.

The plan would require the expansion of renewable energy production in Sweden and a more flexible regulatory framework, but the transition could reduce global emissions by 35 million tonnes of carbon dioxide (CO2) a year, LKAB said.

"This corresponds to two-thirds of Sweden's national carbon dioxide emissions, or three times the emissions of all cars in the country," Jan Mostrom and Svante Axelsson, CEO of Fossil Free Sweden, said in an article signed in the newspaper Dagens Nyheter (DN).

The plan involves replacing the production of iron ore pellets with a hydrogen-based process without carbon dioxide, doubling revenues by 2045 and creating thousands of jobs.

LKAB, which had sales of SEK 31 billion last year, said there were major challenges in the transition phase.

"Although the desire, resources and technology exist, there is a risk that large and significant changes will get stuck in long and complex approval processes," Mostrom and Axelsson said.

The transition to carbon-free production will also mean the development of hydrogen production on an industrial scale and large quantities of green electricity and biofuels.

The energy required corresponds to about one third of Sweden's current electricity production of around 160 TWh.

LKAB, a small player in the global iron ore market but the world's second largest supplier in the seaborne import market for iron ore pellets, achieved an operating profit of SEK 8.03 billion in January-September.

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

South Korea's crude steel production decreased by 18.3% in October

Friday, November 22, 2024

SSAB and Saint-Gobain's slag reprocessing plant in Raahe progresses

Friday, November 22, 2024

US Steel Producer partners with Primetals Technologies for EAF Ultimate

Friday, November 22, 2024

Imported scrap prices on the decline, demand stagnant!

Friday, November 22, 2024

Roadmap for India’s steel sector: Demand, imports and future plans

Friday, November 22, 2024
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now