The global green mining market size was worth US$ 7,166.67 million in 2020 and is estimated to reach US$ XX million by 2028, growing at a CAGR of 8.8% during the forecast period (2021-2028)
Green mining denotes mining practices that aim to reduce pollution and make it imperative to use eco-friendly and sustainable solutions for extracting natural resources to reduce global warming. Technologies such as Carbon Capture and Storage, deploying mine machinery that runs on clean fuels can sharply reduce mining activities' ecological impact.
The market is segmented into surface mining, underground mining, rare earth metals mining, and others based on mining methods. Out of all the mentioned mining methods, surface mining holds the biggest market share as it involves higher productivity and less operational cost.
At present, the metals and mining industry is facing rising pressure to address their greenhouse gas emissions(GHG) as companies align their plans with international goals to achieve net-zero emissions goals by 2050.
The European region holds the significant market for the green mining market globally. The region has developed as the significant consumer and promoter of green mining practices, owing to sustainable practices in Germany, Chile and Turkey. For example, Lithium is one of the most important metals for low-carbon technologies and Europe is almost 100% dependent on battery-grade Lithium from third countries, especially Chile. Europe will require approximately 18 times more lithium by the end of 2030 and the region will need up to 60 times more lithium by the end of 2050. Therefore, for switching to renewable technologies and being competitive, the region needs to scale up supply for the essential metals.
According to the industry analysis, the mining industry is responsible for approximately 10% of global greenhouse gas emissions. The industry creates various environmental problems such as soil and water contamination, air pollution, loss of plant & animal life, deforestation and erosion being some of the major concerns.
These environmental impacts lead to an increase in the demand for green mining in recent times. Furthermore, green mining technologies and practices offer superior performance concerning energy efficiency, greenhouse gas emissions and the use of chemicals as compared to traditional practices. The goal of green mining is to limit the environmental impact of mining activities.
With increasing concerns related to adverse impacts from mining, the companies are now adopting sustainability plans. For example, In Canada, Goldcorp’s Borden mine has shifted to completely electrified operations. The mine has electrified everything from transporting ore and personnel and loading and hauling vehicles to ventilation and drills. The company expects annual savings of $US 7.18 million ( CAD 9 million) in operational costs and a 70% reduction in GHG emissions.
Mining has long played a significant economic role globally. Its importance grows even more when mining incorporates the extraction of oil and gas and mining support operations. The entire gross output of mining in the U.S. in 2018 was US$ 624 billion, a significant rise above the previous year's gross output. The increasing mining industry along with the environment conscious mining operations are expected to drive global green mining in the forecast period.
The Middle East and Africa green mining market is likely to reach USD 378.58 million in 2028, from its recorded value of USD XX million in 2020, growing with a CAGR of 12.7% during the forecast period, owing to ongoing mineral beneficiation drive in various countries in the region.
The mining sector in the United Arab Emirates has turned out to be a leader amongst the most promising production sectors (oil field), with full potential to reign in investors from around the globe for its long list of minerals ranging from copper mines and gypsum, to the extraction of metals and valuable stones.
Organizations around the world have effectively invested in the mining sector for exploration and exploitation of chrome and precious metals. Gold and diamonds account for the second largest revenue source for the UAE in Dubai Multi Commodity Centre (DMCC). In addition, aluminium mining has significantly increased inland consumption.
The relevant mining laws found in the UAE are still in the planning phase, so until this is complete the business of mining is regulated by the Federal Environment Agency (FEA). While structuring urban development policies, the FEA takes on the responsibility of considering the concept of sustainable development.
Ultimately, to protect the environment and for sustainable development, two separate governmental entities have been set up to control environmental related activities, namely the Federal Environmental Agency and the UAE Ministry of Environment and Water.
On the other hand, Egypt has a vast wealth of mineral resources including gold, copper, silver, zinc, platinum and several other precious minerals and base metals
Amplats is working on two pilot projects to introduce platinum-based fuel cell-powered equipment into underground operations. The projects include the creation of a fuel cell-powered, remotely operated mini-dozer for ore removal following blasting in partnership with original equipment manufacturer Doking, and a fuel cell-powered locomotive in cooperation with Vehicle Projects Incorporated, Trident SA and Battery Electric.
In addition, the South African government is drafting and amending a number of environmental regulations, notably the National Environmental Management Act (Nema). As new legislation regarding mine rehabilitation and carbon emissions are defined in Nema, the mining industry will be required to comply with the new restrictions. Fines for non-compliance have been doubled to R10 million, and mines that refuse to comply may be shut down, according to the new standards.
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