Europe’s largest iron-ore company operating in northern Sweden elaborated unprecedented plans to cut its carbon footprint, potentially paving to way to a major shift in the global mining industry.
“This is the biggest transformation in the company’s 130-year history and could end up being the largest industrial investment ever made in Sweden,” says Jan Moström, President and CEO of LKAB. “It creates unique opportunities to reduce the world’s carbon emissions and for Swedish industry to take the lead in a necessary global transformation.”
Thanks to its three main directions – set a new world standard for mining, replacing iron ore pellets with sponge iron produced with green hydrogen, and using fossil-free technology to extract elements – LKAB should be able to cut 35 million tons of global CO2 emissions. The Swedish giant plans on investing $18 to $47 billion over the next 15 to 20 years to achieve its goal which aligns with the European Union’s plan to cut 60% of its emissions by 2030 and to be carbon neutral by 2050.