Mineral decarbonization is a pillar of the business, says CEO of Itaminas

Itaminas wants to transform what mining traditionally treats as a liability - environmental and social issues - into a financial asset.

The statement was made by the mining company's CEO, Thiago Toscano, and took place during CNN Talks: Nova Era da Mineração, held this Tuesday (30), in São Paulo. The event brings together authorities, experts and industry leaders.

In Toscano's view, mineral decarbonization opens financial doors for companies in the sector.

"Institutional investors - such as the World Bank and the IMF (International Monetary Fund) - and regional development banks have lower rates and longer terms for those implementing decarbonization in the business," he said.

"We see a lot of value not only in the decarbonization process itself, such as the electrification of the electric fleet, but in the iron ore itself. It is one of the bases for the steel industry to begin this process", he added.

Attractive financial conditions like these become especially crucial amid the global scenario. The war in the Middle East and the subsequent rise in global fuel and freight prices create instability in the price of iron ore.

For this reason, in addition to decarbonization, Itaminas is committed to cost control as a pillar of productivity.

From automating personnel to more efficient movement of minerals, reducing expenses is no exception, but a permanent routine in the mining company's operation: "Costs are like nails, you have to cut them because they grow all the time", says Toscano.

CNN Talks: New Era of Mining brings together authorities, businesspeople, experts and representatives of the mineral sector to discuss the paths of Brazilian mining in a new phase of global competition for critical minerals, energy transition and supply chain security.

The meeting takes place at a time when Brazil is trying to transform its geological advantage into economic, industrial and diplomatic protagonism, with debates on financing, environmental licensing, innovation, sustainability, traceability, added value and greater participation of the country in the most noble stages of the mineral chain.

Critical minerals could increase the country's GDP by R$243 billion by 2050

Source: CNN