Summary by Moomoo AI
Vale SA, a leading mining company, has been selected by the US Department of Energy to begin negotiations for funding under the Bipartisan Infrastructure Law and Inflation Reduction Act. This funding is part of the Industrial Demonstrations Program aimed at promoting innovative technologies that can significantly reduce emissions in sectors that are difficult to decarbonize. Vale's project involves the development of a pioneering iron ore briquette industrial facility in the United States, utilizing a unique cold-agglomeration process. The technology, developed over nearly two decades at Vale's technology center in Brazil, allows for the production of high-quality iron ore briquettes with high mechanical strength. The US project could receive up to $282.9 million in funding, and Vale plans to expand its production of agglomerates to approximately 100 million tons per year by 2030. This initiative is part of Vale's broader commitment to reduce its net emissions by 15% by 2035 and achieve carbon neutrality by 2050, aligning with the goals of the Paris Agreement.