Vale signs land reservation pact for Mega Hub in Duqm

FROM PAGE 13 Vale seeks to reduce its Scope 1 and 2 emissions by 33 per cent by 2030 and achieve netzero by 2050, in line with the Paris Agreement, leading the evolution towards sustainable mining.

The trend towards the use of low-carbon technologies in the production of HBI and iron briquettes is a major stride in the sector’s sustainability and is aligned with the objective of net-zero by 2050 adopted by Oman under the leadership of His Majesty Sultan Haitham bin Tarik.

The development of the Mega Hub project is expected to produce HBI and steel products to supply both the local and export markets, while significantly reducing of CO2 emissions.

The production of HBI using natural gas emits around 60 per cent less CO2 when compared to more traditional methods. In the future, the replacement of natural gas with hydrogen and the usage of renewable energy could eliminate CO2 emissions.

Vale is expected to build and operate iron ore concentration and briquetting plants within the hubs, securing the supply of high-grade agglomerated products. Local parties are expected to promote the construction of the required logistics infrastructure.

Investors and/or clients are expected to construct and operate the direct reduction plants and be off-takers of HBI for either the export or domestic markets.

These Mega Hubs shall supply different markets across the globe, supporting the de-carbonisation of the steelmaking industry.

Abbas Irshad al Lawati, CEO of Invest Oman Lounge, stated that the lounge is a single window that provides major investors with integrated services and in cooperation with relevant government and private entities, presents to them investment opportunities.