Tough operating environment forcing miners to hone in on energy costs
TORONTO—Faced with low commodity prices, rising energy costs, increasingly remote mining locations, and an overall tough business environment, global mining companies are increasingly looking to renewable energy as a way to mitigate some of their costs. As a result, renewable energy will take centre stage at this year’s Energy and Mines summit in Toronto.
Mining executives will meet with renewable energy and finance experts to explore cutting costs and the impact on the environment at the third annual Toronto summit.
“We are operating in the Arctic so we really have to use generators to produce our own power, which is an expensive system,” Catharine Farrow, CEO and director of TMAC Resources, said. “We are looking for alternatives to face high energy costs.”
“I think the summit is a great opportunity for both the mining and the renewable industries to come together, learn from each other and start a mutually beneficial dialogue,” Michael Winship, president-elect of the Canadian Institute of Mining, Metallurgy and Petroleum and director at Rubicon Metals, added.
The Energy and Mines conference agenda includes 25 senior mining executives sharing their energy strategies, including representatives from Barrick Gold, Glencore, Rio Tinto and Teck.