Ahead of World Environment Day on 5 June, IDTechEx’s report, Electric Vehicles in Mining 2024-2044: Technologies, Players, and Forecasts, reveals that nearly 50% of mining vehicle sales will be electric vehicles (EV) by 2044.
The report forecasts the electric mining vehicle market will grow to more than US$23 billion ($34.66 billion) within 20 years, representing a 32% compound annual growth rate.
IDTechEx says the electrification of haul trucks will be key to achieving meaningful emissions reductions in the industry and supporting mining companies to meet sustainability targets.
While the electric mining vehicle market is still in its early stages, many mining companies have shown a willingness to adopt EVs.
Mining giant BHP (ASX:BHP) revealed today that it is collaborating with Rio Tinto (ASX:RIO) on battery-electric haul truck trials in the Pilbara region of Western Australia.
IDTechEx reports that haul trucks are among the most critical assets on any mine and currently emit 174 megatonnes of carbon dioxide per year.
The collaboration, alongside manufacturers Caterpillar and Komatsu, supports both companies’ shared ambition of net zero operational greenhouse gas emissions by 2050.
As part of the collaboration, two CAT 793 haul trucks will be tested in the second half of 2024, while two Komatsu 930 haul trucks will be tested from 2026 at mine sites in the Pilbara region.
BHP President Geraldine Slattery says replacing diesel as a fuel source requires the sector to develop a new operational ecosystem to surround the fleet.
“We need to address the way we plan our mines, operate our haulage networks, and consider the additional safety and operational considerations that these changes will bring,” she says.
“This is why trials are so critical to our success as we test and learn how these new technologies could work and integrate into our mines.”
Rio Tinto Iron Ore CEO Simon Trott says there is no clear path to net zero without zero-emissions haulage, as such, it is critical to work together and get there as quickly and efficiently as possible.
“As we work to repower our Pilbara operations with renewable energy, collaborations like this move us closer to solving the shared challenge of decarbonising our operations and meeting our net zero commitments,” he says.
According to IDTechEx, the mining industry accounts for 2% to 3% of all global CO2 emissions, with 40% to 50% of this coming from diesel combustion engines of mining vehicles.
Mining vehicles have a wide variety of duties, however, the most intense of those can require operating for up to 20 hours a day. As a result, a lot of diesel is consumed in the process, which is more expensive than electricity and subject to considerable price volatility.
IDTechEx’s analysis reveals that a single 150-tonne haul truck requires more than US$850,000 per year in fuel, while electrification can save more than US$5.5 million in energy costs over the vehicle’s lifetime.
Write to Aaliyah Rogan at Mining.com.au
Images: iStock
