Brazilian iron ore miner Vale has revealed plans to launch a venture capital arm with a $100 million budget to invest in startups developing sustainable mining initiatives.
The company said the $100M fund will support pioneering startups around the world, creating new business opportunities and innovative technologies to incorporate into Vale's operations.
Vale said the company will acquire minority stakes in startups focused on four themes:
• Decarbonization in the mining value chain - Invest in technologies that will help Vale and its customers reduce carbon emissions, supporting their goal to become carbon neutral by 2050.
• Zero-waste mining - Reduce waste and the environmental impact of mining while supporting the circular economy and generating new revenue streams.
• Energy transition metals - Accelerate the supply of essential metals to power the energy transition and foster emerging demand drivers.
• The future of mining - Invest in disruptive technologies that will change how miners operate.
"We will collaborate with forward-thinking startups bringing big ideas and bold thinking to these monumental challenges," says Viktor Moszkowicz, head of Vale Ventures. "By creating a portfolio of disruptive solutions, we can generate financial and strategic return, and bring new business opportunities, insights, and knowledge to our company, customers and society."