Mineral carbonation is gaining increasing attention for its ability to sequester CO2. The main challenge is doing it economically and energy-efficiently. Recently, many studies have focused on the aqueous reaction of carbon dioxide with the alkaline earth minerals such as serpentine, Mg-rich olivine and wollastonite. Nevertheless, Fe-rich olivines have been poorly studied because of their high energy demand, which make them unfeasible for industrial implementation. This article describes the feasibility of an indirect mineral carbonation process using silicic, Fe-rich mining waste with direct flue gas CO2 via iron complexation using 2,2′-bipyridine. The overall process was performed in three main steps: leaching, iron complexation, and aqueous mineral carbonation reactions. The preferential parameters resulted in a recirculation scenario, where 38% of Fe cations were leached, complexed, and reacted under mild conditions. CO2 uptake of 57.3% was achieved, obtaining a Fe-rich carbonate. These results are promising for the application of mineral carbonation to reduce CO2 emissions. Furthermore, the greenhouse gas balance had a global vision of the overall reaction’s feasibility. The results showed a positive balance in CO2 removal, with an estimated 130 kg CO2/ton of residue. Although an exhaustive study should be done, the new and innovative mineral carbonation CO2 sequestration approach in this study is promising.