CO₂ sequestration by mineral carbonation can permanently store CO₂ and mitigate climate change. However, the cost and reaction rate of mineral carbonation must be balanced to be viable for industrial applications. In this study, it was attempted to reduce the carbonation costs by using mine waste rock as a feed stock and to enhance the reaction rate using wet mechanical activation as a pre-treatment method. Slurry rheological properties, particle size distribution, specific surface area, crystallinity, and CO₂ sequestration reaction efficiency of the initial and mechanically activated mine waste rock and olivine were characterized. The results show that serpentine acts as a catalyst, increasing the slurry yield stress, assisting new surface formation, and hindering the size reduction and structure amorphization. Mechanically activated mine waste rock exhibits a higher carbonation conversion than olivine with equal specific milling energy input. The use of a high-speed stirred mill may render the mineral carbonation suitable for mining industrial practice.