Economy
Rio Tinto Inks Decarb MoU with China's Baowu
June 12, 2023
Rio Tinto said it has signed a memorandum of understanding (MoU) with Chinese steelmaker Baowu to explore projects in China and Australia to help decarbonize the steel value chain.
The global metals and mining company commented that the move follows the recently announced $2-billion Western Range joint venture in the Pilbara region of western Australia involving both Rio Tinto and Baowu.
“Rio Tinto and China Baowu are united in a commitment to accelerating the delivery of low-carbon solutions for the entire steel value chain,” Rio Tinto chief commercial officer Alf Barrios said in a statement.
He noted that the MoU aims to address the challenge of “developing a low-carbon pathway for low-to-medium grade iron ores, which account for the vast majority of global iron ore supply.”
By Ethan Bernard, ethan@steelmarketupdate.com
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