China Baowu and Rio Tinto extend climate partnership to decarbonise the steel value chain
June 12 2023 - 1:00AM
Business Wire
China Baowu, the world’s biggest steelmaker, and Rio Tinto, the
world’s largest iron ore producer, have signed a Memorandum of
Understanding (MoU) to explore a range of industry leading new
projects in China and Australia to help decarbonise the steel value
chain.
Under the MoU, China Baowu and Rio Tinto plan to jointly advance
specific decarbonisation projects, demonstrating their commitment
to play a leading role in the industry’s low-carbon
transformation.
The MoU, signed in Shanghai by Rio Tinto Chief Commercial
Officer Alf Barrios, and China Baowu Vice President Hou Angui,
follows the recently announced $2 billion Western Range Joint
Venture in the Pilbara region of Western Australia, involving Rio
Tinto and Baowu.
The projects include:
- Research, build and demonstrate a pilot-scale electric melter
at one of Baowu’s steel mills in China. This will enable low-carbon
steel making utilising Direct Reduced Iron (DRI) that has been
produced from low and medium grade ores.
- Optimise pelletisation technology for Australian ores as a
feedstock for low-carbon shaft furnace-based direct reduction.
- Expand the development of China Baowu’s HyCROF technology which
can largely mitigate CO2 emissions from the blast furnace
process.
- Jointly study opportunities for producing low-carbon iron in
Western Australia.
These innovative projects are an outcome of the long-standing
collaboration between Rio Tinto and China Baowu spanning 50 years.
To progress each initiative, both companies have committed to
sharing resources and expertise.
Rio Tinto’s Chief Commercial Officer Alf Barrios said, “Rio
Tinto and China Baowu are united in a commitment to accelerating
the delivery of low-carbon solutions for the entire steel value
chain. This MoU aims to address one of the biggest challenges faced
by the industry – developing a low-carbon pathway for low-to-medium
grade iron ores, which account for the vast majority of global iron
ore supply.
“China’s commitment to curbing emissions and promoting
high-quality green development is strongly aligned with our own
position where climate change and the low-carbon transition are at
the heart of our strategy.”
Rio Tinto’s Chief Executive of Iron Ore Simon Trott said, “Our
relationship with China Baowu in Western Australia has been a proud
and successful one, extending back more than 40 years. We look
forward to progressing this study into the potential of low-carbon
iron making in Western Australia as we work to ensure a positive
future for Pilbara ores in a green steel world.
China Baowu said, “With the mission of building an industrial
ecosystem to promote the progress of human civilisation, China
Baowu is committed to working with Rio Tinto to jointly study and
provide low-carbon and green comprehensive solutions for the steel
value chain, help the low-carbon transformation and upgrade of the
steel industry chain, and support the world to address the
challenge of climate change with pragmatic actions.”
Rio Tinto and China Baowu have a long history of collaboration
including on project development in Australia and Guinea, new
technology research and deployment, and steel making emissions
reduction.
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