Mining giant Rio Tinto has partnered with Swedish investment company Vargas, Mitsubishi, and other partners to study a low-carbon aluminium project in Finland.
Rio Tinto, as a strategic industrial partner, will grant this partnership, known as Arctial, access to its AP60 aluminium smelting technology. It will also support what would be the first deployment of the technology, in an aluminium smelter outside Quebec, Canada.
As the initial step, Arctial will carry out a feasibility study and environmental impact assessment for a potential greenfield aluminium project in Finland’s Kokkola.
If successful, this project would be the first primary aluminium development in continental Europe in more than three decades.
Along with Fortum, a carbon-free energy provider in the Nordics, the project will evaluate sourcing competitive low-carbon energy from current and new production assets. Local and industry partners in the project include Finnish Industry Investment and international technology leaders.
Rio Tinto Aluminium chief executive Jérôme Pécresse said: “We aim at being a significant investor and off-taker in this partnership, which is aligned with our strategy to strengthen our global leadership in low-carbon aluminium.
“Combining our AP60 technology with electricity not based on fossil fuels presents an attractive opportunity to provide low-carbon aluminium, which will boost Europe’s industrial base and support the manufacturing capabilities required for the energy transition.”
Meanwhile, Rio Tinto has reiterated its goal of producing 1mtpa of copper by the end of 2030, as part of its plan to become a “global leader” in energy transition materials.
At the company’s 2024 Investor Seminar in London, Rio Tinto CEO Jakob Stausholm highlighted the strategy of investing to build a “stronger, more diversified and growing portfolio”.
A central component of Rio Tinto’s copper growth plans is the expansion of operations at its flagship Oyu Tolgoi copper mine in Mongolia, where production is expected to rise by more than 50% next year.
Rio Tinto is projecting group copper output will rise to between 780,000 tonnes (t) and 850,000t in 2025, up from 700,000t to 720,000t in 2024.
The company has also made strides in its decarbonisation efforts, maintaining its capital spending guidance on decarbonisation projects at $5bn to $6bn by 2030.
The company raised its total capital expenditure guidance to $11bn for the 2025 financial year, $1bn higher than the earlier forecast, compared with $9.5bn this year.
“Rio Tinto and partners to study low-carbon aluminium project in Finland” was originally created and published by Mining Technology, a GlobalData owned brand.
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Publish date : 2024-12-05 08:15:00
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