BEIJING – On Friday, the world’s largest iron ore miner Rio Tinto (NYSE: RIO) said it signed a Memorandum of Understanding (MOU) with China’s Nanjing Iron and Steel Co (NISCO) on decarbonization technology in ironmaking.
Technical teams from both companies will work closely on exploring pelletizing using the Pilbara fines and the application of biomass.
Rio’s flagship product Pilbara blended fines are typically used to make sintered ore, used in blast furnaces to produce hot metal.
And pelletization usually requires higher-grade iron ore, which helps reduce carbon emissions along the steel value chain.
“We are pleased to have reached a new milestone in steel carbon reduction … the low carbon transition in the steel industry needs high-quality raw material and massive technological innovation,” said Simon Farry, head of steel decarbonization at Rio.
Upstream mining giants have accelerated cooperation with their big consumers on decarbonizing the steel value chain to cope with climate change.
Last year, Rio Tinto (NYSE: RIO) signed a MoU with China Baowu, the world’s biggest steelmaker by volume, to develop projects aimed at enabling lower-grade ore to be used in low-carbon steelmaking.
Its rival BHP Group (NYSE: BHP) and Chinese steel company HBIS Group Co Ltd, agreed to last March to trial carbon capture, utilization, and storage (CCUS) technologies at the Chinese firm’s steel mills.
(Source: Reuters)
