Rio Tinto Group (ASX:RIO) entered into a cooperation agreement with Mitsubishi, Mitsubishi's UK-based group company Primetals Technologies, and steel and technology group voestalpine to develop a prototype plant for net-zero carbon dioxide ironmaking in Austria, according to a Tuesday statement by the mining giant.
The plant, to be located at voestalpine's Linz site in Austria, is set to start operations by mid-2027 and will use hydrogen-based direct reduction technology from Primetals, Rio Tinto said.
The company will provide 70% of the iron ore for the plant, per the statement.
The initiative is backed by funding from the Austrian government and the European Union.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.