Rio Tinto plc - RIO STOCK NEWS

Rio Tinto and BlueScope have signed a Memorandum of Understanding (MOU) to explore low-carbon steelmaking using Pilbara iron ores. The partnership aims to utilize green hydrogen to replace coking coal at BlueScope’s Port Kembla Steelworks, enhancing iron ore processing and reducing emissions. Both companies are committed to net-zero carbon emissions by 2050, with Rio Tinto targeting a 50% reduction in Scope 1 & 2 emissions by 2030, supported by a $7.5 billion investment. The initiative includes studying hydrogen direct reduction methods and developing a pilot plant at the steelworks.

Rio Tinto's Once in a Blue Moon Tender collection, featuring 41 lots of rare Argyle blue and violet diamonds, has been fully acquired by Kunming Diamonds, a Hong Kong-based specialist. The impressive bid marks a significant milestone in the history of the Argyle mine and the coloured diamond market. Following the mine's closure on November 3, 2020, this collection is among the last of its kind. Rio Tinto continues to manage the Argyle Pink Diamonds™ brand and operates the Diavik diamond mine in Canada, while also exploring in Angola.

Rio Tinto's 2021 Argyle Pink Diamonds™ Tender, featuring 70 rare pink and red diamonds, has achieved record-breaking results, marking a historic moment in its 38-year history. Despite the Argyle mine's closure in November 2020, the collection titled The Journey Beyond™ boasts double-digit price growth, with 19 bidders from nine countries participating. The diamonds were highly sought after, with notable sales including the Argyle Eclipse™ and Argyle Bohème™. Rio Tinto plans to manage the Argyle Pink Diamonds™ brand, emphasizing its legacy and maintaining its position as a leader in fancy colored diamonds.

Rio Tinto has partnered with Carbfix to implement a carbon capture and storage technology at the ISAL aluminium smelter in Iceland. This strategic partnership, formalized through a Memorandum of Understanding, will utilize Rio Tinto’s land for CO₂ injection, creating the world’s first carbon mineral storage hub, Coda Terminal. The initiative aims to enhance decarbonization efforts at ISAL, which already produces low carbon aluminium using renewable energy. The first injection wells are expected to be drilled in 2022, with CO₂ shipments commencing in 2025.

Rio Tinto outlines steps to enhance business performance and its long-term strategy for a decarbonising world, emphasizing shareholder returns. The group aims for a 50% reduction in Scope 1 & 2 emissions by 2030, with a 15% reduction by 2025, and plans to invest $7.5 billion from 2022 to 2030 in emission reduction initiatives. The company will focus on renewable energy and technologies to decarbonise the commodities produced, alongside a growth capex plan of $3 billion annually from 2023.

CarbonCapture Inc. has announced a groundbreaking technology for capturing CO₂ directly from the atmosphere with the appointment of Adrian Corless as CEO and securing $35 million in Series A funding. The funds will facilitate product development and initial deployments of Direct Air Capture (DAC) systems, starting with the Tamarack Nickel Project in Minnesota, in collaboration with Rio Tinto (LSE: RIO) and Talon Metals. This new technology utilizes zeolites, making it a cost-effective solution for large-scale carbon capture.

Peter Toth has resigned from his role as Group Executive, Strategy and Development at Rio Tinto. He has been with the company for seven years, contributing significantly to corporate strategy and climate initiatives. Toth will leave the company completely on April 5, 2022, after remaining in an advisory role until the end of 2021. Following his departure, his responsibilities will be redistributed among current executives. Rio Tinto CEO Jakob Stausholm acknowledged Toth's contributions and wished him success in his future endeavors.

Rio Tinto has welcomed the final report from the Joint Standing Committee on Northern Australia regarding the destruction of rock shelters at Juukan Gorge, acknowledging the need to rebuild trust with the PKKP people. CEO Jakob Stausholm emphasized commitment to enhancing engagement with Indigenous communities and protecting cultural heritage. The company has undertaken significant reviews, invested $50 million in Indigenous leadership, and trained staff in cultural awareness. Rio Tinto aims for meaningful social and economic benefits while ensuring the protection of significant heritage sites.