LONDON (dpa-AFX) - Rio Tinto (RTPPF.PK, RIO.L, RIO, RTNTF.PK) said it will invest US$143 million to develop a research and development facility in Western Australia to further assess the effectiveness of its low-carbon ironmaking process, BioIron, to support decarbonising the global steel value chain.
The company noted that BioIron uses raw biomass and microwave energy instead of coal to convert Pilbara iron ore to metallic iron in the steelmaking process.
The BioIron facility will include a pilot plant that will be ten times bigger than its predecessor in Germany.
The plant has been designed in collaboration with University of Nottingham, Metso Corporation and Western Australian engineering company Sedgman Onyx. Fabrication of the equipment will begin this year, with commissioning expected in 2026. These works are expected to support up to 60 construction jobs.
According to the company, the research and development facility will employ around 30 full-time employees and include space for equipment testing to support further scaling up of the BioIron technology, while developing a workforce highly skilled in steel decarbonisation and supporting WA universities and research organisations.
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