The solar power plants will initially be located in the mining-rich state of Minas Gerais, which has ideal conditions and fiscal incentives.

Iron ore magnate Andrew Forrest says it is healthy to challenge China’s dominance of sectors like renewable energy, EVs and battery metal processing.

It has signed a binding term sheet with Stellantis for potential use of geothermal renewable energy.

Analysts expect the benchmark Newcastle coal index to average $175-$212 a tonne this year.

Just over 30% of the miner's investors demanded more clarity on how it will meet its commitments to cut emissions.

The moves come as the world is on track to install a record number of solar panels this year.