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Rio Tinto (ASX, NYSE: RIO) has entered into a partnership agreement with Swedish investment company Vargas, Japan’s Mitsubishi Corporation, and other international and local industry partners to study a low-carbon aluminum greenfield opportunity in Finland.
As the strategic industrial partner, Rio Tinto will provide the Arctial partnership with access to its AP60 technology and assist in what would be the first AP60 deployment in an aluminum smelter outside Quebec, Canada.
Developed by Rio Tinto, AP60 is amongst the most efficient aluminum smelting technologies currently available at commercial scale.
The project, if successful, would be the first primary aluminum development in continental Europe for over 30 years
As a first step, Arctial will oversee a feasibility study and environmental impact assessment for a potential greenfield aluminum project in Kokkola.
The project, if successful, would be the first primary aluminum development in continental Europe for over 30 years. Together with Fortum, a carbon-free energy provider in the Nordics, the project will assess sourcing competitive low-carbon energy from existing and new production assets.
Other local and industry partners include the Finnish Industry Investment (TESI) and international technology firms.
“We aim at being a significant investor and off-taker in this partnership, which is aligned with our strategy to strengthen our global leadership in low-carbon aluminum, Rio Tinto Aluminum chief executive Jérôme Pécresse said in the statement.
“Combining our AP60 technology with electricity not based on fossil fuels presents an attractive opportunity to provide low-carbon aluminum, which will boost Europe’s industrial base and support the manufacturing capabilities required for the energy transition.”
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