Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Global miner Rio Tinto and Japanese trading house Marubeni Corp said on Thursday they had agreed to conduct a first sale of a high-purity aluminum to a customer in Japan.
The low-carbon aluminum deal comes as Japan targets zero net carbon emissions by 2050 through solutions such as wind and solar power and carbon capture and storage.
Rio Tinto’s high-purity aluminum known as RenewAl was produced at a renewable-energy-powered New Zealand aluminum smelter and sold to a Japanese buyer to reduce carbon emissions via the supply chain, Marubeni said.
Rio Tinto and Marubeni said it was done under a new strategic collaboration agreement focusing on delivering Rio Tinto’s responsible aluminum products to Japanese companies.
They did not disclose the identity of the buyer or value of the deal.
(By Katya Golubkova; Editing by Jason Neely)
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