RIO & BHP to Build Electric Smelting Furnace Plant to Lower Emissions

Zacks12-18 04:00

Rio Tinto RIO has joined forces with BHP Group BHP and BlueScope to develop Australia’s largest ironmaking electric smelting furnace (ESF) pilot plant in Western Australia. The BHP-RIO alliance will ...

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The BHP-RIO alliance will ...</p>\n\n<a href=\"https://finance.yahoo.com/news/rio-bhp-build-electric-smelting-200000892.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0214875030.USD","symbol_name":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","start_time":0,"source_url":"https://finance.yahoo.com/news/rio-bhp-build-electric-smelting-200000892.html","article_id":"2492915192","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/O1_Wqw_hfun2h4yRJUQ8rg--~B/aD00MDA7dz02MzU7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/zacks.com/f6190a6b007a6513d2849ffab6a567e7"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2492915192","pubTimestamp":1734465600,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Rio Tinto RIO has joined forces with BHP Group BHP and BlueScope to develop Australia’s largest ironmaking electric smelting furnace  pilot plant in Western Australia. The BHP-RIO alliance will work on processing iron sourced from Pilbara using an electric furnace replacing traditional blast furnaces.This could lead the way in decarbonizing the steelmaking process, which is the need of the hour considering that steel production accounts for around 8% of the world’s carbon emissions.RIO, BHP and Bluescope, Australia's largest steelmaker, formed the NeoSmelt collaboration in February. This combined BHP and Rio Tinto’s knowledge of Pilbara iron ore with BlueScope’s unique operating experience in ESF technology. BlueScope is the operator of the world’s only ESF processing direct reduced iron  in New Zealand.Efforts by RIO & Other Industry Players to Lower Emissions. In 2023, RIO achieved a 6% reduction in Scope 1 and 2 GHG emissions, which was below its 2018 baseline. The company has budge","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","IE00B1B80R65.USD":"柏瑞拉丁美洲股票A","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","LU1023059493.AUD":"Blackrock World Mining A2 AUD-H","BK4588":"碎股","LU0265267285.USD":"BNP PARIBAS BRAZIL EQUITY \"C\" (USD) INC","BHP":"必和必拓公司","LU0086394185.USD":"SCHRODER ISF LATIN AMERICAN \"A\" (USD) INC AV","LU0254981946.USD":"HSBC GIF BRIC MARKETS EQUITY \"AC\" (USD) ACC","LU0256859116.SGD":"施罗德拉丁美洲A Acc SGD","RIO":"力拓","RIO.AU":"力拓","GHG":"格林酒店","LU0075056555.USD":"贝莱德世界矿业基金A2","BK4504":"桥水持仓","LU0531970944.HKD":"HSBC GIF BRIC EQUITY \"AC\" (HKD) ACC","BK4209":"餐馆","LU0572108347.SGD":"Blackrock Latin American A2 SGD-H","LU0265266980.USD":"法巴巴西股票基金","BK4142":"酒店、度假村与豪华游轮","BK4548":"巴美列捷福持仓","FSUGY":"FORTESCUE LTD.","DRI":"达登饭店","LU0330918003.SGD":"Blackrock World Mining A2 SGD-H","BK4006":"钢铁","FMG.AU":"FORTESCUE LTD","BK4168":"多种金属与采矿","LU0072463663.USD":"Blackrock Latin American A2 USD","VALE":"淡水河谷","LU0788109048.HKD":"BGF LATIN AMERICAN \"A2\" (HKDHGD) ACC","BK4585":"ETF&股票定投概念","LU0106259046.USD":"施罗德拉丁美洲基金","BHP.AU":"BHP GROUP LTD","BK4533":"AQR资本管理(全球第二大对冲基金)","BGSX":"Build Acquisition Corp","BK4566":"资本集团"},"translate_title":"力拓和必和必拓将建造电熔炼炉工厂以降低排放","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BHP":1,"VALE":1,"RIO":1,"GHG":1,"FSUGY":1,"DRI":1,"BGSX":1,"RIO.AU":0.9,"BHP.AU":0.9,"FMG.AU":0.9},"content_text":"Rio Tinto RIO has joined forces with BHP Group BHP and BlueScope to develop Australia’s largest ironmaking electric smelting furnace (ESF) pilot plant in Western Australia. The BHP-RIO alliance will work on processing iron sourced from Pilbara using an electric furnace replacing traditional blast furnaces. \nThis could lead the way in decarbonizing the steelmaking process, which is the need of the hour considering that steel production accounts for around 8% of the world’s carbon emissions.\nDetails of RIO & BHP’s Groundbreaking Project\nRIO, BHP and Bluescope, Australia's largest steelmaker, formed the NeoSmelt collaboration in February. This combined BHP and Rio Tinto’s knowledge of Pilbara iron ore with BlueScope’s unique operating experience in ESF technology. BlueScope is the operator of the world’s only ESF processing direct reduced iron (DRI) in New Zealand.\nWoodside Energy will also join as an equal equity participant and energy supplier, subject to the finalization of commercial arrangements.\nThe NeoSmelt pilot plant will test and optimize production of iron from the ESF. The ESF is capable of producing iron suitable for the basic oxygen steelmaking process. Iron ore is first converted to DRI before being charged into the ESF. The DRI-ESF equipment can replace the traditional blast furnace. This can help in reductions of up to 80% in CO2 emission intensity compared with the conventional blast furnace steel route.The pilot plant would produce molten iron in the range of 30,000-40,000 tons a year. It will initially use natural gas to reduce iron ore to DRI. Once operational, the project aims to use lower-carbon emissions hydrogen for the process. The Western Australian Government will make A$75 million contribution to the project.\nSubject to funding, the project expects to start feasibility studies in the second quarter of 2025. The final investment decision for the pilot plant is expected in 2026, with operations anticipated to start in 2028.\nEfforts by RIO & Other Industry Players to Lower Emissions\nSteelmaking is responsible for around 8% of the world’s carbon emissions. Most of these emissions are created during the industrial process of transforming the raw material, iron ore, into steel. Miners, through individual research and partnerships, are working on developing technologies and solutions to reduce the greenhouse gas (GHG) emission intensity of the steelmaking process.\nSteelmaking accounted for 69% of Rio Tinto’s Scope 3 emissions in 2023. It has targeted reductions in Scope 1 and 2 carbon emissions of 15% by 2025 and 50% by 2030, relative to 2018 levels. The company expects to achieve net zero emissions from its operations by 2050.\nIn 2023, RIO achieved a 6% reduction in Scope 1 and 2 GHG emissions, which was below its 2018 baseline. The company has budgeted a total capital spending of $5-$6 billion over the 2022-2030 period, including $1.5 billion cumulative spending over the 2024-2026 period.\nFortescue Ltd FSUGY remains committed to eliminating fossil fuels with a target to achieve Real Zero terrestrial emissions (Scope 1 and 2) by 2030. The company targets to achieve Net Zero Scope 3 emissions by 2040. The steelmaking process is the largest source of its Scope 3 emissions, accounting for 97% of Fortescue’s Scope 3 emissions. \nIn September 2022, the company committed $6.2 billion to decarbonize Pilbara operations. Fortescue’s fiscal 2025 projected capital guidance for decarbonization is $700 - $900 million.\nBHP Group is also pursuing its long-term goal of net zero Scope 3 GHG emissions by 2050. The company expects to cut down operational GHG emissions by at least 30% from 2020 levels by 2030.\nBHP aims to support the development of steel production technology capable of 30% lower emission intensity compared with conventional blast furnace steelmaking. In fiscal 2024, BHP lowered Scope 1 and 2 emissions by 32% compared with the fiscal 2020 baseline. From this decade to fiscal 2030, BHP expects to spend around $4 billion on operational decarbonization.\nVALE S.A. VALE plans to invest at least $2 billion to reduce its direct and indirect carbon emissions (Scope 1 and 2) by 33% by 2030 compared with its emissions in 2017. It will also help reduce its suppliers’ emissions (Scope 3) by 15% by 2035 compared with the emission level in 2018. Vale aims to become carbon neutral by 2050.\nRIO Stock Price Performance & Zacks Rank\nIn the past year, shares of Rio Tinto have lost 17.7% compared with the iron mining industry’s 18.3% decline.\nImage Source: Zacks Investment Research\nRio Tinto currently carries a Zacks Rank #5 (Strong Sell).\nYou can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nBHP Group Limited Sponsored ADR (BHP) : Free Stock Analysis Report\nVALE S.A. (VALE) : Free Stock Analysis Report\nRio Tinto PLC (RIO) : Free Stock Analysis Report\nFortescue Ltd. Sponsored ADR (FSUGY) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2492915192"}