Rio Tinto Group (ASX:RIO) signed a memorandum of understanding with AMG Metals & Materials to jointly assess the feasibility of developing an integrated low-carbon aluminum project powered by renewable energy in India, Rio Tinto said in a statement Thursday.
Together, the companies will consider the potential development of up to 1 million tonnes per annum (Mtpa) of primary aluminium smelter and 2 Mtpa of alumina production, both powered by renewable wind and solar energy firmed by pumped hydro storage, per the statement.
The development will comprise a study to evaluate a potential first phase 500,000 tonnes per annum primary aluminum smelter in a favorable location in India.
As part of the study, AMG will examine a firmed renewable energy technology with Greenko, while Rio Tinto will explore a commercial alumina technology. The study will also assess smelting technology options to determine the most cost-effective for the project, Rio Tinto said.
The company's shares rose nearly 3% in recent Thursday trade.
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