Rio Tinto Partners with AMG Metals & Materials
According to reports, world's second-largest miner Rio Tinto has signed a memorandum of understanding (MoU) with India-based AMG Metals & Materials (AMG M&M) to explore the feasibility of a low-carbon aluminium project in the country. AMG M&M is promoted by the two founders of Greenko and AM Green.
According to reports, Rio Tinto is planning its India comeback nearly a decade after its exit.
The proposed project could involve the production of up to 1 million tonnes per annum (mtpa) of primary aluminium and 2 mtpa of alumina, both powered by renewable energy sources such as wind and solar, backed by pumped hydro storage, according to the global mining giant.
As part of the initial phase, the companies will assess the possibility of setting up a 500,000 tonnes per annum aluminium smelter at a “favourable” site in India. Rio Tinto has not disclosed the financial terms of the agreement.
AMG M&M was founded by Anil Chalamalasetty and Mahesh Kolli, who are also the co-founders of Greenko Group, a clean energy firm.
With growing global demand for sustainable materials, AMG M&M will work with Greenko to develop a reliable renewable energy solution, while Rio Tinto will look into establishing a commercial alumina supply chain.
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“This MoU could deliver much-needed low-carbon metal at scale to propel decarbonization initiatives in global supply chains across auto, construction, consumer packaging and many more segments,” says Mahesh Kolli, Group President of AMG M&M and Greenko.