June 4 (Reuters) - Rio Tinto (RIO) RIO.L will spend $143 million to develop a research and development facility in Western Australia to assess the effectiveness of its low-carbon iron-making process, the mining giant said on Tuesday.
The process, BioIron, uses raw biomass and microwave energy instead of coal to convert iron ore to metallic iron, and has potential to reduce carbon emissions by up to 95% compared with the current blast furnace method, according to Rio.
The facility will include a pilot plant and provide the required data to assess further scaling of the technology to a larger demonstration plant.
Fabrication of the equipment will begin this year, with commissioning expected in 2026, the company said.
The facility further demonstrates the company's commitment to supporting and enabling the decarbonisation of the steel industry, Rio Tinto Iron Ore Chief Executive Simon Trott said.
Earlier this year, Rio and rival BHP Group (BHP) joined with BlueScope Steel (BSL) , Australia's largest steelmaker, to announce a pilot "green iron" project to help cut emissions for steelmakers who rely on Australian iron ore.
News: BHP Rio Tinto to develop $143 mln facility to test low-carbon iron-making process
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