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Fortescue and China Baowu strike carbon collaboration deal

Image shows a Fortescue operation

Photo by Bloomberg

16th June 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (mininwgeekly.com) – Iron-ore major Fortescue Metals this week signed a memorandum of understanding (MoU) with China Baowu Steel Group Corporation to collaborate on reducing emissions associated with iron and steel making.

This collaboration will explore lower emissions iron making technology at one of China Baowu’s operations in China using Fortescue iron-ore and green hydrogen, iron-ore beneficiation research and development and collaboration opportunities in renewable energy and green hydrogen. 

“This MoU further strengthens our longstanding partnership with China Baowu, the world’s biggest steel maker and Fortescue’s largest customer, and reflects our collective commitment to eliminate emissions,” Fortescue CEO Fiona Hick said.

“Fortescue is exploring a range of options to reduce emissions in the steel value chain including through partnerships with suppliers, customers and research institutes.

“We firmly believe that collaboration and partnerships such as this will be integral to developing the technologies required to deliver on our ambitious target of net zero Scope 3 emissions by 2040.”

China Baowu chairperson Derong Chen said that collaboration with iron-ore suppliers and enhancing the strategic planning of iron -ore were key to Baowu’s strategy.

“The green and low carbon transition provides Baowu with significant challenges and development opportunities. 

“Fortescue’s strategy of transitioning into a green energy and resources company is aligned with Baowu’s future development plan. We look forward to conducting more substantive collaborations together on iron-ore, green energy and resource development.”

China Baowu this week also inked an MoU with major Rio Tinto to explore a range of options to decarbonise the steel value chain in China and Australia, with the companies vowing to jointly advance specific decarbonisation projects, including researching, building and demonstrating a pilot-scale electric smelter at one of Baowu’s steel mills in China.

Edited by Creamer Media Reporter

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