Mitsui & Co., Ltd. and Rio Tinto have signed a memorandum of understanding (MOU) to jointly study and explore opportunities for reducing emissions and transforming the world’s supply chains.
Under the MOU, Mitsui and Rio Tinto will examine more sustainable measures such as reducing the carbon content of raw materials for iron and steel production; developing new renewable energy; supplying alternative fuels such as ammonia, methanol, and hydrogen; decarbonisation in marine transportation; decarbonisation of mobility at ore mining sites; and initiatives like nature-based solutions, carbon credits, and others.
The new partnership builds on Mitsui and Rio Tinto’s long history of collaboration, stretching back to the beginnings of the Robe River Joint Venture in Western Australia which this year celebrated 50th years of iron ore shipments to Japan.
The MOU combines Mitsui’s vast network, assets and accumulated industry knowledge with Rio Tinto’s grand-scale supply chain and leading position in the mining & metal industry.
Iron ore, a key raw material for steel, is an indispensable material for the development of social infrastructure around the world. Given its strong presence in steel and mining, Mitsui believes it is important to drive measures that help reduce emissions in the sectors.
Through this exciting collaboration with Rio Tinto, Mitsui aims to secure sustainable supply of essential products and create an eco-friendly society.