NYSE:RIO - Post Discussion
Post by
Goodtoreadthis1 on Jul 22, 2022 10:18am
RIO to supply Ford
Rio Tinto, Ford sign MOU for battery and low carbon materials supply to support net-zero future
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!
(Kitco News) - Rio Tinto announced today that the company has signed a non-binding global memorandum of understanding (MOU) with Ford Motor Company to jointly develop more sustainable and secure supply chains for battery and low-carbon materials to be used in Ford vehicles.
The company said that the multi-materials partnership will support the transition toward a net-zero future by supplying Ford, one of the world’s largest automakers, with materials including lithium, low-carbon aluminium and copper.
According to a press-release, it will allow Rio Tinto, a leading global mining and metals company, to progress its commitment to work with customers to decarbonize value chains.
Under the agreement, Ford will explore becoming the foundation customer for Rio Tinto’s Rincon lithium project in Argentina. Rio Tinto is currently progressing detailed planning to bring Rincon into production and will work with Ford toward a significant lithium off-take agreement to support its production of electric vehicles.
The companies will work together to strengthen the supply of low carbon aluminium for use in Ford vehicles, including metal produced using the zero carbon ELYSIS™ smelting technology and from Rio Tinto’s hydro-powered operations in Canada, helping Ford meet its commitment to the First Mover’s Coalition.
Ford and Rio Tinto will also work to develop secure, domestic supply chains for Ford across other essential commodities for the energy transition from Rio Tinto’s operations in North America, including copper produced with a low-carbon footprint.
Be the first to comment on this post