Rio Tinto, AM Green plans to set up $ 6 billion green aluminum in India

Copyright © HT Digital Streams Limit all rights reserved. $ 6 billion: Rio Tinto, AM Green plan to build the largest green aluminum plant in India Rio Tinto, AM Green, to build $ 6 billion renewable aluminum plant in India. (Image: AP) Summary with carbon rates reforming, Rio Tinto and AM Green will jointly explore a massive green aluminum facility in India, with 1.8 GW RTC -hernubate energy. In a massive boost for India’s green industrial ambitions, Rio Tinto and AMG Metals & Minerals work together to set up the world’s largest renewable aluminum facility in the country, with a $ 6 billion price tag, two people have aware of the development. An official announcement is expected today, where the two companies will reveal a joint agreement to set up a large green aluminum project in India. This development presupposes the meaning in the background of various developed economies planning to impose carbon tax on imports, including the European Union’s carbon border adaptation mechanism (CBAM), which brings in strict norms. The plan includes building an aluminum smelter of 1 million tonnes per year (MTPA) and a 2 MTPA alumina refinery. The aluminum smelter will run entirely at 1.8 gigawatts (GW) of the renewable power of the entire clock. The project will be developed by an equal joint venture between the two companies. ‘Although an investment of about $ 4 billion will be needed to set up the aluminum smelter, the aluminumary facility will require about $ 2 billion. In the first phase, a 500,000 tonnes per year will be set primary aluminum smelter, ‘one of the two people quoted above. Also read: Trump’s reciprocal rates: No new shocks for Indian steel, aluminum and car manufacturers India’s energy transition book has attracted global investors. With operations in 35 countries, Rio Tinto is a global mining and metals major. The primary products include iron ore, aluminum, copper, lithium among other minerals. AMG Metals & Materials was a subsidiary of AM Green erected by the founders of the Greenko group Anil Chalamalasetty and Mahesh Kolli. Inquiries sent to the AM Green spokesman did not elicit an answer. AM Green Group President Mahesh Colli and Rio Tinto spokesman refused to comment. India’s Green Metal Map India is the world’s second largest producer from aluminum to China; and export the commodity and derivative products to the US and European Union. The current market size of aluminum in India is about 5 million tonnes per year. Companies in steel and aluminum businesses look at ways to decarbonize their operations and remain competitive worldwide. Am Green is setting up production facilities for green molecules, including green hydrogen, green ammonia, biofuels, e-methanol, sustainable aviation fuels, and various high-value chemicals, for unbundling in difficult industries. In September last year, Am Green Ammonia BV, another Am Green Company linked to Germany’s Rwe Supply & Trading to provide green ammonia. In January this year, Am Green worked together with the Global Logistics Giant DP World to draw up advanced logistics and storage infrastructure for green hydrogen and green ammonia exports. Mint reported earlier on Malaysia’s Gentari SDN BHD and the Gic Holdings Pte Ltd of Singapore, planning to invest $ 1.75 billion in AM Green Ammonia Holdings, arranged among the world’s largest energy transition agreements. While Gentari, $ 1.5 billion for 30% will invest in AM Green Ammonia Holdings, the founders will have the balance 70%, along with the Singaporean Wealth Fund Gic, which will invest $ 250 million. A relatively sustainable metal – aluminum – is used in different sectors that vary in power, packaging to construction. According to recent estimates by JMK Research, the Indian aluminum sector will integrate approximately 18-20 GW solar and wind capacity by 2030. India intends to achieve 500 GW of non-fossil power generation by 2030. Also read: Sunny Side Down: The many gaps in India’s solar story catch all the industry news, bank news and updates on live mint. Download the Mint News app to get daily market updates. More Topics #Green Energy #Renewable Energy Mint Specials