Rio Tinto (NYSE: RIO) and Graphene Manufacturing Group (TSXV: GMG) announced today a non-binding agreement to advance the two companies’ energy saving and storage initiatives.
“We are excited to be collaborating with Rio Tinto, one of the world’s largest mining companies who are committed to leveraging leading technologies for efficient and low carbon operations,” said GMG CEO Craig Nicol.
There are no details yet on the financial consideration for the partnership. But the venture will entail exploring the application of GMG’s energy-saving products into the miner’s operations.
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The partnership will also explore developing GMG’s graphene aluminium-ion batteries using aluminium supply from Rio Tinto.
“We aim to develop a truly green battery from our low carbon aluminium, which could transform the way we supply and store energy to anything from a leaf blower to a mining haul truck,” said Rio Tinto Chief Scientist Nigel Steward.
Amid the ongoing war in Ukraine, Rio Tinto announced in March 2022 that it was in the process of terminating all commercial relationships with Russia. This includes its 80-20 joint venture Russia’s Rusal International–Queensland Alumina, touted to be one of the largest alumina refineries in the world.
Rio Tinto last traded at US$68.96 on the NYSE.
Information for this briefing was found via the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
