Tata Steel targets zero overseas debt by 2028 Thyssenkrupp Steel restarts Hot Strip Mill 4 at Duisburg Viraj Profiles accelerates stainless steel decarbonisation journey Electrical steel market set to reach USD 19.67 billion by 2032
Rio Tinto Ltd (RIO.AX) has recently made an important move towards renewable energy. The company has signed a significant agreement with Windlab, a specialist renewable energy firm, to purchase the majority of electricity from its planned 1.4 gigawatt (GW) wind energy project in Queensland. Under this agreement, Rio Tinto will buy 80% of all power generated from the Bungaban wind energy project over 25 years, making it the world's largest iron ore producer to commit to such a substantial renewable energy purchase.
The Bungaban wind energy project, currently in its early development stages, will be constructed and operated by Windlab in Queensland, pending development and grid connection approvals. Construction of the project is expected to commence in late 2025, with electricity production slated to begin in 2029, as per Rio Tinto's statement.
According to Rio Tinto's Chief Executive, Jakob Stausholm, this agreement with Windlab represents a significant step in the company's efforts to transition its Gladstone operations towards renewable energy, ensuring a sustainable future for heavy industry in Central Queensland.
In addition to providing the majority of its electricity needs through the Bungaban project, Rio Tinto has also secured a deal with European Energy Australia to purchase all electricity from the 1.1 GW Upper Calliope solar farm for its Gladstone operations. Together, these agreements mark Rio Tinto's commitment to reducing its carbon footprint and embracing renewable energy sources.
By securing renewable power purchase agreements for these projects, Rio Tinto is not only taking a significant step towards reducing its carbon emissions but also contributing to the growth of renewable energy in Australia's National Electricity Market. This move aligns with Rio Tinto's broader sustainability goals and demonstrates its commitment to responsible environmental practices.
Also Read : Whyalla Steelworks Sale Enters Final Stage With Two Shortlisted Bidders Cyclone Narelle Disrupts Pilbara Iron Ore Exports in Western Australia
Litigation hiatus sought to accelerate agreement completion.Seeking&nb...
US 06-Jun-2025
State-run ONGC and EverEnviro Resource Management created a joint venture (JV) to establish 10 Compr...
Mid Corporate 31-May-2024
In January, India's steel exports reached 0.9 million tonnes (MT), up 43% YoY and more than 30% mont...
Business 12-Feb-2024
Renowned Hollywood actor Michael Sheen has made headlines for a heartwarming act of generosity. Foll...
Business 10-Mar-2025
Demand for construction steel in China is anticipated to continue to recover in April this year, dri...
Ferrous 12-Apr-2024
India’s steel producers are headed for a strong March-quarter finish, supported by firme...
Business 02-Apr-2026