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Alcoa, Rio Tinto to launch first carbon-free aluminum smelting process

Published 05/10/2018, 06:23 PM
Updated 05/10/2018, 06:23 PM
© Reuters.  Alcoa, Rio Tinto to launch first carbon-free aluminum smelting process
  • Alcoa (NYSE:AA) and Rio Tinto (NYSE:RIO) announce a new process to make aluminum that produces oxygen and eliminates all direct greenhouse gas emissions from the traditional smelting process.
  • The two companies are launching a new joint venture - Elysis, to be headquartered in Montreal - for larger scale development and commercialization of the process, with a technology package planned for sale beginning in 2024.
  • Alcoa and Rio will invest a combined C$55M in the JV over the next three years, the Canadian and Quebec government will invest a combined C$120M; the provincial government will own a 3.5% equity stake.
  • Also, Apple (NASDAQ:AAPL) will provide a C$13M investment; the company "helped facilitate the collaboration and will provide technical support to the JV.
  • Now read: Alcoa (AA) Investor Presentation - Slideshow


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