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Cooperation with Chinese partners crucial to Rio Tinto’s long-term success, says chief executive

Rio Tinto looks forward to expanding cooperation in decarbonization and energy transition with its Chinese partners, which it sees as crucial to the company’s success, Jakob Stausholm, chief executive officer of the mining multinational, told Xinhua in a recent interview.

For the fifth China International Import Expo (CIIE), scheduled for Nov. 5-10 in China’s economic hub Shanghai, Rio Tinto will make its appearance as an exhibitor for the first time, hosting a 200-square-meter booth.

Stausholm said the expo “has been an important event for Rio Tinto since 2018,” given the company’s participation in the past four editions through sponsoring Australia’s national pavilion.

Speaking of this year’s exhibit, the chief executive revealed that Rio Tinto would focus on energy transition and technology.

“It (CIIE) provides a great opportunity for us to spend time with our various partners in China, to develop new relationships and to work together on some of the most complex issues the world has ever faced in addressing climate change,” said Stausholm.

Noting that Rio Tinto is committed to decarbonization across the entire value chain, Stausholm told Xinhua the company is working with some of China’s leading minds, including Tsinghua University and Baowu Steel Group, to research and develop new technologies to deliver a low-carbon future.

“China is making real progress and is clearly committed to addressing climate change. The commitment to stop growing emissions and then move to net-zero is significant in the global fight to address climate change,” said Stausholm.

Stausholm praised China’s economic development and recalled the skyscrapers, high-speed rails and other modern infrastructure he saw during visits to China, saying that they helped improve the lives of 1.4 billion people in China.

“What took Europe centuries to complete in the First Industrial Revolution, China has managed in just a few decades, and in the process has lifted hundreds of millions of people out of poverty,” he said.

Founded in 1873, Rio Tinto is a leading global mining group. Since its first shipment of iron ore to China in 1973, the company has established extensive partnerships with Chinese enterprises.

Viewing China as Rio Tinto’s biggest customer and an important partner, the chief executive noted that the company has had joint ventures with Chinese partners in Australia’s Pilbara region for more than 40 years.

In September, Rio Tinto announced that it teamed up with China’s Baowu Steel Group to develop an iron ore project in the Pilbara region, with a joint investment of 2 billion U.S. dollars.

As well as economic development, the innovations coming out of China are top-notch, particularly in decarbonization, he noted.

Stausholm said Rio Tinto looks forward to maintaining its deep relationships with its Chinese partners and co-investing globally with a strong focus on tackling climate change.

“We are, in 2022, embarking on the next exciting phase and building a deeper relationship for the years to come,” said Stausholm. “These relationships are crucial to our long-term success.”
Source: Xinhua

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