MG M & M, Rio Tinto tie up

New Delhi: Home-grown AMG Metals & Materials, a company backed by the promoters of renewable energy player Greenko, has signed an agreement with global mining giant Rio Tinto to jointly develop a low-carbon aluminium project in India with a potential production capacity of one million tonnes per annum.

The parties are exploring to support the project with wind and solar energy firmed by pumped hydro storage, the companies said in a joint statement. The memorandum of understanding (MoU) aims to jointly assess the feasibility of developing up to a 1 million tonnes per annum (MTPA) primary aluminium smelter and 2 MTPA of alumina production.