Our purpose and values

Our purpose in action

Continuous improvement and innovation are part of our DNA. Right across the business, we are finding better ways to provide the materials the world needs while reducing our carbon footprint, developing technologies needed to make net zero a reality, and continuing to support our people and the communities where we live and work.

Straw biomass

BioIron pioneering breakthrough technologies

In 2023, we continued developing BioIron™, which has the potential to reduce CO2 emissions by more than 95% during steelmaking.

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BioIron™ uses raw biomass produced from agricultural by-products (instead of metallurgical coal) and microwave energy, to convert Pilbara iron ore to metallic iron during steel making. It also uses approximately 65% less electricity during steel making when compared to other green hydrogen technologies.

We have proved BioIron™ works on a small scale through a successful collaboration with the University of Nottingham and Metso Corporation. Now we have secured a site to continue testing on a larger scale, and are progressing regulatory approvals for the BioIron™ Continuous Pilot Plant which will have the capacity of one tonne per hour.

Jawun

Connecting with Country

In 2023, we commenced cultural immersion secondments with Jawun™, a non-profit partnership program with Indigenous organisations and communities across Australia.

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Every year, 24 of our people will contribute their skills to support Aboriginal economic development as part of the program, while also learning about Aboriginal culture and history. This 2-way learning opportunity has already deepened our cultural understanding and contributes to a more culturally aware workplace.

“You have an opportunity to provide back to an Indigenous organisation, and in return you get to explore this beautiful Country and learn a lot of things from the local Indigenous Peoples.” Travis Creed, Superintendent Capability Development.

Urban development

Accelerating innovation: bringing the outside world in

In 2023, we established an Innovation Advisory Committee, bringing together experts in innovation and research and development.

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The Committee is helping us accelerate our innovation portfolio and offers guidance on emerging technologies in areas such as health and safety, environmental, social and governance, growth, carbon abatement and productivity.

To help us find innovative ways to provide the materials the world needs for the energy transition, we have also committed $150 million over 10 years to create a Centre for Future Materials led by Imperial College London.

Boron renewable diesel

First open pit mine in the world to move to renewable diesel

Our Boron operation in California has fully transitioned their heavy machinery from fossil diesel to renewable diesel.

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We expect this to reduce our CO2 equivalent by up to 45,000 tonnes per year, similar to eliminating the emissions of 9,600 cars1.

In the first quarter of 2024, we will begin to replace our entire fossil diesel consumption with renewable diesel at our Kennecott copper operation in Utah. It will reduce emissions by around 495,000 tonnes of CO2 equivalent per year, similar to eliminating the emissions of more than 107,000 cars.

1 Greenhouse Gas Equivalencies Calculator | US EPA

recycled aluminium

Investing in recycled aluminium

We have formed a joint venture with Giampaolo Group to purchase a 50% stake in Matalco. Aluminium is an essential metal needed to decarbonise, but its production requires vast amounts of electricity and accounts for about 3% of the world’s CO2.

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The partnership will help us provide a broader range of high-quality and low-carbon, primary, recycled, and blended aluminium products, at a time when customers are looking for solutions to lower their carbon footprint.

This move follows other recent investments in our aluminium business in North America, including $1.1 billion to expand the AP60 smelter equipped with low-carbon technology, $29 million to establish a recycling facility at Arvida, C$135 million to install a new alumina conveyor at Kitimat, and $188 million to increase our capacity to cast value-added products at the Alma smelter.

Finding better ways speaks to our drive for both innovation and continuous improvement, while also emphasising how solutions are delivered – with impeccable ESG performance. We are striving for new ways to do things, and deeper partnerships to solve problems and to create win-win opportunities. There are already hundreds of examples of how we are doing this. It applies to big, meaningful innovation and smaller everyday progress.”

- Jakob Stausholm, Chief Executive

Becoming best operator with our Safe Production System

We are implementing lessons from our own pockets of excellence. We continue to see improved production efficiency, safety and engagement at the sites where we have deployed our Safe Production System (SPS).

Global

25% improvement in AIFR in the second half of 2023 at SPS sites, when compared to the first half

Iron Ore

5Mt year-on-year production uplift at Pilbara iron ore sites, attributable to SPS

Copper

90% record performance of concentrator effective utilisation at Kennecott across Q3 and Q4

Aluminium

8% year-on-year increase in casting operating time at Grande Baie (excluding shutdowns)

Iron Ore

34% decreased variability in processing operating time year-on-year at Hope Downs

Minerals

32% year-on-year improvement in AIFR at Iron Ore Company of Canada

Our purpose #FindingBetterWays

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