Rio Tinto signed a five-year agreement with Australian bioenergy firm SuperChar on Wednesday. The deal secures bio pellets for alumina refineries in Gladstone to replace fossil fuels. Initial supplies will arrive in 2028. This initiative aims to reduce annual Scope 1 emissions by up to 90,000 tons of carbon dioxide-equivalent.
JPMorgan Chase & Co. upgraded Rio Tinto from underweight to neutral and increased its price target. Analysts cited the company's sustainable energy transition as a driver for positive investor attention. Rio Tinto shares also saw an intraday lift following a rally in copper prices.