According to Rio Tinto, the projects include:

• -- A pilot-scale electric melter at a Baowu mill, utilizing direct reduced iron produced from low- and medium-grade ores;
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• -- Optimization of pelletization technology for Australian ores;
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• -- Further development of China Baowu’s HyCROF technology, which is said to be capable of largely mitigating CO₂ emissions from the blast furnace process;
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• -- Exploration of potential opportunities for low-carbon iron production in Western Australia.

“Rio Tinto and China Baowu are united in a commitment to accelerating the delivery of low-carbon solutions for the entire steel value chain. This memorandum of understanding aims to address one of the biggest challenges faced by the industry – developing a low-carbon pathway for low- to medium-grade iron ores, which account for the vast majority of global iron ore supply,” said Rio Tinto chief commercial officer Alf Barrios. 

You can find Rio Tinto's full announcement here.