Japan’s Itochu Corporation has made another investment in a potentially significant Australian venture targeting the reduction of carbon emissions in hard-to-abate sectors, taking a stake in start-up Mineral Carbonation International.

The “multimillion-dollar” investment will place the international trading giant alongside explosives maker Orica on the share register of MCi, with negotiations with another prospective cornerstone shareholder also at an advanced stage, said Sophia Hamblin Wang, chief operating officer of MCi.