Rio Tinto (NYSE:RIO) announced on Monday that it has secured C$18 million ($13 million) in funding from the Canadian government to decarbonize iron ore processing operations in Labrador West.
Funding from the government’s Low-Carbon Economy Fund will bolster the Iron Ore Company of Canada (IOC), a subsidiary of Rio Tinto, as it works to reduce reliance on heavy fuel oil during the production of iron ore pellets and concentrate.
Rio Tinto disclosed that the government’s contribution covers approximately 25% of the total project cost, with IOC financing the remainder of the investment.
Implementation of the project will commence in the latter half of the year, with completion expected in the first half of 2025. The initiative involves the installation of new equipment aimed at reducing greenhouse gas emissions associated with iron ore processing.
As one of the world’s leading iron ore producers, Rio Tinto anticipates a reduction of approximately 2.2 million tonnes of greenhouse gas emissions over the project’s lifespan.
Featured Image: Megapixl
Author Faith Yakubu 
