Australia markets closed
  • ALL ORDS

    7,709.50
    +21.50 (+0.28%)
     
  • ASX 200

    7,493.80
    +25.50 (+0.34%)
     
  • AUD/USD

    0.7106
    -0.0011 (-0.15%)
     
  • OIL

    79.38
    -1.63 (-2.01%)
     
  • GOLD

    1,927.60
    -2.40 (-0.12%)
     
  • BTC-AUD

    32,326.72
    +175.16 (+0.54%)
     
  • CMC Crypto 200

    526.66
    +9.65 (+1.87%)
     
  • AUD/EUR

    0.6535
    +0.0006 (+0.09%)
     
  • AUD/NZD

    1.0934
    -0.0026 (-0.24%)
     
  • NZX 50

    12,036.05
    +12.59 (+0.10%)
     
  • NASDAQ

    12,166.60
    +115.12 (+0.96%)
     
  • FTSE

    7,765.15
    +4.04 (+0.05%)
     
  • Dow Jones

    33,978.08
    +28.67 (+0.08%)
     
  • DAX

    15,150.03
    +17.18 (+0.11%)
     
  • Hang Seng

    22,688.90
    +122.12 (+0.54%)
     
  • NIKKEI 225

    27,382.56
    +19.81 (+0.07%)
     

Rio Tinto plans further investment in renewable energy in the Pilbara

MELBOURNE, Australia, November 29, 2022--(BUSINESS WIRE)--Rio Tinto is planning to invest a further $600 million in renewable energy assets in the Pilbara as part of the company’s efforts to decarbonise its Western Australian iron ore operations.

The investment will fund the construction of two 100MW solar power facilities as well as 200MWh of on-grid battery storage in the Pilbara by 2026. This is in addition to the 34MW of solar power installed at the recently commissioned Gudai-Darri iron ore mine.

Initial funding for Rio Tinto’s first major stand-alone solar farm on the Pilbara coast has been approved, a 100MW solar photovoltaic system and associated transmission infrastructure. Construction, which will involve the installation of approximately 225,000 solar panels built to withstand the Pilbara’s cyclonic conditions, is expected to start next year ahead of project commissioning in 2025.

Rio Tinto is engaging with State and local authorities as well as Traditional Owners about the project and relevant approvals. Final capital approval is expected in the second quarter next year.

These new projects combined are expected to abate around 300,000 tonnes of CO2, equivalent to a 10 per cent reduction in total Scope 1 and 2 emissions from Rio Tinto’s iron ore business in the Pilbara based on 2021 levels. It will also reduce gas costs by approximately $55 million per annum at current prices by displacing around 30 per cent of the company’s current gas consumption in the Pilbara.

This new investment forms part of Rio Tinto’s previously announced plan to complete installation of a 1 gigawatt (GW) renewable energy system in the Pilbara as part of a global commitment to invest approximately $7.5 billion to halve emissions by 2030. This will include significant investment in transmission infrastructure to support full decarbonisation of the Pilbara including electrification of mobile and rail equipment beyond 2030 which is estimated to require up to 3GW of installed renewable energy assets.

Rio Tinto Iron Ore Chief Executive Simon Trott said, "The Pilbara is extremely well-positioned to take advantage of renewable power with land, access to people, and abundant wind and solar resources. Our Pilbara electricity grid is the largest privately-owned grid in Australia, ensuring that we have the initial infrastructure required to enable a transition to renewable energy.

"We expect to invest around $3 billion to install renewable energy assets as well as transmission and storage upgrades in the Pilbara as part of our commitment to halve our emissions from the Pilbara by the end of this decade."

View source version on businesswire.com: https://www.businesswire.com/news/home/20221129006069/en/

Contacts

Please direct all enquiries to media.enquiries@riotinto.com

Media Relations, UK
Matthew Klar
M+ 44 7796 630 637
David Outhwaite
M +44 7787 597 493

Media Relations, Americas
Simon Letendre
M +514 796 4973
Malika Cherry
M +1 418 592 7293

Media Relations, Australia
Matt Chambers
M +61 433 525 739
Jesse Riseborough
M +61 436 653 412

Investor Relations, UK
Menno Sanderse
M: +44 7825 195 178
David Ovington
M +44 7920 010 978
Clare Peever
M +44 7788 967 877

Investor Relations, Australia
Tom Gallop
M +61 439 353 948
Amar Jambaa

M +61 472 865 948

Rio Tinto plc
6 St James’s Square
London SW1Y 4AD
United Kingdom
T +44 20 7781 2000
Registered in England
No. 719885

Rio Tinto Limited
Level 43, 120 Collins Street
Melbourne 3000
Australia
T +61 3 9283 3333
Registered in Australia
ABN 96 004 458 404

riotinto.com

Category: General