Rio Tinto Iron Ore Company of Canada Receives $18.1 Million for Emission Reduction Project
Rio Tinto Iron Ore Company of Canada has been granted 18.1 million Canadian dollars ($13.4 million) to support its initiative in reducing heavy fuel usage during production in Newfoundland and Labrador.
Funding Allocation
The awarded funds will be utilized by the company to implement an electric boiler that will replace the heavy fuel oil boilers at its Labrador West project. Additionally, the funding will cover the installation of instrumentation and fuel efficient burners.
Environmental Impact
By incorporating these new measures, Rio Tinto anticipates a significant reduction in heavy fuel consumption during the production process of iron-ore pellets and concentrate. This is projected to decrease greenhouse gas emissions by approximately 2.2 million metric tons over the project's lifespan, equivalent to 9% of the company's total emissions.
Project Timeline
The company plans to commence the installation of the new equipment in the second quarter of this year, with completion slated for the first half of 2025.
Government Support
The Canadian government's financial contribution accounts for 25% of the total project cost, with Rio Tinto covering the remaining investment.
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