Rio Tinto (NYSE: RIOTuesday plans to spend $600M to build two solar farms and battery storage in the Pilbara region, as part of efforts to reduce emissions from Iron ore mining operations in Western Australia.
The miner said the funding would support the construction of two 100 MW and 200 MWh off-grid battery storage facilities in the Pilbara by 2026, in addition to the 34 MW of solar power installed at its recently commissioned Gudai-Darri iron ore mine. .
Rio Tinto (RIO) has announced that initial funding has been approved for its first vertical 100 MW solar photovoltaic program which will include the installation of ~225K solar panels built to address the Pilbara’s challenges.
Construction is expected to begin next year ahead of construction in 2025.
“We expect to invest ~$3B to install renewable energy and improve management and storage in the Pilbara as part of our commitment to reduce our emissions from the Pilbara by the end of this decade,” said CEO Simon Trott.
A cooling U.S. commodity market and China’s zero-COVID policy will remain a drag on the steel price recovery, adding to Rio Tinto’s ( RIO ) financial decline and stock valuation going forward, Juxtaposed Ideas wrote in a recently released analysis. Searching for Alpha.