ViganVan AalstTBA GroupTOC EventsPort of StocktonCimbria
  • Sailors Society
  • Vigan
  • Telestack
  • Van Aalst
  • Cleveland Cascades Ltd
  • Bühler GmbH

Rio Tinto to strengthen, decarbonise and grow

Rio Tinto to strengthen, decarbonise and grow

(Posted on 01/12/22)

Rio Tinto is providing an update at its Investor Seminar on progress against its long-term strategy to strengthen the business, grow in a decarbonising world and continue to deliver attractive shareholder returns.

Updates will include Rio Tinto’s market outlook, with the energy transition expected to add as much as 25% in new demand above traditional sources on a copper equivalent basis across the Group's key products by 2035. Rio Tinto is targeting investment of up to $3 billion per year in growth to meet this demand, including the Oyu Tolgoi copper, Rincon lithium and Simandou iron ore projects.

There are now 30 deployments of the Rio Tinto Safe Production System (SPS) across 16 sites. Roll-outs are ongoing to continuously improve safety, drive employee satisfaction and lift operational performance across Rio Tinto’s global portfolio, delivering benefits such as up to 5 million tonnes of production uplift expected at the Group’s Pilbara iron ore assets in 2023.

Executives will outline projects underway to meet challenging decarbonisation targets to halve Scope 1 & 2 emissions by 2030, on the road to net zero by 2050. Six large emissions abatement programmes are focused on renewable power, process heat, diesel and the ELYSISTM zero carbon aluminium smelting technology to drive the transition to net zero by 2050, supported by high-quality nature based solutions. Investments of around $7.5 billion are expected between 2022 and 2030, including around $1.5 billion over the next three years which will be back-end dated. Investments are being prioritised and phased in the most logical way, with consideration for near-term work around energy inputs and attractive economics. New long-term power contracts will also be required for the aluminium business to meet targets. Incremental operating expenditure on building new teams and energy efficiency initiatives remains around $200 million per year, in addition to research and development investment.

Rio Tinto Chief Executive Jakob Stausholm said: “We are now creating real momentum, to build a stronger Rio Tinto that is a platform for delivering long-term value. From evolving our culture, to operational improvements, a different approach on cultural heritage, and technology breakthroughs to address climate change and a changing customer environment, we are seeing early results that give us conviction we have the right objectives, the right team, and the right strategy. This is all captured in our newly defined purpose: finding better ways to provide the materials the world needs.

“Meeting the incremental demand of the energy transition and ensuring local supplies of critical minerals globally deepens our relevance in the world and provides new opportunities. We are working hard to decarbonise our assets and products, as we invest to grow in materials needed for the energy transition.

“The quality of our assets, resilience of cashflows and strength of our balance sheet ensure we are well positioned to continue to invest with discipline for the long term and deliver attractive returns to our shareholders throughout the cycle.”

Production guidance is being released for 2023. Pilbara iron ore shipments (100% basis) of 320 to 335Mt are expected in 2023, with mid-term capacity remaining at 345 to 360Mt.

Latest News

Cargill completes acquisition of Owensboro Grain Company

(Posted on 27/01/23)

Cargill has announced that it has completed the acquisition of Owensboro Grain Company, a fifth-generation... Read more


BHP selects seven companies to accelerate copper and nickel exploration

(Posted on 23/01/23)

BHP Xplor, an accelerator programme introduced by BHP in August 2022, has announced its first cohort... Read more


Trafigura makes carbon removal commitment as part of First Movers Coalition

(Posted on 16/01/23)

Trafigura Group Ptd Ltd., a market leader in the global commodities industry, has made a public carbon... Read more


Hefner assumes USGC global trade position in Washington

(Posted on 10/01/23)

Jace Hefner has joined the U.S. Grains Council (USGC) in its Washington, D.C., headquarters as the new... Read more


Cargill announces CFO transition

(Posted on 10/01/23)

Cargill has announced that Jamie Miller will step down as Chief Financial Officer to accept an opportunity... Read more


Adbri extends supply contract with ICL

(Posted on 10/01/23)

Adbri Limited has announced that it has extended its cementitious materials supply arrangement with... Read more


Dana Steel to replace imported raw materials with ‘Made in UAE’ supply

(Posted on 04/01/23)

Khalifa Economic Zones Abu Dhabi – KEZAD Group, the integrated trade, logistics, and industrial... Read more


GrainCorp to boost digital connectivity in the bush

(Posted on 23/12/22)

Australian agribusiness GrainCorp is co-leading a $12 million investment round into rural connectivity... Read more


BHP and OZ Minerals extend exclusivity period

(Posted on 20/12/22)

BHP has provided an update to its announcement on 18 November 2022 that confirmed BHP had entered into... Read more


Kaisa Hietala to join Rio Tinto Board

(Posted on 20/12/22)

Rio Tinto has appointed Kaisa Hietala as a non-executive director. Ms Hietala, a Finnish citizen, will... Read more


Cleveland Cascades LtdSailors SocietyThe Wolfson Centre for Bulk Solids Handling Technology Port of South LouisianaTelestackBühler GmbH
  • The Wolfson Centre for Bulk Solids Handling Technology
  • Port of Stockton
  • TOC Events
  • TBA Group

Subscribe to our newsletter

Keep up to date with the latest global news in bulk cargo handling and shipping