Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. United Kingdom
  4. London Stock Exchange
  5. Rio Tinto plc
  6. News
  7. Summary
    RIO   GB0007188757

RIO TINTO PLC

(RIO)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Rio Tinto : signs groundbreaking renewable energy agreement in Madagascar

07/26/2021 | 07:15am EDT

Rio Tinto has signed a power purchasing agreement for a new renewable energy plant to power the operations of its QMM ilmenite mine in Fort Dauphin, Southern Madagascar.

This project, which uses solar and wind energy, will significantly contribute towards Rio Tinto’s operations in Madagascar achieving its carbon neutral objective by 2023. The project is part of a broader initiative to reduce the ilmenite mine’s environmental footprint which includes programmes that focus on emissions reduction, waste and water management, carbon sequestration, ecological restoration and reforestation.

The renewable energy plant, to be built, owned and operated by independent power producer, CrossBoundary Energy (CBE), over a 20-year period, will consist of an 8 MW solar facility and a 12 MW wind energy facility to power mining and processing operations. There will also be a lithium-ion battery energy storage system of up to 8.25 MW as reserve capacity to ensure a stable and reliable network.

It will supply all of QMM’s electricity demand during peak generation times, and up to 60 percent of the operations’ annual electricity consumption. QMM will replace the majority of the power it currently supplies to the town of Fort Dauphin and the community of around 80,000 people with renewables.

The renewable energy plant will comprise more than 18,000 solar panels and up to nine wind turbines located in the Port Ehoala Park area. Construction is expected to begin this year with the solar plant scheduled to start operations at the beginning 2022. The wind power plant is planned to commence construction early 2022 and become operational by the end of 2022.

QMM President Ny Fanja Rakotomalala said: “This project is a strong example of our commitment with the Government of Madagascar to the sustainable development of the region. On a sunny and windy day, all the electricity needed by QMM and the Fort Dauphin community will be generated by the Malagasy sun and wind. It is a major step forward on our journey towards a truly sustainable mine, that protects and promotes the uniqueness of Madagascar’s environment and benefits the community with reliable and clean electricity.”

Secretary General, Ministry of Energy and Hydrocarbons of the Republic of Madagascar, Andriatongarivo Tojonirina Andrisoa, said: “The Government of Madagascar is committed to the energy transition and to setting up Madagascar to be energy independent, as stated in the President’s Initiative pour l’Emergence de Madagascar (IEM). QMM’s renewable energy project, technically ambitious with two installations dedicated to solar and wind, is fully aligned with that vision. It makes Madagascar a global reference point for the use of renewable energy to supply clean, reliable power in the mining sector and other industries, and to the community.”

Rio Tinto Minerals Chief Executive Sinead Kaufman said: “With this flagship project, QMM is leading the way at Rio Tinto and in Madagascar in utilizing renewable energy to power mining operations and reduce carbon emissions.”

CrossBoundary Energy Co-founder and Managing Partner Matt Tilleard commented: “Emissions from electricity use in mining is estimated to account for around 1% of all greenhouse gases globally. Rio Tinto is leading the way in demonstrating how mines can seize a huge opportunity to reduce these emissions. We are focused on delivering cleaner power to businesses and were therefore able to offer Rio Tinto a flexible, fast, all-equity funding approach, combined with our reliable track record as one of Africa’s largest distributed renewable utilities.”

About QIT Madagascar Minerals

QIT Madagascar Minerals (QMM), is a joint venture between Rio Tinto (80%) and the government of Madagascar (20%). It is located near Fort Dauphin in the Anosy region of south-eastern Madagascar, and primarily produces ilmenite which is a major source of titanium dioxide, predominantly used as a white pigment in products such as paints and paper.

QMM also produces zirsill used in the manufacturing ceramic tiles and digital screens, and monazite, a rare earth element, used in renewable energy technologies like high-powered permanent magnets used in wind turbines and electric vehicles.

QMM includes the deep-water Port d’Ehoala, where the raw material is shipped to the Rio Tinto Fer et Titane plant in Canada and processed into titanium dioxide.


© Business Wire 2021
All news about RIO TINTO PLC
04:20aUK shares rise on travel, banking boost; retail sales data ease taper fears
RE
04:20aUK shares rise on travel, banking boost; retail sales data ease taper fears
RE
03:24aAustralia shares post second weekly drop as iron ore miners hit multi-month l..
RE
09/16RIO TINTO : and WA Government's Pilbara vaccination blitz commences
BU
09/16Rio Tinto Group Announces Special Dividend for the Half Year Ended 30 June 20..
CI
09/16Rio Tinto Group Announces an Interim Dividend for the Half Year Ended 30 June..
CI
09/16RIO TINTO : $1.5 million for research on the indigenization of higher education
PU
09/16EUROPE : European stocks rise as travel shares jump on Ryanair forecast
RE
09/16European ADRs Move Lower in Thursday Trading
MT
09/16RIO TINTO : Deutsche Bank Cuts Rio Tinto PT, Affirms Hold Rating
MT
More news
Analyst Recommendations on RIO TINTO PLC
More recommendations
Financials (USD)
Sales 2021 66 345 M - -
Net income 2021 24 199 M - -
Net cash 2021 3 949 M - -
P/E ratio 2021 4,60x
Yield 2021 16,9%
Capitalization 113 B 113 B -
EV / Sales 2021 1,64x
EV / Sales 2022 2,00x
Nbr of Employees 47 500
Free-Float 65,3%
Chart RIO TINTO PLC
Duration : Period :
Rio Tinto plc Technical Analysis Chart | RIO | GB0007188757 | MarketScreener
Technical analysis trends RIO TINTO PLC
Short TermMid-TermLong Term
TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 23
Last Close Price 69,12 $
Average target price 86,09 $
Spread / Average Target 24,6%
EPS Revisions
Managers and Directors
Jakob Stausholm Chief Executive Officer & Executive Director
Peter Lloyd Cunningham Chief Financial Officer & Executive Director
Simon Robert Thompson Chairman
Arnaud Soirat Chief Operating Officer
Megan Clark Independent Non-Executive Director
Sector and Competitors
1st jan.Capi. (M$)
RIO TINTO PLC-8.41%114 078
BHP GROUP-4.20%144 607
ANGLO AMERICAN PLC16.25%47 925
GRUPO MÉXICO, S.A.B. DE C.V.5.69%34 717
SAUDI ARABIAN MINING COMPANY (MA'ADEN)95.06%25 924
TECK RESOURCES LIMITED46.32%13 757