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    RIO   GB0007188757

RIO TINTO PLC

(RIO)
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Delayed Quote. Delayed London Stock Exchange - 10/18 11:35:03 am
5002 GBX   -0.71%
03:37aRIO TINTO : RBC remains Neutral
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03:28aRIO TINTO : JP Morgan reiterates its Buy rating
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Rio Tinto : to triple Weipa solar capacity and add battery storage to help power operations

09/19/2021 | 07:01pm EDT

Rio Tinto has approved a new solar farm and battery storage at Weipa in Queensland, in a move that will more than triple the local electricity network’s solar generation capacity and help provide cleaner power to Rio Tinto’s operations.

Under the plans, EDL has been contracted to build, own and operate a 4MW solar plant and 4MW/4MWh of battery storage at Weipa. Work on the battery facilities will start this year, with construction of the whole project expected to be complete by late 2022.

The new solar farm and battery storage will complement the existing 1.6MW solar farm at Weipa, which was completed in 2015 and is also owned and operated by EDL. The 4MWh battery system will be built next to the existing Weipa power station and will help provide a stable power network for Rio Tinto’s Weipa Operations bauxite mines and the Weipa township.

Rio Tinto Aluminium Pacific Bauxite Operations General Manager Michelle Elvy said “The new solar farm and battery storage at Weipa will help us lower our carbon footprint and diesel use in a reliable way.

“The original Weipa solar farm was the largest solar facility at an off-grid Australian mine site at the time it was built, and it played an important role in showing the viability of renewable energy systems in remote locations.

“The new solar farm and battery storage system is part of Rio Tinto’s group-wide commitment to reduce emissions across our operations. There is clearly more work to be done, but projects like this are an important part of meeting our climate targets.”

EDL Chief Executive Officer James Harman said “We welcome the opportunity to continue supporting Rio Tinto to reduce carbon emissions.

“EDL will be leveraging expertise from our hybrid renewable energy systems around Australia to deliver clean and reliable energy for Rio Tinto’s operations and the local community.”

When complete, the combined 4MW solar capacity and 4MW/4MWh battery will provide about 11 gigawatt hours of energy annually. Combined with upgrades to the existing Weipa power generation network, the improvements will reduce Weipa Operations’ diesel consumption by an estimated 7 million litres per year and lower its annual carbon dioxide emissions by about 20,000 tonnes - the equivalent of taking more than 3,750 cars off the road.

Rio Tinto Weipa Operations will purchase electricity from EDL and the new solar plant will be connected directly to the Weipa electricity network.

More information on Rio Tinto’s climate targets can be found here.

riotinto.com


© Business Wire 2021
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Financials (USD)
Sales 2021 62 745 M - -
Net income 2021 22 149 M - -
Net cash 2021 2 705 M - -
P/E ratio 2021 4,97x
Yield 2021 15,5%
Capitalization 114 B 113 B -
EV / Sales 2021 1,77x
EV / Sales 2022 2,20x
Nbr of Employees 47 500
Free-Float 65,3%
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Technical analysis trends RIO TINTO PLC
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Mean consensus OUTPERFORM
Number of Analysts 23
Last Close Price 69,27 $
Average target price 74,75 $
Spread / Average Target 7,91%
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
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