Muzhu Mining Ltd. (CSE: MUZU)
Creating lasting wealth by developing gold and silver properties with near-term mining potential
Rio Tinto (RIO) announced on Tuesday (June 18th, local time) that it will invest $226 million Canadian dollars (approximately $165 million USD) in the Grande-Baie smelter located in the province of Quebec, Canada.
This investment will be allocated towards refurbishing two end-of-life anode bake furnaces. The company will also conduct a feasibility study to replace washers and bridge cranes in the anode production center.
The mining firm also mentioned that it will offset carbon emissions associated with the project by various means, such as planting trees near the aluminum smelter. The revamp of the anode bake furnaces at the Grande-Baie smelter is a significant investment that will ensure responsible aluminum production in the region remains sustainable and competitive for decades to come, generating substantial economic benefits.
Most of the economic benefits linked to this project will be realized in Quebec. Rio Tinto stated that around 185 workers will be employed onsite during the project’s peak period.
Rio Tinto previously completed the replacement of anode bake furnaces at the Alma aluminum smelter in 2021.
On June 4th, Rio Tinto announced a $143 million investment (approximately 1.036 billion yuan) in constructing an industrial pilot plant in Western Australia to further evaluate the efficiency of the low-carbon ironmaking technology BioIron™.
In recent years, Rio Tinto has introduced several initiatives to drive low-carbon emissions reduction. In February 2020, Rio Tinto announced its plan to achieve net zero emissions by 2050; in October 2021, the company aimed to reduce direct carbon emissions by 50% by 2030, tripling its previous goal. Furthermore, Rio Tinto stated that by the end of 2030, it will invest around $7.5 billion to reduce so-called Scope 1 and Scope 2 emissions – emissions from mining operations and electricity consumption.
