Rio Tinto IOC and Government of Canada partner to decarbonize iron ore processing in Labrador West
26 Februar 2024 - 7:17PM
Business Wire
The Government of Canada awarded C$18.1 million from its Low
Carbon Economy Fund to Rio Tinto’s Iron Ore Company of Canada (IOC)
to support the decarbonization of iron ore processing at its
operations in Labrador West.
The funding will enable IOC to reduce the amount of heavy fuel
oil that is consumed in the production of iron ore pellets and
concentrate. The company will install an electric boiler to
displace emissions from the usage of the heavy fuel oil boilers, as
well as instrumentation and fuel-efficient burners to further
reduce heavy fuel oil consumption from induration machines.
Over the lifetime of this project, IOC will see a cumulative
reduction of about 2.2 million tonnes of greenhouse gas
emissions.
Installation of the new equipment will begin in the second
quarter of 2024 and is expected to be completed in the first half
of 2025. The project will create more than 100 jobs during the
construction and implementation stages in Labrador West.
IOC President and Chief Executive Officer Mike McCann said: “Rio
Tinto IOC has a plan to decarbonize and continue producing some of
the lowest carbon-intensity high-grade iron ore products in the
world, right here in Canada. This project alone will eliminate
approximately 9% of IOC’s greenhouse gas emissions. We look forward
to collaborating with the Government of Canada and other partners
towards our goal of achieving net zero emissions by 2050.”
Labrador Member of Parliament Yvonne Jones said: “By working
with organizations across Canada, such as IOC, we can help the
community save money on monthly operating costs and grow the
economy, all while fighting climate change. Through the Low Carbon
Economy Fund, the Government of Canada is partnering with climate
leaders nationwide to cut emissions. I applaud the leadership shown
by IOC for helping to keep our air clean and build resilient
communities in Newfoundland and Labrador.”
The Government of Canada’s contribution represents approximately
25% of the total cost of the project, with IOC funding the
remainder of the investment.
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