The Canadian government will invest up to $162 million through its Strategic Innovation Fund (SIF).
SEATTLE (Scrap Monster): Rio Tinto, in partnership with the Government of Canada, plans to invest around $737 million over a period of eight years at its Rio Tinto Fer et Titane (RTFT) operations in Sorel-Tracy, Quebec. The investment will facilitate decarbonisation of the plant and position it as a centre of excellence in processing critical metals.
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The scheduled technological advancements are expected to lead to 70% reduction in greenhouse gas emissions from its titanium dioxide, steel and metal powders business. Furthermore, it will diversify the Quebec plant’s product portfolio, thus helping the company to reinforce its position as the leading North American supplier of critical minerals, said the company press release.
The Canadian government will invest up to $162 million through its Strategic Innovation Fund (SIF).
The partnership will focus on boosting scandium production, adding titanium metal to the portfolio and implementing the BlueSmelting project which could reduce RTFT’s greenhouse gas emissions by up to 95%.
Jakob Stausholm, Chief Executive, Rio Tinto noted that the collaboration with the Government of Canada will position RTFT for the future and provide further impetus to the critical mineral and metals value chains in the North American region.
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