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Rio Tinto PLC on Wednesday said it plans to release its strategy on decarbonisation targets, as it predicted a fall in diamond production for 2023.
The miner was holding an investor seminar in London on Wednesday.
Rio said it expects diamond production in 2023 to fall to between 3.0 million and 3.8 million carats, down from between 4.5 million to 5.0 million carats in 2022. It anticipates iron ore production at Pilbara in Australia in 2023 to be similar to 2022 at 320,000 to 335,000 tonnes.
Further, Rio said it will outline projects that are underway to meet decarbonisation targets to decrease emissions by 2030. ‘Investments of around £7.5 billion are expected between 2022 and 2030, including around $1.5 billion over the next three years which will be back-end dated. Investments are being prioritised and phased in the most logical way, with consideration for near-term work around energy inputs and attractive economics. New long-term power contracts will also be required for the aluminium business to meet targets,’ it said.
Rio Tinto Chief Executive Officer Jakob Stausholm said: ‘Meeting the incremental demand of the energy transition and ensuring local supplies of critical minerals globally deepens our relevance in the world and provides new opportunities. We are working hard to decarbonise our assets and products, as we invest to grow in materials needed for the energy transition.’
Rio Tinto shares were 0.3% higher at 5,581.00 pence each on Wednesday morning in London.
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