Rio Tinto (ASX:RIO) to invest AU$600M on renewables in Pilbara region

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  • Rio has shared it has plans to invest a further AU$600 million in renewable energy assets in the Pilbara.
  • This comes as a part of Rio’s efforts to decarbonise its Western Australian iron ore operations.
  • Rio’s investment will support the construction of two solar power facilities in the Pilbara.

Anglo-Australian multinational metals and mining giant Rio Tinto Limited (ASX:RIO) on 29 November 2022, shared on its website that it has plans to make more investments towards renewable energy in the Pilbara in the coming days. It stated that this comes as a part of the company’s endeavours to decarbonise its iron ore operations in Western Australia.

Meanwhile, on 30 November 2022, the shares of Rio Tinto were spotted trading at AU$109.740 apiece, up 1.771% at 1:24 PM AEDT on the ASX.

Key takeaways from the Rio’s release on investment in the Pilbara:

The share price performance of Rio on the ASX

During the past five trading days on the ASX, the shares of Rio have gained 2.66%. In the last one month, the shares have surged 24.14% on the ASX. In the last six months, the shares of Rio have lost 4.33% and in the last one year of trading, the shares have gone up by 17.10% on the ASX. The metals and mining giant has gained 53.84% in the last five years of trade on the ASX (as of 1:12 PM AEDT, 30 November 2022).



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