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Rio Tinto’s Iron Ore Company of Canada (IOC) has been awarded $C18.1 million from the Government of Canada.

The funding comes as part of the Canadian Government’s Low Carbon Economy Fund to support the decarbonisation of iron ore processing.

With the funding, Rio Tinto will reduce the amount of heavy fuel oil consumed by the production of iron ore pellets and concentrate. IOC will also install an electric boiler to displace emissions.

“Rio Tinto IOC has a plan to decarbonise and continue producing some of the lowest carbon-intensity high-grade iron ore products in the world, right here in Canada,” IOC president and chief executive officer Mike McCann said.

“This project alone will eliminate approximately nine per cent 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.”

IOC will see a reduction of approximately 2.2 million tonnes of greenhouse gas emissions over the lifetime of the project, with installation of new equipment set to begin in the second quarter of 2024.

“By working with organisations 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,” Labrador Member of Parliament Yvonne Jones said.

“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.”