Rio Tinto To Invest US$188 Mln To Expand Low-carbon Billet Production In Canada

(RTTNews) - Rio Tinto (RTPPF.PK, RIO.L, RIO, RTNTF.PK) said that it will invest US$188 million to increase the production capacity for low-carbon, high value aluminium billets at its Alma smelter in Lac-Saint-Jean, Quebec by 202,000 metric tonnes.

The investment is expected to generate nearly US$160 million in economic benefits for Quebec. The project will create around 40 new permanent jobs and help to support the 770 existing jobs at the Alma plant.

The company said existing casting center at its Alma plant will be expanded to accommodate new state-of-the-art equipment, including a casting pit and furnaces.

Construction will begin in May 2023, after completing detailed engineering and preliminary work, and commissioning is expected in the first quarter of 2025.

Global demand for aluminium extrusion products is expected to grow at an average of about 3% per year over the next ten years, driven by the energy transition and decarbonization.