Australian mining giant Rio Tinto (RIO) is investing a total of $535 million to upgrade its plant in
Quebec that processes metals used in the manufacture of electric vehicles.
Rio Tinto is upgrading its Fer et Titane plant in Sorel-Tracy, Quebec to install electrifying
furnaces and replace coal as it strives to cut the facility’s carbon emissions in half by 2030.
The federal government in Ottawa is also investing $222 million in the project, which will see Rio
Tinto increase production of minerals including titanium and scandium.
The plant in Sorel-Tracy is currently 72 years old and fitted with outdated equipment, according
to Rio Tinto. The plant upgrade is expected to be completed by the end of 2023.
Rio Tinto said it plans to quadruple its production capacity of scandium oxide to reach up to 12
metric tons a year, giving the company a 20% global market share, after adding new modules to
the Quebec plant.
The mining company is also setting up a pilot plant at the facility to assess new processes for
extracting and refining titanium metal.
Rio Tinto’s stock is down 5% this year and trading at $95.08 Australian dollars (Cdn$82.08) per
share.