Rio Tinto (RIO) Launches 25MW Solar Plant at Kennecott, Reducing Emissions by 6%
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1h ago
0mins
Source: seekingalpha
- Solar Project Launch: Rio Tinto has brought online a new 25-megawatt solar plant at its Kennecott copper operations in Utah, which, combined with the 5MW plant completed in 2023, totals 30MW of capacity, enough to power approximately 1,026 average American homes annually, significantly enhancing renewable energy utilization.
- Emission Reduction Impact: The new solar plant is expected to reduce Scope 2 emissions by about 20,000 tonnes of CO₂e annually, achieving a 6% reduction for Kennecott, which not only meets environmental standards but also enhances the company's sustainable development image.
- Critical Mineral Production: The solar panels at the plant utilize tellurium produced at Kennecott, a critical mineral essential for solar technology, positioning Rio Tinto as one of only two U.S. producers of this mineral and further solidifying its role in the green energy sector.
- Construction and Collaboration: The construction of the 25MW plant began in October 2024 in partnership with Bechtel, was completed in October 2023, and energized in December, showcasing Rio Tinto's strategic investments and collaborative efforts in renewable energy.
Analyst Views on RIO
Wall Street analysts forecast RIO stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for RIO is 83.70 USD with a low forecast of 68.00 USD and a high forecast of 129.50 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
6 Analyst Rating
2 Buy
4 Hold
0 Sell
Moderate Buy
Current: 85.130
Low
68.00
Averages
83.70
High
129.50
Current: 85.130
Low
68.00
Averages
83.70
High
129.50
About RIO
Rio Tinto plc is a United Kingdom-based mining and materials company. It operates in over 35 countries, and its portfolio includes iron ore, copper, aluminum and a range of other minerals and materials. Its segments include Iron Ore, Aluminum, Copper, and Minerals. The Iron Ore segment includes iron ore mining and salt and gypsum production in Western Australia. Its iron ore operations in Pilbara comprise an integrated network of over 18 iron ore mines and four independent port terminals. The Aluminum segment includes bauxite mining, alumina refining, and aluminum smelting and recycling. The Copper segment includes mining and refining of copper, gold, silver, molybdenum, other by-products and licensing of extraction technologies. The Minerals segment includes mining and processing of borates, diamonds, iron concentrate and pellets from the Iron Ore Company of Canada, lithium and titanium dioxide feedstock.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
