Corporate mission to reduce carbon footprint
The company produces a range of high-quality materials that are essential to downstream manufacturing and industrial markets. Over the past several years, Rio Tinto has placed a greater focus on making sure the essential materials it sells are produced in a more responsible manner. To this end, the company has embarked on several missions to switch to renewables at scale. More specifically, the Kennecott mine retired its coal-fired power plant in 2019 after 75 years of operation in favor of deriving its energy primarily from wind and solar sources. The plan is set to reduce the mine’s carbon footprint by as much as 65.0%.
Balance Sheet|Competition|ESG|Structural|Discontinued ActivityIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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