Shares of Rio Tinto Group (RIO) were down -7.75% at $79.43 in premarket trading. The Rio stock closed last session at $84.25, declining -0.97% or -$0.82. In the course of the day, RIO stock fluctuated between $85.12 and $86.62. RIO stock exchanged 3.68 million shares on the day, more than its 50-day daily volume of 2.15 million and more than its year-to-date volume of 2.39 million. The Rio stock price is falling in the absence of good news, but recent events could contribute to this fall.
Latest developments at RIO Stock:
As one of the world’s leading producers of iron ore, copper, aluminum, and minerals, Rio Tinto plays a significant role in enabling the transition to low-carbon energy sources. For over two decades, RIO has publicly acknowledged climate change and has decreased its carbon footprint by over 30 percent from 2000 to 2020.
Rio has set its 2030 objective of reducing its absolute emissions by 15% and increases its emissions intensity by 30% relative to the baseline year of 2018. As part of the ten-year target period, RIO is committing to spend approximately $1 billion on emissions reduction initiatives during the first five years. For the next three years, RIO is focusing on reducing emissions in its value chain as part of its Scope 3 goals.
Recently, Rio Tinto and Komatsu decided to work together on developing and implementing zero-emission mining haulage solutions, including haul trucks. As soon as the truck is commercially viable, Rio Tinto will conduct a pre-production trial of the equipment on one of their sites and has the option of purchasing some of the first trucks. The two companies have a history of collaborating on innovations dating back to 2008, when RIO built the largest Komatsu autonomous haulage fleet in the world.
As RIO seeks to decarbonize its business, its support for a trial and the option to purchase some of the first Komatsu trucks emphasizes the company’s commitment to actively collaborate on product planning, development, testing, and deployment of zero-emission mining equipment and infrastructure. In addition, RIO is one of the first companies to join Komatsu’s newly formed Greenhouse Gas Alliance (GHG) aimed at advancing Komatsu’s power agnostic truck concept for a haulage vehicle that can run on either battery or hydrogen.
Zero-emission efforts at RIO:
Rio Tinto (RIO) and Komatsu recognize, as do many other mining companies, that they need to focus on the development of practical solutions for hauling and minimizing Greenhouse Gas (GHG) emissions. Komatsu and Rio Tinto are collaborating to develop zero-emission haul trucks, which will help Rio Tinto (RIO) and the entire mining industry achieve their emissions reduction goals.
