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Wednesday May 31st 2023 (Our stories)
Rio Tinto IOC expands its presence in Newfoundland and Labrador

St. John’s, Newfoundland and Labrador — Rio Tinto IOC today officially opened its new executive office in the province’s capital city. The 12,550 square foot space, which will accommodate approximately 50 employees, will serve as a communication and engagement hub as the organization ramps up its decarbonization efforts and explores the development of new green energy resources.

 

The company’s decarbonization plan includes the production of one of the lowest carbon-intensity, high-grade iron ore products in the world. This unique and scarce low-impurity iron ore is found in abundance in the Labrador Trough and is a key material in the production of green steel, an essential product required to build the electric vehicles, wind turbines, and all the other infrastructure that will power the global energy transition.

 

Rio Tinto IOC President and Chief Executive Mike McCann said, “Newfoundland and Labrador has the key assets to be a global hub for green materials and other green industries critical to the global energy transition. IOC has been operating in Newfoundland and Labrador for more than six decades and we are very pleased to continue to invest in the province.”

 

Rio Tinto is supporting the global energy transition through the production of more green materials such as zero carbon aluminium and green iron, but also through the rapid decarbonization of its extensive set of existing operations across Eastern Canada. “To us, this isn’t simply a business imperative, it is the right thing to do for future generations,” said McCann. 

 

The Honourable Dr. Andrew Furey, Premier of Newfoundland and Labrador said: “Our government recognizes the incredible value of our resources in Newfoundland and Labrador. We are perfectly positioned at this time of transition, and have the critical minerals the world needs to power our more sustainable future. Rio Tinto has long been a valued company operating in our province, and I congratulate them on this new expanded presence as I look forward to continuing to work together.”

 

In addition to high-grade iron ore deposits, Rio Tinto IOC also has a port and rail supply chain system in place to facilitate market access, providing a significant first mover advantage for the green steel market. The company will need increased access to clean power to realize this potential and is currently exploring renewable energy development opportunities.  

 


Quick Facts about Rio Tinto IOC

  • Employs more than 2,800 people in Newfoundland and Labrador and Quebec
  • Impact and Benefits Agreements with 5 Indigenous communities
  • Contributes approximately $1.3 billion annually to the local economy in Newfoundland and Labrador
  • $530 million paid in provincial and local taxes in 2022

 

Contacts
Please direct all enquiries to amy.stoodleythorne@riotinto.com

Media Relations
Amy Stoodley Thorne
M +1 709 280 0056

 

Rio Tinto plc

6 St James’s Square
London SW1Y 4AD
United Kingdom
T +44 20 7781 2000

Registered in England
No. 719885


Rio Tinto Limited

Level 43, 120 Collins Street
Melbourne 3000
Australia
T +61 3 9283 3333

Registered in Australia
ABN 96 004 458 404