Rio Tinto said on Monday that the Canadian government had awarded it C$18 million ($13 million) to decarbonize iron ore processing in Labrador West. The funding from the government's Low-Carbon Economy Fund will enable Rio Tinto's Iron Ore Company of Canada (IOC) to reduce the amount of heavy fuel oil that is used in the production of iron ore pellets and concentrate. The government funding represents about 25% of the total cost of the project, with IOC funding the rest of the investment, Rio Tinto said.
WABUSH, Canada, February 26, 2024--The Government of Canada awarded C$18.1 million from its Low Carbon Economy Fund to Rio Tinto’s Iron Ore Company of Canada (IOC) to support the decarbonization of iron ore processing at its operations in Labrador West.
The average brokerage recommendation (ABR) for Rio Tinto (RIO) is equivalent to a Buy. The overly optimistic recommendations of Wall Street analysts make the effectiveness of this highly sought-after metric questionable. So, is it worth buying the stock?