The government funding represents about 25% of the total cost of the project, with IOC funding the rest of the investment, Rio Tinto said.
Installation of new equipment will begin in the second half of the year and is expected to be completed in the first half of 2025.
One of the world’s largest iron ore producers, Rio expects to reduce about 2.2 million tonnes of greenhouse gas emissions over the lifetime of the project.
($1 = 1.3518 Canadian dollars)
(By Vallari Srivastava; Editing by Maju Samuel)
