Rio Tinto (RIO) announced that it is moving forward on a research and development project to extract primary gallium from its alumina refining process in Quebec, with a conditionally approved contribution from Natural Resources Canada under the Global Partnerships Initiative. Plans are underway to build a demonstration plant with a capacity of up to 4 tonnes of gallium per year on the same site. The Government of Canada has conditionally approved a non-repayable contribution of up to C$18.95M in the project, in addition to the C$7M committed by the Government of Quebec in December 2024. Rio Tinto Aluminium and Lithium Chief Executive Jerome Pecresse said: “Our Vaudreuil alumina refinery in Quebec, Canada is a strategic asset for our integrated aluminium operations. Extracting gallium from our existing refining process would create additional value from this asset and strengthen the North American supply chain for gallium, a critical mineral used in everything from high-performance radars, to smartphones, electric cars and laptops.”
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on RIO:
- Rio Tinto downgraded to Equal Weight from Overweight at Barclays
- Rio Tinto: Solid Strategic Positioning but Limited Upside at Cyclical Highs Supports Hold Rating
- Rio Tinto Earnings Call: Growth, Cash, and Risks
- Rio Tinto downgraded to Neutral from Buy at Goldman Sachs
- Rio Tinto price target raised to $97 from $76 at Freedom Capital
