Rio Tinto Shares Climb Amid Renewable Energy Deal and Iron Ore Price Boost

Fri 14 Mar 25, 12:40 AM | Team Kalkine

Shares of Rio Tinto Ltd (ASX: RIO) traded higher on Friday, climbing 1.5% to AU$117.74 in morning trade, compared to the S&P/ASX 200 Index’s (ASX: XJO) 0.2% gain. The rise follows a 1.5% overnight increase in iron ore prices to US$102.20 per tonne, coupled with the announcement of a major renewable energy partnership.

The stock remains down 1% year-on-year, but the latest developments suggest a shift towards long-term sustainability and energy resilience.

On Thursday, Rio Tinto revealed a 20-year power purchase agreement with Edify Energy to supply its Gladstone aluminium operations in Queensland with renewable power. The miner will buy 90% of the energy and storage capacity from the Smoky Creek and Guthrie’s Gap Solar Power Stations.

Construction of the projects, which Edify Energy will build, own, and operate, is set to begin in late 2025 and finish by 2028. The deal is expected to drive AU$2 billion of investment into Queensland’s renewable energy sector, adding 600MW of solar capacity and 600MW/2,400MWh of battery storage to the grid.

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