By Rhiannon Hoyle

Rio Tinto PLC said Wednesday it will raise spending on projects and accelerate efforts to reduce carbon emissions.

The world's second biggest miner by market value raised its estimate for capital expenditure in 2022 to $8 billion, from $7.5 billion previously, and said it aims to spend between $9 billion and $10 billion a year in 2023 and 2024. The company left its 2021 projection unchanged at roughly $7.5 billion in a statement ahead of an investor day presentation.

Rio Tinto also said it would target a reduction in so-called scope 1 and 2 carbon emissions by 50% by 2030, more than tripling an earlier target. The company said it would target a 15% reduction in carbon emissions by 2025 and would make roughly $7.5 billion in direct investments to lower emissions between 2022 and 2030.

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

(END) Dow Jones Newswires

October 20, 2021 01:54 ET (05:54 GMT)

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