Rio Tinto Group
Rio Tinto Group
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West African-focused explorer Arrow Minerals is launching an ambitious growth strategy with binding agreement to acquire up to 60.5% in the Simandou North iron project in Guinea via the issue of 500M shares, $1M in cash/shares and $2.5M on exploration expenditure.
Global major Rio Tinto has cleared the path to development of one of the world’s greatest undeveloped iron ore deposits, the Rhodes Ridge project in Western Australia’s East Pilbara region.
Rio Tinto and private partner Wright Prospecting have agreed to update their 50-50 JV agreement and begun a study aiming to develop an initial 40Mtpa operation by 2030.
Rhodes Ridge’s total resources of 6.7Bt @ 61.6% Fe represents about a third of the company’s current Pilbara resource base.
Iron ore giant Rio Tinto expects FY2022 shipments from its Pilbara, Western Australia operations to be at the low end of its original 320-335Mt range despite increasing its Sept qtr (Q3) to 82.9Mt, up from 79.9Mt in the previous period.
The increase was despite incidents affecting rail operations for its Yandicoogina and Gudai-Darri mines.
The rift between Energy Resources Australia and its 86% shareholder Rio Tinto has escalated into the announcement of the planned resignations of the uranium miner's chairman and two independent directors.
Chairman Peter Mansell and non-executive directors Paul Dowd and Shane Charles announced they could not continue to work with Rio.
Their departure leaves the company in the hands of Rio appointed directors Justin Carey, Jacques van Tonder and Rosemary Fagen.
The split between Rio Tinto and its 86%-owned subsidiary Energy Resources of Australia over the costs and progress of their rehabilitation of the Ranger uranium project in the NT has widened, with a call on ERA chairman Peter Mansell to resign.
Rio says a board renewal, starting with Mansell's departure, is needed to bring new perspectives to the giant task of restoring the environmentally sensitive site from the impacts of nearly 40 years of mining.
Global miner Rio Tinto has approved a $US55M investment for the first step towards significant underground development of the massive Kennecott copper mine in Utah, USA.
Rio has approved a $US55M investment to commence underground mining and expand production of the nearly 120-year-old mine.
First ore is expected in early 2023, leading to full production in H2.
START THE WEEK: WHAT YOU NEED TO KNOW
The partnership agreement between leading Australian iron ore producer Rio Tinto and state-owned steelmaker China Baowu Steel Group to develop the new $US2B Western Range project represents another key step in China's efforts to secure its long-term supply.
Baowu will hold a 46% stake in Western Range, which is expected to deliver 25Mtpa over about 13 years, which matches the interest it has held in the producing Eastern Range mine for over 20 years.
Rio Tinto has begun the next significant phase of investment in its Pilbara iron ore business in Western Australia with the launch of the $US2B Western Range mine development in a JV with long-time partner China Baowu.
Global major Rio Tinto has teamed again with state-owned conglomerate China Baowu Steel Group for the $US2B development of the 25Mtpa Western Range iron ore project in Western Australia’s Pilbara region.
Rio Tinto’s 54% JV interest will see it invest $1.3B in the project, with construction due to begin in early 2023 for first production in 2025.
Global miner Rio Tinto will contribute about $A0.5M to an initiative aiming to develop and manufacture advanced composite technology components that can replace structural steel on overland conveyor systems at its West Australian iron ore operations.
The joint development agreement with Matrix Composites & Engineering aims to create a corrosion-free and 100% recyclable product that is substantially lighter than steel, decreases handling risk and is more cost effective to transport.