Rio Tinto Group
Rio Tinto Group
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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.
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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.
Australian-based explorer Sipa Resources will review data from a detailed airborne EM-survey while restarting discussions with potential partners for its Akelikongo nickel-copper project in Uganda following the collapse of its planned sale to UK-listed Blencowe Resources.
The survey was undertaken to meet Blencowe’s commitment under its $4.25M cash-plus-shares deal in Feb 2022 to earn 100% interest in the project. Sipa resumes full ownership.
Rio Tinto has widened its copper-gold search in Western Australia's prospective Paterson Province with a $A3M farm-in agreement with junior explorer TechGen Metals over its Harbutt Range project.
Under the binding term sheet agreement, Rio Tinto can sole-fund exploration including 3,000m drilling within 5 years to earn 80% JV interest in leases prospective for copper-gold and sediment-hosted copper-lead-zinc-silver mineralisation.
(CORPORATE)
Independent directors of Turquoise Hill Resources have given their unanimous backing to a revised $3.3B bid that would result in Rio Tinto gaining a direct 66% stake in Mongolia’s Oyu Tolgoi copper-gold mine.
Global major Rio Tinto is set to take full ownership of its subsidiary, Canadian-based Turquoise Hill Resources, and its 66% stake in the massive Oyu Tolgoi copper-gold mine in Mongolia.
The companies have announced agreement in principle on a revised $US3.3B offer for the 49% of the company that Rio Tinto does not already own. Its $C43 per share offer is 67% above Turquoise Hill’s closing price at March 11, prior to the initial bid.
(CORPORATE)
Global miner Rio Tinto comes back to the table with an increased cash bid for full ownership of subsidiary Turquoise Hill and a direct 66% control of the Oyu Tolgoi project in Mongolia.