Rio Tinto Group
Rio Tinto Group
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51% Rio Tinto subsidiary Turquoise Hill Resources’ Oyu Tolgoi operation in Mongolia has lifted Sept 2021 qtr (Q3 21) copper-gold-silver production and maintained FY/CY 21 output.
Copper output jumped 14% on Q2 21 to 41,935t, gold was up 16% to 130,799oz and silver rose to 249,000oz from 235,000oz. Mill throughput of 9.34Mt in was in line with Q2 21.
Copper and gold FY/CY guidance remains within 150,000t-180,000t Cu and Au to 400,000oz-480,000oz respectively.
Global mining major Rio Tinto has declared force majeure on some of its copper cathode contracts after shutting the smelter at its Kennecott mine in Utah, US, following an accidental release of molten copper on Sept 21, Reuters reports.
Work needed to safely restart operations at the smelter is being assessed. Kennecott produced 82,100t of refined copper in the 1st half of 2021.
Australian uranium veteran ERA has warned it's facing blowouts in the costs and timeline of rehabilitating the environmentally sensitive site of nearly 40 years of uranium mining at its Ranger project, nestled inside a national park and on Aboriginal traditional land in the Northern Territory.
The company, majority owned by Anglo Australian major Rio Tinto, says it is still working out the full extent of the overruns.
The improving security situation, supported by national and provincial governments, has enabled Rio Tinto to begin the process of restarting operations at its Richards Bay Minerals operation on the northern coast of KwaZulu-Natal in South Africa, two months after it halted all mining and smelting activities due to an upsurge in violent attacks.
CE Minerals Sinead Kaufman says its collaboration and constructive dialogue with the mine’s host communities and their traditional authorities have helped Rio Tinto to restart operations.
(HEALTH & SAFETY)
“Pop-up” vaccination hubs at major airports run by mining companies and catering initially for Australia’s fly in, fly out workforce, quickly expanding to on-the-ground centres treating residents and remote community members within the mining regions, are the next phase in the mining sector’s fight to keep COVID out of minesites.
Rio Tinto CEO Jakob Stausholm has credited the stimulus spending by world governments in response to the COVID-19 pandemic for the UK-Australian miner’s record financial results for the six months to end-June (H1FY2021).
While the global mining giant focused on safely running its world-class assets and supplying its customers, Stausholm says, the stimulus spending has driven strong demand for commodities at a time of constrained supply and resulted in significant spikes in most prices.
Seventeen years after its geologists made the first discovery of the unique mineral jadarite in western Serbia, Rio Tinto has committed to invest $2.4B on becoming a top 10 global supplier of lithium carbonate to the booming EV and energy storage industries.
Rio Tinto has strongly scaled up its exposure to battery minerals with the commitment of $US2.4B to its 100%-owned Jadar lithium-borates project, one of the world’s largest greenfield lithium deposits on the doorstep of Europe’s fast-growing electric vehicle market in Serbia.
(INFRASTRUCTURE)
A damning report on the state of infrastructure in the United States, with critical structures being pushed to the limit and one in three bridges on interstates in need of rehabilitation or replacement, is another indictment of the lack of action by legislators that is also holding back the mining sector.
The potential for an underground development of the massive Kennecott copper operations in Utah, USA is becoming more likely with 100% owner Rio Tinto approving a $US108M investment to enable orebody access and characterisation studies.
Rio Tinto recognises Kennecott’s potential for a significant underground development targeting its declared 20Mt at 3.65% Cu and 1.62g/t Au resource with further upside potential based on drilling.