Rio Tinto Group
Rio Tinto Group
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Australian-based explorer Heavy Minerals has posted a 59% increase in JORC inferred resources at its Inhambane mineral sands project in Mozambique to 90Mt @ 3% for 2.7Mt contained total heavy minerals, comprising ilmenite with zircon, rutile and leucoxene credits.
Rio Tinto will take over progressing the large undeveloped Mutamba ilmenite project in Mozambique after reaching mutual agreement with Savannah Resources to terminate their consortium agreement and transfer Savannah’s in-country team to Rio.
The decision, following a review by Savannah of its mineral sands operations, involves a $US6.95M termination compensation payment by Rio Tinto.
Concern over the ballooning costs of rehabilitating the former Ranger uranium mine continues to grow, with Energy Resources of Australia announcing it will appoint a global engineering company to help develop a confident estimate.
Since its parent company Rio Tinto agreed to underwrite a $A476M fund-raising in 2019, ERA has issued muted but increasingly dire warnings that the cost overrun will be significant.
BHP Iron Ore has stuck with Australian-based international engineer Monadelphous for a further 12-month extension of general maintenance services for shutdowns, outages and minor capital works for its Mt Whaleback, Jimblebar, Eastern Ridge, Mining Area C and Yandi minesites in WA’s Pilbara region.
The engineer has also secured a 12-month extension of its mechanical and electrical maintenance, shutdown and project services across BHP’s Nickel West operations.
Entrepreneur Gina Rinehart’s Hancock Prospecting will take the lead in bringing the Mount Bevan project in Western Australia’s Central Yilgarn region to development through a $9M-plus earn-in deal with current JV owners Legacy Iron and Hawthorn Resources. By John Feary
Despite revenue from Turquoise Hill Resources’ Oyu Tolgoi Sept 2021 (Q3 21) mining operation in Mongolia jumping to $US622.8M from Q2 21’s $317.8, its income attributable to the owners has plunged to $34.9M from $96.9M.
Copper-in-concentrates revenue was well up to $362.7M from $187.4M, gold to $254.3M from $127.5M and silver to $5.8M from $2.9M on copper production down 14% to 41,935t, but with gold output up 16% to 130,799oz and silver to 249,000oz from 235,000oz.
Rio Tinto unit Hamersley Iron has contracted electrical, control and instrumental services company Southern Cross to deliver civil, structural and electrical works to complete the installation of a 45MW/12MWh battery energy storage for spinning reserve facility at Tom Price in Western Australia.
START THE WEEK: WHAT YOU NEED TO KNOW
The release of September quarterly production reports show Brazilian miner Vale is on the way to reasserting its status as the No 1 producer in the global seaborne iron ore business, demonstrating significant success with its production recovery plans from the cutbacks that followed the tragic collapse of a tailings dam at its Brumadinho mine in January 2019.
Contract awards for maintenance and capital works projects totalling $A130M from majors BHP, Rio Tinto and Roy Hill have built the total order book for Australian multi-disciplinary construction and engineering group Civmec to $1.05B.
The impact of COVID-19 counter-measures on labour recruitment and retention in the Australian mining sector has slowed completion of global miner Rio Tinto’s Gudai-Darri iron ore mine development and forced a cut in its FY2021 export forecasts.