Rio Tinto Group
Rio Tinto Group
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West Australian power and telecommunications infrastructure provider GenusPlus Group has been awarded a contract worth abouth $A60M to design and construct a 220kV transmission line and substation plus 33kV distribution infrastructure for Rio Tinto’s Kangaroo Hill facility in Dampier.
The contract, to be completed over 22 months, includes a 15km dual circuit transmission line between Karratha and Dampier, a substation at Kangaroo Hill , modification of two existing stations and replacement distribution infrastructure.
The hoped-for transition to new underground contractor Macmahon to rebuild operational performance at St Barbara’s Gwalia mine has made a slower than expected start due in part to difficulties in finding staff for critical roles and experienced operators amid a growing skill shortage in Western Australia.
Global miner Rio Tinto is buying an 8% stake in Western Copper and Gold and its flagship Casino copper-gold project in the Yukon, Canada, for $C25.6M.
Under the deal, subsidiary Rio Tinto Canada is buying 11.81M common shares at $2.17ps.
The hugely prospective Paterson Province in Western Australia’s East Pilbara is building more excitement with a 62% increase in inferred resources to 2.7Moz gold equivalent at the Rio Tinto-Antipa Minerals Calibre project.
The excitement level is rising further at the Paterson Province, Western Australia’s exploration hotspot, with the posting of a 62% increase in resources for the Calibre deposit at the Citadel JV between global major Rio Tinto (65%) and local explorer Antipa Minerals (35%).
A Mar 2021 qtr (Q1 21) revenue jump to $US526.5M from Q4 20’s $405.1M from increased copper-gold-silver production has lifted Turquoise Hill Resources’ net income for the period to $332.1M from the previous qtr’s $241.6M, with income attributable to the 51% Rio Tinto subsidiary owners up to $236.7M from $159.9M.
Explorer Antipa Minerals is raising up to $A25M, primarily to fund its 35% stake in the Citadel gold-copper-silver-tungsten J/V in N Western Australia, for which mining major Rio Tinto recently lifted its equity to 65% from 51%.
The Mar 2021 qtr (Q1 21) mining of Phase 4b and Phase 6b of Turquoise Hill Resources’ Oyu Tolgoi operation in Mongolia has moved deeper into the higher grade ore zone lifting copper production to 45,449t, up 9% on Q4 20, gold output 66% better to 145,656oz and silver to 255,000oz from 231,000oz.
Rio Tinto is maintaining full year production guidance at its West Australian Pilbara iron ore operations despite reduced March qtr (Q1) output attributed to wet weather and labour shortages affecting maintenance and fixed plant reliability, capped by last month’s tropical cyclone Seroja.
Total Q1 production was 76.4Mt, down from 86Mt in the previous period, and shipments also declined to 77.8Mt (Q4FY2020: 88.9Mt). The global iron ore No 2 says it will prioritise maintenance of the mine processing facilities for the rest of the year.
START THE WEEK: WHAT YOU NEED TO KNOW
Shortages of truck drivers because of border closures and fears about weak health precautions by bulk shipping operators could threaten the hitherto outstanding success of Western Australia’s iron ore mining sector in protecting their workers and the national economy from the worst effects of COVID-19.