Rio Tinto PLC (LON:RIO) has today announced to the Australian Securities Exchange (ASX):
· the first reporting of Ore Reserves at the Western Range iron ore deposit in the Pilbara, Western Australia; and
· an increase in titanium dioxide feedstock Mineral Resources at Rio Tinto RTFT’s mine in Havre St Pierre, Québec, Canada.
The updated Ore Reserves and Mineral Resources are reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2012 (JORC Code) and the ASX Listing Rules.
The first reporting of Ore Reserves for the Western Range deposit increases Rio Tinto’s iron ore Ore Reserves by 201 Mt of Brockman Ore. During 2019, with the above addition from Western Range and after depletion from mining, Rio Tinto’s total estimated iron ore Ore Reserves decreased by 94 million tonnes. Rio Tinto’s ongoing resource development drilling program aims to maintain Ore Reserves coverage, ahead of future mining depletion rates. Total Ore Reserves now sit at 3,332 million tonnes. Separate to this, Rio Tinto’s iron ore Mineral Resources sit at 23 billion tonnes.1
Meanwhile, the declaration of a maiden Inferred Resource of 16 Mt of titanium dioxide feedstock at Rio Tinto’s Beaver deposit adjoining the Lac Tio hemo-ilmenite deposit in Québec was supported by technical work conducted from 2002 to 2018 with over 4,500 m drilled. After a reduction of Mineral Resources contained within phase 4 of the Tio mine design due to economic constraints, the Beaver deposit has contributed to an overall increase during 2019 in RTFT’s titanium dioxide feedstock Mineral Resource estimate from 19 Mt to 27 Mt.
Ore Reserves and Mineral Resources are quoted on a 100 per cent basis, and Mineral Resources are reported exclusive of Ore Reserves. Iron ore Ore Reserves are reported as dry product tonnes, and titanium dioxide feedstock Mineral Resources are reported as dry in-situ tonnes.
Copies of the full announcements are available on Rio Tinto’s website at riotinto.com/invest/financial-news-performance/resources-and-reserves.
Rio Tinto’s Ore Reserves and Mineral Resources, and its interests in those Ore Reserves and Mineral Resources, are set out in full in its 2019 annual report.
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