Rio Tinto (ASX:RIO) Updates Mineral Resources and Ore Reserves
Mineral Resources and Ore Reserves Overview
Rio Tinto has announced significant changes to its Mineral Resources and Ore Reserves across multiple operations to support its 2024 annual report. These updates reflect increased Proved and Indicated Ore Reserves in various deposits, alongside adjustments in Mineral Resources in response to enhanced confidence and updated orebody knowledge.
Rio Tinto Aluminium Pacific Operations – Amrun
At the Amrun deposit in Queensland, Australia, Proved Ore Reserves increased by 77% to 203 million tonnes, while Probable Ore Reserves decreased by 26% to 176 million tonnes. This reclassification is due to improved access and orebody knowledge, resulting in a total Ore Reserves increase of 354% to 163 million tonnes. Mineral Resources exclusive of Ore Reserves decreased by 5% to 41 million tonnes.
Rio Tinto Copper – Winu
The Winu project in Western Australia saw Indicated Mineral Resources rise significantly to 63% of total resources, up from 31%. Total Mineral Resources increased by 2.7% to 19 million tonnes. Additionally, Rio Tinto signed a Term Sheet with Sumitomo Metal Mining for a Joint Venture to advance the Winu project, with definitive agreements expected in the first half of the year.
Rio Tinto Iron and Titanium Quebec Operations
In Quebec, Canada, Rio Tinto Iron and Titanium Operations reported a 100% increase in Mineral Resources at the Grader deposit, adding 26.7 million tonnes. This growth is attributed to extensive drilling and the development of a new resource model, enhancing the overall Mineral Resources position.
Rio Tinto Aluminium Atlantic Operations – Porto Trombetas (MRN)
The Porto Trombetas deposit in Brazil, operated by the MRN joint venture, experienced a 354% increase in Probable Ore Reserves to 167 million tonnes following the issuance of a Preliminary Licence by IBAMA. Concurrently, Mineral Resources decreased by 50% to 290 million tonnes due to the conversion of bauxite to Ore Reserves and downgrading of certain plateaus.
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