Changes to Ore Reserves and Mineral Resources
Source: RNSChanges to Ore Reserves and Mineral Resources
28 February 2020
On 28 February 2020 Rio Tinto 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[1]. 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.[2]
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.
Competent Persons' Statements
The material in this report that relates to the iron ore Mineral Resource estimate for the Western Range deposit is based on information prepared by Mr Bruce Sommerville, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. The material in this report that relates to iron ore Ore Reserves for the Western Range deposit is based on information prepared by Mr Rishi Verma, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Sommerville and Mr Verma are both full-time employees of Rio Tinto. Mr Sommerville and Mr Verma have sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as Competent Persons as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Each of Mr Sommerville and Mr Verma consents to the inclusion in the report of the material based on information prepared by him in the form and context in which it appears.
The material in this report that relates to the titanium dioxide feedstock Mineral Resource estimate for the Beaver deposit is based on information prepared by Jacques Dumouchel and David Gallant, who are Competent Persons and respectively Members of the Ordre des geologues du Quebec and Ordre des ingenieurs du Quebec. Mr. Dumouchel is a contract employee of Rio Tinto and Mr. Gallant is a full-time employee of Rio Tinto. Mr. Dumouchel and Mr. Gallant have sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as Competent Persons as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Each of Mr. Dumouchel and Mr. Gallant consent to the inclusion in the report of the material based on the information that he has prepared in the form and context in which it appears.
Contacts
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Media Relations, United Kingdom Illtud Harri M +44 7920 503 600
David Outhwaite T +44 20 7781 1623 M +44 7787 597 493
Media Relations, Americas Matthew Klar T +1 514 608 4429
Media Relations, Asia Grant Donald T +65 6679 9290 M +65 9722 6028
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Media Relations, Australia Jonathan Rose T +61 3 9283 3088 M +61 447 028 913
Matt Chambers T +61 3 9283 3087 M +61 433 525 739
Jesse Riseborough T +61 8 6211 6013 M +61 436 653 412 |
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Investor Relations, United Kingdom Menno Sanderse
David Ovington T +44 20 7781 2051 M +44 7920 010 978
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Investor Relations, Australia Natalie Worley T +61 3 9283 3063 M +61 409 210 462
Amar Jambaa T +61 3 9283 3627 |
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Group Company Secretary Steve Allen Rio Tinto plc 6 St James's Square London SW1Y 4AD United Kingdom T +44 20 7781 2000 Registered in England No. 719885 |
Joint Company Secretary Tim Paine Rio Tinto Limited Level 7, 360 Collins Street Melbourne 3000 Australia T +61 3 9283 3333 Registered in Australia ABN 96 004 458 404 |
This announcement is authorised for release to the market by Rio Tinto's Group Company Secretary.
[1] Rio Tinto's Pilbara iron ore Ore Reserve and Mineral Resource estimates are reported in Rio Tinto's 2019 Annual report dated 26 February 2020 and released to the market on 28 February 2020. The Competent Persons responsible for that Ore Reserve reporting were R Bleakey, L Couto, R Sarin and R Verma, and the Competent Persons responsible for that Mineral Resource reporting were H McLean, P Savory and B Sommerville. Rio Tinto is not aware of any new information or data that materially affects these resource estimates, and confirms that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The form and context in which the competent persons' findings are presented have not been materially modified.
[2] Rio Tinto RTFT's titanium dioxide feedstock Mineral Resource estimates are reported in Rio Tinto's 2019 Annual report dated 26 February 2020 and released to the market on 28 February 2020. The Competent Persons responsible for that Mineral Resource reporting were F A Consuegra, J Dumouchel and D Gallant. Rio Tinto is not aware of any new information or data that materially affects these resource estimates, and confirms that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The form and context in which the competent persons' findings are presented have not been materially modified.
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