Rio Tinto JORC Table 1 release

Rio Tinto PLC
21 February 2024
 

 

 

 

 

  

 

Notice to ASX/LSE                                                                                                                       

 

Mineral Resources and Ore Reserves updates

21 February 2024

Rio Tinto has today announced to the Australian Securities Exchange (ASX) changes in Mineral Resources and Ore Reserves to support its 2023 annual reporting[1], including: 

·      Decreased Mineral Resources at the Rio Tinto Kennecott (RTK) Bingham Canyon open pit deposit in Utah, United States of America.

·      Increased Ore Reserves and associated decreased Mineral Resources at the Rio Tinto Aluminium (RTA) Pacific Operations Amrun deposit in Queensland, Australia.

·      Revised classification for the Ore Reserves at the Iron Ore Company of Canada (IOC) operations in Newfoundland and Labrador, Canada.

Supporting information relating to the changes of Mineral Resources and Ore Reserves is set out in the Table 1 Release and its appendices. This release provides a summary of those changes.  Mineral Resources and Ore Reserves are quoted in this release on a 100 percent basis. Mineral Resources are reported in addition to Ore Reserves. The figures used to calculate Mineral Resources and Ore Reserves are often more precise than the rounded numbers shown in the tables, hence small differences may result if the calculations are repeated using the tabulated figures.   

These changes will be included in Rio Tinto's 2023 Annual Report, to be released to the market on 21 February 2024, which will set out in full Rio Tinto's Mineral Resources and Ore Reserves position as at 31 December 2023, and Rio Tinto's interests.  

Rio Tinto Kennecott 

Mineral Resources and Ore Reserves for the RTK Bingham Canyon open pit are presented in Table A and Table B[2]. Mineral Resources tonnes have decreased by 21 Mt (22%) as a result of the conversion of the East Wall Extension to Ore Reserves and removal of an opportunity to steepen the South Wall due to geotechnical concerns and changes to economic assumptions. There is an associated increase in Ore Reserves as a result of the East Wall conversion, which has been offset by depletion.

Rio Tinto Aluminium Pacific Operations - Amrun

Mineral Resources and Ore Reserves for the RTA Amrun deposit are presented in Table C and Table D[3]. Mineral Resources exclusive of Ore Reserves have decreased by 55 Mt (7%) at Amrun due to conversion of Mineral Resources to Ore Reserves resulting from a routine review of price assumptions over the life of the mine, and updated orebody knowledge.

Ore Reserves have increased by 149 Mt (19%) at Amrun. The increase in Ore Reserves is associated with a routine review of price assumptions over the life of the mine, and updated orebody knowledge.  There has been no material change to other modifying factors, including governmental, tenure, environmental, cultural heritage, community or operational.

Iron Ore Company of Canada

Mineral Resources and Ore Reserves for IOC are presented in Table E and Table F[4]. The classification of the Ore Reserves has changed as a result of reclassification of a significant proportion of the Proved Ore Reserves to Probable Ore Reserves. The change reflects a lower level of confidence in the modifying factors in areas supported by older data which does not have recovery and grind energy geometallurgical data.


Table A            Rio Tinto Kennecott Copper Bingham Canyon open pit Mineral Resources as at 31 December 2023 


Likely
mining
method(1)

Measured Mineral Resources

Indicated Mineral Resources

Total Measured and Indicated Mineral


as at 31 December 2023



as at 31 December 2023


Resources as at 31 December 2023


Tonnage

Grade




Tonnage

Grade




Tonnage

Grade




Copper(2)


Mt

% Cu

g/t Au

g/t Ag

% Mo

Mt

% Cu

g/t Au

g/t Ag

% Mo

Mt

% Cu

g/t Au

g/t Ag

% Mo

Bingham Canyon (US)

















- Bingham Open Pit(3)

O/P

38

0.47

0.15

2.47

0.020

22

0.39

0.16

2.66

0.016

59

0.44

0.15

2.54

0.018

 


Inferred Mineral Resources

Total Mineral Resources

Rio Tinto
interest

Total Mineral Resources

 

 

 

as at 31 December 2023



as at 31 December 2023

as at 31 December 2022


Tonnage

Grade




Tonnage

Grade

 




Tonnage

Grade




Copper(2)

Mt

% Cu

g/t Au

g/t Ag

% Mo

Mt

% Cu

g/t Au

g/t Ag

% Mo

%

Mt

% Cu

g/t Au

g/t Ag

% Mo

Bingham Canyon (US)






 

 

 

 

 







- Bingham Open Pit(3)

12

0.26

0.20

2.56

0.005

72

0.41

0.16

2.55

0.016

100.0

93

0.43

0.15

2.24

0.016

 

1.   Likely mining method: O/P = open pit/surface. 

2.   Copper Mineral Resources are reported on a dry in situ weight basis. 

3.   Bingham Canyon Open Pit Mineral Resources molybdenum grades interpolated from exploration drilling assays have been factored based on a long reconciliation history to blast hole and mill samples. 

 

Table B            Rio Tinto Kennecott Copper Bingham Canyon open pit Ore Reserves as at 31 December 2023 


Type
of
mine(1)

Proved Ore Reserves

Probable Ore Reserves



Total Ore Reserves

 

as at 31 December 2023



as at 31 December 2023


as at 31 December 2023



Tonnage

Grade




Tonnage

Grade




Tonnage

Grade

 



Copper(2)


Mt

% Cu

g/t Au

g/t Ag

% Mo

Mt

% Cu

g/t Au

g/t Ag

% Mo

Mt

% Cu

g/t Au

g/t Ag

% Mo

Bingham Canyon (US)












 

 

 

 

 

- Bingham Open Pit(3)

O/P

470

0.37

0.18

1.98

0.038

360

0.36

0.18

1.98

0.028

829

0.37

0.18

1.98

0.033

 


Average mill recovery %

 

Rio Tinto
interest

Rio Tinto share

 

 

 

Total Ore Reserves

 

 

recoverable metal

 

 

as at 31 December 2022

 


 

 

 

 

 

Tonnage

Grade



 

Copper(2)

Cu

Au

Ag

Mo

%

Mt Cu

Moz Au

Moz Ag

Mt Mo

 

Mt

% Cu

g/t Au

g/t Ag

% Mo

Bingham Canyon (US)






 

 

 

 

 

 

 

 

 

 

- Bingham Open Pit(3)

89

69

71

63

100.0

2.681

3.257

37.686

0.176

 

880

0.38

0.18

1.97

0.033

 

1.    Type of Mine: O/P = open pit/surface. 

2.   Copper Ore Reserves are reported as dry mill feed tonnes. 

3.   Bingham Canyon Open Pit Ore Reserves molybdenum grades interpolated from exploration drilling assays have been factored based on a long reconciliation history to blast hole and mill samples. 

 

 

Table C            Rio Tinto Aluminium Pacific Operations Mineral Resources as at 31 December 2023 


Likely
mining
method(1)

Measured Mineral Resources

Indicated Mineral Resources

Total Measured and Indicated Mineral


as at 31 December 2023

as at 31 December 2023

Resources as at 31 December 2023


Tonnage

Grade


Tonnage

Grade


Tonnage

Grade


Bauxite


Mt

% Al2O3

% SiO2

Mt

% Al2O3

% SiO2

Mt

% Al2O3

% SiO2

Rio Tinto Aluminium (Australia)(2)











- Amrun

O/P

115

49.2

11.7

388

49.7

11.7

504

49.6

11.7

- East Weipa and Andoom

O/P

43

49.9

8.8

-

-

-

43

49.9

8.8

- Gove

O/P

9

48.1

8.9

0.4

47.8

8.9

9

48.1

8.9

- North of Weipa

O/P

-

-

-

202

52.0

11.1

202

52.0

11.1

Total (Australia)


167

49.3

10.8

591

50.5

11.5

759

50.2

11.4

 


Inferred Mineral Resources

Total Mineral Resources

Rio Tinto
interest

Total Mineral Resources


as at 31 December 2023

as at 31 December 2022


Tonnage

Grade


Tonnage

Grade

 


Tonnage

Grade


Bauxite

Mt

% Al2O3

% SiO2

Mt

% Al2O3

% SiO2

%

Mt

% Al2O3

% SiO2

Rio Tinto Aluminium (Australia)(2)




 

 

 





- Amrun

285

51.7

12.1

788

50.4

11.9

100.0

843

50.6

11.8

- East Weipa and Andoom

-

-

-

43

49.9

8.8

100.0

53

49.3

8.5

- Gove

0.01

46.9

8.1

9

48.1

8.9

100.0

13

48.3

9.0

- North of Weipa

1,248

51.8

11.4

1,451

51.9

11.4

100.0

1,330

52.0

11.6

Total (Australia)

1,533

51.8

11.5

2,291

51.3

11.5


2,240

51.4

11.6

 

1.   Likely mining method: O/P = open pit/surface.

2.   Rio Tinto Aluminium bauxite Mineral Resources are stated as dry product tonnes and total alumina and silica grades.

 

Table D            Rio Tinto Aluminium Pacific Operations Ore Reserves as at 31 December 2023 


Type
of
mine(1)

Proved Ore Reserves

Probable Ore Reserves

Total Ore Reserves

 

as at 31 December 2023

as at 31 December 2023

as at 31 December 2023


Tonnage

Grade


Tonnage

Grade


Tonnage

Grade

 

Bauxite(2)


Mt

% Al2O3

% SiO2

Mt

% Al2O3

% SiO2

Mt

% Al2O3

% SiO2

Rio Tinto Aluminium (Australia)(3)








 

 

 

- Amrun

O/P

263

53.9

9.2

688

54.5

9.0

950

54.3

9.1

- East Weipa and Andoom

O/P

69

50.5

7.9

3

49.5

8.7

72

50.5

8.0

- Gove

O/P

57

50.2

6.4

0.7

50.5

5.0

58

50.2

6.4

Total (Australia)


388

52.8

8.6

692

54.4

9.0

1,080

53.8

8.8

 


Rio Tinto interest

Rio Tinto share recoverable mineral

 

Total Ore Reserves as at 31 December 2022


 

 

Tonnage

Grade


Bauxite(2)

%

Mt

 

Mt

% Al2O3

% SiO2

Rio Tinto Aluminium (Australia)(3)







- Amrun

100.0

950


801

54.6

8.9

- East Weipa and Andoom

100.0

72


59

51.7

7.1

- Gove

100.0

58


56

50.5

5.8

Total (Australia)

100.0

1,080


916

54.2

8.6

 

1.     Type of Mine: O/P = open pit/surface. 

2.     Bauxite Ore Reserves are stated as recoverable Ore Reserves of marketable product after accounting for all mining and processing losses. Mill recoveries are therefore not shown.

3.     Australian bauxite Ore Reserves are stated as dry tonnes and total alumina and silica grade.


Table E                        Iron Ore Company of Canada Mineral Resources as at 31 December 2023 


Likely
mining
method(1)

Measured Mineral Resources

Indicated Mineral Resources

Total Measured and Indicated Mineral


as at 31 December 2023



as at 31 December 2023


Resources as at 31 December 2023


Tonnage

Grade




Tonnage

Grade




Tonnage

Grade




Iron ore(2)


Mt

% Fe

% SiO2

% Al2O3

% P

Mt

% Fe

% SiO2

% Al2O3

% P

Mt

% Fe

% SiO2

% Al2O3

% P

Iron Ore Company of Canada (Canada)(3)

O/P

171

40.8

35.8

0.2

0.02

720

38.5

37.1

0.2

0.03

891

38.9

36.9

0.2

0.03

 


Inferred Mineral Resources

Total Mineral Resources

Rio Tinto
interest

Total Mineral Resources

 

 

 

as at 31 December 2023



as at 31 December 2023

as at 31 December 2022


Tonnage

Grade




Tonnage

Grade

 




Tonnage

Grade




Iron ore(2)

Mt

% Fe

% SiO2

% Al2O3

% P

Mt

% Fe

% SiO2

% Al2O3

% P

%

Mt

% Fe

% SiO2

% Al2O3

% P

Iron Ore Company of Canada (Canada)(3)

751

38.2

35.7

0.2

0.03

1,641

38.6

36.3

0.2

0.03

58.7

1,666

38.7

37.4

0.2

0.03

 

1.     Likely mining method: O/P = open pit/surface. 

2.     Iron ore Mineral Resources are stated on a dry in situ weight basis.

3.     The reported Mineral Resources have the potential to produce marketable product (57% pellets and 43% concentrate for sale at a natural moisture content of 2%) comprising 73 million tonnes at 65% iron 2.7% silica (Measured), 301 million tonnes at 65% iron 2.7% silica (Indicated) and 308 million tonnes at 65% iron 2.7% silica (Inferred) using process recovery factors derived from current IOC concentrating and pellet operations. LOI is not determined for resource drilling samples, so no estimate of % LOI is available for Mineral Resources.

 

Table F             Iron Ore Company of Canada Ore Reserves as at 31 December 2023 

 


Type
of
mine(1)

Proved Ore reserves

Probable Ore Reserves

Total Ore Reserves

 

as at 31 December 2023

as at 31 December 2023

as at 31 December 2023


Tonnage

Grade


Tonnage

Grade


Tonnage

Grade

 

Iron ore(2)


Mt

% Fe

% SiO2

Mt

% Fe

% SiO2

Mt

% Fe

% SiO2

Iron Ore Company of Canada (Canada)(3)

O/P

149

65.0

2.8

275

65.0

2.8

423

65.0

2.8

 


Rio Tinto
interest

Rio Tinto share

 

Total Ore Reserves


marketable product

 

as at 31 December 2022


 

 

Tonnage

Grade


Iron ore(2)

%

Mt

 

Mt

% Fe

% SiO2

Iron Ore Company of Canada (Canada)(3)

58.7

249

 

453

65.0

3.0

 

1.   Type of Mine: O/P = open pit/surface. 

2.   Ore Reserves of iron ore are shown as recoverable Ore Reserves of marketable product after accounting for all mining and processing losses. Mill recoveries are therefore not shown.

3.   Iron Ore Company of Canada Ore Reserves are reported as marketable product (57% pellets and 43% concentrate for sale) at a natural moisture content of 2%. The marketable product is derived from mined material comprising 357 million dry tonnes at 38% iron, 36% silica, 0.23% alumina, 0.022% phosphorus (Proved) and 651 million dry tonnes at 38% iron, 35% silica, 0.19% alumina, 0.023% phosphorus (Probable) using process recovery factors derived from current IOC concentrating and pellet operations. No meaningful relationship has been established between the product and feed grades of alumina and phosphorus, so these grades cannot be reported for Ore Reserves. Saleable product is produced to meet silica grade specifications, so the Ore Reserves silica grade is the targeted silica grade for the currently anticipated long-term product mix. Loss on Ignition (LOI) is not determined for resource drilling samples, so no estimate of % LOI is available for Ore Reserves.


Contacts

Please direct all enquiries to media.enquiries@riotinto.com

 

 

 

Media Relations,

United Kingdom

 

Matthew Klar

M +44 7796 630 637

 

David Outhwaite

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Media Relations,

Australia

 

Matt Chambers

M +61 433 525 739

 

Jesse Riseborough

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Alyesha Anderson 

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Michelle Lee 

M +61 458 609 322

 

 

Media Relations,

Americas

 

Simon Letendre

M +514 796 4973

 

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Investor Relations,

United Kingdom

 

Menno Sanderse

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David Ovington

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Laura Brooks 

M +44 7826 942 797 

 

 

 

Investor Relations,

Australia

 

Tom Gallop

M +61 439 353 948

 

Amar Jambaa

M +61 472 865 948

 

 

 

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United Kingdom

 

T +44 20 7781 2000

 

Registered in England

No. 719885

 

 

 

Rio Tinto Limited

 

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Australia

 

T +61 3 9283 3333

 

Registered in Australia

ABN 96 004 458 404


This announcement is authorised for release to the market by Andy Hodges, Rio Tinto's Group Company Secretary

 

 

 

 

 

 

riotinto.com



[1] These Mineral Resources and Ore Reserves were 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 in a release to the ASX dated 21 February 2024 titled "Ore Reserve and Mineral Resource updates: supporting information and Table 1 checklists" (Table 1 Release). Rio Tinto confirms that it is not aware of any new information or data that materially affects the information included in the Table 1 Release, that all material assumptions and technical parameters underpinning the estimates in the Table 1 Release continue to apply and have not materially changed, and that the form and context in which the Competent Persons' findings are presented have not been materially modified.

[2] The Competent Persons responsible for the information in the Table 1 Release that relates to Rio Tinto Kennecott Mineral Resources were Pancho Rodriguez and Ana Chiquini, who are Members of the Australasian Institute of Mining and Metallurgy (MAusIMM). The Competent Person responsible for the information in the Table 1 Release that relates to Rio Tinto Kennecott Ore Reserves is Brady Pett (MAusIMM).

[3] The Competent Person responsible for the information in the Table 1 Release that relates to Rio Tinto Aluminium Pacific Operations Mineral Resources is Angus Mc Intyre (MAusIMM). The Competent Person responsible for the information in the Table 1 Release that relates to Rio Tinto Aluminium Pacific Operations Ore Reserves is William Saba (MAusIMM).

[4] The Competent Persons responsible for the information in the Table 1 Release that relates to Iron Ore Company of Canada Mineral Resources were Ramsey Way, Mervin McDonald and Beverly Power, who are Members of Professional Engineers and Geoscientists of Newfoundland and Labrador. The Competent Persons responsible for the information in the Table 1 Release that relates to Iron Ore Company of Canada Ore Reserves were Rodney Williams and Stéphane Roche, who are Members of Professional Engineers and Geoscientists of Newfoundland and Labrador.

 

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