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Released October 17, 2024 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Global miner Rio Tinto (NYSE:RIO) (London, England) on Wednesday released its latest production results and updated progress on its growth and development efforts. Industrial Info is tracking $24 billion worth of projects from Rio Tinto across the globe.
In a press release, Chief Executive Officer Jakob Stausholm said Rio Tinto is on track for first production at the Simandou Iron Ore Project in the Republic of Guinea to begin next year. Rio Tinto is co-developing the project with a variety of entities. Earlier this year, the miner said the new open-pit iron ore mine and processing plant, which consists of four blocks, will ramp up over 30 months to an annualized capacity of 60 million tonnes per year (27 million tonnes for its share.)
Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project Database can read project reports for blocks 1 and 2 and blocks 3 and 4.
But it's Rio Tinto's Pilbara iron ore-mining operations in Australia that currently account for the company's iron ore production and shipments. The company said Pilbara saw 84.1 million tonnes (Rio Tinto's share is 71 million tonnes) of production in the third quarter, 1% higher than third-quarter 2023. Meanwhile, shipments of 84.5 million tonnes (Rio Tinto's share is 72.5 million tonnes) were also 1% higher than the same period in 2023.
The miner said its Western Range project, which is expected to provide an additional 25 million tonnes of iron ore from the Pilbara operations, is more than 80% complete: "During the quarter, we finalized commissioning of the autonomous haul trucks and completed the Paraburdoo upgrade works. We continue to focus on construction of the greenfield crushing and screening plant and Paraburdoo plant tie-in, with first ore from that new system on plan for 2025." The project is a joint venture between Rio Tinto (54%) and China Baowu Steel Group Corporation (46%). Click here for a list of related projects.
In terms of lithium, Stausholm said he expects first production to begin later this year at the pilot plant as part of its Rincon project in Argentina; the company is performing feasibility studies for three subsequent full-scale expansions and expects to reach a final investment decision in the fourth quarter. Each expansion is designed to add a 25,000-ton-per-year processing plant, to boost production to 75,000 tons per year of lithium carbonate. Click here for the related project reports.
In its half-year 2024 financial results released in July, Rio Tinto said it expects capital expenditures of around $10 billion per year in 2024, 2025 and 2026, including up to $3 billion in growth capital per year.
In another effort to boost its lithium production, Rio Tinto recently closed its acquisition of Arcadium Lithium (NYSE:ALTM) (Philadelphia, Pennsylvania), which could lead to a roughly 130% increase in Rio Tinto's lithium output by 2028. For more information, see October 10, 2024, article - Rio Tinto to Acquire Arcadium Lithium for $6.7 Billion.
Stausholm said Rio Tinto continues to ramp up mined copper production at its Oyu Tolgoi Gold-Copper Mine Complex in Mongolia, which the miner expects will deliver average production of about 500,000 tonnes per year between 2028 and 2036. The company reported third-quarter production from the mine was 19% higher than the third quarter of 2023. The first ore is expected to be on the conveyor system in the second half of October.
Overall global mined copper production of 186,000 tonnes (on a consolidated basis) in the third quarter was just 1% lower than the same period in 2023, although production from Rio Tinto's Kennecott copper operation in Utah was 44% lower year over year. "As we identified in our second quarter operations review, highwall movement was monitored along two major faults during that period," the company said. "This movement has limited our ability to access the primary ore face on the south wall and is increasing the need to supplement feed to the concentrator with lower grade stockpile ore, impacting mined copper production by approximately 50 thousand tonnes in 2024 ... The highwall movement will continue to restrict ore deliveries from the primary ore face and impact mined copper production in 2025 and 2026. We are working through this change in mining sequence and will provide a further update at our Investor Seminar in December."
The company aims to extend the life of Kennecott's 400,000 ton-per-day open-pit Bingham Canyon mine from 2027 to 2032 through a US$1.5 billion Phase II extension and upgrade project, which entails pushing back and deepening its southern wall, along with a series of upgrades and revamps. The project, which is expected to wrap up in late 2025, is designed to deliver an additional 1 million tons of refined copper by 2032. Subscribers can click here to read more information on the project.
Rio Tinto also recently said the development of the North Rim Skarn deposit at Bingham Canyon is underway, with production forecast to begin in mid-2025--delivering around 250,000 tonnes through to 2033. The deposit, which is expected to reach full capacity in 2026, is designed as a 250,000-ton-per-day block-cave/longhole underground stoping mine that will operate concurrently with a 150,000-ton-per-day open pit operation. Click here to read more information on the project.
Subscribers to Industrial Info's GMI Database can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Click here for a full list of Rio Tinto projects across the globe, which also include aluminum production.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
In a press release, Chief Executive Officer Jakob Stausholm said Rio Tinto is on track for first production at the Simandou Iron Ore Project in the Republic of Guinea to begin next year. Rio Tinto is co-developing the project with a variety of entities. Earlier this year, the miner said the new open-pit iron ore mine and processing plant, which consists of four blocks, will ramp up over 30 months to an annualized capacity of 60 million tonnes per year (27 million tonnes for its share.)
Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project Database can read project reports for blocks 1 and 2 and blocks 3 and 4.
But it's Rio Tinto's Pilbara iron ore-mining operations in Australia that currently account for the company's iron ore production and shipments. The company said Pilbara saw 84.1 million tonnes (Rio Tinto's share is 71 million tonnes) of production in the third quarter, 1% higher than third-quarter 2023. Meanwhile, shipments of 84.5 million tonnes (Rio Tinto's share is 72.5 million tonnes) were also 1% higher than the same period in 2023.
The miner said its Western Range project, which is expected to provide an additional 25 million tonnes of iron ore from the Pilbara operations, is more than 80% complete: "During the quarter, we finalized commissioning of the autonomous haul trucks and completed the Paraburdoo upgrade works. We continue to focus on construction of the greenfield crushing and screening plant and Paraburdoo plant tie-in, with first ore from that new system on plan for 2025." The project is a joint venture between Rio Tinto (54%) and China Baowu Steel Group Corporation (46%). Click here for a list of related projects.
In terms of lithium, Stausholm said he expects first production to begin later this year at the pilot plant as part of its Rincon project in Argentina; the company is performing feasibility studies for three subsequent full-scale expansions and expects to reach a final investment decision in the fourth quarter. Each expansion is designed to add a 25,000-ton-per-year processing plant, to boost production to 75,000 tons per year of lithium carbonate. Click here for the related project reports.
In its half-year 2024 financial results released in July, Rio Tinto said it expects capital expenditures of around $10 billion per year in 2024, 2025 and 2026, including up to $3 billion in growth capital per year.
In another effort to boost its lithium production, Rio Tinto recently closed its acquisition of Arcadium Lithium (NYSE:ALTM) (Philadelphia, Pennsylvania), which could lead to a roughly 130% increase in Rio Tinto's lithium output by 2028. For more information, see October 10, 2024, article - Rio Tinto to Acquire Arcadium Lithium for $6.7 Billion.
Stausholm said Rio Tinto continues to ramp up mined copper production at its Oyu Tolgoi Gold-Copper Mine Complex in Mongolia, which the miner expects will deliver average production of about 500,000 tonnes per year between 2028 and 2036. The company reported third-quarter production from the mine was 19% higher than the third quarter of 2023. The first ore is expected to be on the conveyor system in the second half of October.
Overall global mined copper production of 186,000 tonnes (on a consolidated basis) in the third quarter was just 1% lower than the same period in 2023, although production from Rio Tinto's Kennecott copper operation in Utah was 44% lower year over year. "As we identified in our second quarter operations review, highwall movement was monitored along two major faults during that period," the company said. "This movement has limited our ability to access the primary ore face on the south wall and is increasing the need to supplement feed to the concentrator with lower grade stockpile ore, impacting mined copper production by approximately 50 thousand tonnes in 2024 ... The highwall movement will continue to restrict ore deliveries from the primary ore face and impact mined copper production in 2025 and 2026. We are working through this change in mining sequence and will provide a further update at our Investor Seminar in December."
The company aims to extend the life of Kennecott's 400,000 ton-per-day open-pit Bingham Canyon mine from 2027 to 2032 through a US$1.5 billion Phase II extension and upgrade project, which entails pushing back and deepening its southern wall, along with a series of upgrades and revamps. The project, which is expected to wrap up in late 2025, is designed to deliver an additional 1 million tons of refined copper by 2032. Subscribers can click here to read more information on the project.
Rio Tinto also recently said the development of the North Rim Skarn deposit at Bingham Canyon is underway, with production forecast to begin in mid-2025--delivering around 250,000 tonnes through to 2033. The deposit, which is expected to reach full capacity in 2026, is designed as a 250,000-ton-per-day block-cave/longhole underground stoping mine that will operate concurrently with a 150,000-ton-per-day open pit operation. Click here to read more information on the project.
Subscribers to Industrial Info's GMI Database can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Click here for a full list of Rio Tinto projects across the globe, which also include aluminum production.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
