Global Miner Rio Tinto Moves Forward with Copper, Aluminum, Iron Ore Projects

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Researched by Industrial Info Resources (Sugar Land, Texas)--Global mining giant Rio Tinto (NYSE:RIO) (London, England) said Monday its global refined copper production of 175,000 tons in 2023 was 26% lower than 2022 as the company rebuilt the smelter at its Kennecott copper operation in Utah. Industrial Info is tracking a related project report and other activity at the site as well as global projects from Rio Tinto.

The US$300 million smelter rebuild entailed maintenance, repair or overhaul of three anode furnaces, the anode and material handling system and waste-heat and gas-fired boilers, among other components. "With the smelter rebuild successfully completed and the ramp-up progressing, we expect a return to stable production in the first quarter of 2024," Rio Tinto said in a January 15 press release announcing its fourth-quarter and full-year production results.

Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project Database can click here for the related project report.

In December, Rio Tinto said it plans to convert the fossil fuel-based diesel consumption at the Kennecott operation with renewable diesel, beginning in the first quarter of 2024. For more information on this and mining projects at Kennecott, see Industrial Info's December 6, 2023, article - Rio Tinto Plans to Fully Transition to Renewable Diesel at its Kennecott Operation in Utah.

Rio Tinto also said Monday that global mined copper production of 620,000 tons (on a consolidated basis) was 2% higher than 2022, which reflected "first sustainable production" from the underground portion of the Oyu Tolgoi Gold-Copper Mine Complex in Mongolia. Mined copper production is separate from refined copper production.

Industrial Info is tracking the US$5.3 billion underground addition at Oyu Tolgoi, which is expected to fully wrap up in mid-2024 and aims to expand the mine's capacity to 430,000 tons per year of copper and 495,000 ounces per year of gold. Subscribers can click here to read more information.

But copper is not the only metal commodity Rio Tinto produces, and the company's project activity reflects that. Jakob Stausholm, chief executive officer of Rio Tinto, said, "We made real progress in shaping our portfolio for the future, entering the recycled aluminum market in North America and progressing the world-class Simandou iron ore project in Guinea."

The Simandou Iron Ore Project in Guinea will be developed in four blocks, and construction is underway. Rio Tinto is co-developing the project with a series of entities; the rights to blocks 3 and 4 are held by Rio Tinto Simfer--a joint venture that includes Chalco Iron Ore Holdings (Hong Kong, China) and the Government of the Republic of Guinea. Rio Tinto is the majority shareholder and managing partner of Rio Tinto Simfer. Blocks 1 and 2 are being developed by the Government of Guinea and Winning Consortium Simandou (WCS) but are fully owned by WCS.

First production from the new open-pit iron more mine and processing plant is expected in 2025, Rio Tinto said in December, "ramping up over 30 months to an annualized capacity of 60 million tonnes per year (27 million tonnes Rio Tinto share)."

Subscribers can read project reports for blocks 1 and 2 and blocks 3 and 4.

Rio Tinto is adding a 30,000-ton-per-year recycling center at its Jonquiere Arvida Aluminum Smelter in Quebec, Canada, to expand its offering of low-carbon aluminum solutions for customers in the automotive, packaging and construction markets. The project is expected to wrap up in early 2025. Industrial Info also is tracking the early-stage development of a proposed US$1 billion expansion of the smelter, which would increase Rio Tinto's primary aluminum production from 60,000 to 220,000 metric tonnes per year, enough for 400,000 electric cars. Subscribers can learn more in detailed reports for the Jonquiere Arvida recycling center and expansion projects.

According to a press release highlighting Rio Tinto's 2023 Investor Seminar in December, the company expects to spend about US$10 billion per year in capital investment from 2024 to 2026, including up to $3 billion per year of growth investment--with the largest share expected for Rio Tinto's equity share of the Simandou 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.

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).