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Released April 18, 2024 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Global mining giant Rio Tinto (NYSE:RIO) (London, England) on Tuesday released its latest production results and updated progress on its growth and development efforts. Industrial Info is tracking $20.6 billion worth of projects from Rio Tinto across the globe.
In a release announcing the miner's first-quarter production results, Rio Tinto confirmed it plans to spend US$10 billion in 2024, including US$3 billion per year of growth investment--which includes the Simandou Iron Ore Project in the Republic of Guinea, considered the world's largest mining project. It 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 Guinea and Winning Consortium Simandou (WCS), but are fully owned by WCS.
First production from the new open-pit iron ore mine and processing plant is expected in 2025, Rio Tinto said, "ramping up over 30 months to an annualized capacity of 60 million tonnes per year (27 million tonnes Rio Tinto 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 that currently account for the company's iron ore production and shipments. The company said Pilbara saw 77.9 million tonnes of production (Rio Tinto's share 66.1 million tonnes) in the first quarter, 2% lower than first-quarter 2023. Meanwhile, shipments of 78 million tonnes (Rio Tinto share 66.1 million) were 5% lower than the same period in 2024. The company shipped 331.8 million tonnes from Pilbara in 2023, and it expects 323 million to 328 million tonnes worth of shipments for 2024.
Rio Tinto noted construction of its Western Range project, which is expected to provide an additional 25 million tonnes of iron ore from the Pilbara operations, is more than 50% complete: "Bulk earthworks and initial mining area development are well advanced, and the focus is on greenfield crushing and screening, and Paraburdoo plant tie-in," the company said in its April 17 press release. "First ore remains on plan for 2025." The project is a joint venture between Rio Tinto (54%) and China Baowu Steel Group Corporation (46%).
Industrial Info is tracking the construction of a primary crusher facility addition to crush ore from the mine, which would be transported via a new, 18-kilometer overland conveyor to the Paraburdoo processing plant. Rio Tinto also is upgrading overhead transmission lines and other infrastructure that will link the crusher to the Paraburdoo plant. Subscribers can read more information on the crusher, conveyor and upgrade projects.
Rio Tinto also said Tuesday it 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 production from the mine in the first quarter increased 8% from the first quarter of 2023 "due to higher concentrator feed grade."
Rio Tinto's total first-quarter global mined copper production of 156,000 tonnes (on a consolidated basis) was 7% higher than first-quarter 2023, in part thanks to its Kennecott copper operation in Utah, which also refines the metal. Kennecott's mined production was 7% higher than the first quarter of 2023, but 32% lower than the previous quarter, "primarily due to unplanned conveyor downtime," the company said; the impacted conveyor is now fully operational again. Kennecott's refined copper production was 10% higher than first-quarter 2023 and 50% up from fourth-quarter 2023, following completion of a smelter rebuild.
The company aims to extend the life of Kenecott'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. The project entails pushing back and deepening its southern wall into a new ore area, 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.
Another effort under construction to extend the mine's life is an approximately US$500 million mine addition and upgrade project, which entails developing the North Rim Skarn deposit 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. The project is expected to wrap up in late 2026. Subscribers can learn more from Industrial Info's reports on the Phase II and mine addition and upgrade projects.
Rio Tinto also is ramping up its production of aluminum, which was 5% higher in first-quarter 2024 compared with the same period in 2023. That is expected to be buoyed by a US$1 billion expansion at its Arvida Aluminum Smelter in Jonquiere, Quebec, which entails adding new low-carbon smelter pots to increase capacity by approximately 160,000 metric tonnes of primary aluminum. In the recent press release, Rio Tinto said "early works activities" were completed during the first quarter, and "the execution phase of construction activities is ramping up with the mobilisation of civil and structural contractors."
Rio Tinto also is adding a 30,000-ton-per-year recycling center at the site, to expand its offering of low-carbon aluminum solutions for customers in the automotive, packaging and construction markets. The company expects the recycling center will open in the fourth quarter of 2025, with construction of the smelter expansion tentatively expected to wrap up in 2026. Subscribers can learn more in detailed reports for the Jonquiere Arvida expansion and recycling center projects.
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).
In a release announcing the miner's first-quarter production results, Rio Tinto confirmed it plans to spend US$10 billion in 2024, including US$3 billion per year of growth investment--which includes the Simandou Iron Ore Project in the Republic of Guinea, considered the world's largest mining project. It 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 Guinea and Winning Consortium Simandou (WCS), but are fully owned by WCS.
First production from the new open-pit iron ore mine and processing plant is expected in 2025, Rio Tinto said, "ramping up over 30 months to an annualized capacity of 60 million tonnes per year (27 million tonnes Rio Tinto 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 that currently account for the company's iron ore production and shipments. The company said Pilbara saw 77.9 million tonnes of production (Rio Tinto's share 66.1 million tonnes) in the first quarter, 2% lower than first-quarter 2023. Meanwhile, shipments of 78 million tonnes (Rio Tinto share 66.1 million) were 5% lower than the same period in 2024. The company shipped 331.8 million tonnes from Pilbara in 2023, and it expects 323 million to 328 million tonnes worth of shipments for 2024.
Rio Tinto noted construction of its Western Range project, which is expected to provide an additional 25 million tonnes of iron ore from the Pilbara operations, is more than 50% complete: "Bulk earthworks and initial mining area development are well advanced, and the focus is on greenfield crushing and screening, and Paraburdoo plant tie-in," the company said in its April 17 press release. "First ore remains on plan for 2025." The project is a joint venture between Rio Tinto (54%) and China Baowu Steel Group Corporation (46%).
Industrial Info is tracking the construction of a primary crusher facility addition to crush ore from the mine, which would be transported via a new, 18-kilometer overland conveyor to the Paraburdoo processing plant. Rio Tinto also is upgrading overhead transmission lines and other infrastructure that will link the crusher to the Paraburdoo plant. Subscribers can read more information on the crusher, conveyor and upgrade projects.
Rio Tinto also said Tuesday it 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 production from the mine in the first quarter increased 8% from the first quarter of 2023 "due to higher concentrator feed grade."
Rio Tinto's total first-quarter global mined copper production of 156,000 tonnes (on a consolidated basis) was 7% higher than first-quarter 2023, in part thanks to its Kennecott copper operation in Utah, which also refines the metal. Kennecott's mined production was 7% higher than the first quarter of 2023, but 32% lower than the previous quarter, "primarily due to unplanned conveyor downtime," the company said; the impacted conveyor is now fully operational again. Kennecott's refined copper production was 10% higher than first-quarter 2023 and 50% up from fourth-quarter 2023, following completion of a smelter rebuild.
The company aims to extend the life of Kenecott'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. The project entails pushing back and deepening its southern wall into a new ore area, 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.
Another effort under construction to extend the mine's life is an approximately US$500 million mine addition and upgrade project, which entails developing the North Rim Skarn deposit 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. The project is expected to wrap up in late 2026. Subscribers can learn more from Industrial Info's reports on the Phase II and mine addition and upgrade projects.
Rio Tinto also is ramping up its production of aluminum, which was 5% higher in first-quarter 2024 compared with the same period in 2023. That is expected to be buoyed by a US$1 billion expansion at its Arvida Aluminum Smelter in Jonquiere, Quebec, which entails adding new low-carbon smelter pots to increase capacity by approximately 160,000 metric tonnes of primary aluminum. In the recent press release, Rio Tinto said "early works activities" were completed during the first quarter, and "the execution phase of construction activities is ramping up with the mobilisation of civil and structural contractors."
Rio Tinto also is adding a 30,000-ton-per-year recycling center at the site, to expand its offering of low-carbon aluminum solutions for customers in the automotive, packaging and construction markets. The company expects the recycling center will open in the fourth quarter of 2025, with construction of the smelter expansion tentatively expected to wrap up in 2026. Subscribers can learn more in detailed reports for the Jonquiere Arvida expansion and recycling center projects.
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).
