Rio Tinto modernises joint venture to develop Rhodes Ridge iron ore project
October 17 2022 - 5:27PM
Business Wire
Rio Tinto (50 per cent) and Wright Prospecting Pty Ltd (50 per
cent) have agreed to modernise the joint venture covering the
Rhodes Ridge project in the East Pilbara in Western Australia, home
to one of the world’s largest and highest quality undeveloped iron
ore deposits.
The binding joint venture updates an existing agreement between
the two parties dating back to 1972 and now provides a pathway for
the development of the Rhodes Ridge deposits utilising Rio Tinto’s
rail, port and power infrastructure.
The participants have commenced an Order of Magnitude study,
conducted by Rio Tinto, which will consider the development of an
operation before the end of the decade with initial plant capacity
of up to 40 million tonnes annually, subject to the receipt of
relevant approvals.
Rhodes Ridge contains 5.8 billion tonnes of high grade Mineral
Resources at an average grade of 62.3% Fe. The project’s total
resource, 6.7 billion tonnes at an average grade of 61.6% Fe,
represents approximately one-third of Rio Tinto’s existing Resource
base in the Pilbara.1 A resource drilling program is currently
underway to support future project studies.
Rio Tinto Iron Ore Chief Executive Simon Trott, said “Rhodes
Ridge contains one of the biggest and best undeveloped iron ore
deposits on the planet with proximate access to existing
infrastructure. We are very excited we have been able to strengthen
our relationship with Wright Prospecting and have a pathway to
bring this high quality resource to market.
“With its significant resource base, the Rhodes Ridge project
has the potential to underpin production of the Pilbara Blend in
the decades ahead.
“We are committed to working closely with the Traditional
Owners, the Nyiyaparli and Ngarlawangga People, to ensure sites of
significant cultural, environmental, and biodiversity value are
protected as part of any future development at Rhodes Ridge.
Consistent with our revised approach for new operations, a
co-management approach to any future mining activity will be
developed in partnership with Traditional Owners.”
A spokesperson for Wright Prospecting, said “We are delighted to
have reached this important milestone for the Rhodes Ridge project.
We look forward to partnering with Rio Tinto to develop this asset
with a world-leading focus on climate, biodiversity and
heritage.”
The joint venture will utilise Rio Tinto’s existing rail, port
and power infrastructure, including the planned installment of 1
gigawatt of renewable power assets in the Pilbara.
1 The Mineral Resource estimates for the Rhodes Ridge JV were
reported in Rio Tinto’s 2020 Annual Report released to the ASX on
22 February 2021 (and form part of the Pilbara Mineral Resource
estimates reported in Rio Tinto’s 2021 Annual Report released to
the ASX on 24 February 2022) which are available at Annual Report
(riotinto.com). The Competent Persons responsible for reporting
these Mineral Resource estimates were Mr P Savory, who is a Fellow
of The Australasian Institute of Mining and Metallurgy, and Ms N
Brajkovich and Mr C Kyngdon, who are Members of The Australasian
Institute of Mining and Metallurgy. Rio Tinto is not aware of any
new information or data that materially affects these Mineral
Resource estimates and confirms that all material assumptions and
technical parameters underpinning the estimate 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 from when they were reported. Mineral Resources are quoted
in this release on a 100 per cent basis, as dry in-situ tonnes.
Notes to editors
The Rhodes Ridge project is located 40 kilometres north-west of
Newman.
This announcement is authorised for release to the market by
Steve Allen, Rio Tinto’s Group Company Secretary.
riotinto.com
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