UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
Month of June 2023
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| Commission file number: 001-10533 | Commission file number: 001-34121 |
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| Rio Tinto plc | Rio Tinto Limited |
| ABN 96 004 458 404 |
| (Translation of registrant’s name into English) | (Translation of registrant’s name into English) |
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| 6 St. James’s Square | Level 43, 120 Collins Street |
| London, SW1Y 4AD, United Kingdom | Melbourne, Victoria 3000, Australia |
| (Address of principal executive offices) | (Address of principal executive offices) |
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
EXHIBITS
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned, thereunto duly authorised.
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| Rio Tinto plc | Rio Tinto Limited |
| (Registrant) | (Registrant) |
| | | |
| By | /s/ Steve Allen | By | /s/ Steve Allen |
| Name | Steve Allen | Name | Steve Allen |
| Title | Company Secretary | Title | Joint Company Secretary |
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| Date | 3 July 2023 | Date | 3 July 2023 |
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| EXHIBIT 99.1
Notice to ASX/LSE |
Total voting rights and issued capital
1 June 2023
In accordance with the Financial Conduct Authority’s (FCA) Disclosure Guidance and Transparency Rule 5.6.1R, Rio Tinto plc notifies the market that as of 31 May 2023:
1.Rio Tinto plc’s issued share capital comprised 1,255,867,367 Ordinary shares of 10p each, each with one vote.
2.4,899,902 ordinary shares of 10p each are held in treasury. These shares are not taken into consideration in relation to the payment of dividends and voting at shareholder meetings.
Accordingly the total number of voting rights in Rio Tinto plc is 1,250,967,465. This figure may be used by shareholders (and others with notification obligations) as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, Rio Tinto plc under the FCA’s Disclosure Guidance and Transparency Rules.
Note:
As at the date of this announcement:
(a)Rio Tinto plc has also issued one Special Voting Share of 10p and one DLC Dividend Share of 10p in connection with its dual listed companies (‘DLC’) merger with Rio Tinto Limited which was designed to place the shareholders of both companies in substantially the same position as if they held shares in a single enterprise owning all of the assets of both companies;
(b)the Special Voting Share facilitates joint voting by shareholders of Rio Tinto plc and Rio Tinto Limited on joint electorate resolutions; and
(c)there are 371,216,214 publicly held Rio Tinto Limited shares in issue which do not form part of the share capital of Rio Tinto plc.
LEI: 213800YOEO5OQ72G2R82
Classification: 2.5 Total number of voting rights and capital disclosed under article 15 of the Transparency Directive
Contacts
Please direct all enquiries to media.enquiries@riotinto.com
| | | | | | | | |
Media Relations, United Kingdom
Matthew Klar M +44 7796 630 637
David Outhwaite M +44 7787 597 493
| Media Relations, Australia
Matt Chambers M +61 433 525 739
Jesse Riseborough M +61 436 653 412
Alyesha Anderson M +61 434 868 118 | Media Relations, Americas
Simon Letendre M +1 514 796 4973
Malika Cherry M +1 418 592 7293 |
Investor Relations, United Kingdom
Menno Sanderse M +44 7825 195 178
David Ovington M +44 7920 010 978
Danielle Smith M +44 7788 190 672 | Investor Relations, Australia
Tom Gallop M +61 439 353 948
Amar Jambaa M +61 472 865 948 | |
Rio Tinto plc
6 St James’s Square London SW1Y 4AD United Kingdom T +44 20 7781 2000
Registered in England No. 719885
| Rio Tinto Limited
Level 43, 120 Collins Street Melbourne 3000 Australia T +61 3 9283 3333
Registered in Australia ABN 96 004 458 404 | |
This announcement is authorised for release to the market by Steve Allen, Rio Tinto’s Group Company Secretary.
riotinto.com
Appendix 3X Initial Director’s Interest Notice + See chapter 19 for defined terms. 11/3/2002 Appendix 3X Page 1 Rule 3.19A.1 Appendix 3X Initial Director’s Interest Notice Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public. Introduced 30/9/2001. Name of entity Rio Tinto Limited ABN 96 004 458 404 We (the entity) give ASX the following information under listing rule 3.19A.1 and as agent for the director for the purposes of section 205G of the Corporations Act. Name of Director Susan Lloyd-Hurwitz Date of appointment 1 June 2023 Part 1 - Director’s relevant interests in securities of which the director is the registered holder In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part. Number & class of securities Nil EXHIBIT 99.2
Appendix 3X Initial Director’s Interest Notice + See chapter 19 for defined terms. Appendix 3X Page 2 11/3/2002 Part 2 – Director’s relevant interests in securities of which the director is not the registered holder In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust Name of holder & nature of interest Note: Provide details of the circumstances giving rise to the relevant interest. N/A Number & class of Securities N/A Part 3 – Director’s interests in contracts Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part. Detail of contract N/A Nature of interest N/A Name of registered holder (if issued securities) N/A No. and class of securities to which interest relates N/A
Appendix 3X Initial Director’s Interest Notice + See chapter 19 for defined terms. 11/3/2002 Appendix 3X Page 1 Rule 3.19A.1 Appendix 3X Initial Director’s Interest Notice Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public. Introduced 30/9/2001. Name of entity Rio Tinto Limited ABN 96 004 458 404 We (the entity) give ASX the following information under listing rule 3.19A.1 and as agent for the director for the purposes of section 205G of the Corporations Act. Name of Director Dean Dalla Valle Date of appointment 1 June 2023 Part 1 - Director’s relevant interests in securities of which the director is the registered holder In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part. Number & class of securities Nil EXHIBIT 99.3
Appendix 3X Initial Director’s Interest Notice + See chapter 19 for defined terms. Appendix 3X Page 2 11/3/2002 Part 2 – Director’s relevant interests in securities of which the director is not the registered holder In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust Name of holder & nature of interest Note: Provide details of the circumstances giving rise to the relevant interest. N/A Number & class of Securities N/A Part 3 – Director’s interests in contracts Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part. Detail of contract N/A Nature of interest N/A Name of registered holder (if issued securities) N/A No. and class of securities to which interest relates N/A
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| EXHIBIT 99.4
Media release |
Rio Tinto U.S. Borax becomes first open pit mine to transition to renewable diesel
02 June 2023
BORON, Calif.--(BUSINESS WIRE)-- Rio Tinto has successfully completed the full transition of its heavy machinery from fossil diesel to renewable diesel at its Boron, California operation, making it the first open pit mine in the world to achieve this milestone. The change to renewable diesel brings an anticipated CO2 equivalent reduction of up to 45,000 tonnes per year, comparable to eliminating the annual emissions of approximately 9,600 cars.
Rio Tinto Minerals Chief Executive Sinead Kaufman said: “We are proud that our U.S. Borax operations have become the first open pit mine to operate a fleet running entirely on renewable diesel. This is an excellent example of what happens when internal and external partners collaborate toward a carbon reduction goal. Support from the state of California has also been incredibly important, as without their vision, this would not have been possible.”
“The transition at Boron is an important first step and will undoubtedly lead to further opportunities to decarbonise our global operations. Renewable diesel is one of several sustainability solutions that Rio Tinto is using to transform its businesses.”
An initial trial of switching fossil diesel to renewable diesel in a U.S. Borax haul truck was conducted through 2022 in partnership with Neste and Rolls-Royce. Rio Tinto U.S. Borax used Neste MY Renewable Diesel™ during the trial. Made from sustainably sourced, 100% renewable raw materials such as used cooking oil and animal fat waste, the use of Neste MY Renewable DieselTM can reduce greenhouse gas emissions by up to 75% over the life cycle of the fuel compared to fossil diesel*. Results from the trial showed that a truck running on renewable diesel delivered similar performance and reliability as trucks running on conventional diesel.
Based on these positive results, Rio Tinto U.S. Borax continued to work with Rolls-Royce, Neste, the Environmental Protection Agency, and the State of California to fully transition its heavy machinery fleet onsite to renewable diesel at the end of May 2023. This transition includes all the heavy machinery on the property from haul trucks to loaders, and the renewable diesel is even used in blasting.
This conversion to renewable diesel supports Rio Tinto’s global decarbonization objectives, which include a 50 per cent reduction in Scope 1 & 2 emissions by 2030, and a commitment to reach net zero by 2050. The company estimates carbon emissions from the use of diesel in its mobile fleet and rail accounted for 13% of its Scope 1 & 2 emissions in 2022.
Notes to editors
As agreed in the lead up to Rio Tinto’s 2023 Annual General Meetings, a briefing paper on the Group's approach to diesel transition will be published on riotinto.com in the third quarter.
* The GHG emission reduction percentage varies depending on the region-specific legislation that provides the methodology for the calculations (e.g. EU RED II 2018/2001/EU for Europe and U.S. California LCFS for the U.S.), and the raw material mix used to manufacture the product for each market.
Please direct all enquiries to media.enquiries@riotinto.com
| | | | | | | | |
Media Relations, United Kingdom
Matthew Klar M +44 7796 630 637
David Outhwaite M +44 7787 597 493
| Media Relations, Australia
Matt Chambers M +61 433 525 739
Jesse Riseborough M +61 436 653 412
Alyesha Anderson M +61 434 868 118 | Media Relations, Americas
Simon Letendre M +1 514 796 4973
Malika Cherry M +1 418 592 7293 |
Investor Relations, United Kingdom
Menno Sanderse M +44 7825 195 178
David Ovington M +44 7920 010 978
Danielle Smith M +44 7788 190 672 | Investor Relations, Australia
Tom Gallop M +61 439 353 948
Amar Jambaa M +61 472 865 948 | |
Rio Tinto plc
6 St James’s Square London SW1Y 4AD United Kingdom T +44 20 7781 2000
Registered in England No. 719885
| Rio Tinto Limited
Level 43, 120 Collins Street Melbourne 3000 Australia T +61 3 9283 3333
Registered in Australia ABN 96 004 458 404 | |
This announcement is authorised for release to the market by Steve Allen, Rio Tinto’s Group Company Secretary.
riotinto.com
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| EXHIBIT 99.5
Media release |
Rio Tinto to invest in Pilbara desalination plant
02 June 2023
PERTH, Australia--(BUSINESS WIRE)-- Rio Tinto plans to invest $395 million1 in a seawater desalination plant in the Pilbara, Western Australia, to support future water supply for the company’s coastal operations and communities in the region.
The proposed Dampier Seawater Desalination Plant, which remains subject to Commonwealth and State Government approvals, will be located within Rio Tinto’s existing iron ore port operations at Parker Point. It will have an initial nominal capacity of four gigalitres annually with the potential for this to increase to eight gigalitres in the future. The project includes construction of a new supply pipeline to connect to the existing water network.
Subject to relevant approvals, construction is expected to commence in 2024 with the facility expected to be operational and producing water in 2026. At the peak of construction, the project is expected to support approximately 300 jobs.
Rio Tinto have been engaging with all associated Traditional Owners and Custodians in relation to the project and would like to thank the Ngarluma people, on whose Traditional lands the plant will be constructed, and Murujuga Aboriginal Corporation, who represent the five Traditional Owner groups in the region.
Water from the plant is planned to be transferred to the Water Corporation-owned and operated West Pilbara Water Supply Scheme, where it will be distributed to Rio Tinto’s coastal communities and operations.
The plant will be constructed on previously reclaimed land and will use reverse osmosis to filter salt and other impurities from ocean water. It will utilise existing infrastructure at the company’s Parker Point operations and is near the existing Water Corporation network, helping to minimise disturbance to the local environment.
Rio Tinto Iron Ore Chief Executive Simon Trott said, “We know that water is a scarce resource, particularly in the Pilbara. We are pleased that this desalination plant will help to secure future supply for Rio Tinto supplied communities in the West Pilbara as well as our coastal operations.”
The planned $395 million spend on the plant is included in the Group’s Sustaining Capital expenditure2.
1 All figures in US dollars unless otherwise noted
2 The Group’s capital expenditure guidance of $9 to $10 billion in both 2024 and 2025 remains unchanged.
Please direct all enquiries to media.enquiries@riotinto.com
| | | | | | | | |
Media Relations, United Kingdom
Matthew Klar M +44 7796 630 637
David Outhwaite M +44 7787 597 493
| Media Relations, Australia
Matt Chambers M +61 433 525 739
Jesse Riseborough M +61 436 653 412
Alyesha Anderson M +61 434 868 118 | Media Relations, Americas
Simon Letendre M +1 514 796 4973
Malika Cherry M +1 418 592 7293 |
Investor Relations, United Kingdom
Menno Sanderse M +44 7825 195 178
David Ovington M +44 7920 010 978
Danielle Smith M +44 7788 190 672 | Investor Relations, Australia
Tom Gallop M +61 439 353 948
Amar Jambaa M +61 472 865 948 | |
Rio Tinto plc
6 St James’s Square London SW1Y 4AD United Kingdom T +44 20 7781 2000
Registered in England No. 719885
| Rio Tinto Limited
Level 43, 120 Collins Street Melbourne 3000 Australia T +61 3 9283 3333
Registered in Australia ABN 96 004 458 404 | |
riotinto.com
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| EXHIBIT 99.6
Media release |
China Baowu and Rio Tinto extend climate partnership to decarbonise the steel value chain
12 June 2023
SHANGHAI--(BUSINESS WIRE)--China Baowu, the world’s biggest steelmaker, and Rio Tinto, the world’s largest iron ore producer, have signed a Memorandum of Understanding (MoU) to explore a range of industry leading new projects in China and Australia to help decarbonise the steel value chain.
Under the MoU, China Baowu and Rio Tinto plan to jointly advance specific decarbonisation projects, demonstrating their commitment to play a leading role in the industry’s low-carbon transformation.
The MoU, signed in Shanghai by Rio Tinto Chief Commercial Officer Alf Barrios, and China Baowu Vice President Hou Angui, follows the recently announced $2 billion Western Range Joint Venture in the Pilbara region of Western Australia, involving Rio Tinto and Baowu.
The projects include:
•Research, build and demonstrate a pilot-scale electric melter at one of Baowu’s steel mills in China. This will enable low-carbon steel making utilising Direct Reduced Iron (DRI) that has been produced from low and medium grade ores.
•Optimise pelletisation technology for Australian ores as a feedstock for low-carbon shaft furnace-based direct reduction.
•Expand the development of China Baowu’s HyCROF technology which can largely mitigate CO2 emissions from the blast furnace process.
•Jointly study opportunities for producing low-carbon iron in Western Australia.
These innovative projects are an outcome of the long-standing collaboration between Rio Tinto and China Baowu spanning 50 years. To progress each initiative, both companies have committed to sharing resources and expertise.
Rio Tinto’s Chief Commercial Officer Alf Barrios said, “Rio Tinto and China Baowu are united in a commitment to accelerating the delivery of low-carbon solutions for the entire steel value chain. This MoU aims to address one of the biggest challenges faced by the industry – developing a low-carbon pathway for low-to-medium grade iron ores, which account for the vast majority of global iron ore supply.
“China’s commitment to curbing emissions and promoting high-quality green development is strongly aligned with our own position where climate change and the low-carbon transition are at the heart of our strategy.”
Rio Tinto’s Chief Executive of Iron Ore Simon Trott said, “Our relationship with China Baowu in Western Australia has been a proud and successful one, extending back more than 40 years. We look forward to progressing this study into the potential of low-carbon iron making in Western Australia as we work to ensure a positive future for Pilbara ores in a green steel world.
China Baowu said, “With the mission of building an industrial ecosystem to promote the progress of human civilisation, China Baowu is committed to working with Rio Tinto to jointly study and provide low-carbon and green comprehensive solutions for the steel value chain, help the low-carbon transformation and upgrade of the steel industry chain, and support the world to address the challenge of climate change with pragmatic actions.”
Rio Tinto and China Baowu have a long history of collaboration including on project development in Australia and Guinea, new technology research and deployment, and steel making emissions reduction.
Please direct all enquiries to media.enquiries@riotinto.com
| | | | | | | | |
Media Relations, United Kingdom
Matthew Klar M +44 7796 630 637
David Outhwaite M +44 7787 597 493
| Media Relations, Australia
Matt Chambers M +61 433 525 739
Jesse Riseborough M +61 436 653 412
Alyesha Anderson M +61 434 868 118 | Media Relations, Americas
Simon Letendre M +1 514 796 4973
Malika Cherry M +1 418 592 7293 |
Investor Relations, United Kingdom
Menno Sanderse M +44 7825 195 178
David Ovington M +44 7920 010 978
Danielle Smith M +44 7788 190 672 | Investor Relations, Australia
Tom Gallop M +61 439 353 948
Amar Jambaa M +61 472 865 948 | |
Rio Tinto plc
6 St James’s Square London SW1Y 4AD United Kingdom T +44 20 7781 2000
Registered in England No. 719885
| Rio Tinto Limited
Level 43, 120 Collins Street Melbourne 3000 Australia T +61 3 9283 3333
Registered in Australia ABN 96 004 458 404 | |
riotinto.com
Notice to ASX/LSE Rio Tinto to expand its AP60 low-carbon aluminium smelter in Quebec 12 June 2023 SAGUENAY, Canada – Rio Tinto will invest $1.1 billion (CAN$1.4 billion) to expand its state-of-the-art AP60 aluminium smelter equipped with low-carbon technology at Complexe Jonquière in Canada. The total investment includes up to $113 million (CAN$150 million) of financial support from the Quebec government. This expansion, which will coincide with the gradual closure of potrooms at the Arvida smelter on the same site, will enable Rio Tinto to continue meeting customers’ demand for low-carbon, high-quality aluminium for use in transportation, construction, electrical and consumer goods. The investment will add 96 new AP60 pots, increasing capacity by approximately 160,000 metric tonnes of primary aluminium per year, enough for 400,000 electric cars. As a result, there will be a total of 134 AP60 pots and a capacity of approximately 220,000 tonnes per annum. Construction will run over two and a half years, with commissioning of the new pots expected to start in the first half of 2026 and the smelter fully ramped up by the end of 2026. Once completed, the expanded smelter is expected to be in the first quartile of the industry cost curve. This new capacity will offset the 170,000 tonnes of capacity lost through the gradual closure of potrooms at the Arvida smelter from 2024. In addition, Rio Tinto will add 30,000 tonnes of new capacity through the commissioning of the previously announced recycling facility at Arvida in the first quarter of 2025. These facilities will ensure Rio Tinto’s casting facilities at Complexe Jonquière continue to provide value added products that meet customers’ needs, including integrating recycled post-consumer aluminium into primary aluminium alloys. The AP60 smelting technology was developed by Rio Tinto’s Research and Development teams and is amongst the most efficient and lowest carbon technology currently available at commercial scale. When combined with the hydropower used at Rio Tinto’s operations in Canada, it generates one seventh of greenhouse gases per tonne of aluminium when compared with the industry average, and half the emissions when compared to the technology currently used at the Arvida smelter.1 The project will generate up to 1,000 jobs during the peak of construction and approximately 100 permanent jobs will be maintained as a result of the expanded smelter. Rio Tinto Chief Executive Jakob Stausholm said: “This investment is aligned with our strategy to decarbonise our value chains and grow in materials essential for the energy transition. Our AP60 technology is already proven and producing some of the lowest carbon aluminium in the world, thanks to the expertise of our highly qualified workforce and access to renewable hydropower. This is the most significant investment in our aluminium business for more than a decade and it will further strengthen Rio Tinto’s high-quality and low- carbon offering to our customers as they also work to reduce their own carbon footprint. “I would like to thank both the Government of Canada and Government of Quebec for their support in progressing this project. We are also continuing to work together on the future implementation of the ELYSISTM zero carbon smelting technology at our Quebec facilities.” 1 The AP60 technology generates approximately 1.6 tonnes of CO2e per tonne of aluminium produced, compared to approximately 3.2 tonnes of CO2e per tonne of aluminium for the Arvida smelter’s current technology, and over 12 tonnes of CO2e per tonne of aluminium for the industry average. EXHIBIT 99.7
Notice to ASX/LSE 2 / 3 Quebec Premier François Legault said: “A great momentum is building in our regions for our green economy. The aluminium industry in Saguenay-Lac-Saint-Jean has always been a real source of pride and has created considerable wealth in the region. Today's announcement will breathe new life into this industry with greener, less polluting processes. The use of AP60 pots will halve GHG emissions in aluminium production. With the upcoming ELYSISTM technology, Quebec aims to become the world champion of green aluminum.” The Honourable François-Philippe Champagne, Canada’s Minister of Innovation, Science and Industry, said: “Canada has all it takes to be the global green supplier of choice. And that is why our government is collaborating with key industry actors like Rio Tinto to produce the world’s greenest aluminium. By supporting the production of green metals, we ensure Canada will remain at the forefront of the economy of tomorrow. When economic benefits are paired with a commitment to developing green solutions, it’s a win for our industry, our cleantech ecosystem and our workers.” In addition to this investment in low-carbon aluminium, Rio Tinto is working with the Governments of Canada and Quebec towards a deployment of the ELYSISTM zero carbon aluminium smelting technology at its Saguenay–Lac-Saint-Jean facilities. With the current development pathway, ELYSIS aims to have its technology available for installation from 2024 and the production of larger volumes of carbon-free aluminium approximately two years later. Rio Tinto and the Government of Canada have also signed a Memorandum of Understanding that deepens their commitment to strengthen supply chains for low-carbon primary metals, critical minerals and other value-added products. The cooperation will also aim to support projects that have the potential to grow Rio Tinto’s activities in Canada, including the current and future decarbonisation of the aluminium supply chain. The investment in the AP60 smelter is already included as replacement capital expenditure in Rio Tinto’s capital investment guidance for 2023 to 2025. The Group’s capital expenditure guidance of $9 billion to $10 billion in both 2024 and 2025 remains unchanged. Note to editors Photos and videos of the existing AP60 aluminium smelter at Complexe Jonquière can be downloaded using this link: https://we.tl/t-Mub5RYH7Co
Notice to ASX/LSE 3 / 3 Contacts Media Relations, United Kingdom Matthew Klar M +44 7796 630 637 David Outhwaite M +44 7787 597 493 Media Relations, Australia Matt Chambers M +61 433 525 739 Jesse Riseborough M +61 436 653 412 Alyesha Anderson M +61 434 868 118 Media Relations, Americas Simon Letendre M +1 514 796 4973 Malika Cherry M +1 418 592 7293 Investor Relations, United Kingdom Menno Sanderse M +44 7825 195 178 David Ovington M +44 7920 010 978 Danielle Smith M +44 7788 190 672 Investor Relations, Australia Tom Gallop M +61 439 353 948 Amar Jambaa M +61 472 865 948 Rio Tinto plc 6 St James’s Square London SW1Y 4AD United Kingdom T +44 20 7781 2000 Registered in England No. 719885 Rio Tinto Limited Level 43, 120 Collins Street Melbourne 3000 Australia T +61 3 9283 3333 Registered in Australia ABN 96 004 458 404 This announcement is authorised for release to the market by Steve Allen, Rio Tinto’s Group Company Secretary. riotinto.com Category: Aluminium
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| EXHIBIT 99.8
Media release |
Rio Tinto to bring rail car manufacturing to the Pilbara
13 June 2023
Rio Tinto will partner with Gemco Rail to bring local iron ore rail car manufacturing and bearing maintenance to the Pilbara region in an industry-first.
This partnership will enable Gemco Rail to expand its existing operations to establish the first ever rail ore car manufacturing and maintenance facility in the Pilbara, creating new jobs, increasing spend with local and Indigenous businesses and supporting local economic growth.
Rio Tinto expects to invest approximately A$150 million to purchase 100 locally built ore rail cars over six years as well as continued investment in bearing refurbishment over ten years, to support the company’s Pilbara operations.
The first 40 ore cars will be built at Gemco Rail’s existing facility in Forrestfield, while the company establishes an additional facility in Karratha.
Once this new facility is operational, Gemco Rail is expected to build an average of 10 ore cars per year, replacing ore cars as they are retired from Rio Tinto’s existing fleet. The new Karratha facility will also support the supply of new and reconditioned ore car bearings from the Pilbara in an industry-first.
This partnership has been developed by Rio Tinto, Gemco Rail and Qiqihar Railway Rolling Stock (QRRS) and supported by the Western Australian State Government.
The first WA-built rail car is expected to be delivered in 2024 and the Karratha-based facility is expected to be established by the end of 2024, subject to the availability of a suitable property.
The new Karratha facility will reduce the need to transport iron ore cars and bearings between the Pilbara and Perth, removing an estimated 150 truck journeys from WA roads and 300 tonnes of CO2 each year.
Rio Tinto Iron Ore Chief Executive Simon Trott said: “We aim to create enduring partnerships that generate positive impacts in the regions where we operate and are proud to be leading the way in bringing iron ore car manufacturing and maintenance to the Pilbara.
“We’ve taken our original scope to build iron ore cars in Western Australia and enhanced it to see the construction of ore cars in the same region as our operations. This will bring a new industry to the Pilbara, creating jobs and providing more opportunities for local and Indigenous businesses.”
Western Australian Premier Roger Cook said: “My Government is absolutely committed to rebuilding our local manufacturing capability, and we’re getting on with the job of delivering on our commitment.
“Not only will the agreement create jobs and diversify the economy, it will help revitalise and future-proof local manufacturing in WA, including in the Pilbara.”
Engenco Limited, the parent company of Gemco Rail, Chief Executive Officer Dean Draper said: “In securing this opportunity with Rio Tinto, Gemco is proud to utilise its experience and capabilities to re-establish the manufacture of iron ore rail cars in Western Australia.
“Gemco Rail’s investment in the Pilbara reflects our long-term commitment to customers and communities in Western Australia. We acknowledge the conscious efforts of Rio Tinto to increase their spend with WA based suppliers, our supply partner QRRS, and the support of the Western Australian government in facilitating this investment in Karratha.”
QRRS representative Zhu Yifeng said: "As a long-term and valued supplier of Rio Tinto, QRRS is delighted and proud to support Rio Tinto on this important project to contribute to local society and communities.
“We will commit to promote partnership with Rio Tinto and supply excellent products and services continuously."
Note to the editor:
Rio Tinto operates about 14,000 ore cars across its Pilbara rail network. On average the company orders 10 new iron ore cars each year. Each ore car can hold an estimated 118 tonnes of iron ore.
Since 2018, Rio Tinto has increased its annual spend with WA suppliers by 73 per cent, with A$8.6 billion in 2022.
In 2022, Rio Tinto awarded two contracts worth a combined A$61 million for the supply of new conveyor pulleys and pulley rebuilds that will see a purpose-built facility established in Karratha.
Contacts
Please direct all enquiries to media.enquiries@riotinto.com
| | | | | | | | |
Media Relations, United Kingdom
Matthew Klar M +44 7796 630 637
David Outhwaite M +44 7787 597 493
| Media Relations, Australia
Matt Chambers M +61 433 525 739
Jesse Riseborough M +61 436 653 412
Alyesha Anderson M +61 434 868 118 | Media Relations, Americas
Simon Letendre M +1 514 796 4973
Malika Cherry M +1 418 592 7293 |
Investor Relations, United Kingdom
Menno Sanderse M +44 7825 195 178
David Ovington M +44 7920 010 978
Danielle Smith M +44 7788 190 672 | Investor Relations, Australia
Tom Gallop M +61 439 353 948
Amar Jambaa M +61 472 865 948 | |
Rio Tinto plc
6 St James’s Square London SW1Y 4AD United Kingdom T +44 20 7781 2000
Registered in England No. 719885
| Rio Tinto Limited
Level 43, 120 Collins Street Melbourne 3000 Australia T +61 3 9283 3333
Registered in Australia ABN 96 004 458 404 | |
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Notice to ASX/LSE Rio Tinto invests to strengthen copper supply in US 20 June 2023 Rio Tinto is investing in its Kennecott operation near Salt Lake City, Utah, to strengthen its supply of copper in the United States by increasing production from underground mining and improving the health of key assets. $498 million1 of funding has been approved to deliver underground development and infrastructure for an area known as the North Rim Skarn2 (NRS). Production from the NRS will commence in 2024 and is expected to ramp up over two years, to deliver around 250 thousand tonnes of additional mined copper over the next 10 years3 alongside open cut operations. As the above production target is in part underpinned by Inferred Resources, we note in accordance with ASX Listing Rule 5.16.4 that there is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised. In September 2022, Rio Tinto approved development capital totalling $55 million to start underground mining in an area known as the Lower Commercial Skarn (LCS). Underground production within LCS started in February 2023, and is expected to deliver a total of around 30 thousand tonnes of additional mined copper through the period to 20274. These two investments will support Kennecott in building a world class underground mine which will leverage battery electric vehicle (BEV) technology, following a successful trial in 2022. BEV’s create a safer and healthier workplace for employees underground, increase the productivity of the mine and reduce emissions from operations. A $300 million rebuild is also underway at the Kennecott smelter. The rebuild is the largest in Kennecott’s history and commenced in May 2023. A further $120 million is being invested to upgrade the refinery tank house structure and update Kennecott’s molybdenum flotation circuit with a state-of-the art, fully automated system. As the second largest copper producer in the US, this will allow Kennecott to continue to deliver a high quality product to customers. Rio Tinto Copper chief operating officer Clayton Walker said: “We are investing to build a world class underground mine at Kennecott and strengthen our processing facilities, to meet the growing demand for copper in the United States, a key material for domestic manufacturing and the energy transition. This investment will position Kennecott to continue the strong contribution it has made as part of the Salt Lake Valley community for 120 years, injecting about $1.5 billion annually to the local Utah economy.” 1 All dollar values are in USD. 2 The NRS Mineral Resources and Ore Reserves, together with the Lower Commercial Skarn (LCS) Mineral Resources and Ore Reserves, form the Underground Skarns Mineral Resources and Ore Reserves. 3 This production target for 2023 to 2033 is underpinned as to 25% by Probable Ore Reserves, 9% by Indicated Resources, and 66% by Inferred Resources. Mined copper is reported as total recoverable metal. These estimates of Mineral Resources and Ore Reserves were reported in a release dated 20 June 2023 titled “Rio Tinto Kennecott Mineral Resources and Ore Reserves” (Table 1 Release) which is available on Rio Tinto's website at resources & reserves (riotinto.com), and have been prepared by Competent Persons in accordance with the requirements of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2012 (JORC Code) and the ASX Listing Rules. 4 This production target is reported as total recoverable metal and is underpinned as to 100% by Probable Ore Reserves. These estimates of Mineral Resources and Ore Reserves were reported in a release to the ASX dated 27 September 2022 titled ”Rio Tinto Kennecott Mineral Resource and Ore Reserves” and have been prepared by Competent Persons in accordance with the requirements of the JORC Code and the ASX Listing Rules. EXHIBIT 99.9
Notice to ASX/LSE 2 / 4 Studies to inform decisions on the next phases of expanding underground production continue in parallel with work that is being advanced to extend open pit mining at Kennecott beyond 2032. All the above investments are already included in Rio Tinto’s share of capital investment guidance for 2023 to 2025. Kennecott Underground Mineral Resources and Ore Reserves The NRS has updated Indicated Mineral Resources of 10.8 Mt at 2.93 % copper, 1.20 g/t gold, 65.97 g/t silver, 0.008 % molybdenum, and Inferred Mineral Resources of 7.7 Mt at 3.13 % copper, 0.96 g/t gold, 18.41 g/t silver, and 0.005 % molybdenum identified based on additional drilling and an initial Probable Ore Reserve of 3.0 Mt at 2.39 % copper, 1.77 g/t gold, 18.59 g/t silver, and 0.010 % molybdenum5. Mineral Resources are reported in addition to Ore Reserves. Mineral Resources and Ore Reserves are quoted on a 100 per cent basis. 5 These Mineral Resources and Ore Reserves have been reported in accordance with the JORC Code and the ASX Listing Rules in the Table 1 Release. The Competent Person responsible for the information in that release that relates to Mineral Resources is Mr Ryan Hayes, a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM). The Competent Person responsible for the information in that release that relates to Ore Reserves is Mr Stephen McInerney, a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM). 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.
Notice to ASX/LSE 3 / 4 Mineral Resources declaration The Table 1 Release sets out Measured, Indicated and Inferred Mineral Resources for the underground skarns at the Kennecott Copper operation. A tabulation of the Mineral Resources is provided in Table A. Table A Rio Tinto Kennecott Underground Mineral Resources as at 31 March 2023 Likely mining method1 Measured Mineral Resources Indicated Mineral Resources Inferred Mineral Resources Total Mineral Resources Rio Tinto Interest as at 31 March 2023 as at 31 March 2023 as at 31 March 2023 as at 31 March 2023 Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Copper2 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 Mt % Cu g/t Au g/t Ag % Mo % Bingham Canyon (US) - Underground Skarns - Lower Commercial Skarn U/G 0.2 2.52 1.27 10.56 0.056 1.1 2.08 0.72 9.43 0.029 6.2 1.84 0.86 11.62 0.011 7.5 1.89 0.84 11.26 0.015 100.0 - North Rim Skarn U/G - - - - - 10.8 2.93 1.20 65.97 0.008 7.7 3.13 0.96 18.41 0.005 18.5 3.02 1.10 46.26 0.007 100.0 Total Underground Skarns 0.2 2.52 1.27 10.56 0.056 12.0 2.85 1.15 60.58 0.010 13.9 2.56 0.91 15.37 0.008 26.0 2.69 1.03 36.16 0.009 1 Likely mining method: U/G = underground. 2 Copper Mineral Resources are stated on a dry in situ weight basis. Ore Reserves declaration The Table 1 Release also sets out additional Probable Ore Reserves at the Kennecott Copper operation, with the first time reporting of Ore Reserves associated with the NRS. A tabulation of the Ore Reserves is provided in Table B. Table B Rio Tinto Kennecott Underground Ore Reserves as at 31 March 2023 Type of mine1 Probable Ore Reserves Total Ore Reserves Average mill recovery % Rio Tinto Interest Rio Tinto share as at 31 March 2023 as at 31 March 2023 Recoverable Metal Tonnage Grade Tonnage Grade Copper2 Mt % Cu g/t Au g/t Ag % Mo Mt % Cu g/t Au g/t Ag % Mo Cu Au Ag Mo % Mt Cu Moz Au Moz Ag Mt Mo Bingham Canyon (US) - Underground Skarns - Lower Commercial Skarn U/G 1.7 1.90 0.71 10.07 0.044 1.7 1.90 0.71 10.07 0.044 90 71 76 71 100 0.030 0.028 0.421 0.001 - North Rim Skarn U/G 3.0 2.39 1.77 18.59 0.010 3.0 2.39 1.77 18.59 0.010 93 69 64 45 100 0.066 0.117 1.149 0.000 Total Underground Skarns 4.7 2.21 1.39 15.50 0.022 4.7 2.21 1.39 15.50 0.022 0.096 0.144 1.569 0.001 1 Type of mine: U/G = underground. 2 Copper Ore Reserves are reported as dry mill feed tonnes.
Notice to ASX/LSE 4 / 4 Contacts Please direct all enquiries to media.enquiries@riotinto.com Media Relations, United Kingdom Matthew Klar M +44 7796 630 637 David Outhwaite M +44 7787 597 493 Media Relations, Australia Matt Chambers M +61 433 525 739 Jesse Riseborough M +61 436 653 412 Alyesha Anderson M +61 434 868 118 Media Relations, Americas Simon Letendre M +1 514 796 4973 Malika Cherry M +1 418 592 7293 Investor Relations, United Kingdom Menno Sanderse M +44 7825 195 178 David Ovington M +44 7920 010 978 Danielle Smith M +44 7788 190 672 Investor Relations, Australia Tom Gallop M +61 439 353 948 Amar Jambaa M +61 472 865 948 Rio Tinto plc 6 St James’s Square London SW1Y 4AD United Kingdom T +44 20 7781 2000 Registered in England No. 719885 Rio Tinto Limited Level 43, 120 Collins Street Melbourne 3000 Australia T +61 3 9283 3333 Registered in Australia ABN 96 004 458 404 This announcement is authorised for release to the market by Steve Allen, Rio Tinto’s Group Company Secretary. riotinto.com
Notice to ASX Rio Tinto Kennecott Mineral Resources and Ore Reserves 20 June 2023 Rio Tinto has approved a $498 million1 investment to commence underground mining at scale, in an area known as North Rim Skarn2 (NRS) at its Kennecott copper operation near Salt Lake City, Utah. The NRS has updated Indicated and Inferred Mineral Resources of 18.5 Mt at 3.02% copper, 1.10 g/t gold, 46.26 g/t silver, and 0.007% molybdenum identified based on additional drilling and an initial Probable Ore Reserve of 3.0 Mt at 2.39% copper, 1.77 g/t gold, 18.59 g/t silver, and 0.010% molybdenum. These Mineral Resources and Ore Reserves are 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. Supporting information relating to the Mineral Resources and Ore Reserves is set out in this release and its appendix. Mineral Resources and Ore Reserves are quoted in this release on a 100 percent basis. Mineral Resources are reported in addition to Ore Reserves. Figure 1 Property location map 1 All dollar values are in USD. 2 The NRS Mineral Resources and Ore Reserves, together with the Lower Commercial Skarn (LCS) Mineral Resources and Ore Reserves, form the Underground Skarns Mineral Resources and Ore Reserves. EXHIBIT 99.10
Notice to ASX 2 / 18 Mineral Resource declaration A tabulation of the updated underground Mineral Resources at the Kennecott Copper operation taking into account the updated estimate for the NRS is provided in Table A. Changes to the NRS Mineral Resource are summarised in Table C. Table A Rio Tinto Kennecott Underground Skarn Mineral Resources as at 31 March 2023 Likely mining method1 Measured Mineral Resources Indicated Mineral Resources Inferred Mineral Resources Total Mineral Resources Rio Tinto Interest as at 31 March 2023 as at 31 March 2023 as at 31 March 2023 as at 31 March 2023 Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade Copper(b) 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 Mt % Cu g/t Au g/t Ag % Mo % Bingham Canyon (US) - Underground Skarns - Lower Commercial Skarn U/G 0.2 2.52 1.27 10.56 0.056 1.1 2.08 0.72 9.43 0.029 6.2 1.84 0.86 11.62 0.011 7.5 1.89 0.84 11.26 0.015 100.0 - North Rim Skarn U/G - - - - - 10.8 2.93 1.20 65.97 0.008 7.7 3.13 0.96 18.41 0.005 18.5 3.02 1.10 46.26 0.007 100.0 Total Underground Skarns 0.2 2.52 1.27 10.56 0.056 12.0 2.85 1.15 60.58 0.010 13.9 2.56 0.91 15.37 0.008 26.0 2.69 1.03 36.16 0.009 1 Likely mining method: U/G = underground. 2 Copper Mineral Resources are stated on a dry in situ weight basis. Ore Reserve declaration A tabulation of the updated underground Ore Reserves at the Kennecott Copper operation due to the initial Probable Ore Reserve for the NRS is provided in Table B. Table B Rio Tinto Kennecott Underground Skarn Ore Reserves as at 31 March 2023 Type of mine1 Probable Ore Reserves Total Ore Reserves Average mill recovery % Rio Tinto Interest Rio Tinto share as at 31 March 2023 as at 31 March 2023 Recoverable Metal Tonnage Grade Tonnage Grade Copper2 Mt % Cu g/t Au g/t Ag % Mo Mt % Cu g/t Au g/t Ag % Mo Cu Au Ag Mo % Mt Cu Moz Au Moz Ag Mt Mo Bingham Canyon (US) - Underground Skarns - Lower Commercial Skarn U/G 1.7 1.90 0.71 10.07 0.044 1.7 1.90 0.71 10.07 0.044 90 71 76 71 100 0.030 0.028 0.421 0.001 - North Rim Skarn U/G 3.0 2.39 1.77 18.59 0.010 3.0 2.39 1.77 18.59 0.010 93 69 64 45 100 0.066 0.117 1.149 0.000 Total Underground Skarns 4.7 2.21 1.39 15.50 0.022 4.7 2.21 1.39 15.50 0.022 0.096 0.144 1.569 0.001 1 Type of mine: U/G = underground. 2 Copper Ore Reserves are reported as dry mill feed tonnes.
Notice to ASX 3 / 18 Table C Changes to NRS Mineral Resources Indicated Mineral Resources Inferred Mineral Resources Total Mineral Resources 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 Mineral Resources at 31 Dec 2022 12.6 2.93 1.44 59.50 0.008 7.2 3.13 0.96 18.71 0.005 19.8 3.01 1.27 44.70 0.007 Additions 1.0 1.67 0.98 26.09 0.008 0.5 1.85 0.96 15.01 0.005 1.5 1.73 0.97 22.21 0.007 Conversion to Ore Reserves 2.8 2.92 2.12 22.19 0.008 2.8 2.92 2.12 22.19 0.008 Mineral Resources at 31 March 2023 10.8 2.93 1.20 65.97 0.008 7.7 3.13 0.96 18.41 0.005 18.5 3.02 1.10 46.26 0.007 Summary of information to support Mineral Resources reporting The Rio Tinto Kennecott NRS Mineral Resources are supported by the information set out in the Appendix to this release in accordance with the Table 1 checklist in the JORC Code. The following summary information is provided in accordance with rule 5.8 of the ASX Listing Rules. This declaration of updated Mineral Resources follows completion of orebody knowledge drilling in the NRS deposit and a feasibility study. Geology and geological interpretation The NRS deposit is located in the Bingham mining district southwest of Salt Lake City, Utah (see Figure 1). The Bingham mining district is dominated by the Bingham Canyon copper-molybdenum-gold porphyry system, which consists of the Eocene monzonite-quartz monzonite Bingham Stock and deformed siliciclastic and carbonate country rock of the Paleozoic Bingham Mine Formation. The NRS deposit is hosted in mineralized skarn of the Lower Jordan Limestone (LJLS) unit of the Lower Bingham Mine Formation. This unit is proximal to the Bingham Canyon porphyry system and has been altered to copper- gold hosting calc-silicate skarn through prograde metasomatism with localized retrograde massive sulphide and clay. This unit has been variably folded and faulted prior to mineralisation, resulting in fold thickening and repetition of the units across faults. Drilling techniques; sampling and sub-sampling techniques; and sample analysis method Drilling in the NRS region spans several decades and multiple drilling programs totalling 241 drill holes collared from surface and underground between 1958 and 2021. As a collective whole, the drill hole dataset establishes comprehensive controls on the extents, geometry, geologic structure, mineralogy, and metal mineralisation for the NRS and adjacent areas. The 2021 drilling program carried out during the prefeasilibty and feasibility studies totals 25 holes and 9,628 m of coring, utilizing comprehensive geoscientific core logging, select downhole acoustic borehole imaging, geomechanical testing, hydrogeologic measurement, and geochemical assay to inform geologic interpretation, geotechnical characterization, and resource estimation. This coring infills historic drilling and targets the upper elevations of the resource. Nominal drill hole spacing within the initial mining area of the NRS deposit is less than 60 m (Indicated). Drill hole spacing in the NRS deposit varies with depth below this region, with 58% of the entire Mineral Resource drilled to less than 60 m (Indicated), with the remainder at a nominal spacing of 91 m (Inferred). Drilling in 2023 is planned to infill and upgrade the initial mining area as well as the lower regions of the deposit. Drill core is sampled on 3 m intervals for assay by default, unless notable geologic character defines a smaller or slightly larger interval. Typical sample intervals during the 2021 prefeasibility through feasibility study drilling programs averaged 2.7 m. The prefeasibility through feasibility study drilling and sampling programs generated 1,267 new assay samples in the NRS deposit, with 3,392 m of core assayed. Core assayed prior to 1990 were assayed by Kennecott’s internal laboratories, following this all assays were completed by outside laboratories with documented internal and external quality assurance and quality control (QA/QC) procedures maintained to present. Assays and their origin laboratory are stored in the Rio Tinto acQuire™ database. Original assay certificates are stored on Rio Tinto network servers.
Notice to ASX 4 / 18 Bingham Canyon assay sample QA/QC procedures established in 1990 apply to all holes following 1990 as follows: • Duplicate samples are generated from the remaining half core every 40th sample. • Duplicate samples are generated from the crushed duplicate material every 20th sample. • Matrix matched pulp standards are inserted every 20th sample. • Five percent of pulps are randomly selected for assay validation at a second lab. Given the short hole lengths and focused targeting for the 2021 drilling program, the automatic footage- based creation and insertion of duplicates and standards was replaced with the following manual process: • One to three core sample duplicates are manually selected from the target zone in each hole. • One to three crushed sample duplicates are manually selected from the target zone in each hole. • One to three matrix-matched pulp standards are inserted for manually selected sample intervals from the target zone in each hole. • One sample blank is inserted in each hole. Results for duplicates and standards are checked, flagged, retested, or resampled if deemed necessary, and stored via automated reporting from the acQuire™ database, providing confidence in the accuracy of the sampling and assaying procedures, with fit-for-purpose precision on the assay values. Estimation methodology The block model designed for grade interpolation has block dimensions of 7.6 m x 7.6 m x 7.6 m, with subcells down to 1.5 m to reflect the granularity and precision of the wireframe geologic model. Samples are composited at 3 m intervals, breaking on lithological boundaries. Detailed exploratory data analyses (EDA) are completed for all estimated variables. Estimation domains are controlled by grade shells (high, low, waste) within lithology wireframes, with statistics indicating good stationarity for silver (Ag), gold (Au), copper (Cu) and molybdenum (Mo). Contact plots indicate a mix of hard and soft boundary conditions. Variography is completed for all domains by estimation variable. All domains utilize locally varying anisotropy to honour the observed greatest continuity parallel to the modelled geology. Correlograms utilize a spherical model with a nugget and three structures. Ordinary Kriging is used to estimate Ag, Au, Cu, and Mo, with sulphur (S) co-Kriged with Cu. Density is estimated using inverse distance squared methods within detailed lithologic wireframe domains. Estimation is performed by nested searches (four progressively larger ellipses tied to percentages of each domain’s variogram sill) for all variables. Estimate validations for all variables include visual checks, global statistics by domain, swath plots for local statistics, change of support analyses, and statistical consideration of estimation passes. Validations indicate good agreement between composite, nearest-neighbour estimate, and Ordinary Kriged grades, and good control of the estimates within and across estimation domains. 90% of Indicated blocks are estimated in the first estimation pass. Cut-off grades and modifying factors Cut-off grade for Mineral Resources is determined on a Net Smelter Return (NSR) basis for total contained metal and recoveries through the Rio Tinto Kennecott concentrator, smelter, and refinery, with associated processing and handling costs. Metal prices for Cu, Au, Ag, and Mo are provided by the Rio Tinto Economics team, using internal analyses and projections. Recovery values are developed from the established performance of the Rio Tinto Kennecott processing plants and targeted metallurgical testing completed during prefeasibility and feasibility studies. Processing and handling costs are developed from demonstrated internal cost performance. Consideration of reasonable prospects for eventual economic extraction aims to define reasonably contiguous regions of economic value given the project’s general mining and economic assumptions. Prospective extractability is defined in three steps: 1. Break even stopes are generated iteratively using variations in level origins, with the results merged into a single volume.
Notice to ASX 5 / 18 2. Any isolated volumes or stopes otherwise deemed unreasonable are manually removed. 3. The region is manually wireframed for additional smoothing. The resulting volume represents a contiguous region where all material above cut-off is considered to have reasonable prospects for eventual economic extraction. Criteria used for Mineral Resources classification The NRS is classified by drill hole spacing, with consideration of the continuity and predictability of the fundamental geologic controls on the mineralisation, and with consideration of reasonable prospects for eventual economic extraction given general mining assumptions and a drill hole spacing study using established industry practices. Nominal drill hole spacing by category is as follows: • Inferred spacing - 91 m (defined by variogram range) • Indicated spacing - 61 m In addition: • Areas of high geologic uncertainty are manually excluded from the resource. • Early generation drill holes (pre-1980) are excluded from the spacing calculation. • Manual wireframing is used to define contiguous areas and exclude isolated blocks. Summary of information to support Ore Reserves reporting The addition of the Ore Reserve estimate for the NRS is based on the Mineral Resource model for the deposit along with the feasibility study completed in 2022. A recent in-depth internal review of the feasibility study has been completed which has validated the project conclusions. The economic cut-off methodology has been developed in order to maximise value within the deposit while reducing risk. Ore Reserves are supported by the information set out in the Appendix to this release in accordance with the Table 1 checklist in the JORC Code. The following summary information is provided in accordance with rule 5.9 of the ASX Listing Rules. Cut-off grades, mining method and modifying factors The Ore Reserve cut-off is based on an NSR calculation which considers pricing, recoveries and costs. The $150 NSR cut-off value selected for use was determined based on an iterative approach to determine the optimum value to the deposit. An additional selection criterion was applied to exclude high risk stopes in areas of the mineralisation where rock quality is modelled as poor, or where they come too close to existing infrastructure. The NRS estimate is based on a sub-level, long hole open stoping mining method, using a primary secondary sequence with cemented aggregate backfill. Detailed geotechnical analysis has informed the mining method and mining dimensions using information gained from resource drilling. Modifying factors have been applied to the estimate, the first being a stope shape factor (92.5%) to deduct areas of the stope which cannot be practically drilled such as the stope “shoulders”. External waste dilution (10% for secondaries, 2.5% for primaries) has been applied to the estimate at zero grade based on an evaluation of the geotechnical parameters with established industry empirical dilution guidelines. Finally, a mining recovery factor (90%) to account for drilled and blasted material or dilution which cannot be extracted from the stope. All these factors have been established as part of the feasibility study. There are no material impacts from other Ore Reserve modifying factors, such as: governmental, tenure, environmental, cultural heritage, social or community. Appropriate agreements and approvals are in place to enable operation of the assets. Processing method and assumptions Underground ore from the NRS will be processed through the existing Kennecott facilities established as part of the open pit operation. Expected metal recovery and quality from downstream processing has been assessed through laboratory scale test work of samples generated from resource drilling, and the response of this material when blended with open pit ore.
Notice to ASX 6 / 18 Economic assumptions and study outcomes Incremental cash flow is generated due to the addition of NRS ore to the open pit feed. This includes consideration of revenue generated from low-grade ore from underground which is above the open pit cut- off, deductions for material rehandling, pit ore deferral, and deleterious elements. Rio Tinto applies a common process to the generation of commodity price assumptions across the group. This involves generation of long-term price forecasts based on current sales contracts, industry capacity analysis, global commodity consumption and economic growth trends (this includes the bonus / penalty adjustments for quality). Exchange rates are also based on internal Rio Tinto modelling of expected future country exchange rates. Due to the commercial sensitivity of these assumptions, an explanation of the methodology used to determine these assumptions has been provided, rather than the actual figures. Criteria used for Ore Reserves classification There are no Measured Resources within the NRS. All Probable Ore Reserves were converted from Indicated Resources. Any Inferred Mineral Resources within the Ore Reserve boundaries have been included within the Probable Ore Reserve tonnage as dilution with zero grade. Figure 2 NRS drilling
Notice to ASX 7 / 18 Figure 3 NRS geology and mine design plan view
Notice to ASX 8 / 18 Figure 4 NRS geology cross section - slice A Figure 5 NRS geology cross section - slice B
Notice to ASX 9 / 18 Competent Persons’ Statement The information in this report that relates to Mineral Resources is based on information compiled under the supervision of Mr Ryan Hayes, who is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM). Mr Hayes has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity to which he is undertaking to qualify as a Competent Person as defined in the JORC Code. Mr Hayes is a full-time employee of Rio Tinto and consents to the inclusion in this report of Rio Tinto Kennecott Mineral Resources based on the information that he has prepared in the form and context in which it appears. The information in this report that relates to Ore Reserves is based on information compiled under the supervision of Mr Stephen McInerney who is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM). Mr McInerney has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity to which he is undertaking to qualify as a Competent Person as defined in the JORC Code. Mr McInerney is a full-time employee of Rio Tinto and consents to the inclusion in this report of Rio Tinto Kennecott Operations Copper Ore Reserve based on the information that he has prepared in the form and context in which it appears.
Notice to ASX 10 / 18 Contacts Please direct all enquiries to media.enquiries@riotinto.com Media Relations, United Kingdom Matthew Klar M +44 7796 630 637 David Outhwaite M +44 7787 597 493 Media Relations, Australia Matt Chambers M +61 433 525 739 Jesse Riseborough M +61 436 653 412 Alyesha Anderson M +61 434 868 118 Media Relations, Americas Simon Letendre M +514 796 4973 Malika Cherry M +1 418 592 7293 Investor Relations, United Kingdom Menno Sanderse M +44 7825 195 178 David Ovington M +44 7920 010 978 Danielle Smith M +44 7788 190 672 Investor Relations, Australia Tom Gallop M +61 439 353 948 Amar Jambaa M +61 472 865 948 Rio Tinto plc 6 St James’s Square London SW1Y 4AD United Kingdom T +44 20 7781 2000 Registered in England No. 719885 Rio Tinto Limited Level 43, 120 Collins Street Melbourne 3000 Australia T +61 3 9283 3333 Registered in Australia ABN 96 004 458 404 This announcement is authorised for release to the market by Steve Allen, Rio Tinto’s Group Company Secretary. riotinto.com
Appendix 11 / 18 North Rim Skarn JORC Table 1 The following table provides a summary of important assessment and reporting criteria used at North Rim Skarn for the reporting of Mineral Resources in accordance with the Table 1 checklist in The Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2012 Edition (The JORC Code). Criteria in each section apply to all preceding and succeeding sections. Section 1: Sampling Techniques and Data Criteria Commentary Sampling techniques • Samples supporting resource estimation are taken from split diamond drill core of HQ and NQ diameters. • Samples are split from whole core on 3 m standard intervals, with smaller intervals as dictated by the logging geologist. • Half-core samples are sent for assay, with the other half remaining on site. Drilling techniques • Drilling techniques are standard diamond drill coring and wireline retrieval with standard NQ and HQ tubes from surface and underground. • All holes drilled since 2015 are cored using triple-tube techniques. Drill sample recovery • Core recovery is recorded as part of standard logging procedures. • Triple tube drilling techniques are used in contemporary drilling to preserve in-situ conditions. • Modern ore recovery is typically greater than 80%, with varying historic rates. Logging • All core intersecting the deposit is logged for geologic character, including lithology, alteration, mineralogy, veining, and structure. • Geotechnical logging is completed for RQD and Q. Sub-sampling techniques and sample preparation • Core is manually sawn into halves according to intervals selected by the logging geologist, with care taken to split mineralisation equally. • Core duplicate samples are created using the remaining half-core, at intervals specified by the logging geologist, with one to three core duplicate samples per orebody intercept. • Samples are prepared and assayed by an external lab, where they are crushed, then split and pulverized into four pulps. The crushed sample reject material is returned to Rio Tinto Kennecott. • Pulps are assayed for Au, Cu, Mo, Ag, and a suite of other elements. • Sampling procedures have been reviewed and audited by external sample experts, most recently in 2010 (AMEC), with no material findings. Quality of assay data and laboratory tests • Cu, Mo and Ag are assayed by HNO3-HClO4-HF-HCl digestion and ICP-AES analysis. Au is assayed by fire assay fusion with an AAS finish for one assay-ton. • Duplicate samples are generated from the crushed reject material and assayed at intervals specified by the logging geologist, with one to three duplicates per orebody intercept. • Matrix matched pulp standards are inserted at intervals specified by the logging geologist, with one to three standards per orebody intercept. • Blank sample material is inserted at intervals specified by the logging geologist, with one to three blanks per orebody intercept. • Current QA/QC procedures have been in place since 1990. The acQuire™ data management database system has been used since 2000. • Historic assays that have been tested by more than one lab are ranked, and the most appropriate assay stored as the primary assay. • The results indicate acceptable levels of precision and accuracy for Mineral Resource estimation with no material biases. Verification of sampling and assaying • Results are evaluated for overall grade, performance of standards, blanks, core duplicates, and lab duplicates, and re-tested when out of specification. • Mineral Resource and Ore Reserves standard operating procedures (SOPs) document data handling, processing, storage, and validation. • There is no adjustment to drillhole assays. There is a lab ranking for samples assayed by more than one lab and the most appropriate assay is stored as the primary assay. Location of data points • Surface and underground drill hole collars are located using traditional survey instruments and techniques, or GPS survey.
12 / 18 • With the exceptions of UD0004 and UD0005, all surface and underground downhole surveys since 2006 have been completed gyroscopically. All others were surveyed magnetically. Magnetic survey intervals (pre-2006) vary from 3 to 60 m typically. Gyroscopic survey intervals in surface holes (2006 – 2009) are typically 3 to 6 m. Gyroscopic survey intervals in targeted underground drilling since 2015 are 7.5 m. • Deviation in the current underground drill holes has been very minimal due to typically short hole lengths of 250 m or less, with very good geologic coherence between holes. Where rare disagreement between longer surface or historic holes and the current drilling is found, geologic interpretation and wireframes are controlled by the current drillholes. • Collar surveys for all holes are documented and are checked against pit geographic and underground as-built surveys. In the absence of misalignment between a collar and surface topography or underground as-built, all collars are assumed to be accurate. • All locations are referenced to the local Bingham Mine grid. Data spacing and distribution • Data spacing within the NRS orebody varies depending on location. • The NRS deposit is defined by 242 drill holes. • Underground drill holes occur at a variety of angles from flat to vertical. Surface drill holes are vertical to subvertical. • Nominal drill hole spacing in the NRS deposit is less than 60 m for the majority of the Mineral Resource (Indicated), with the remaining resource at a nominal spacing of 90 m (Inferred). • 30 early historic drill holes (prior to 1974) are excluded from drill hole spacing calculations due to uncertain survey control. • Data spacing and grade continuity are directly assessed in the NRS Mineral Resource estimate and resulting Mineral Resource classification. • All assay data in the Mineral Resource estimate is composited to 3 m intervals. Orientation of data in relation to geological structure • Hole orientations vary between vertical, horizontal, and angled. • With few exceptions, drill holes pierce the full width of the tabular sub-horizontal orebody. • Angled and sub-horizontal drill holes provide good control of sub-vertical geologic structures such as the Verona fault. • Hole orientation introduces no material bias to the final Mineral Resource estimate. Sample security • Current sample security procedures include bolt seal chain of custody documentation tracking samples from the site to the laboratory. • Sample weights are cross checked between the site and the lab. • Half core and assay pulps are retained in a secure warehouse on site. Audits or reviews • A comprehensive external review of the NRS resource model was completed in November 2022 by Wood Group USA, with no key issues identified. Section 2: Reporting of Exploration Results Criteria Commentary Mineral tenement and land tenure status • The NRS deposit is within the current operations of the Bingham Canyon Mine, owned and licenced to Rio Tinto Kennecott Copper (RTK’s legal name is Kennecott Utah Copper LLC). Kennecott Utah Copper LLC, and indirect wholly owned subsidiary of Rio Tinto plc. Exploration done by other parties • Various companies since 1870 have worked around the core of the RTK holdings. As properties were acquired, exploration information was obtained and incorporated into the current database. • Since 2009, Rio Tinto Exploration has performed brownfield exploration in and near the deposit. Geology • The NRS deposit is located in the Bingham mining district southwest of Salt Lake City, Utah. The Bingham mining district is dominated by the Bingham Canyon copper-molybdenum-gold porphyry system, which consists of the Eocene monzonite-quartz monzonite Bingham Stock and deformed siliciclastic and carbonate country rock of the Palaeozoic Bingham Mine Formation. The NRS deposit is hosted in mineralized skarn of the Lower Jordan Limestone (LJLS) unit of the Lower Bingham Mine Formation. This unit is proximal to the Bingham Canyon porphyry system and has been altered to copper-gold hosting calc-silicate skarn through prograde metasomatism with localized retrograde massive sulphide and siderite. This unit has been variably folded and faulted prior to mineralisation, resulting in fold thickening and repetition of the units across faults. • The NRS deposit lies in the footwall of the southwest dipping Midas thrust fault, west of the older northeast striking and steeply dipping oblique transverse Verona fault. The NRS is bounded to the south by the Bingham Canyon porphyry monzonite and the Midas fault, open to the north at
13 / 18 depth. Palaeozoic country rock within the NRS is folded in an asymmetric anticline, slightly overturned to the east, with a gentle plunge to the north. Drillhole Information • The NRS deposit is defined by 241 surface and underground diamond drill holes, drilled between 1958 and 2021. The current (2020 – 2021) feasibility drilling program totals 25 holes and 1,267 new assays. Campaign (years) # of holes location 1958 - 1973 30 surface 1980s 89 underground 1990’s 13 surface 2000 - 2013 46 surface 2012 - 2018 38 underground 2020 - 2021 25 underground TOTAL 241 Data aggregation methods • Exploration results have not been reported separately; therefore, this criteria category is not applicable. Relationship between mineralisation, widths and intercept lengths • Hole orientations vary between vertical, horizontal, and angled. • Orebody and mineralisation geometry are well defined. • Drill holes pierce the full width of the orebody and mineralised structures. • Hole orientation introduces no material bias to the final Mineral Resource estimate. Diagrams • See body of release for diagrams. Balanced reporting • Exploration results have not been reported separately; therefore, this criteria category is not applicable. Other substantive exploration data • No additional exploration data to report. Further work • Studies continue to upgrade the remaining Mineral Resources and develop additional Ore Reserves. Section 3: Estimation and Reporting of Mineral Resources Criteria Commentary Database integrity • All drilling data are securely stored in an acQuire™ geoscientific information management system managed by a dedicated team within RTK. The system is backed up daily. • All collar, survey, assay and geology data loaded to the database are manually verified against original documents. Site visits • The Mineral Resource Competent Person is located on site. Geological interpretation • There is high confidence in the geological interpretation of the primary controls on mineralisation and the ore/waste boundaries of the NRS deposit. • The mineralised host is stratigraphically controlled, and fault-bounded, with clearly distinguishable gangue mineralogy. • The northern fold hinge and overturned limb are poorly drilled and excluded from the Mineral Resource. • Verona fault models are reinterpreted and updated local to the NRS deposit, and the existing fault wireframe for the Midas fault is carried forward unchanged. • Targeted drilling at multiple orientations provides the primary control of the geologic interpretation. • The geologic interpretation honours the drill hole data and is stratigraphically and structurally coherent. • Wireframes representing primary geologic domains provide the primary control of Mineral Resource estimation domains. Dimensions • The NRS Mineral Resource is contained within a roughly tabular zone dipping moderately northwest, approximately 50 m to 100 m thick, extending 1000 m along strike, and 900 m down dip. • The NRS Mineral Resource is located beneath the Bingham Canyon Mine open pit, at approximately the 3200 level, immediately adjacent to the active underground drainage gallery workings.
14 / 18 Estimation and modelling techniques • The block model designed for grade interpolation has parent block dimensions of 7.6 m square, with sub-blocks to 1.5 m used to reflect the granularity of the geology models. • Samples are composited on 3 m intervals, breaking on lithological boundaries. Composite length is chosen to match the granularity of the block model, the maximum assay size and the general observed grade and geological variation downhole. • Detailed statistical analyses, exploratory data analysis (EDA), are completed for all economic and deleterious variables. Box plot analyses are completed for all estimated variables with a breakdown by lithology. Contact plots are completed for Ag, Au, Cu, Mo, to determine boundary conditions and univariate statistics compiled and evaluated for similarities. Capping of high grade statistical outliers is applied within each estimation domains. • Variography is completed for all domains by estimation variable. • Ordinary Kriging is selected as the primary interpolation method for all variables as it is statistically a robust method that realistically reflects grade trends, especially in areas of dense data. S is co- Kriged with Cu. • Estimation is performed by nested searches of four progressively larger ellipses tied to percentages of each domain’s variogram sill. • The block model grade distribution has been visually validated by comparing the drill hole composite grades with the estimated grade in the block model, with good agreement. • Differences observed between the nearest-neighbour and Ordinary Kriging means for each domain are considered acceptable. • Swath plots show good agreement between the raw composites, declustered composites, the nearest-neighbour estimate, and the Ordinary Kriging estimate. • Change of support analyses indicate that, for material above the cut-off, the model underestimates grades by 3% and tonnage by 2%. These differences are considered acceptable, indicating that estimate is not over-smoothed with respect to the theoretical selective mining unit (SMU) and the estimate is slightly conservative. • 90% of Indicated blocks are estimated in the first estimation pass. Moisture • All Mineral Resource tonnages are estimated and reported on a dry basis. Cut-off parameters • Cut-off grade for Mineral Resources is determined on a NSR basis for total contained metal and recoveries through the Rio Tinto Kennecott concentrator, smelter, and refinery, with associated processing and handling costs. • Metal prices for Cu, Au, Ag, and Mo are provided by the Rio Tinto Economics team, using internal analyses and projections. • Recovery values are developed from the established performance of the Rio Tinto Kennecott processing plants and targeted metallurgical testing completed during prefeasibility and feasibility studies. • Processing and handling costs are developed from demonstrated internal cost performance. • All material above cut-off is considered to have reasonable prospects for eventual economic extraction. Mining factors or assumptions • The assumed mining method is sub-level, long hole open stoping, using a primary secondary sequence with cemented backfill. This is a well-known and proven mining method used extensively within the industry and can be applied effectively within this deposit given the recommended geotechnical limitations. • Geotechnical parameters have been established using detailed, and validated core logging results in conjunction with geophysical surveys. These have been evaluated against established industry empirical stoping guidelines, along with detailed numerical modelling to generate recommended stable dimensions. Metallurgical factors or assumptions • Metallurgical assumptions are developed from the established performance of the Rio Tinto Kennecott processing plants and targeted metallurgical testing completed during prefeasibility and feasibility studies. • Metallurgical testing and modelling assume a blended feed of North Rim Skarn and open pit ore. Environmental factors or assumptions • The Mineral Resource estimate assumes a small footprint established in the bottom of the existing open pit, with all other major development to occur underground. • All waste rock and tails will be handled with the open pit waste rock and tails. • All tails from the NRS will be contained within the existing Tailings Storage Facility. • All approvals and permits necessary to mine the Ore Reserves have been obtained. Bulk density • Density samples are taken from whole core at 15 m intervals.
15 / 18 • Specific gravity is determined by using an immersion method using sealed core and using volumetric calculations of dry core samples. • Density is estimated by inverse distance and nearest neighbour methods for each lithology domain. Classification • Resource classification criteria are based on geologic confidence in the predictable continuity of mineralisation, with consideration for reasonable prospects for eventual economic extraction. • Classification by nominal drill hole spacing reflects the following: o Measured category resource is 20 m drill spacing, which is predictable with ±15% relative precision at the 90% confidence level on a quarterly production interval. o Indicated category resource is 61 m drill spacing, which is predictable with ±15% relative precision at the 90% confidence level on an annual production interval. o Inferred category resource is 91 m drill spacing, as defined by the range of the variogram within regions of geologic continuity. • Blocks are coded with nominal drill hole spacing using the average distance of the closest three holes. • Classification volumes are created around contiguous blocks at the stated spacing categories, with consideration for the stated mining method and scale, excluding isolated discontinuous regions. • The classification criteria are deemed fit-for-purpose and are typical of those in use at other skarn- hosted deposits. Audits or reviews • A comprehensive external review of the NRS resource model was completed in November 2022 by Wood Group USA, with no key issues identified. Discussion of relative accuracy/ confidence • Single-block Kriging analysis of sample spacing supports the confidence intervals described for Mineral Resource classification. • Confidence in geological boundaries has not been quantified but has evolved with and withstood subsequent drilling campaigns. The Competent Person has taken into consideration the maturity of the geological model in determining that the continuity of geological features associated with mineralisation is sufficient to support the classification of the Mineral Resource. Section 4: Estimation and Reporting of Ore Reserves Criteria Commentary Mineral Resource estimate for conversion to Ore Reserves • The NRS Ore Reserve estimate was based on the 2022 Mineral Resource model. No material changes have been made (or are available) to the resource model since this date, except for updates to metal prices and mining costs. • Mineral Resources are reported exclusive of Ore Reserves. Site visits • The Ore Reserve Competent Person is located near the mine site and periodically visits the mine and plant sites. Study status • The 2023 Ore Reserve estimate is based on a 2022 feasibility study, as well as a recent review of geotechnical and mining parameters, along with metal prices, and costs. Cut-off parameters • The cut-off grade for the estimate has been based on a NSR calculation which uses the best understanding of metal prices, recoveries, and mine operating costs. • A $150 NSR cut-off grade was selected based on an evaluation of the optimized Life of Mine production schedule with a series of NSR cut-off values to determine that which generated the highest relative net present value (NPV) within areas of high resource confidence. • Metal prices used are provided by Rio Tinto Economics and are generated based on industry capacity analysis, global commodity consumption, and economic growth trends. A single long term price point is used in the definition of ore and waste and in the financial evaluations underpinning the Mineral Resource and Ore Reserve statement. The detail of this process and of the price points selected are commercially sensitive and are not disclosed. • Metallurgical testing has been done in conjunction with historic understanding of RTK’s milling, smelting, and refining facilities. • Mine operating costs are informed either from current operations or from a first principal cost build-up using recently tendered market rates. Mining factors or assumptions • The conversion of Mineral Resources to Ore Reserves has been done using a detailed mine design, based on an in-depth evaluation of geotechnical, and operational parameters. • The selected mining method is bottom up, sub-level, long hole open stoping, using a primary secondary sequence with cemented backfill. This is a well-known and proven mining method and can be applied effectively within this deposit given the recommended geotechnical limitations.
16 / 18 • Geotechnical parameters have been established using detailed, and validated core logging results in combination with geophysical surveys. These have been evaluated against established industry empirical stoping guidelines to generate recommended stable dimensions. Detailed numerical modelling has also been completed to confirm global mine stability and validate the mining sequence. • The most recent resource model has been used for stope generation and optimisation with an effort to maximize NPV and minimize high risk material. In some cases, stope dimensions have been reduced, or stopes have been removed where geotechnical recommendations have shown that variable ground conditions could negatively impact the ability to mine these areas. • Stope dimensions are set at 22.9 m high, 15.2 m wide, and a variable length between 15.2 to 9.1 m. Permanent development needed to access the deposit will be 5.9 m high by 5.5 m wide, reducing to 4.9 m high by 5.5 m wide. Stope ground support has been accounted for to aid in stability and is planned for the backs and sides of the upper drift, as well as the brow from which mucking will occur. • External dilution (10% for secondaries, 2.5% for primaries) has been applied to the estimate at zero grade based on an evaluation of the geotechnical parameters with established industry empirical dilution guidelines. Given the arrangement of the mine, the majority of waste dilution is estimated to take place within secondary stopes from the adjacent backfilled primaries with a small amount within primaries from the stope in front. • Ore dilution is expected to occur within primary stopes from the adjacent secondaries with an overall net zero change in ore tonnes. This material has not been addressed within the Ore Reserve but has been accounted for within material movements. • Two distinct recovery factors have been applied to the estimate, the first being a stope shape factor (92.5%) to deduct areas of the stope which cannot be practically drilled such as the stope “shoulders”. The second being a mining recovery factor (90%) to account for drilled and blasted material or dilution which cannot be mucked out from the stope. Both of these factors have been established based on the experience of the personnel on site with these mining methods and have been validated via internal and external reviews. • Minimum mining widths have been established and applied to the mine design which underpins the estimate. These are based on the dimensions of the existing mechanized mining fleet, and the expected additional equipment needed to operate the mine (Including allowance for Battery Electric Vehicle (BEV) equipment size). • The mine production schedule for the feasibility study was derived using Inferred Mineral Resources (<1% of total). The deduction of these resource volumes has proven to make no material impact to the outcome of the overall economic evaluation. • The mining method relies on the establishment of a Cemented Aggregate Fill (CAF) plant. This plant is currently in construction during 2023. Metallurgical factors or assumptions • The metallurgical processes has been developed and optimized based on the long operating history of the existing onsite concentrator, along with targeted metallurgical testing over several campaigns assessed through laboratory scale test work of samples generated from the resource drilling process. The results of this work informed the performance of the plant when NRS ore is added to the open pit feed, and the ultimate metal recovery of the underground ore component. • All process performance parameters used in the estimate (recoveries, concentrate grades including deleterious elements) are based on the results of both this testing campaign, and historical performance. (Processing recoveries are as follows, 92.7% Cu, 68.6% Au, 64.4% Ag, and 45.1% Mo) Environmental • The estimate assumes a small footprint established in the bottom of the existing open pit, with all other major development to occur underground. • All by-products from the material processed can be contained within the existing Tailings Storage Facility with no changes needed to accommodate the NRS. • All approvals and permits necessary to mine the Ore Reserves have been obtained. Infrastructure • Much of the required infrastructure for the estimate is already available via existing site facilities. This includes mechanical and electrical infrastructure operating within an established drainage gallery tunnel which is currently used to dewater the existing open pit. • Decline development will be extended from the existing drainage gallery tunnel to access the NRS and establish ventilation connections. • An additional CAF Plant will be constructed adjacent to the portal, and an upgraded underground ventilation facility will be established to achieve required airflows. • All personnel and materials will access the operation via the open pit and operations will be integrated with the existing drainage gallery maintenance. • Ore material will be rehandled at the drainage gallery portal using open pit equipment and hauled to the open pit crusher to be blended with open pit material.
17 / 18 • All downstream processing will be done with the existing on-site infrastructure with the exception of a shotcrete fibre mitigation installation which is scheduled for construction at the processing plant during 2023. Costs • Development capital costs are based on estimates developed for the feasibility study. • Operating costs are based on a first principle estimate derived for each additional underground activity. Both estimates utilize recent site-actual cost data where available. • Estimates of prices for consumables are based on historical pricing and global commodity consumption and economic growth trends. • Transportation and treatment charges for existing facilities are based on historical and projected estimates. • There are no royalty obligations. The financial modelling includes an allowance for Utah state severance tax. • Due to the commercial sensitivity of these assumptions, an explanation of the methodology used to determine these assumptions has been provided, rather than the actual figures. Revenue factors • Revenue projections are based on combined open pit and underground mill head grades, process recovery losses and product prices. • The revenue analysis includes other factors within the calculation such as the processing of low-grade ore from underground which is above the open pit cut-off, and the sale of sulphuric acid. • The NRS project uses metal prices provided by Rio Tinto Economics that are generated based on industry capacity analysis, global commodity consumption, and economic growth trends. A single long term price point is used in the definition of ore and waste and in the financial evaluations underpinning the Mineral Resource and Ore Reserve. The detail of this process and of the price points selected are commercially sensitive and are not disclosed. Market assessment • All Ore Reserve products, other than molybdenum, are sold on open markets with no long-term contract commitments. Molybdenum is sold through contracts with roaster facilities. Economic • The economic analysis for the NRS is based on the incremental cash flow that is generated through the existing ore processing facilities as a result of the additional mineralized material from the NRS which is added to the open pit mine feed. • This economic calculation includes other factors such as the cost of material rehandling, the cost of pit ore deferral, and the impact of deleterious elements. • Economic inputs such as carbon pricing, inflation and discount rates are also generated internally at Rio Tinto. The detail of this process is commercially sensitive and not disclosed. • Economic evaluation using Rio Tinto long-term prices demonstrates a positive net present value for the NRS Ore Reserves. • The resulting economics for NRS are sound with healthy cashflow due to the size and duration of the project. The NRS also compliments other underground projects and provides a significant amount of infrastructure and fixed costs from which additional projects can leverage. Social • The mining tenure is wholly owned, and all permits necessary to mine the Ore Reserve have been obtained. Other • Ongoing project risk assessments have been conducted throughout the duration of the feasibility study, and project development. • The estimate leverages the existing established licence to operate for the open pit mine operating area. Classification • The basis for the Ore Reserve classification is the established Mineral Resource confidence categories for the deposit along with the consideration of all modifying factors. • Proved Ore Reserves have not been included due to the lack of Measured Mineral Resources within the NRS geological model. • Indicated Mineral Resources within the Ore Reserves boundaries are classified as Probable Ore Reserves. • Any Inferred Mineral Resources within the Ore Reserves boundaries (<1% of total) have been included within the Probable Ore Reserves volume at zero grade; constituting internal dilution. The deduction of these resource volumes has proven to make no material impact to the outcome of the overall economic evaluation. Audits or reviews • A comprehensive formal external review of the NRS resource was completed in 2022 by Wood Group USA, with no key issues identified.
18 / 18 Discussion of relative accuracy/ confidence • The accuracy of the Ore Reserves estimate is based on the results of the feasibility study and an assessment of economic factors. • The build-up of the geotechnical assumptions which underpin the stope sizes, mining methods and dilution is based on sound data which has been validated and peer reviewed, but no operational data is available to corroborate these assumptions. • Similarly, operating costs for the NRS to operate within the open pit are also developed using sound basis but are yet to be demonstrated. • It is expected that as stoping operations continue, modifying factors such as stope dimensions, dilution, mining recovery, productivity and cost assumptions will be better understood and refined based on actual observed / measured data.
| | | | | |
| EXHIBIT 99.11
Media release |
Western Range spends A$1 billion with WA businesses
23 June 2023
PERTH, Australia--(BUSINESS WIRE)-- Western Australian businesses have so far been awarded contracts totalling A$1 billion as construction progresses at the Western Range mine in the Pilbara, a joint venture between Rio Tinto (54 percent) and China Baowu Steel Group Co. Ltd (46 percent).
These include:
•Civmec: awarded a contract valued at more than A$330 million for the construction of a new Run of Mine (ROM) pad, primary crushing facility, overland conveying circuit, and modifications to the Coarse Ore Stockpile and downstream conveying system.
•CIMIC Group’s CPB Contractors: awarded a contract valued at approximately A$250 million to deliver the main infrastructure bulk earthworks.
•Primero Group: awarded a contracted valued at approximately A$54 million for the design, supply, construction and commissioning of the Non-Process Infrastructure facilities on site.
•MACA: awarded a contract valued at approximately A$60 million to construct a camp pad and access road as well as crushing and screening work.
•Pilbara Aboriginal Businesses: contracts totalling A$39 million.
Western Range aligns with Rio Tinto’s local procurement strategy which aims to increase opportunities for Pilbara, West Australian and Australian businesses to be a part of the company’s supply chain. Last year, Rio Tinto increased its spend with more than 2,400 suppliers in Western Australia to A$8.6 billion.
Of this spend, A$618 million was spent with Pilbara-based businesses and a record A$504 million was spent with Indigenous businesses in Western Australia. This included A$439 million spent with Traditional Owner businesses – an increase of 45 per cent on the previous year.
Construction at Western Range, which will help sustain production from Rio Tinto’s existing Paraburdoo mining hub, commenced in the first quarter this year and is expected to support approximately 1,600 jobs.
Production from the mine is expected to commence in 2025 with annual capacity of 25 million tonnes of iron ore. The project includes construction of a primary crusher and an 18-kilometre conveyor system linking it to the existing Paraburdoo processing plant.
WA Premier Roger Cook said, “It was significant projects like the Western Range which reinforced Western Australia as an attractive and secure destination for business and investment.
“I want to commend Rio Tinto and Baowu on this latest project milestone and acknowledge their efforts in investing in WA to ensure WA businesses and workers benefit most. It goes to the heart of my Government’s WA Jobs Plan, which is about WA jobs first and its projects like the Western Range that will provide a long pipeline of work for Western Australians into the future.”
China Baowu said, “We are very pleased to see the Western Range project is progressing smoothly, with huge benefits brought to business and local communities in Western Australia. Baowu is committed to becoming a world-class international company. We will promote overseas projects following ESG standards, aiming to contribute to the localisation of the project and community development.”
Rio Tinto Iron Ore Chief Executive Simon Trott said, “Rio Tinto spends billions of dollars with local suppliers across Western Australia and the Pilbara every year, helping support thriving communities across the State by providing local jobs for local people.
“The spending of A$1 billion with Western Australian businesses at Western Range marks a considerable milestone for both the project and those local businesses we are partnering with.
“The connection between Rio Tinto and China Baowu in the Pilbara extends more than 40 years and we are pleased to be further deepening our relationship through our joint commitment to study opportunities for the production of low-carbon iron in Western Australia.”
Please direct all enquiries to media.enquiries@riotinto.com
| | | | | | | | |
Media Relations, United Kingdom
Matthew Klar M +44 7796 630 637
David Outhwaite M +44 7787 597 493
| Media Relations, Australia
Matt Chambers M +61 433 525 739
Jesse Riseborough M +61 436 653 412
Alyesha Anderson M +61 434 868 118
| Media Relations, Americas
Simon Letendre M +1 514 796 4973
Malika Cherry M +1 418 592 7293 |
Investor Relations, United Kingdom
Menno Sanderse M +44 7825 195 178
David Ovington M +44 7920 010 978
Danielle Smith M +44 7788 190 672 | Investor Relations, Australia
Tom Gallop M +61 439 353 948
Amar Jambaa M +61 472 865 948 | |
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