Rio Tinto progresses Rhodes Ridge to next study phase
December 04 2023 - 4:50PM
Business Wire
Rio Tinto has approved a $77 million (A$110 million)
pre-feasibility study (PFS) to progress development of the Rhodes
Ridge project, one of the world’s best undeveloped iron ore
deposits, in the East Pilbara in Western Australia.
The commencement of a PFS follows completion of an Order of
Magnitude study that considered development of an operation with
initial capacity of up to 40 million tonnes annually, subject to
relevant approvals. The PFS is expected to be completed by the end
of 2025 and will be followed by a feasibility study. First ore from
the initial development is expected by the end of this decade.
Rio Tinto is planning to spend more than A$400 million on
exploration over five years from 2024 to 2028 as part of the
ongoing study phases. Study work to date indicates a staged
development with an initial hub likely to be located in the
northern part of the project, adjacent to existing rail
infrastructure.
Last year, Rio Tinto (50 per cent) and Wright Prospecting Pty
Ltd (50 per cent) agreed to modernise the joint venture covering
the Rhodes Ridge project, located 40 kilometres north-west of
Newman.
Rhodes Ridge contains 6.8 billion tonnes of Mineral Resources at
an average grade of 61.6% Fe, including 5.3 billion tonnes at 62.2%
Fe and 0.6 billion tonnes at 63.9% Fe.1
Rio Tinto Iron Ore Chief Executive Simon Trott said “The size
and quality of the resource base at Rhodes Ridge has the potential
to underpin our iron ore business in the Pilbara for decades to
come. Longer term, the resource could support a world-class mining
hub with a potential capacity of more than 100 million tonnes of
high-quality iron ore a year.
“We are committed to working closely with the Traditional
Owners, the Nyiyaparli and Ngarlawangga People, as we progress this
project.”
The joint venture will utilise Rio Tinto’s existing rail, port
and power infrastructure, including the planned instalment of
renewable power assets in the Pilbara.
1 The Mineral Resources reported for the Rhodes Ridge Joint
Venture between Rio Tinto (50 per cent) and Wright Prospecting Pty
Ltd (50 per cent), form part of the Pilbara Mineral Resource
estimates reported in Rio Tinto’s 2022 Annual Report released to
the ASX on 22 February 2023. These Mineral Resources are not
materially different to the breakdown of the Rhodes Ridge Mineral
Resources reported in Rio Tinto’s 2020 Annual Report released to
the ASX on 22 February 2021. The Competent Persons responsible for
reporting these Mineral Resource estimates were Mr P Savory, who is
a Fellow of The Australasian Institute of Mining and Metallurgy,
and Ms N Brajkovich, Mr C Kyngdon, Mr M Judge and Ms A Latscha who
are Members of The Australasian Institute of Mining and Metallurgy.
Rio Tinto is not aware of any new information or data that
materially affects these Mineral Resource estimates and confirms
that all material assumptions and technical parameters underpinning
the estimate continue to apply and have not materially changed. The
form and context in which the Competent Persons’ findings are
presented have not been materially modified from when they were
reported. Mineral Resources are quoted in this release on a 100 per
cent basis, as dry in-situ tonnes. Rhodes Ridge contains 6.8
billion tonnes of Mineral Resources at an average grade of 61.6%
Fe; comprising 0.8 billion tonnes of Indicated Mineral Resources at
an average grade of 62.4% Fe and 6.0 billion tonnes of Inferred
Mineral Resources at an average grade of 61.5% Fe. These Mineral
Resources include 0.6 billion tonnes of high grade Brockman
Indicated Mineral Resources at an average grade of 63.9% Fe; 0.03
billion tonnes of high grade Detrital Indicated Mineral Resources
at an average grade of 61.3% Fe; and 5.3 billion tonnes of high
grade Brockman, Marra Mamba and Detrital Inferred Mineral Resources
at an average grade of 62.2% Fe.
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