28th Feb 2019 09:35
LONDON (Alliance News) - Anglo-Australian miner Rio Tinto PLC on Thursday said it has increased its mineral resources at Pilbara after drilling work over 2018.
Rio Tinto has significant iron ore operations in the Pilbara region of Western Australia, with the commodity making up the majority of its earnings.
The mineral resource at Pilbara is now 23.32 billion tonnes, from 22.54 billion tonnes previously. This follows over 700,000 metres of drilling in 2018.
This increase includes an extra 283 million tonnes at the Music Hall/Old Vic deposit and 166 million tonnes from the Western Hill site.
The stock was 2.5% lower on Thursday at a price of 4,312.50 pence a share.
On Wednesday, Rio Tinto reported a 42% increase in pretax profit to USD18.17 billion, with underlying earnings before interest, tax, depreciation, and amortisation up down 2.4% to USD18.14 billion, broadly in line with consensus.
Pilbara iron production rose 2% in 2018 to 338.2 million tonnes.
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