28th Feb 2020 09:32
(Alliance News) - Rio Tinto PLC said Friday the first ore reserve reporting for its Western Range deposit has increased its ore reserves at the project.
The Western Range deposit is located in the Pilbara region of Western Australia.
Shares in Rio Tinto were down 4.2% in London on Friday morning at 3,524.50 pence each.
Rio said the ore reporting has added 201 million tonnes in Brockman ore.
"During 2019, with the above addition from Western Range and after depletion from mining, Rio Tinto's total estimated iron ore ore reserves decreased by 94 million tonnes," the miner said.
Rio said its ongoing drilling programme aims to maintain its reserves ahead of mining depletion rates.
The miner's total ore reserves now sits at 3.33 billion tonnes, with total ore mineral resources at 23 billion tonnes.
Rio also noted an increase in titanium dioxide feedstock mineral resources at its Fer et Titane mine in Quebec, Canada.
The inferred resources declared a maiden resource of 16 million tonnes at the Beaver deposit mine, which adjoins the Lac Tio hemo-ilmenite deposit.
"After a reduction of mineral resources contained within phase 4 of the Tio mine design due to economic constraints, the Beaver deposit has contributed to an overall increase during 2019 in RTFT's titanium dioxide feedstock mineral resource estimate from 19 million tonnes to 27 million tonnes," Rio said.
By Paul McGowan; [email protected]
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