3rd Mar 2016 08:33
LONDON (Alliance News) - Rio Tinto PLC Thursday said it managed to replenish its iron ore reserves at a quicker rate than it extracted them in 2015, leading to an increase in its overall reserves, and said coal reserves and resources have also risen.
The reserves cover the company's iron ore operations in Australia, which were 309.0 million tonnes higher at the end of 2015 from the previous reserve estimate.
"The increases in iron ore reserves have been delivered as part of the ongoing resource development drilling program designed to maintain ore Reserves coverage ahead of mining depletion rates," said Rio Tinto.
The Yandicoogina deposit has an iron ore reserve of 642 million tonnes at the end of 2015, increasing from the previous reserve estimate of 247 million tonnes, the Brokcham 2 reserves increased to 93 million tonnes from 62 million tonnes and the West Angelas reserve rose to 209 million tonnes from 185 million tonnes.
Rio Tinto also said its coal reserves have increased following the reserve update, covering its operations in New South Wales and Queensland in Australia.
The total coal ore reserve at the end of 2015 stood at 2.50 billion tonnes from 2.10 billion tonnes under the last estimate. That was driven by the reserve at the Hunter Valley operation increasing to 890 million tonnes from 581 million tonnes and an increase in reserves at the Hail Creek asset to 253 million tonnes from 126 million tonnes.
The total coal mineral resource at the end of the year also rose to 6.80 billion tonnes from 5.42 billion tonnes, following increases at HVO, Warkworth, Hail Creek, Kestrel, Kestrel West and Winchester South.
"The coal upgrades have resulted from a programme of orebody knowledge and strategic mine planning optimisation undertaken at Rio Tinto Coal Australia," said the company.
Rio Tinto shares were up 1.4% to 2,035.0 pence per share on Thursday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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