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LONDON - Rio Tinto (NYSE:RIO), the Anglo-Australian mining giant, has announced significant updates to its Mineral Resources and Ore Reserves across several of its global operations. These changes, which are to be included in the company’s 2024 Annual Report, reflect material adjustments at sites in Australia, Canada, and Brazil.
In Queensland, Australia, the Rio Tinto Aluminium Pacific Operations (RTA) Amrun deposit has seen a 77% increase in Proved Ore Reserves and a 5% decrease in Mineral Resources. This alteration is attributed to enhanced orebody knowledge and the completion of an access study, which has led to a higher confidence in the modifying factors.
At the Rio Tinto Copper Winu project in Western Australia, there has been a significant shift from 31% to 63% in Indicated Mineral Resources, with a total tonnage increase of 2.7%. This is due to a new classification methodology based on drill hole spacing and copper grade simulation.
In Quebec, Canada, the Rio Tinto Iron and Titanium Quebec Operations (RTITQO) reported a 100% increase in Mineral Resources at the Grader deposit. This jump is the result of extensive technical work, including over 4,800 meters of drilling and the development of a fresh resource model.
The RTA Atlantic Operations Porto Trombetas deposit in Brazil, operated by the Mineração Rio do Norte (MRN) joint venture, has experienced a substantial increase in Ore Reserves by 354%, following the issuance of the Preliminary Licence for the New Mines Project by IBAMA, the Brazilian Federal Environmental Agency. Meanwhile, Measured and Inferred Mineral Resources have been reduced by 50% due to reclassification of certain areas based on historical drilling data.
These updates reflect Rio Tinto’s ongoing commitment to providing accurate and transparent reporting of its resource base. The company confirms that the information complies with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) and the ASX Listing Rules.
The full details of these changes will be available in the company’s 2024 Annual Report, which is set to be released today, providing insight into the status of Rio Tinto’s Mineral Resources and Ore Reserves as of December 31, 2024. The report is based on a press release statement and independent verifications by Competent Persons in accordance with industry standards.
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