Rio Tinto: Ore Reserves Fall at Argyle, Boron; Increase at Pilbara
02 Mars 2018 - 11:47AM
Dow Jones News
By Adria Calatayud
Rio Tinto PLC (RIO.LN) said Friday that ore reserves decreased
at its Argyle diamond mine in Australia and Boron borates
operations in California, and increased at its Pilbara iron ore
operations in Australia.
The miner also said that ore reserves at its Simandou project in
Guinea have been downgraded fully to mineral resource, due to
uncertainties on the development of the project under future
ownership. Rio Tinto agreed to sell its stake in the project to
Aluminum Corp. of China Ltd. (601600.SH) in 2016.
Rio Tinto cut its estimated Argyle ore reserves by 13 million
tons to 16 million tons, and said that it has written back mineral
resources at the site, since mineralized deposits don't demonstrate
economic prospects and aren't scheduled for production.
The company's Boron ore reserves have decreased by 6 million
tons to 16 million tons, which has resulted in an increase in
mineral resources to 8.5 million tons from zero, Rio Tinto
said.
Meanwhile, at Rio Tinto's operations in the Pilbara region of
western Australia, the company increased estimated iron ore
reserves by 165 million metric tons, while estimated mineral
reserves rose by 508 million tons.
Write to Adria Calatayud at
adria.calatayudvaello@dowjones.com
(END) Dow Jones Newswires
March 02, 2018 05:32 ET (10:32 GMT)
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