Rio Tinto Ltd said on Wednesday it had approved a $749 million investment in its Greater Tom Price operations to help sustain production capacity in its iron ore business in the Pilbara region of Western Australia.
The Anglo-Australian miner said the investment in the Western Turner Syncline Phase 2 mine will facilitate mining of existing and new deposits and includes construction of a new crusher as well as a 13-kilometre conveyor.
The new conveyor system will help lower greenhouse gas emissions from the mine by 3.5%, compared with road haulage, the company said in an exchange filing.
Construction will start in the first quarter of 2020, with first ore from the crusher expected in 2021.
“Production of high-quality Brockman ore will support the company’s flagship Pilbara Blend, which continues to be the preferred baseload product for China’s steel mills,” Rio Tinto said.
The company said the project is expected to deliver internal rate of return with a capital intensity of about $25 per tonne of production capacity.
Multi-commodity developer Savannah Resources (AIM:SAV) said on Monday that its subsidiary in Mozambique had secured a mining licence for the Mutamba heavy minerals sands project from the country’s government.
Rio Tinto Group (ASX: RIO) lifted its spending on new iron ore projects in Australia to more than $4 billion with the approval of a replacement mine at a key hub, providing a further sign of the industry’s confidence in demand led by China.
The world’s biggest iron ore miners are looking for novel ways of satisfying their customers and protecting market share in the $150 billion global industry.
Rio Tinto Plc said on Tuesday it would spend $1.5 billion to expand its Kennecott copper mine in Utah, part of a growing trend by miners to invest in strategic mineral projects across the United States.
Forum Energy Metals Corp. (TSXV: FMC) has received final assay results from Rio Tinto Exploration Canada for the remaining 12 drill holes completed at the Jansem, Janice, and Kaz targets within the Janice Lake sedimentary copper project. Multiple, thick, flat lying chalcocite mineralized horizons from surface have been intersected on the property.
According to Reuters report, Apple Inc has purchased the first carbon-free aluminium from a joint venture of Alcoa Corporation and Rio Tinto. The carbon-free aluminium was produced at the Alcoa Technical Center in Pittsburgh. Apple will take the delivery of the first batch of aluminium this month.