Rio Tinto’s (NYSE: RIO ASX: RIO) subsidiary Kennecott has kicked off an initial four-hole 2,000m drill program at Alderan Resources’ Frisco copper/gold/silver project in Utah.
Kennecott will spend an initial $6 million on exploration at the project area to gain a 55% interest in the project, it said.
Rio Tinto’s subsidiary will earn 70% of the project by completing three stages which will total $30 million exploration expenditure.
Alderan said in a release that during the March 2020 quarter, Kennecott conducted field visits to assess ground conditions and determine logistics and safety requirements to support an initial drill program.
Kennecott plans an initial diamond drill program to follow up high-grade intersections at the Cactus Breccia and Accrington Skarn targets, as well as a deeper hole testing the Reciprocity IP Anomaly.
Five expatriate employees of SL Mining, a subsidiary of London-based Gerald International Ltd., were arrested Wednesday on suspicion of instigating unrest, the mining company said in a statement Saturday.
Iron ore prices were closing in on triple digits on Wednesday as optimism about a quick recovery in China, where more than half the world’s steel is forged, combined with supply fears from Brazil, the globe’s number two supplier.
Iran has extracted 64.274 million tons of iron ore during the past Iranian calendar year (ended on March 19), IRNA reported on Monday, citing the data released by Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO).
Vale is seeing a “very vigorous” economic rebound in China, the iron ore miner’s principal export market, Chief Financial Officer Luciano Siani said during an online event hosted by Brazil newspaper Valor Economico on Friday.
Rio Tinto shareholders in Australia voted on Thursday against forcing the miner to set targets for the emissions of its steel-making customers, but the issue is unlikely to go away as more than a third supported the motion.
Fortescue Metals ASX: (FMG) has upgraded its guidance for 2020 iron ore shipments to 175-177 million tonnes, based on strong operating performance year-to-date.