REG - Rio Tinto - Rincon Project Mineral Resources and Ore Reserves

Rio TintoAnnouncement

04/12/2024 07:00

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RNS Number : 7543O  Rio Tinto PLC  04 December 2024

 

Notice to
ASX/LSE

 

Rincon Project Mineral Resources and Ore Reserves

4 December 2024

 

Rio Tinto today announces initial Mineral Resources and Ore Reserves for the
Salar del Rincon lithium brine deposits (Rincon Project) in Argentina to be
developed by Rio Tinto.

 

Mineral Resources inclusive of Ore Reserves comprise 1.54 Mt Lithium Carbonate
Equivalent (LCE) of Measured Resources, 7.85 Mt LCE of Indicated Resources and
2.29 Mt LCE of Inferred Resources. The Ore Reserves comprise 2.07 Mt LCE of
Probable Ore Reserves. 1  Rio Tinto's ownership percentage is 100%.

 

The proposed project consists of brine extraction using a production
wellfield, processing and waste facilities, as well as associated
infrastructure. Full-scale production based on the current feasibility study
is estimated to be approximately 53 kt of battery grade lithium carbonate per
year for a period of 40 years(( 2 )). However, plans are in place to build for
a capacity of 60 kt of battery grade lithium carbonate per year with
debottlenecking and improvement programs scheduled to unlock this additional
throughput, subject to permitting.

 

The Rincon 3000 starter plant is scheduled for completion in the first half of
2025. Rincon is a large, long-life asset that is expected to be in the first
quartile of the cash cost curve.

A tabulation of the initial Mineral Resources inclusive of Ore Reserves at the
Rincon Project is provided in Table A. Reporting of Mineral Resources
inclusive of Ore Reserves is industry-standard for in situ lithium brines and
is compliant with JORC code reporting criteria. A tabulation of the Ore
Reserves at the Rincon Project is provided in Table B.

 

Table A      Rincon Project Mineral Resources Inclusive of Ore Reserves
as at 1 May 2024

 Measured Mineral Resources                                     Indicated Mineral Resources                                    Total Measured and Indicated Mineral Resources
 as at 1 May 2024                                               as at 1 May 2024                                               as at 1 May 2024
 Total Brine Volume  Avg Lithium Grade  Lithium Metal  LCE      Total Brine Volume  Avg Lithium Grade  Lithium Metal  LCE      Total Brine Volume  Avg Lithium Grade  Lithium Metal  LCE
 Mm(3)               mg/L               Mt             Mt       Mm(3)               mg/L               Mt             Mt       Mm(3)               mg/L               Mt             Mt
 748                 394                0.29           1.54     3,419               432                1.48           7.85     4,167               428                1.77           9.39

 

 Inferred Mineral Resources                                     Total Mineral Resources                                       Rio Tinto Interest
 as at 1 May 2024                                               as at 1 May 2024
 Total Brine Volume  Avg Lithium Grade  Lithium Metal  LCE      Total Brine Volume  Avg Lithium Grade  Lithium Metal

                                                                                                                      LCE
 Mm(3)               mg/L               Mt             Mt       Mm(3)               mg/L               Mt             Mt      %
 1,148               374                0.43           2.29     5,315               416                2.20           11.68   100

Mm(3) = million cubic meters

mg/L = milligrams per litre

Mt = million tonnes

Notes:

·  The Mineral Resources estimate has been classified in accordance with the
JORC Code.

·  Mineral Resources are in situ and inclusiveof the Ore Reserves.

·  The effective date is determined by the most recent depth-specific sample
collection data considered for the resource estimate. The estimate is based
on: (1) drainable porosity values for hydrogeological units in the brine
aquifer, (2) a lithium cut-off grade of 250 mg/L, and (3) including only
properties controlled by Rio Tinto as of May 2024.

·  To obtain the equivalent tonnage for Lithium Carbonate Equivalent (LCE),
the estimated mass of lithium was multiplied by a factor that is based on the
atomic weights of each element in lithium carbonate to obtain the final
compound weight. The factor used was 5.322785 to obtain LCE mass from lithium
mass.

·  Comparisons to values provided in other tables and calculations using the
tabulated figures may differ due to rounding of numbers and the differences
caused by use of averaging methods.

 

Table B      Rincon Project Ore Reserves as at 1 May 2024

 Proven Ore Reserves                  Probable Ore Reserves                Total Ore Reserves                   Average process Efficiency %  Rio Tinto  Rio Tinto share  Rio Tinto share

interest
Recoverable
Recoverable

Li metal
LCE
 as at 1 May 2024                     as at 1 May 2024                     as at 1 May 2024
 Total Brine Pumped  Extracted Grade  Total Brine Pumped  Extracted Grade  Total Brine Pumped  Extracted Grade
 Mm(3)               mg/L Li          Mm(3)               mg/L Li          Mm(3)               mg/L Li                                        %          Mt               Mt
 -                   -                1,340               350              1,340               350              90.0                          100.0      0.39             2.07

Notes:

·  The Ore Reserve estimate has been classified in accordance with the JORC
Code.

·  The Ore Reserve estimate is based on lithium cut-off grade of 250 mg/L

·  Total Brine Pumped is a cumulative brine volume and LCE mass from the
entire wellfield.

·  Extracted Grade is averaged for the 40 year pumping period for the
simulated wellfield.

·  To obtain the equivalent tonnage for LCE, the estimated mass of lithium
was multiplied by a factor that is based on the atomic weights of each element
in lithium carbonate to obtain final compound weight. The factor used was
5.322785 to obtain LCE mass from lithium mass.

·  Ore Reserves are reported from a point of reference of processed brine.
Estimated processing losses are 10% (90% process efficiency).

·  Only Measured and Indicated Mineral Resources are used for estimates of
Extracted Grade, Tonnes Li, and Tonnes LCE.

·  Mining method is proposed to be extraction by production wells.

 

 

 

 

LEI: 213800YOEO5OQ72G2R82

Contacts

Please direct all enquiries to media.enquiries@riotinto.com

 

 

 

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Media Relations,
                                                        US

 

                                                        Jesse Riseborough

                                                        M +1 202 394 9480

 Investor Relations,     Investor Relations,
 United Kingdom          Australia

 
 

 David Ovington          Tom Gallop

 M +44 7920 010 978      M +61 439 353 948

 Laura Brooks            Amar Jambaa

 M +44 7826 942 797      M +61 472 865 948

 Wei Wei Hu

 M +44 7825 907 230

 Rio Tinto plc           Rio Tinto Limited

 
 

 6 St James's Square     Level 43, 120 Collins Street

 London SW1Y 4AD         Melbourne 3000

 United Kingdom          Australia

 T +44 20 7781 2000      T +61 3 9283 3333

 Registered in England   Registered in Australia

 No. 719885              ABN 96 004 458 404

This announcement is authorised for release to the market by Andy Hodges, Rio
Tinto's Group Company Secretary.

 

 

 

 

riotinto.com

 1  These Mineral Resources and Ore Reserves have been reported in accordance
with the Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves, 2012 (JORC Code) and the ASX Listing Rules in a
release to the ASX dated 4 December 2024 titled "Rincon Project Mineral
Resources and Ore Reserves: Table 1" (Table 1 Release). The Competent Persons
responsible for the information in the Table 1 Release that relates to Mineral
Resources and Ore Reserves is Megan Zivic and Michael Rosko, each of whom is a
Registered Member of the Society for Mining, Metallurgy & Exploration
(SME-RM). The Competent Person responsible for the information in the Table 1
Release that relates to the metallurgical perspective of the Ore Reserves is
Mr Brendan Foster, a Member of the Australasian Institute of Mining and
Metallurgy (MAusIMM). Rio Tinto confirms that it is not aware of any new
information or data that materially affects the information included in the
Table 1 Release, that all material assumptions and technical parameters
underpinning the estimates in the Table 1 Release continue to apply and have
not materially changed, and that the form and context in which the Competent
Persons' findings are presented have not been materially modified.

 2  This production target is underpinned as to 100% by Probable Ore Reserves.
 Estimated Inferred Mineral Resources are excluded from the mine plan and
production target estimates. These estimates of Ore Reserves were reported in
the Table 1 Release and have been prepared by Competent Persons in accordance
with the requirements of the JORC Code and the ASX Listing Rules.

 

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