REG - Rio Tinto - Rio Tinto modernises Rhodes Ridge Joint Venture

Rio TintoAnnouncement

18/10/2022 07:00

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RNS Number : 1799D  Rio Tinto PLC  18 October 2022

 18 October 2022

 

Rio Tinto modernises joint venture to develop Rhodes Ridge iron ore project

Rio Tinto (50 per cent) and Wright Prospecting Pty Ltd (50 per cent) have
agreed to modernise the joint venture covering the Rhodes Ridge project in the
East Pilbara in Western Australia, home to one of the world's largest and
highest quality undeveloped iron ore deposits.

 

The binding joint venture updates an existing agreement between the two
parties dating back to 1972 and now provides a pathway for the development of
the Rhodes Ridge deposits utilising Rio Tinto's rail, port and power
infrastructure.

 

The participants have commenced an Order of Magnitude study, conducted by Rio
Tinto, which will consider the development of an operation before the end of
the decade with initial plant capacity of up to 40 million tonnes annually,
subject to the receipt of relevant approvals.

 

Rhodes Ridge contains 5.8 billion tonnes of high grade Mineral Resources at an
average grade of 62.3% Fe. The project's total resource, 6.7 billion tonnes at
an average grade of 61.6% Fe, represents approximately one-third of Rio
Tinto's existing Resource base in the Pilbara. 1  (#_ftn1) A resource drilling
program is currently underway to support future project studies.

 

Rio Tinto Iron Ore Chief Executive Simon Trott, said "Rhodes Ridge contains
one of the biggest and best undeveloped iron ore deposits on the planet with
proximate access to existing infrastructure. We are very excited we have been
able to strengthen our relationship with Wright Prospecting and have a pathway
to bring this high quality resource to market.

 

"With its significant resource base, the Rhodes Ridge project has the
potential to underpin production of the Pilbara Blend in the decades ahead.

 

"We are committed to working closely with the Traditional Owners, the
Nyiyaparli and Ngarlawangga People, to ensure sites of significant cultural,
environmental, and biodiversity value are protected as part of any future
development at Rhodes Ridge. Consistent with our revised approach for new
operations, a co-management approach to any future mining activity will be
developed in partnership with Traditional Owners."

 

A spokesperson for Wright Prospecting, said "We are delighted to have reached
this important milestone for the Rhodes Ridge project. We look forward to
partnering with Rio Tinto to develop this asset with a world-leading focus on
climate, biodiversity and heritage."

 

The joint venture will utilise Rio Tinto's existing rail, port and power
infrastructure, including the planned installment of 1 gigawatt of renewable
power assets in the Pilbara.

 

Notes to editors

The Rhodes Ridge project is located 40 kilometres north-west of Newman.

 

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

 

 Media Relations, UK         Media Relations, Australia

 Matthew Klar                Matt Chambers

 M+ 44 7796 630 637          M +61 433 525 739

 David Outhwaite             Jesse Riseborough

 M +44 7787 597 493          M +61 436 653 412

 Media Relations, Americas

 Simon Letendre
 M +514 796 4973

 Malika Cherry

 M  +1 418 592 7293

 Investor Relations, UK      Investor Relations, Australia

 Menno Sanderse              Tom Gallop

                           M +61 439 353 948
 M: +44 7825 195 178
Amar Jambaa

                             M +61 472 865 948

 David Ovington

 M +44 7920 010 978

 Clare Peever

 M +44 7788 967 877

 Rio Tinto plc               Rio Tinto Limited

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

London SW1Y 4AD

United Kingdom             Melbourne 3000

 T +44 20 7781 2000          Australia

Registered in England

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                             Registered in Australia

                             ABN 96 004 458 404

 

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

 

riotinto.com

 

 

 1  (#_ftnref1) The Mineral Resource estimates for the Rhodes Ridge JV were
reported in Rio Tinto's 2020 Annual Report released to the ASX on 22 February
2021 (and form part of the  Pilbara Mineral Resource estimates reported in
Rio Tinto's 2021 Annual Report released to the ASX on 24 February 2022) which
are available at Annual Report (riotinto.com)
(https://www.riotinto.com/invest/reports/annual-report) . The Competent
Persons responsible for reporting these Mineral Resource estimates were Mr P
Savory, who is a Fellow of The Australasian Institute of Mining and
Metallurgy, and Ms N Brajkovich and Mr C Kyngdon, who are Members of The
Australasian Institute of Mining and Metallurgy. Rio Tinto is not aware of any
new information or data that materially affects these Mineral Resource
estimates and confirms that all material assumptions and technical parameters
underpinning the estimate continue to apply and have not materially changed.
The form and context in which the Competent Persons' findings are presented
have not been materially modified from when they were reported. Mineral
Resources are quoted in this release on a 100 per cent basis, as dry in-situ
tonnes.

 

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