rio tinto plc-spon adr (RIO) Key Developments
Rio Tinto plc Reports Production Results for the Fourth Quarter and Full Year 2014
Jan 20 15
Rio Tinto plc reported production results for the fourth quarter and full year 2014. For the quarter, the company reported global iron ore shipments of 82.2 mt, global iron ore production of 79.1 mt, mined copper of 128.3 kt, Bauxite of 10,794 kt, aluminium of 842 kt, hard coking coal of 1,656 kt, semi soft and thermal coal of 5,502 kt and titanium dioxide feedstock of 316 kt.
For the full year, the company reported global iron ore shipments of 302.6 mt, global iron ore production of 295.4 mt, mined copper of 603.1 kt, Bauxite of 41,871 kt, aluminium of 3,361 kt, hard coking coal of 7,471 kt, semi soft and thermal coal of 25,099 kt and titanium dioxide feedstock of 1,443 kt.
Rio Tinto Appoints Megan Clark as Non-Executive Director
Nov 28 14
Rio Tinto appointed Megan Clark as a non-executive director. Dr. Clark has had an extensive career in both the private and public sector in Australia, combining expertise in the metals and mining business with high-level experience in science, research and technology. She is chief executive of Australia's national research agency, the Commonwealth Scientific and Industrial Research Organisation (CSIRO).
Rio Tinto Approves the Development of Fourth Pipe, A21 At the Remote Subarctic Diavik Mine Site
Nov 27 14
Rio Tinto has formally approved the development of a fourth pipe, known as A21, at the remote subarctic Diavik mine site. The A21 pipe development was part of the original mine plan and is estimated to cost USD 350 million over four years. The Diavik Joint Venture (Rio Tinto 60%; Dominion Diamond Corporation 40%) has approved the 2015 programme of works and the A21 diamond production is planned for late 2018. The A21 production will provide an important source of incremental supply for Diavik, ensuring the continuation of existing production levels. The A21 kimberlite pipe is located just south of Diavik's existing mining operations. A21 development will require rockfill dike construction to encircle the ore body located just offshore of existing mining operations at Lac de Gras. Diavik will utilize the same innovative design and engineering technologies used to construct the Diavik mine's two other dikes that enabled mining of three existing pipes. Diavik's ore reserves will be formally updated in the first quarter of 2015. The current mine plan has production ending in 2023.
Dominion Diamond Corporation Reports Approval for the A-21 Pipe at Diavik
Nov 26 14
Dominion Diamond Corporation reported that Rio Tinto plc, the parent company of the operator of the Diavik Diamond Mine (Diavik Diamond Mines (2012) Ltd. ("DDMI")), has approved the development of the A-21 pipe at the Diavik Diamond Mine, in which the company holds a 40% stake. DDMI has estimated the total capital cost for the development of the A-21 pipe to be approximately USD 350 million at the company's estimated Canadian/US dollar exchange rate of USD 1.11 (on a 100% basis), with the company's share being USD 140 million. The A-21 resource is well understood, and A-21 diamond production is planned for late calendar 2018. The A-21 production will provide an important source of incremental supply for Diavik, ensuring the continuation of existing production levels. The A-21 ore body is located under a lake requiring construction of a dike to isolate the open pit operations. The bulk of the requisite infrastructure for the A-21 pipe is already in place from the previous dike construction and pit operations at the Diavik Diamond Mine, and the necessary operating licenses and agreements are in place for project implementation. The A-21 ramp up is anticipated to commence immediately, with the first equipment and supplies scheduled to be transported in early 2015 to the Diavik mine site on the seasonal winter ice road. Four years of dike construction and pre-stripping (2015-2018) are expected to be followed by approximately five years of open-pit mining. The Diavik Joint Venture has approved the 2015 programme of works. Expenditure on the development of the A-21 pipe in 2015 will relate to crushing costs, pipeline construction and initial dike foundation and abutment work in preparation for expected dike construction during the 2016 and 2017 summer seasons. Pre-stripping of the open pit is expected to commence in 2018 following dewatering of the pool within the dike. DDMI has estimated that the A-21 pipe contains (on a 100% basis) 3.6 million tonnes of measured resources, at a grade of 2.8 carats per tonne, and 0.4 million tonnes of indicated resources at a grade of 2.6 carats per tonne. These estimates are as of December 31, 2013. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The Company intends to publish a detailed summary of the updated reserves only mine plan for the Diavik Diamond Mine, plus A-21, once these have been approved by DDMI. The Company expects to receive an updated estimate of the mineral reserves and mineral resources at the Diavik Diamond Mine from DDMI in the first calendar quarter of 2015. Using the prices from the company's September 2014 rough diamond sale and the current diamond recovery profile of the Diavik processing plant, the Company has modeled the approximate rough diamond price per carat for the A-21 pipe to be approximately USD 145 per carat.
Megan Clark AC to Join Rio Tinto's Board as Non-Executive Director
Nov 20 14
Rio Tinto plc announced that Megan Clark AC will join its board as a non-executive director with effect from November 20, 2014. Clark is the Chief Executive of Australia's national research agency, the Commonwealth Scientific and Industrial Research Organisation (CSIRO) and had an extensive career in both the private and public sector in Australia, combining expertise in the metals and mining business.