Rio Tinto PLC OT mine design and update to Reserves & Resources (9222R)
03 Julio 2020 - 1:00AM
UK Regulatory
TIDMRIO
RNS Number : 9222R
Rio Tinto PLC
03 July 2020
Oyu Tolgoi mine design confirms project schedule and cost ranges
and update to Ore Reserves and Mineral Resources
3 July 2020
Oyu Tolgoi LLC has completed an updated feasibility study
(OTFS20) and is in the process of submitting this to the Government
of Mongolia. The OTFS20 has been prepared in accordance with
Mongolian regulations and standards which require mining companies
to submit updated feasibility studies every five years. The updated
study incorporates a new mine design for Panel 0 of the Hugo
Dummett North underground mine at Oyu Tolgoi. The new design also
confirms that the caving method of mining remains valid and that
the underground schedule and costs remain within the ranges
previously disclosed.
These ranges include a delay of 21 to 29 months for first
sustainable production compared to the original feasibility study
guidance in 2016 and an increase of $1.3 billion to $1.8 billion
from the original $5.3 billion development capital. Detailed study,
design, engineering and optimisation work is ongoing to support the
definitive estimate of Panel 0 for the development of this
world-class orebody, which remains due in the second half of 2020.
These estimates are subject to any additional scheduling delays or
increases in capital costs arising from the impacts of the ongoing
COVID-19 pandemic.
Arnaud Soirat, chief executive of Copper & Diamonds said
"This amended mine design is another positive step in the
development of the underground mine which will unlock the most
valuable part of Oyu Tolgoi. We remain focused on delivering the
underground project safely and within the guidance ranges we have
announced on both cost and schedule."
The updated mine design is the result of the review announced by
Rio Tinto in July 2019 when enhanced geotechnical and geological
information obtained from drilling and mapping at depth suggested
there may be some stability risks associated with the original mine
design. The updated design retains two in-situ rock pillars on
either side of Panel 0 for geotechnical stability. In the original
mine design, these pillars were within the mining area. The updated
design is supported by extensive geotechnical modelling and
industry leading technical assurance.
As a consequence of leaving the pillars in place, the material
contained in the pillars has been reclassified from Ore Reserves to
Mineral Resources. It is expected that part of the material
contained in these pillars will be recoverable at a later stage
following additional studies which are currently underway.
Ore handling infrastructure will be relocated to the pillars,
located immediately north and south of the current Panel 0
boundaries. Panels 1 and 2 will now be initiated as independent
panels or mine blocks.
Optimisation of mine designs for Panels 1 and 2 is ongoing and
it is anticipated that this next phase of study may result in
further movements in classifications of Ore Reserves and Mineral
Resources. Any such movements will be reported following completion
of the studies.
On 3 July 2020 Rio Tinto released to the Australian Securities
Exchange (ASX) updated Mineral Resources and Ore Reserves for the
Oyu Tolgoi mine. Changes in the Hugo Dummett North Ore Reserves are
shown below in Table A. Updates to Mineral Resources are shown in
Table B. Ore Reserves and Mineral Resources are 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.
Ore Reserves are presented in this release on a 100 per cent
ownership basis. Rio Tinto's ownership share is 33.5% of Hugo
Dummett North and 29.5% of Hugo Dummett North Extension. Mineral
Resources are reported exclusive of Ore Reserves and on the same
ownership basis.
Table A: Changes to the Hugo Dummett North and Hugo Dummett
North Extension Ore Reserves estimates between 31 December 2019 and
01 July 2020.
Hugo Dummett North
Probable Ore Reserves Average Mill Recovery Recoverable Metal
-------------------------------- -------------------------- ----------------------
Au Ag
Tonnes Cu Au Ag Cu Au Ag Cu (M (M
(Mt) (%) (g/t) (g/t) (%) (%) (%) (Mt) oz) oz)
------- ----- ------- ------- -------- ------- ------- ------ ------ ------
Reserves at
end 2019 447 1.64 0.34 3.35 93 79 81 6.81 3.84 39.02
------- ----- ------- ------- -------- ------- ------- ------ ------ ------
Material removed -47 2.75 0.68 5.36 94 82 86 -1.22 -0.85 -7.01
------- ----- ------- ------- -------- ------- ------- ------ ------ ------
Reserves at
1 July 2020 400 1.51 0.29 3.11 93 79 80 5.60 2.99 32.00
------- ----- ------- ------- -------- ------- ------- ------ ------ ------
Hugo Dummett North Extension
--------------------------------------------------------------------------------------------------------
Probable Ore Reserves Average Mill Recovery Recoverable Metal
-------------------------------- -------------------------- ----------------------
Au Ag
Tonnes Cu Au Ag Cu Au Ag Cu (M (M
(Mt) (%) (g/t) (g/t) (%) (%) (%) (Mt) oz) oz)
------- ----- ------- ------- -------- ------- ------- ------ ------ ------
Reserves at
end 2019 32 1.64 0.57 3.84 93 81 83 0.49 0.47 3.28
------- ----- ------- ------- -------- ------- ------- ------ ------ ------
Material added 7.7 1.10 0.38 2.75 92 80 81 0.08 0.07 0.55
------- ----- ------- ------- -------- ------- ------- ------ ------ ------
Reserves at
1 July 2020 40 1.54 0.53 3.63 92 81 83 0.57 0.55 3.84
------- ----- ------- ------- -------- ------- ------- ------ ------ ------
Table B: Changes to the Hugo Dummett North and Hugo Dummett
North Extension Mineral Resource estimates between 31 December 2019
and 01 July 2020.
Hugo Dummett North
Measured Mineral Indicated Mineral Inferred Mineral Total Mineral
Resources Resources Resources Resources
------------------------------- ------------------------------- ------------------------------- -------------------------------
Tonnes Cu Au Ag Tonnes Cu Au Ag Tonnes Cu Au Ag Tonnes Cu Au Ag
(Mt) (%) (g/t) (g/t) (Mt) (%) (g/t) (Mt) (%) (g/t) (g/t) (Mt) (%) (g/t) (g/t)
(g/t)
------- ----- ------ ------- ------- ----- ------ ------- ------- ----- ------ ------- ------- ----- ------ -------
Resources
at end
2019 41 1.58 0.42 3.74 349 1.18 0.31 2.92 765 0.80 0.28 2.40 1155 0.94 0.29 2.61
------- ----- ------ ------- ------- ----- ------ ------- ------- ----- ------ ------- ------- ----- ------ -------
Material
added 17 2.54 0.64 5.34 52 2.39 0.54 4.63 69 2.43 0.57 4.81
------- ----- ------ ------- ------- ----- ------ ------- ------- ----- ------ ------- ------- ----- ------ -------
Resources
at 1 July
2020 58 1.86 0.48 4.21 401 1.34 0.34 3.14 765 0.80 0.28 2.40 1224 1.03 0.31 2.73
------- ----- ------ ------- ------- ----- ------ ------- ------- ----- ------ ------- ------- ----- ------ -------
Hugo Dummett North Extension
-----------------------------------------------------------------------------------------------------------------------------------------------
Measured Mineral Indicated Mineral Inferred Mineral Total Mineral
Resources Resources Resources Resources
------------------------------- ------------------------------- ------------------------------- -------------------------------
Tonnes Cu Au Ag Tonnes Cu Au Ag Tonnes Cu Au Ag Tonnes Cu Au Ag
(Mt) (%) (g/t) (g/t) (Mt) (%) (g/t) (Mt) (%) (g/t) (g/t) (Mt) (%) (g/t) (g/t)
(g/t)
------- ----- ------ ------- ------- ----- ------ ------- ------- ----- ------ ------- ------- ----- ------ -------
Resources
at end
2019 87 1.59 0.54 4.11 167 1.02 0.36 2.78 254 1.21 0.42 3.24
------- ----- ------ ------- ------- ----- ------ ------- ------- ----- ------ ------- ------- ----- ------ -------
No change
------- ----- ------ ------- ------- ----- ------ ------- ------- ----- ------ ------- ------- ----- ------ -------
Resources
at 1 July
2020 87 1.59 0.54 4.11 167 1.02 0.36 2.78 254 1.21 0.42 3.24
------- ----- ------ ------- ------- ----- ------ ------- ------- ----- ------ ------- ------- ----- ------ -------
A copy of the full announcement to the ASX is available on Rio
Tinto's website at
riotinto.com/invest/financial-news-performance/resources-and-reserves
.
Competent Persons Statement
The information in this release that relates to Ore Reserves is
based on information compiled by Ferrin Prince and Mark Bixley,
Competent Persons, who are a Member and Fellow respectively of The
Australasian Institute of Mining and Metallurgy. Ferrin Prince and
Mark Bixley are full-time employees of Rio Tinto. Ferrin Prince and
Mark Bixley have sufficient experience that is relevant to the
style of mineralisation and type of deposit under consideration and
to the activity being undertaken to qualify as Competent Persons as
defined in the 2012 Edition of the 'Australasian Code for Reporting
of Exploration Results, Mineral Resources and Ore Reserves'. Each
of Ferrin Prince and Mark Bixley consents to the inclusion in the
release of the matters based on the information that each of them
has prepared in the form and context in which it appears.
The information in this release that relates to Mineral
Resources is based on information compiled by Oyunjargal Dendev, a
Competent Person who is a Member of The Australasian Institute of
Mining and Metallurgy. Oyunjargal Dendev is a full-time employee of
Oyu Tolgoi LLC. Oyunjargal Dendev has sufficient experience that is
relevant to the style of mineralisation and type of deposit under
consideration and to the activity being undertaken to qualify as
Competent Person as defined in the 2012 Edition of the
'Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves'. Oyunjargal Dendev consents to the
inclusion in the release of the matters based on the information
that he has prepared in the form and context in which it
appears.
Contacts
media.enquiries@riotinto.com
riotinto.com
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===================================== ================================
Investor Relations, United Kingdom Investor Relations, Australia
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David Ovington Amar Jambaa
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===================================== ================================
Group Company Secretary Joint Company Secretary
Steve Allen Tim Paine
Rio Tinto plc Rio Tinto Limited
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London SW1Y 4AD Melbourne 3000
United Kingdom Australia
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No. 719885 ABN 96 004 458 404
--------------------------------
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Tinto's Group Company Secretary.
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END
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