Rio Tinto Group
Rio Tinto Group
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A pleasant little Christmas “gift” for Canadian-based Turquoise Hill from the Mongolian authorities - a demand for $US228M cash for alleged taxes underpaid between 2016 and 2018.
The Mongolian Tax Authority assessment follows an audit of Oyu Tolgoi LLC, the joint company of Turquoise Hill (66%) and state-owned Erdenes (34%) that owns the giant copper-gold mine 550km S of Ulaanbaatar. The mine is managed by Turquoise Hill’s 50.8% shareholder Rio Tinto.
The early appointment of current executive director/chief financial officer Jakob Stausholm as chief executive of global miner Rio Tinto will see the early departure of his predecessor, Jean-Sebastian Jacques.
Jacques was among three senior managers who resigned under pressure in September over the group’s destruction of priceless heritage sites in Western Australia’s Pilbara region to open up new iron ore mining resources.
Iron ore major Rio Tinto has awarded the $A30M expansion and upgrade contract for its Ti Tree rail camp in Western Australia’s Pilbara region to support a peak 300-plus workforce carrying out future rail maintenance and upgrades along its Tom Price to Cape Lambert line to modular building company Fleetwood.
Work starts this month on the supply, installation, refurbishment and relocation of buildings at the camp 100km N of Tom Price, with completion expected in 10 months.
Rio Tinto has outlined a long-awaited development pathway for the proposed $US6.75B underground development at the Oyu Tolgoi project in the southern Gobi region of Mongolia, with the aim of achieving sustainable production by Oct 2022.
First steps will be to finalise government approvals, funding and a power solution for the mine, owned 66% by Rio subsidiary Turquoise Hill Resources and 34% by the Mongolia government.
Global major Rio Tinto has underlined the potential for its 100%-owned Jadar project in Serbia to produce battery-grade lithium carbonate and boric acid with the declaration of a probable maiden ore reserve of 16.6Mt @ 1.81% Li2O and 12.4% B2O3.
The project, located on the doorstep of Europe’s fast-growing electric vehicle market, also has an updated estimated of additional indicated and inferred mineral resources of 139.2Mt @ 1.78% Li2O and 14.7% B2O3.
Contracts awarded by Rio Tinto for its $US2.6B Gudai-Darri greenfields iron ore mine, production hub and railway development in the Pilbara region of Western Australia:
Iron ore major Rio Tinto has awarded a plant electrical and instrumentation works contract worth over $A65M at its Gudai-Darri development in Western Australia’s Pilbara region to Southern Cross Electrical Engineering.
SCEE is due to commence mobilisation by the end of 2020, with completion planned for December 2021.
New contracts with Rio Tinto and BHP will deliver a further $A60M work in hand to Australian engineering group Monadelphous after COVID-19 impacts cost it an estimated 10% of annual revenue in the June 2020 year.
Australian engineering/construction group Decmil has secured another major contract with Rio Tinto, awarded a $A30M contract to design and construct facilities for heavy and light vehicles at its Mesa J iron ore mine in the WA Pilbara.
The contract is Decmil’s second significant recent award by Rio’s 53%-owned Robe River JV with Mitsui Iron Ore Development, following the $8.7M D&C laboratory contract at the Mesa A mine last month.
Rio Tinto has awarded an $A8.7M contract to engineering and construction contractor Decmil to design and build a laboratory at its Mesa A iron ore mine in Western Australia’s Pilbara region.
Decmil is set to begin on-site work in March 2021, with completion due in August.
Rio Tinto holds 53% as operator of the Robe River JV, comprising the Mesa A and Mesa J mines, alongside Mitsui Iron Ore Development 33% and Nippon Steel 14%.