Rio Tinto Group (ASX:RIO) reported increases to its mineral resources and ore reserves across several operations, according to a Thursday filing with the Australian bourse.
It said proved ore reserves at the Amrun deposit at its Queensland aluminum operations increased by 203 million tonnes, or 77%, while probable ore reserves decreased by 176 million tonnes, by 26%. The mineral resources exclusive of ore reserves decreased by 41 million tonnes, or by 5%, at the deposit due to the conversion of mineral resources to ore reserves, and updated orebody knowledge.
Indicated mineral resources at the Winu copper project in Western Australia now comprise 63% of these mineral resources, rising from the previously reported 31% of mineral resources, due to the implementation of a different classification methodology. The total mineral resources tonnage has increased by 19 million tonnes, or by 2.7%, in comparison to the previously reported estimates.
Mineral resources at its iron and titanium operations in Quebec, Canada, rose by 100%, or by 26.7 million tonnes, due to technical work conducted up to 2024 on the Grader deposit, with over 4,800
meters of drilling, as well as the development of a new resource model.
Probable ore reserves at the Porto Trombetas deposit in Brazil, operated by the Mineração Rio do Norte joint venture, increased by 167 million tonnes, while proved ore reserves decreased by 4 million tonnes for an overall increase in ore reserves of 163 million tonnes, or 354%. The increase is attributed to the issuance of the preliminary license for the new mines project by the Brazilian environmental regulator.
Measured mineral resources at the joint venture decreased by 178 million tonnes and inferred mineral resources decreased by 112 million tonnes for an overall 50% decrease of 290 million tonnes, partly due to the conversion of bauxite from mineral resources to ore reserves.
The changes were included in the firm's 2024 annual report, which was released on Thursday.
Its shares fell over 2% in recent trading on Thursday.
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