On Wednesday, February 17, Rio Tinto has announced that it changed its estimates of Ore Reserves and Mineral Resources at Rio Tinto Aluminium (RTA) Pacific Operations’ Weipa and Gove assets. The estimate has been decreased by 305 Mt from 1,530 Mt to 1,224 Mt.
The reduction in Ore Reserve estimate is associated with a routine review of price assumptions over the life of the mine. There has been no material change to the economic cut-off methodology or process. There has been no material change to the other reserve modifying factors, including: governmental, tenure, environmental, cultural heritage, social, community or operational.
Rio Tinto Aluminium Pacific Operations Mineral Resources exclusive of Ore Reserves, on the other hand, has recorded a hike of 128 Mt from 1,949 Mt to 2,077 Mt.
The increase was mainly in line with changes in the forecast pricing assumptions used in the reserving process. Those blocks removed from the 2020 Ore Reserve that are physically located above or below the remaining economic blocks have also been removed from the Mineral Resource.
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