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Rio Tinto: Ore Reserves Fall at Argyle, Boron; Increase at Pilbara

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03/02/2018 | 11:33am CEST

By Adria Calatayud

Rio Tinto PLC said Friday that ore reserves decreased at its Argyle diamond mine in Australia and Boron borates operations in California, and increased at its Pilbara iron ore operations in Australia.

The miner also said that ore reserves at its Simandou project in Guinea have been downgraded fully to mineral resource, due to uncertainties on the development of the project under future ownership. Rio Tinto agreed to sell its stake in the project to Aluminum Corp. of China Ltd. (>> company sheet) in 2016.

Rio Tinto cut its estimated Argyle ore reserves by 13 million tons to 16 million tons, and said that it has written back mineral resources at the site, since mineralized deposits don't demonstrate economic prospects and aren't scheduled for production.

The company's Boron ore reserves have decreased by 6 million tons to 16 million tons, which has resulted in an increase in mineral resources to 8.5 million tons from zero, Rio Tinto said.

Meanwhile, at Rio Tinto's operations in the Pilbara region of western Australia, the company increased estimated iron ore reserves by 165 million metric tons, while estimated mineral reserves rose by 508 million tons.

Write to Adria Calatayud at adria.calatayudvaello@dowjones.com

Stocks mentioned in the article : Rio Tinto, Aluminum Corporation of China Limited
Stocks mentioned in the article
ChangeLast1st jan.
ALUMINUM CORPORATION OF CHINA LIMITED 1.47% 4.13 End-of-day quote.-48.95%
LME ALUMINIUM CASH 1.89% 2018.5 End-of-day quote.-10.53%
LME COPPER CASH 0.00% 6057 End-of-day quote.-15.65%
LME ZINC CASH 1.54% 2436 End-of-day quote.-27.86%
RIO TINTO 2.72% 3921 Delayed Quote.-0.53%
RIO TINTO LIMITED 1.78% 79.49 End-of-day quote.4.85%
SILVER -0.20% 14.289 Delayed Quote.-15.37%
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