Rio Tinto CEO Jakob Stausholm
Australia-headquartered mining major Rio Tinto is continuing to grow in the materials the world needs for the energy transition and is doing so “with discipline”, CEO Jakob Stausholm said on Tuesday.
Construction of the Simandou high-grade iron-ore project, in Guinea, is advancing at pace, the ramp-up of the Oyu Tolgoi underground copper mine, in Mongolia, is on track and Rio Tinto is set to produce first lithium from the Rincon starter plant by year-end.
The underground mine will bolster copper production at Oyu Tolgoi and, combined with the openpit mines, will deliver up to 500 000 t/y of copper between 2028 and 2036.
At Rincon, Rio Tinto is developing a 3 000 t/y lithium carbonate starter plant. Civil concrete work is complete and all steel, cable and piping are on site, being installed. The group expects to complete the feasibility study for a full-scale operation at Rincon in the third quarter.
At Jadar, in Serbia, where the Constitutional Court last week declared the 2022 decree to abolish the project’s spatial plan as unconstitutional, Rio Tinto continues to see potential for a world-class lithium-borates asset. The group believes Jadar could act as a catalyst for the development of other industries and thousands of jobs.
“We are focused on consultation with all key stakeholders, including providing comprehensive factual information about the project. To support a public dialogue, we recently released the draft environmental impact assessment studies which provide insights into the project’s potential environmental impacts and the proposed mitigation actions,” stated Rio Tinto.
The company noted that independent Serbian and international experts had confirmed the Jadar project could be implemented “safely in line with the highest environmental standards”.
Stausholm also pointed out that Rio Tinto was continuing to prioritise the decarbonisation of its business, announcing the installation of carbon-free smelting cells using Elysis technology at the Arvida smelter, in Canada, and an investment in the research and development facility to test low-carbon ironmaking in Western Australia.
The group also signed 20-year electricity arrangements backed by renewable electricity to secure the future of the Tiwai Point aluminium smelter, in New Zealand.
“As we progress against our four objectives and strategy, we have a clear long-term pathway to profitable growth and continued attractive shareholder returns,” said Stausholm.