Change to IOC Mineral Resources

02 March 2017

Included in Rio Tinto’s annual Mineral Resources and Ore Reserves tables, released to the market today as part of its 2016 Annual report, is a decrease in Mineral Resources at Rio Tinto’s 59 per cent owned Iron Ore Company of Canada (IOC) mine in Labrador City, Labrador and Newfoundland, Canada.

The updated Mineral Resources are reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2012 (JORC Code) and the ASX Listing Rules. As such, the reported decrease relating to the IOC operations requires the additional supporting information set out in this release and its appendix. Mineral Resources are quoted on 100% basis.

Rio Tinto’s Ore Reserves and Mineral Resources are set out in full in its 2016 Annual report.

During 2016, IOC Mineral Resources have decreased by 674Mt from 2,762 Mt to 2,088Mt, a 24 per cent decrease.

This change follows both technical and financial reassessment of the Mineral Resources and does not impact IOC’s Ore Reserves. The current life of mine plan anticipates a production life extending to 2042, based on the reported Ore Reserves only.

Resources at IOC are reported additional to reserves.

The updated Mineral Resource estimate comprises:

  • Measured Resource: 172mt @ 40.2% Fe
  • Indicated Resource: 844Mt @ 38.3% Fe
  • Inferred Resource: 1,072Mt @ 37.9% Fe
  • Total Mineral Resource: 2,088Mt @ 38.3% Fe