Post by
mrpancake on Apr 17, 2024 5:08am
Rio 1st Q production numbers for Mongolia
Rio production numbers for Mongolia
https://www.riotinto.com/en/news/releases/2024/rio-tinto-releases-first-quarter-production-results
Oyu Tolgoi mined copper production increased 8% from the first quarter of 2023 as the ramp-up in underground production continued in line with our long term plan, delivering a copper head grade of 1.67% (vs 1.36% in the first quarter of 2023) for the underground and an overall copper head grade of 0.55% (vs 0.49%).
Oyu Tolgoi underground project •
We continue to see strong performance from the underground mine, with a total of 99 drawbells opened from Panel 0, including 13 during the quarter. The operation is expected to ramp up to deliver average mined copper production of ~500 thousand tonnes per annum (100% basis) between 2028 and 20361. • Sinking of ventilation shafts 3 and 4 continued to progress well during the quarter and at the end of March reached depths of 1,076 metres and 1,150 metres below ground level, respectively. Final depths required for shafts 3 and 4 are 1,130 and 1,176 metres respectively. Shaft 4 breakthrough (sinking completion) was achieved in early April. Both shafts remain on track to be commissioned in the second half of 2024. • Construction of the conveyor to surface works continued to plan and was 94% complete at the end of the quarter. Commissioning remains on track for the second half of 2024. • Construction works for the concentrator conversion remain on schedule. Commissioning is expected to be progressively completed from the fourth quarter of 2024 through to the second quarter of 2025. • Construction of primary crusher 2 commenced in December 2023 and is due to be completed by the end of 2025.
Oyu Tolgoi Mined copper production increased 8% from the first quarter of 2023 as the ramp-up in underground production continued. During the quarter, we delivered 1.3 million tonnes of ore milled from the underground mine at an average copper head grade of 1.67% and 9.0 million tonnes from the open pit with an average grade of 0.39%. This ramp-up is in line with the long-term plan to reach 500 thousand tonnes of copper production (stated as recoverable metal) for the Oyu Tolgoi underground and open pit mines for the years 2028 to 20361 .
Investments, growth and development projects •
Our share of capital investment for 2024 remains unchanged and is expected to be up to $10.0 billion, including growth capital of up to $3.0 billion, sustaining capital of around $4.0 billion and $2.0 to $3.0 billion of replacement capital. This remains subject to Traditional Owner and other stakeholder engagement, regulatory approvals and technology developments. All capital guidance is subject to ongoing inflationary pressures and exchange rates.