Latest news with #BS1
Yahoo
16-04-2025
- Business
- Yahoo
Cyclones Impact Rio Tinto Q1 Pilbara Production And Shipment By 13 Millions Tonnes, Trigger $95 Million Recovery Plan
Rio Tinto Plc (NYSE:RIO) on Wednesday reported a decline in Pilbara iron ore production of 10% year-over-year (Y/Y) to 69.8Mt. Pilbara iron ore shipments (consolidated basis) decreased 8% Y/Y to 62.5Mt in the quarter. Severe weather conditions impacted both production and shipment, with four cyclones collectively causing an estimated loss of approximately 13 million tonnes. Activist Renews Calls For Listing Unification As Rio Tinto Abandons $5 Billion Equity Offering Meanwhile, production of Bauxite rose 12% Y/Y to 15.0MT and Alumina upped 3% Y/Y to 1.9Mt in the quarter. Outlook: For FY25, Rio reiterated guidance for Bauxite production of 57 to 59MT and Alumina production of 7.4 to 7.8MT. The company now projects Pilbara iron ore shipments to reach the lower end of the previously issued guidance of 323-338MT, primarily due to the losses sustained from four cyclones in the first quarter. To address about half of this shortfall, the company has implemented mitigation strategies that will require an additional investment of roughly A$150 million ($95.5 million), covering rectification efforts and contracted mining services. Moreover, the company continues to anticipate its share of capital investment of ~$11 billion in 2025. Chief Executive Jakob Stausholm said, "We continued to see strong operational improvement with the Oyu Tolgoi copper mine and our bauxite operations delivering record months for production in March. Production was affected, however, by extreme weather events that impacted our Pilbara iron ore operations." "We achieved first iron ore at Western Range in the Pilbara and the Simandou high-grade iron ore project in Guinea remains on track. After successful completion of the Arcadium acquisition in March, we are advancing to establish a world-class lithium business." Last month, the company invested $1.8 billion to develop the Brockman Syncline 1 (BS1) mine in Western Australia's West Pilbara. Investors can gain exposure to the stock via VanEck Steel ETF (NYSE:SLX) and NEOS ETF Trust Mast Global Battery Recycling & Production ETF (NYSE:EV). Price Action: RIO shares are up 0.45% to $57.52 premarket at the last check Wednesday. Read Next:Photo by Adwo via Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? This article Cyclones Impact Rio Tinto Q1 Pilbara Production And Shipment By 13 Millions Tonnes, Trigger $95 Million Recovery Plan originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Yahoo
06-03-2025
- Business
- Yahoo
Rio Tinto completes $6.7bn Arcadium Lithium acquisition
Rio Tinto has completed the acquisition of US-based Arcadium Lithium for $6.7bn after the scheme of arrangement was sanctioned by the Royal Court of Jersey. The acquisition follows the signing of a definitive agreement for the transaction in October 02024. It positions Rio Tinto as the ultimate parent company of Arcadium Lithium, now renamed Rio Tinto Lithium. The acquisition is set to propel Rio Tinto to the forefront of energy transition materials supply, establishing it as a major lithium producer, according to the company. Rio Tinto Lithium aims to expand its Tier 1 asset capacity to more than 200,000 tonnes per annum (tpa) of lithium carbonate equivalent (LCE) by 2028. The company anticipates substantial growth in earnings before interest, taxes, depreciation and amortisation (EBITDA) and operating cash flow, driven by the rising demand for lithium. Arcadium Lithium shareholders will receive $5.85 per share in cash from Rio Tinto's indirect, wholly owned subsidiary, Rio Tinto BM Subsidiary. Rio Tinto is financing the acquisition through an existing bridge loan facility. The plan is to replace this with long-term debt financing. Following the transaction's completion, Arcadium Lithium's shares and CHESS Depositary Receipts will be delisted from the New York Stock Exchange and Australian Securities Exchange, respectively. Rio Tinto CEO Jakob Stausholm said: 'By combining Rio Tinto's scale, financial strength, operational and project development experience with Arcadium's Tier 1 assets, technical and commercial capabilities, we are creating a world-class lithium business which sits alongside our leading iron ore, aluminium and copper operations.' In addition to the acquisition, Rio Tinto announced an investment of $1.8bn in the Brockman Syncline 1 (BS 1) mine project to extend the life of the Brockman region in West Pilbara, Western Australia. The project is set to begin construction this year and is expected to process up to 34 million tonnes of iron ore annually. The BS1 is a satellite orebody mine development project, part of a series of replacement projects in the Pilbara region. It is scheduled to commence ore production in 2027. "Rio Tinto completes $6.7bn Arcadium Lithium acquisition" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
06-03-2025
- Business
- Yahoo
Rio Tinto to invest $1.8 billion to develop Brockman iron ore mine in Pilbara
(Reuters) -Rio Tinto said on Thursday it will invest $1.8 billion to develop its Brockman Syncline 1 iron ore project in the Pilbara region of Western Australia. The world's largest iron ore producer said the project has obtained the required approvals from both state and federal governments, and is now on track to begin producing its first ore by 2027, a year ahead of the initial schedule. The investment underpins Rio Tinto's continued commitment to iron ore in the Pilbara region, which generates a large portion of its profit, even as the company shifts focus towards copper - a metal crucial for renewable energy transition. "Brockman 4 produced 43 million tons of iron ore in 2024. Securing this project extends the life of the Brockman hub," Rio Tinto Iron Ore Chief Executive Simon Trott said. Brockman Syncline 1 (BS1) includes Brockman 4 and Greater Nammuldi with a total annual capacity of approximately 130 million tons per annum, according to Rio Tinto.
Reuters
06-03-2025
- Business
- Reuters
Rio Tinto to invest $1.8 billion to develop Brockman iron ore mine in Pilbara
March 6 (Reuters) - Rio Tinto ( opens new tab, (RIO.L), opens new tab said on Thursday it will invest $1.8 billion to develop its Brockman Syncline 1 iron ore project in the Pilbara region of Western Australia. The world's largest iron ore producer said the project has obtained the required approvals from both state and federal governments, and is now on track to begin producing its first ore by 2027, a year ahead of the initial schedule. The investment underpins Rio Tinto's continued commitment to iron ore in the Pilbara region, which generates a large portion of its profit, even as the company shifts focus towards copper - a metal crucial for renewable energy transition. "Brockman 4 produced 43 million tons of iron ore in 2024. Securing this project extends the life of the Brockman hub," Rio Tinto Iron Ore Chief Executive Simon Trott said. Brockman Syncline 1 (BS1) includes Brockman 4 and Greater Nammuldi with a total annual capacity of approximately 130 million tons per annum, according to Rio Tinto. Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here.
