Iron ore demand remains strong Rio Tinto exposure expansion details

Yesterday it was learned from international mining giant Rio Tinto Group that at the recent "value and growth" seminar, Alberto CEO Alberto said that the global demand for metal and ore will be doubled by 2022. At the same time, the Group also disclosed to investors details of the Group’s existing business development plans.

Rio Tinto has announced new resource reserves: including the Simandou iron ore project in Guinea, which contains 2.25 billion tons of iron ore; and the LaGranja copper project in Peru, which is expected to contain 2.8 billion tons of metal minerals. The copper content is 0.51% and the zinc content is 0.1%. The Arizona Resolution project is expected to contain 1.3 billion tons of metal minerals, including 1.51% copper, 0.04% molybdenum, and Sulawesi nickel in Indonesia. The mine project has reserves of 162 million tons of lateritic nickel ore, and through subsequent development, there is still potential for exploitation.

Abena said at the meeting that by 2015, Rio Tinto will maintain a compound annual growth rate of 8.6%, and after that, Rio Tinto will continue to maintain this world-class growth potential.

“Compared to the tight supply, demand still maintains a strong growth momentum. For us, this is a golden opportunity to expand our business. It is estimated that by 2022, the global market will double the demand for mineral products. We have prepared for this, and our resource reserves are sufficient to cope with this situation that is in short supply. Rio Tinto Group has a clear development strategic plan to ensure that we will continue to maintain industry leadership in the coming years,” he said.

The head of the Rio Tinto iron ore department, Welsh, said that several companies from China and Japan have expressed strong interest in participating in the development of their Simandou iron ore project in Guinea. The current cooperation is still in the negotiation stage. If an agreement is reached, the participants are likely to provide funding and technical support for the Simandou project railway and port construction.

It is reported that the Simandou project is expected to reach an annual output of 70 million tons since 2013 and it may increase to 170 million tons in the future. Rio Tinto plans to increase its annual production capacity to 600 million tons in the future.

Rio Tinto currently owns 95% of the Simandou project, and the International Finance Corp., which is part of the World Bank, owns another 5%. In addition, if the project is developed as scheduled, the Guinean government has the right to obtain 20% of the shares.

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