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Rio Tinto Enters Two Agreements with IOH
11/27/2009 - Rio Tinto reaches an agreement with Iron Ore Holdings, enabling the sale of ore from IOH's Phil's Creek deposit to Rio Tinto under a mine-gate sale process. Rio Tinto has also entered an exclusive agreement with IOH to examine its Iron Valley deposit.
Rio Tinto has reached an agreement with Iron Ore Holdings (IOH), enabling the sale of ore from IOH's Phil's Creek deposit to Rio Tinto under a mine-gate sale process.
Under the agreement, up to 1.5 million tonnes will be delivered annually to Rio Tinto, which will then transport it to the coast for shipment as part of Rio Tinto's product suite.
Rio Tinto has also agreed to enter an exclusive agreement with IOH to examine its Iron Valley deposit, located about 10 km northeast from Rio Tinto's Yandicoogina operation. The move may lead to the purchase of all or part of the lease covering the deposit.
"This is a significant development for Rio Tinto, IOH, and the Pilbara generally. It is a prime example of how a major established producer and a small, progressive junior can work together to achieve an excellent outcome for all stakeholders," Rio Tinto Iron Ore Chief Executive Sam Walsh said. "Without this deal, the benefits flowing from the development of the isolated Phil's Creek deposit would be denied to the respective shareholders and to the community of Western Australia."
"Rio Tinto welcomes the opportunity to also examine the larger Iron Valley deposit and establish whether it can be best developed within our integrated system of 11 mines, 1300-kilometer rail network, and three ports in two locations," Walsh added.
Rio Tinto is a leading international mining group headquartered in the UK, combining Rio Tinto plc, a London and NYSE listed company, and Rio Tinto Ltd., which is listed on the Australian Securities Exchange. Rio Tinto's business is finding, mining, and processing mineral resources. Major products are aluminum, copper, diamonds, energy (coal and uranium), gold, industrial minerals (borax, titanium dioxide, salt, talc), and iron ore. Activities span the world but are strongly represented in Australia and North America with significant businesses in South America, Asia, Europe, and southern Africa.
