EX-99.2 3 rio-ex992_36.htm EX-99.2

Exhibit 99.2

Media Release

Rio Tinto approves investment to sustain Pilbara iron ore production capacity

1 October 2018

Rio Tin t o, together w ith joint ven t ure p a r t ners Mitsui and Nippon Steel & Sumitomo Metal, have approved an investment of $1.55 billion (Rio Tint o’s 53 per cent share $8 20 million) to sustain production capacity at t wo projects w hich form p a rt of the Robe River Joint Venture in the Pilba ra r e gion of W est e rn A ust r ali a.

The joint venture pa rtners will invest $967 million (Rio Tinto s hare $513 million) to dev elop the Mesa B, C and H deposits at Robe Valley, and $579 million (Rio Tin to s hare $307 million) in dev e loping Deposits C and D at the existing West A ngelas op eration. These inve stments enable Rio Tinto to s u stain production of the Pilbara Blend, the w orld’s most re c ognised brand of iron ore, and its Robe Valley lump and fines products, which are highly valued by lo ng-term c u stomer s.

Subject to government and environmental approvals, construction of both projects is expected to start next year w i th an estimat ed 1,200 jobs created during this phase. First ore is currently anticipated from 2021. These inve stments will also provide significant opportunities for local busine sses as part of Rio Tinto’s commitment to local procurement and su pporting WA businesses.

Once op e rational, both p rojects will feature the latest technology w ith 34 existing haul trucks to be retr o fitted with

Autonom o us Haulage System (AHS) te c hnology, deliv ering s afety and produ ctivity gains to the business.

Rio Tin to Iron Ore chief executive C hris Salisbury s aid “The d evelopment at West Angelas will help sustain production of the Pilbara Blend, the industry’s benchmark pr emium iron ore product, while the additional Robe Valley deposits will enable us to continue to provide a highly valued product to our lon g-term customers acro ss Asia.”

“The appro val of these t wo projects highlights the strong pipeline of de v elopme nt options w ithin our p o r tfolio as we remain f ocused on our value-over-volume strategy.”

Rio Tinto’s funding c ommitment f or both projects of $820 million forms part of the compan y’s existing replacement c apital guidance of arou nd $2.7 billion from 2018 to 20 2 0.

Rio Tin to o w ns a 53 per cent holding in the Robe River J oint Venture, Mitsui 33 per cent and Nippon Steel & Sumitomo M etal C orp o ration 14 p er cent.

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Contacts media.e n q u ir i e s@rio t into.c o m rio t into.com

F oll o w @R i o T into on T w i tter

Med ia R e l ations, United Kingdom

Illtud Harri

T +44 20 7781 1152

M +44 7920 503 6 00

David Outh waite

T +44 20 7781 1623

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Media Rel a t i on s, Aus t r a li a

Jonathan Rose

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Media Relations, Canada

Matthew Klar

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I n v e s t or R el a t i o n s, U ni t e d K i n gdom

John Smelt

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David Ovington

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Nick Par kin s on

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M +44 7810 657 5 56

I n v estor Relation s, Aust r a l ia

Natalie Worley

T +61 3 9283 3063

M +61 4 09 210 462

Rachel Storrs

T +61 3 9283 3628

M +61 4 17 401 018

R i o Tin t o plc

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Registered in England

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R io Tinto L i mit e d

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Aust ralia

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