Rio Tinto increases coal reserves by about 50 per cent

Company News

by Jessica Amir

Rio Tinto (ASX:RIO) has increased its coal reserve estimates by about 50 per cent, compared to its 2016 annual report at the Kestrel underground longwall mine in Queensland.

The mining heavy weight increased its reserve by 62 million tonnes, from 123 million tonnes to 185 million tonnes.

Rio Tinto says the lift reflects its continued work on its Australian deposits, while the updated estimates were based on examinations at its leases. 

Accordingly, Rio says Kestral Mineral Resources exclusive of ore reserves fell by 65 million tonnes from 306 million tonnes. to 241 million tonnes.

Shares in Rio Tinto (ASX:RIO) are trading 0.82 per cent higher to $68.81.
 

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