We are also conducting studies, developing our strategy and timing, and securing updates to existing environmental impact assessment permits. The investment also includes early works to support a full-scale operation, including power line and associated substations, construction camp and airstrip. We are investing $190 million to develop a small starter battery-grade lithium carbonate plant with a capacity of 3,000 tonnes per year and first saleable production in 2024. A pilot plant is currently running at the site and further work will focus on continuing to optimise the process and recoveries. Rincon’s unique, patented lithium-mining technology offers environmental, cost-saving and productivity benefits by compacting the extraction process into less than 24 hours.
3 FALCON PROJECTS TASKS CODE
These production targets have been scheduled from current mine designs by Competent Persons in accordance with the requirements of the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves, 2012 Edition (the JORC code).ģ Rio Tinto Annual Results, published 23 February 2022.Ī long-life, scalable resource capable of producing battery-grade lithium carbonate from raw brine, the project will help us deliver this vital resource to the global energy industry while meeting our commitment to decarbonise our operations by 2050. The 350kpa production target for the following 5 years is underpinned 18 per cent by Proved Ore Reserves and 82 per cent by Probable Ore Reserves. The updated Feasibility Study (OTFS20) has been submitted to the relevant governmental agencies of Mongolia.ġ Wood Mackenzie copper equivalent cash cost curve (Q4 2021)Ģ The 500ktpa target (stated as recovered metal) for the Oyu Tolgoi underground and open pit mines is underpinned 17 per cent by Proved Ore Reserves and 83 per cent by Probable Ore Reserves for the years 2028-2036. In December 2021, the updated Resources and Reserves were registered in Mongolia in accordance with Mongolian regulations and approval from Mongolian authorities of the 2022 Annual Mine Plan was received. The project has achieved the conveyor to surface decline breakthrough and completed construction of Materials Handling System 1 with commissioning expected to be completed in the coming weeks. In the fourth quarter of 2021, site accommodation and staffing levels improved to between 60% and 70% of planned requirements. The capital forecast for the project is $7.06 billion, an increase of $0.3 billion against the 2020 Definitive Estimate, largely related to COVID-19 disruptions. Since 2010, Oyu Tolgoi has spent $4.1 billion on national procurement, with total in-country spend of $13.4 billion, inclusive of taxes and salaries during the same period. It is one of the most modern, safe, sustainable and water-efficient operations globally, with a workforce which is more than 96% Mongolian.
Oyu Tolgoi is expected to produce around 500,000 tonnes of copper per year on average from 2028 to 2036 from the open pit and underground, and an average of around 350,000 tonnes for a further five years 2, compared to 163,000 tonnes in 2021 3.īy 2030, Oyu Tolgoi is expected to be among the fourth-largest copper mine in the world. It is a complex greenfield project comprising an underground block cave mine and copper concentrator as well as an open pit mine which has been successfully operating for almost ten years. We expect sustainable underground production in the first half of 2023.Īt peak production, Oyu Tolgoi is expected to operate in the first quartile of the copper cash cost curve 1. In January 2022, the Oyu Tolgoi Board approved the beginning of underground mining operations, and the project fired the first and second drawbells of the Hugo North underground mine in June 2022.
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