Roundtable Discussion; The Future of Mineral Sands. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksRio Tinto Share News (RIO)

Share Price Information for Rio Tinto (RIO)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 5,467.00
Bid: 5,464.00
Ask: 5,466.00
Change: 0.00 (0.00%)
Spread: 2.00 (0.037%)
Open: 0.00
High: 0.00
Low: 0.00
Prev. Close: 5,467.00
RIO Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Canada's mild winter disrupts key ice road to remote Arctic diamond mines

Sat, 30th Mar 2024 10:00

TORONTO, March 30 (Reuters) - An unusually warm winter in Canada this year has delayed the opening of a 400-kilometer (250-mile) ice road that is rebuilt every year as the main conduit for Rio Tinto, Burgundy Mines, and De Beers to access their diamond mines in the remote Arctic region.

The Winter Road, which serves the region accessible only by air for 10 months of the year, opened with a two-week delay in the middle of February, disrupting movement of goods along the ice road built over 64 frozen lakes.

Earlier this week, the Tlicho government in Northwest Territories (NWT) restricted movement of commercial trucks for few days in one of the winter roads due to anticipated warmer weather across the North Slave Region.

While diamond production remains unaffected, the delay underscores the challenges that companies face as the mines that make Canada the world's third largest diamond producer come to the end of their productive life.

It also highlights the infrastructure hurdle for the NWT and Nunavut that are positioning themselves as the next frontiers in the exploration of critical metals, such as rare earth, cobalt and lithium, in the transition to a greener future.

The delays in building the Winter Road, which first became operational in 1982, have happened in the past, but this year's is the longest delay in recent years, according to Tom Hoefer, senior advisor to the NWT and Nunavut Chamber of Mines.

"We did start the road a bit later as a result," he said.

Climate change, driven by the burning of fossil fuels, coupled with the emergence of the natural El Nino climate pattern, pushed the world into record heat territory in 2023.

The impact of El Nino this year resulted in Yellowknife, the capital of the NWT, recording a maximum temperature of zero degrees Celsius (32 degrees Fahrenheit) in December and minus 8.7 degrees Celsius (17.6 F) in February, making it the warmest winter days in a decade, according to data from Environment Canada.

The Winter Road opens between late January and early April and requires minimum of 29 inches (74 cm) of ice for vehicles that can carry 26,000 kilograms (57,320 lbs) of gross vehicle weight, to transport diesel and dynamite required to operate the mines.

On warmer days, the engineers have found ways to trick nature by creating artificial ice using giant sprinklers to spray water high up in the air so that they cool and form thick layer of ice when they fall.

Paul Gruner, CEO of the Indigenous corporation Tlicho Investment Corp & Group of Companies said this year the warm winter at the start and if there is a warmer end of the season or an early spring, it could risk an early closure.

"So when you're nibbling away on both sides of that, you start to create a very short season," Gruner said.

The Winter Road is jointly operated by Burgundy Diamond Mines, Rio Tinto and De Beers of Anglo American group which run the Ekati, Diavik and Gahcho Kue diamond mines respectively.

De Beers and Burgundy Diamonds said operations at their mines have not been affected by the mild winter. Rio Tinto declined comment.

The Winter Road costs C$25 million ($18.54 million) to operate for two months, which is shared by the three companies based on goods transported on the road and distance traveled.

However, the mines have a operational life of around 20 years and as they reach the end of life, they need to be shut down.

Rio Tinto has said it will close the Diavik mine in 2026 and De Beers plans to shut Snap Lake end of this year, while seeking to extend the life of Gahcho Kue.

CHICKEN AND EGG

Canada's remote Arctic region, home to around 86,000 people, is facing the complete closure of all the diamond mines by 2030 and is looking for ways to keep mining alive.

The lack of infrastructure is a challenge and the shortened seasonal use of the ice road could hurt investments needed to mine critical minerals.

"If you're in the exploration phase ... and looking at using the winter road as part of your core business model, the risks start to come into ... your decision making whether or not to advance a project," Tlicho Investment's Gruner said.

Hoefer of NWT and Nunavut Chamber of Mines said the two Northern territories, which are as big as Europe, have the highest infrastructure deficits in Canada - one of the reasons for the very high costs of living and doing business in the North.

"It is a chicken-and-egg situation, the mining companies probably won't come unless there is some infrastructure, it's just too expensive," said Heather Exner-Pirot, director of Energy, Natural Resources and Environment program at Macdonald-Laurier Institute.

It costs C$3 million a kilometer to build gravel roads, Pirot said.

Mining groups are pushing for a mega infrastructure project that connects NWT to Nunavut that runs through the diamond mines could help unlock the mineral riches in the region. At least 23 of the 31 critical minerals listed by the Canadian government is found in the NWT.

"When the project comes up, it would replace the roads that have served mining for 40 years, but until that happens, the ice roads are required," Hoefer said. ($1 = 1.3483 Canadian dollars) (Reporting by Divya Rajagopal Editing by Denny Thomas and Marguerita Choy)

More News
30 Apr 2024 09:46

LONDON BROKER RATINGS: Deutsche says buy Barr, Britvic and Fevertree

(Alliance News) - The following London-listed shares received analyst recommendations Tuesday morning and Monday:

Read more
26 Apr 2024 16:35

London close: Stocks buoyed by banking, mining positivity

(Sharecast News) - London's equity markets closed positively on Friday, buoyed by gains in the banking sector following better-than-expected results from NatWest.

Read more
25 Apr 2024 17:51

Anglo American share spike before bid raises questions about leaks

LONDON, April 25 (Reuters) - Anglo American's London-listed shares spiked in late UK trade on Wednesday, hours before the miner announced a $39 billion bid by rival BHP Group , raising questions from some lawyers, investors and commentators about possible leaks.

Read more
25 Apr 2024 15:49

UK shareholder meetings calendar - next 7 days

Friday 26 April 
Bellevue Healthcare Trust PLC AGM
Kingspan Group PLCAGM
Me Group International PLCAGM
Pearson PLCAGM
Senior PLCAGM
Smurfit Kappa Group PLCAGM
Monday 29 April 
Goldstone Resources LtdAGM
Hydrogen Future Industries PLCAGM
JPMorgan Claverhouse Investment Trust PLCAGM
KR1 PLCEGM re buying up to 15% of shares in issue
Ocado Group PLCAGM
Secured Property Developments PLCGM re name change to Mollyroe PLC
Symphony International Holdings LtdAGM
Tuesday 30 April 
Amigo Holdings PLCGM re capital raise
Anglo American PLCAGM
BBGI Global Infrastructure SAAGM
CVC Income & Growth LtdAGM
Elementis PLCAGM
Minoan Group PLCAGM
Pebble Group PLCAGM
Robert Walters PLCAGM
Rotork PLCAGM
Wednesday 1 May 
Alfa Financial Software Holdings PLCAGM
Alpha Group International PLCAGM
AVI Japan Opportunity Trust PLCAGM
Domino's Pizza Group PLCAGM
Electric Guitar PLCGM re reverse takeover of 3radical
Flutter Entertainment PLCAGM including vote on primary listing move to New York
Glanbia PLCAGM
Jade Road Investments LtdAGM
Johnson Service Group PLCAGM
Smith & Nephew PLCAGM
Spirent Communications PLCAGM
STV Group PLCAGM
Tritax Big Box REIT PLCAGM
Unilever PLCAGM
Witan Investment Trust PLCAGM
Thursday 2 May 
AIB Group PLCAGM + EGM re proposed buyback of shares from Irish government
Aviva PLCAGM
Ecora Resources PLCAGM
Enwell Energy PLCAGM
F&C Investment Trust PLCAGM
Glenveagh Properties PLCAGM
Grafton Group PLCAGM
Gran Tierra Energy IncAGM
Howden Joinery Group PLCAGM
ITV PLCAGM
Kerry Group PLCAGM
Melrose Industries PLCAGM
Moneysupermarket.com Group PLCAGM
Personal Group Holdings PLCAGM
Reach PLCAGM
Reckitt Benckiser Group PLCAGM
Revolution Bars Group PLCGM re fundraising
Rio Tinto PLCAGM
SIG PLCAGM
UK Commercial Property REIT PLCGM re merger with Tritax Big Box REIT PLC
Ultimate Products PLCGM re share buyback programme
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

Read more
24 Apr 2024 15:09

London close: Stocks finish weaker after earlier gains

(Sharecast News) - London markets closed the day weaker on Wednesday, reversing earlier gains as Wall Street stocks opened lower, although mining stocks remained above the waterline.

Read more
23 Apr 2024 16:55

LONDON MARKET CLOSE: FTSE 100 gains pared after hitting record high

(Alliance News) - European equities ended higher on Tuesday, with the FTSE 100 hitting its best level, before succumbing to some selling pressure in afternoon dealings.

Read more
23 Apr 2024 15:19

Europe close: Stocks rise as investors digest PMI data

(Sharecast News) - European markets closed above the waterline on Tuesday, propelled by positive survey data from the eurozone that bolstered investor sentiment.

Read more
23 Apr 2024 01:34

Rio Tinto, Eramet and LG Energy seek to develop lithium extraction tech for Chile

SANTIAGO, April 22 (Reuters) - Miners Rio Tinto and Eramet as well as battery maker LG Energy were among 30 companies that submitted proposals to develop lithium extraction technology for a Chilean salt flat in early stages of exploration, state-run mining body ENAMI said on Monday.

Read more
18 Apr 2024 13:52

IN BRIEF: Anglesey Mining appoints Robert Marsden as new CEO from May

Anglesey Mining PLC - Mining company with operations in Wales, Sweden and Canada - Appoints Robert Marsden as new chief executive officer from May 1. He is a mining engineer with 29 years of international experience and held technical, operational and management roles at Rio Tinto PLC for 18 years. Interim Chair Andrew King says: "Having already spent some time with him at Parys Mountain, it is clear Rob has the skillset to oversee the evolution and development of Parys Mountain and, like us, he is enthused by the latest drilling results and grade continuity. As we await the assay results for drill hole NCZ003, I am very much looking forward to his input and perspective as we seek to progress both this project and the company more generally in the future." Marsden succeeds Jonathan Battershill, who retired from his role at the end of 2023 but continues on the board of the company as non-executive director.

Read more
18 Apr 2024 09:43

LONDON BROKER RATINGS: HSBC likes Haleon, cuts Flutter to 'hold'

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning and Wednesday:

Read more
17 Apr 2024 17:19

UK's FTSE 100 gains as miners shine

UK inflation slows less than expected to 3.2%

*

Read more
17 Apr 2024 16:57

LONDON MARKET CLOSE: FTSE 100 shrugs off UK inflation, hawkish US Fed

(Alliance News) - Stock prices in London closed largely up on Wednesday, despite hotter-than-expected UK inflation data and more hawkish words from the US Federal Reserve.

Read more
17 Apr 2024 16:34

London close: Stocks mixed as bargain hunters pick over FTSE 100

(Sharecast News) - London stocks showed a mixed performance by the close on Wednesday, with the top-flight index in the green as investors hunted for bargains after its four-week low on Tuesday.

Read more
17 Apr 2024 12:05

LONDON MARKET MIDDAY: Stocks rediscover poise after UK inflation data

(Alliance News) - Stock prices in London were higher on Wednesday, shaking off a hotter-than-expected UK consumer price index reading, and a warning from Federal Reserve Chair Jerome Powell on the fight to contain inflation in the US.

Read more
17 Apr 2024 09:33

LONDON BROKER RATINGS: BofA cuts Ashmore; JPMorgan lifts Fresnillo

(Alliance News) - The following London-listed shares received analyst recommendations Wednesday morning and Tuesday:

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.