Press Release
Rhodes Ridge State Agreement protects joint venture rights
18 June 2008
Rio Tinto said today the joint venture partners in the Rhodes Ridge Joint Venture were in full compliance with the terms of their tenure and the Rhodes Ridge State Agreement Act (1972).
In what appears to be an attempt to undermine security of land tenure conferred by a Western Australian State Agreement, junior company Cazaly Resources has called into question the rights held by the Rhodes Ridge Joint Venture through the Rhodes Ridge State Agreement Act (1972).
Chief Executive of Rio Tinto Iron Ore Sam Walsh said, “The joint venture partners are in full compliance with the terms of tenure of the State Agreement. The rights of occupancy are valid and the ground is not available for mining by third parties”.
“Right now, we have drill rigs working at Rhodes Ridge deposits, in preparation for future operations,” Mr Walsh said.
The Western Australia Minister for State Development’s decision to extend the tenure to 31 December 2008 was approved by the Governor-in-Council on 18 December 2007 and was gazetted on 4 January 2008.
“These facts are beyond question,” Mr Walsh said.
“The Rhodes Ridge project is critical to our development plans in any case and particularly as we move from producing 320 million tonnes a year by 2012 to 420 million tonnes per annum from our Pilbara province.”
Since 2003, Rio Tinto has spent or committed to spend more than US.5 billion on iron ore projects in the Pilbara and plans to continue with mine expansions and new mine developments.
Mr Walsh said, “Certainty of land tenure in Western Australia is fundamental to this scale of investment, which is what the State Agreement provides for in this case”.
The joint venture partners are Hamersley Resources Ltd, Hancock Prospecting Pty Ltd and Wright Prospecting Pty Ltd. The Rhodes Ridge project, managed by Rio Tinto, is situated east of Rio Tinto’s West Angelas operations and south of Hope Downs.
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