Daily iron ore price update (Rio keeps digging)

by Chris Becker

The iron ore complex reopened over the weekend with modest upticks on both spot and futures prices, although rebar finally slowed down a little:

Meanwhile, Rio Tinto is still digging away with a big project announced yesterday for Monadelphous and Lycopodium, who’ve been contracted to design and construct Rio’s Western Turner Syncline Phase 2 mine near Tom Price. From The Age:

Rio Tinto ticked off on the $1 billion project in November 2019. It will include mining of existing and new deposits and the construction of a new crusher, as well as a 13-kilometre conveyor.

Rio Tinto Iron Ore chief executive Chris Salisbury has previously said the WTSP2 mine would not increase overall production, but rather sustain the company’s operations in the greater Tom Price area.

The work will start this quarter and is expected to create 450 jobs. Completion is scheduled for next year.

Monadelphous and Lycopodium formed the Mondium joint venture in 2016 to target the mining sector.

Mondium is involved in several lithium projects, including a chemical plant and tailings retreatment project at the Talison Greenbushes mine in WA’s south west.

Mr Salisbury said the company had several development projects in the pipeline that would provide opportunities for local companies.

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