Rio Tinto Reports Significant Increase To Hunter Valley Coal Reserve

(RTTNews) - Mining giant Rio Tinto plc (RTPPF.PK, RIO.L, RIO, RTNTF.PK) Friday announced that Rio Tinto Coal Australia has declared a significant increase of its managed thermal coal reserves and resources in the Hunter Valley of New South Wales, Australia, compared to the previous estimates.

The company noted that ore reserves increased by 546 million tonnes to 1877 million tonnes from 1331 million tonnes estimated previously.

Total mineral resources exclusive of ore reserves increased by 369 million tonnes, to 2718 million tonnes.

Rio Tinto Coal Australia managing director Chris Salisbury said, "An extensive drilling program over many decades means we have high confidence in our increased understanding of our coal assets and their quality, which is characterised by shallow, thick seams with little geological faulting. This discovery of greater coal reserves and resources is the result of more than a year's work and forms part of our wider efforts to deliver greater value to our shareholders. We continue to examine our asset base for further opportunities."