Richards Bay Minerals – Zulti South project, South Africa – update
Name of the Project
Richards Bay Minerals (RBM) – Zulti South project.
Location
KwaZulu-Natal, South Africa.
Project Owner/s
Rio Tinto and RBM.
Project Description
The Zulti North orebody grade is declining, with the Zulti South mine consequently required to maintain the output of high-margin zircon and rutile, and provide sufficient ore to support titanium dioxide sales.
Phase 1 of the Zulti South mine will underpin RBM’s supply of zircon and ilmenite over the life-of-mine.
Potential Job Creation
Not stated.
Net Present Value/Internal Rate of Return
The project is expected to deliver an internal rate of return of 24% (Rio Tinto’s share).
Capital Expenditure
The project is estimated at $463-million (Rio Tinto’s share is $343-million). The investment will be fully self-funded from RBM’s cash flows, with no additional debt or recourse to Rio Tinto.
Planned Start/End Date
Construction began in the first half of 2019, but was then brought to a halt in December 2019 amid community unrest.
Latest Developments
Rio Tinto has reported in its results of the six months ended June 30, 2022, that the Zulti South project remains on full suspension.
Key Contracts, Suppliers and Consultants
None stated.
Contact Details for Project Information
Rio Tinto investors relations (UK) John Smelt, tel +44 20 7781 1654.
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