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Rhodes Ridge JV to conduct Australian iron ore study

  • Market: Metals
  • 16/12/25

The Rhodes Ridge joint venture, made up of UK-Australian producer Rio Tinto, Japanese producer Mitsui and Australian investor AMB, will conduct a feasibility study for the 40mn–50mn t/yr Rhodes Ridge iron ore mine in Western Australia.

The joint venture expects to complete its Rhodes Ridge feasibility study in 2029, with first ore by 2030, Rio Tinto said on 15 December. It will also spend $146mn on exploration to support the project, Rio Tinto added.

Rhodes Ridge forms part of Rio Tinto's suite of mine replacement projects, which will help the producer offset production losses from older sites.

Rio Tinto-led joint venture Robe River will invest $733mn to maintain production at its 35mn t/yr West Angelas mine. It also bought Australian producer CZR Resources' developing Robe Mesa project for A$70mn ($46mn) in September.

Rio Tinto will similarly lift the capacity of its Brockman and Hope Downs projects by 34mn t/yr and 31mn t/yr, respectively, it previously announced.

Rio Tinto announced the joint venture's Rhodes Ridge study just weeks after it opened the 60mn t/yr Simandou mine in Guinea. It plans to sell 5mn–6mn t of ore from the high-grade iron ore complex in 2026, the company told investors on 4 December.

Rio Tinto also set its Australian 2026 sales guidance at 323mn–338mn, unchanged from its 2025 guidance, despite expecting 11mn t of Pilbara ore depletion.

Argus' iron ore fines 61pc Fe (ICX) cfr Qingdao price has been rising over the last six months. It was last assessed at $101.05/t on 15 December, up from $90.85/t on 16 June.

By Avinash Govind

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21/04/26

Rio Tinto posts higher iron ore output in Jan-Mar

Rio Tinto posts higher iron ore output in Jan-Mar

Sydney, 21 April (Argus) — The crisis in the Middle East has yet to impact UK-Australian miner Rio Tinto's cost guidance, while iron ore output rose on the year, the firm said today in its January-March results. The company produced 82.8mn t in the quarter ( see table ), up by 12pc from a year earlier. Pilbara output was at 78.8mn t, up by 13pc from January-March 2025. Rio Tinto missed 13mn t of iron ore shipments in January-March 2025 because one of its railcar dumpers at the port of Dampier was flooded during Cyclone Sean. The firm's 2025 volumes of iron ore fell slightly on the year, because of weather-related disruptions early in the year . Tropical cyclones impacted its Pilbara shipments by about 8mn t this year , and around half is expected to be recovered, Rio Tinto said. Sales rose by 2pc to 75.7mn t, while the firm's full-year guidance for 2026 is unchanged at 343mn-366mn t. First sales for Rio Tinto's Simandou operation in Guinea occurred this month, including the first spot cargo . Production was 600,000t for the quarter. On the demand side, China's crude steel and pig iron production dipped by 1pc compared to the previous year, but other nations' output was up 1pc for January-February, before the US-Iran war disrupted this recovery. Cost guidance unchanged Rio Tinto uses about 28,000 b/d of gasoil, two-thirds at its Pilbara iron ore mine. Its 2026 cost guidance of $23.50-$25/wet metric tonne would not change despite rising fuel prices, the firm said. But energy costs are rising on the iron ore cost curve for higher-cost suppliers whose cost base is typically more sensitive to the gasoil price, Rio Tinto said. Each $10/bl movement in oil prices is expected to raise Pilbara iron ore unit costs by around $0.15/t from May. By Tom Major and Lawrence Wen Rio Tinto iron ore results mn t Jan-Mar '26 Jan-Mar '25 y-o-y ± % Global iron ore production (100% basis) 82.8 73.9 12 Pillbara operations Pilbara Blend and SP10 Lump 22.3 19.4 15 Pilbara Blend and SP10 Fines 31.5 27.9 13 Robe Valley Lump 1.5 1.5 0 Robe Valley Fines 2.1 2 4 Yandicoogina Fines (HIY) 10.4 9.4 11 Total Pilbara production 67.8 60 13 Total Pillbara production (100% basis) 78.8 69.7 13 —Rio Tinto Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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News

Japan to boost recycled materials supply

21/04/26
News
21/04/26

Japan to boost recycled materials supply

Tokyo, 21 April (Argus) — The Japanese government has adopted a circular economy action plan to strengthen recycling of critical minerals, metals and plastics, aiming to expand domestic supply of recycled materials and reduce reliance on overseas resources, it announced today. The plan targets around ¥1 trillion ($7bn) in combined public and private investment by 2030, as Tokyo seeks to enhance economic security and industrial competitiveness. The government positions the shift to a circular economy as an urgent national priority that goes beyond environmental protection. In the metals sector, the plan sets targets for recycled material supply by 2030. It aims for recycled aluminium to account for around 40pc of domestic production of rolled aluminium products. Recycled sources are expected to make up about 30pc of domestically produced electrolytic copper, while around 30pc of materials used in rare earth-based permanent magnets will be supplied through recycling. For steel, the government will expand the availability of high-grade scrap used as feedstock for "green steel", which is produced with lower greenhouse gas emissions. Processing capacity to produce such high-quality scrap will be increased by around 2mn t/yr, while collection of scrap and industrial offcuts will also be strengthened. In plastics, Japan will promote the use of recycled materials to reduce dependence on imported feedstocks such as crude oil and naphtha. The government will require manufacturers to formulate and report usage plans, and will consider phased mandates on recycled content by the 2028 fiscal year. The plan also calls for strengthening recycling infrastructure, including investment in facilities and the development of AI-based sorting technologies to improve quality and reduce costs. It includes support for recycling hubs, networks, and processing, storage and smelting capacity. The move comes on the back of intensifying global competition for resources. Countries are increasingly seeking to secure not only primary resources but also recycled materials. China has tightened export controls on critical minerals while strengthening domestic recycling, and the EU has introduced stricter rules on exports of electronic scrap and expanded the use of recycled plastics. In rare earth supply chains, export controls by certain countries have raised concerns over supply stability, prompting Japan to accelerate efforts to secure domestic resources. The government will incorporate the plan into its upcoming growth strategy and basic policy on economic and fiscal management to be released this summer. By Fumito Nagase Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

Western Australia extends support for lithium producers

21/04/26
News
21/04/26

Western Australia extends support for lithium producers

Sydney, 21 April (Argus) — The state government of Western Australia (WA) will extend a 2024 measure to waive fees to support two lithium hydroxide producers. The A$30mn ($21.5mn) pledge to extend fee relief first introduced in 2024 will benefit major Chinese lithium producer Tianqi and Australia's Covalent Lithium until 31 December 2027, state mines minister David Michael said on 21 April, instead of the scheme's original expiry date at the end of this year. A$5mn will also be allocated by WA to develop standards for the reuse of lithium by-product in construction materials, reducing disposal costs. Tianqi commissioned a pilot operation at the phase 3 expansion project of its Talison Greenbushes spodumene mine in Australia in December 2025 . The phase 3 expansion increased total lithium concentrate capacity at Greenbushes, jointly owned with Australia's IGO and US specialty chemicals producer Albemarle, to 2.14mn t/yr from a previous 1.62mn t/yr. Covalent, a 50:50 joint venture backed by Australian conglomerate Wesfarmers and Chilean lithium producer SQM, has capacity to produce 50,000 t/yr at its Kwinana refinery . Kwinana, Australia's third lithium hydroxide refinery, began production in August last year. By Tom Major Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Markets underestimate US-Iran volatility shock: Citadel

20/04/26
News
20/04/26

Markets underestimate US-Iran volatility shock: Citadel

Lausanne, 20 April (Argus) — Commodity markets entered the US-Iran conflict with a fairly high level of escalation risk already priced in, but still sharply underestimated the volatility shock that followed, Citadel's head of commodities Sebastian Barrack said at the FT Commodities Global Summit in Lausanne today. In the run-up to the conflict, market estimates put the probability of a disruptive event at around 50-70pc, Barrack said. He said markets had done "a pretty good job" of pricing the range of likely outcomes before the conflict began, but failed to price volatility adequately. Oil and gas volatility rose by about 300pc in the first weeks of the conflict, far above levels implied beforehand. Barrack contrasted the episode with the market shock that followed Russia's invasion of Ukraine in 2022. At that time, gas volatility surged by around 500pc and margin requirements jumped roughly 15-fold, placing severe strain on trading firms and forcing some participants to cut positions because they could not finance them. This time, the sector entered the crisis in a stronger financial position, with larger capital buffers and more robust funding lines following the windfall profits of recent years, he said. Cash-futures disconnect not unusual Barrack rejected suggestions that futures markets had become detached from physical fundamentals, arguing instead that divergences between cash and futures prices reflect different parts of the market solving different problems. Cash markets — particularly in Asia — have shown stress more directly, he said. Futures markets, by contrast, increasingly reflect assumptions that the disruption will eventually ease and that deferred supply will return. Longer-dated prices are also being anchored by producer hedging, especially in the US, where sellers have taken advantage of high prices to lock in margins. The distinction matters beyond energy. Similar tensions between tight physical supply and forward pricing have emerged across metals markets in 2026, increasingly forcing investors to separate near-term supply stress from expectations of medium-term rebalancing. Barrack also said the surge in real-time information through social media has changed how traders process events. Market-moving remarks from US president Donald Trump and other political leaders have accelerated price reactions, but this has not reduced the need for detailed analysis of physical flows, inventory responses and the mechanics of supply disruption, he said. Politicians better prepared Barrack said policymakers now have a much stronger grasp of commodity market mechanics than they did during the 2022 energy crisis. Governments, caught behind the curve four years ago, have since developed closer links with industry participants and improved their understanding of how physical shortages are resolved through demand destruction, stockdraws and policy responses, he said. One area where policymakers may still lag market participants is in identifying changes in physical flows in real time, Barrack added, particularly when supply chains begin to adjust rapidly following a shock. By Raghav Jain Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

Glencore's S Africa FeCr output to rise on energy deal

20/04/26
News
20/04/26

Glencore's S Africa FeCr output to rise on energy deal

London, 20 April (Argus) — Glencore will restart ferro-chrome production at its shuttered South African operations after energy provider Eskom guaranteed it energy tariff relief, Glencore Ferroalloys chief executive Japie Fullard told Argus on the sidelines of the International Chromium Development Conference. Eskom announced on 10 April that it had submitted an energy tariff of 0.62 South African cents/kWh (4¢/kWh) for the Glencore Merafe Chrome Venture and Samancor Chrome to energy regulator Nersa. The tariff of 62 cents/kWh follows a decrease to 87.44 cents/kWh effective from 1 January 2026 for the two South African ferro-chrome producers. Glencore-Merafe said on 10 April that it had "provisionally accepted" the proposed tariff, subject to certain clarifications and conditions. The announcement came as South African ferro-chrome smelting looked to be on the brink of total collapse because of high energy costs that account for 30-40pc of the cost of production for South African producers. Samancor and [Glencore-Merafe)[https://metals.argusmedia.com/newsandanalysis/article/2810909] signalled moves towards major retrenchments as high energy prices made competition with Chinese ferro-chrome producers challenging. Production at both companies plunged last year. In the 10 April statement, Glencore confirmed that it had delayed its retrenchment process to 11 May 2026, to give time for Nersa to approve the new tariff. New tariff necessary for FeCr survival Glencore announced that it restarted its Lion Smelter on 18 February after receiving the interim electricity tariff of 87.74 cents/kWh. It was able to restart Lion because it is comparatively technologically advanced and has a lower cost of production than Glencore's other South African smelters, Fullard said. But at the interim electricity tariff rate, the company would not be able to avoid retrenchments at its other operations. The new lower tariff rate means that the other operations will not produce at a loss. "The 62 [cents/kWh] will actually give us just a breakeven," Fullard said. "If we put in the 62 power cost and we put in the chrome cost at market, we don't make money out of ferro-chrome but we keep our people in jobs." Samancor and Glencore together produced about 1mn t of ferro-chrome in 2025. With the new deal, the two could produce as much as 4.5mn t/yr, Fullard said. Part of the agreement with Eskom includes upside-sharing. Eskom will receive a share of profits if the global market landscape shifts and profitability increases for Glencore. "Even if we make money, and let's say that we do because of market dynamics, we are 100pc willing to share a profit with [Eskom]," Fullard said. "Then they are in a better position than where they are now." Fullard emphasised Glencore's intention to be a driver of South Africa's beneficiation activities rather than exclusively export mineral resources and become a price taker, even though simply exporting chrome ore is significantly more profitable for the company. "The only reason why we wanted the 62 cents is to beneficiate in South Africa. I still believe that if we still have ferro-chrome in South Africa, it means we have a competitive advantage," Fullard said. Fullard pushed back against critics who say that the lower cost for Glencore and Samancor will come at a cost to the ordinary energy consumer. The difference from the previous price to the new tariff price will be picked up by Eskom, rather than the consumer, he said. Ferro-chrome smelting provides reliable revenues for Eskom. Glencore and Samancor use about 10 terawatt hours of electricity a year. At the 62 cents/kWh electricity tariff, this translates to approximately 6.2bn rand in revenue for Eskom. If smelting operations were to halt, Eskom would receive none of that revenue but would have the same amount of energy in the grid and be forced to load-shed. "That's why it was important for us, in the terms and conditions, to lock in a certain time period — so that Eskom has surety of supply," Fullard said. Eskom has committed to a five-year tariff. Investment key for competitiveness Fullard highlighted what he sees as the need for South Africa to recalibrate its energy system to support long-term industrial growth. Glencore is pushing for the nation's energy system to move towards an independent power producer concept where a diverse range of suppliers can generate via solar, hydrogen and other sources and bring that electricity to the grid. "We are actually working with Eskom on this because that is the only real solution," Fullard said. Maintaining South African ferro-chrome production will also require significant private investment in technological development. At the 62 cents/kWh tariff, South Africa becomes competitive with China. But if Chinese energy costs fall further because of investment in the country's domestic energy, Glencore will once again be uncompetitive. "We need to go aggressively and look at alternative technologies," Fullard said. By Maeve Flaherty Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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