REG - Rio Tinto - Third quarter production results
16/10/2024 07:00
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RNS Number : 3244I Rio Tinto PLC 16 October 2024
Rio Tinto releases third quarter production results
16 October 2024
Rio Tinto Chief Executive Jakob Stausholm said: "We continue to strengthen our
operations, with the roll-out of the Safe Production System delivering
consistent production at our Pilbara iron ore business and a step change from
our Australian bauxite mines. We are building on this, with more work to do
across our global portfolio.
"We progressed our major projects to deliver profitable organic growth. We are
on track for first production from our Simandou high-grade iron ore project
next year and first lithium from the Rincon starter plant by the end of this
year. Meanwhile the ramp-up of copper production continues at the Oyu Tolgoi
underground mine.
"We announced the acquisition of Arcadium Lithium, bringing a world-class
lithium business alongside our leading aluminium and copper operations to
supply materials needed for the energy transition. This is aligned with our
strategy and our disciplined capital allocation framework, increasing our
exposure to a high-growth, attractive market at the right point in the cycle.
"The decarbonisation of our business remains a priority and is progressing
well. We took another important step in securing a long-term future for the
Boyne Smelter, announcing a partnership with the Queensland Government to
support investment in renewable energy projects.
"Our long-term pathway to deliver profitable growth and create shareholder
value remains clear, as we progress our business in line with our four
objectives."
Production(1) Q3 vs Q3 vs Q2 9 MTHS vs 9 MTHS
2023
2024
2024 2024 2023
Pilbara iron ore shipments (100% basis) Mt 84.5 +1% +5% 242.9 -1%
Pilbara iron ore production (100% basis) Mt 84.1 +1% +6% 241.5 -1%
Bauxite Mt 15.1 +8% +3% 43.2 +9%
Aluminium(2) kt 809 -2% -2% 2,459 +1%
Mined copper (consolidated basis) kt 168 -1% -2% 495 +8%
Titanium dioxide slag kt 263 +7% +11% 755 -10%
IOC(3) iron ore pellets and concentrate Mt 2.1 -11% -3% 6.9 -1%
(1) Rio Tinto share unless otherwise stated.
(2) Includes primary aluminium only.
(3) Iron Ore Company of Canada.
Q3 2024 operational highlights and other key announcements
• Our all injury frequency rate (AIFR) for the third quarter was
0.40, an increase from the second quarter of this year (0.31) and the third
quarter of 2023 (0.35). We continue to prioritise learning from safety
incidents to improve the effectiveness of our critical controls. The health,
safety and wellbeing of our people and partners remains at the heart of
everything we do.
• We are on track to deliver our ambition to grow overall copper
equivalent production (based on long-term consensus pricing) by around 3% of
compound annual growth from 2024 to 2028 from our existing portfolio and
projects already in execution.
• In the Pilbara, we produced 84.1 million tonnes (Rio Tinto share
71.0 million tonnes) in the third quarter, 1% higher than the corresponding
period of 2023. Productivity gains continue to offset ore depletion. Shipments
of 84.5 million tonnes (Rio Tinto share 72.5 million tonnes) were also 1%
higher than the third quarter of 2023.
• Bauxite production of 15.1 million tonnes was 8% higher than the
third quarter of 2023. The improvement continues to be driven by higher plant
availability and utilisation rates owing to the implementation of the Safe
Production System, especially at our Amrun mine at Weipa, which is operating
above nameplate capacity.
• Aluminium production of 0.8 million tonnes was 2% lower than the
third quarter of 2023. Production at our New Zealand Aluminium Smelter (NZAS)
was impacted by a call from Meridian Energy to reduce its electricity usage by
185 MW from early August. The call for reduced usage, for which we are
compensated, has now ended and the smelter ramp-up commenced in late
September. The ramp-up is expected to run through to the second quarter of
2025.
• Mined copper production of 168 thousand tonnes (consolidated
basis) was 1% lower than the third quarter of 2023.
◦ Kennecott was 44% lower than the third quarter of 2023. As we
identified in our second quarter operations review, highwall movement was
monitored along two major faults during that period. This movement has
limited our ability to access the primary ore face on the south wall and is
increasing the need to supplement feed to the concentrator with lower grade
stockpile ore, impacting mined copper production by approximately 50 thousand
tonnes in 2024. A group of experts, both internal and external, reworked
Kennecott's mine plan and the results were assessed during the quarter. The
highwall movement will continue to restrict ore deliveries from the primary
ore face and impact mined copper production in 2025 and 2026. We are working
through this change in mining sequence and will provide a further update at
our Investor Seminar in December.
◦ Escondida was 15% higher than the third quarter of 2023 due to
higher ore grades being fed to the concentrators (1.00% versus 0.85%) in line
with the mining sequence, together with increased recovery.
◦ Oyu Tolgoi was 19% higher than the third quarter of 2023 due to
the ramp-up in production and higher grade from the underground mine. However,
production was 5% lower than the previous quarter mainly due to planned
maintenance at the concentrator and adverse weather impacting open pit
operations. Production from the underground mine was marginally impacted by a
minor delay to the start of commissioning of the conveyor to surface, with
first ore on belt now expected in the second half of October. The underground
mine delivered a copper head grade of 2.05% (vs 1.73% in the third quarter of
2023) with an overall copper head grade of 0.67% (vs 0.52%).
• Titanium dioxide slag production was 7% higher than the third
quarter of 2023 due to improved smelter stability and performance. A furnace
reconstruction continues at our RTIT Quebec Operations, and we continue to
operate six out of nine furnaces in Quebec and three out of four at Richards
Bay Minerals (RBM).
• IOC production was 11% lower than the third quarter of 2023 due to
an 11-day site-wide shutdown following forest fires in mid-July. This resulted
in a revised mine plan and maintenance schedule, leading to a reduction in our
full year iron ore pellets and concentrate production guidance to 9.1 to 9.6
million tonnes (previously 9.8 to 11.5 million tonnes).
• In the third quarter, deployment of the Safe Production System
(SPS) continued, now reaching 28 sites (an increase of two from the second
quarter). We continue to deepen the maturity of SPS and are on track to
deliver a 5 million tonne year-on-year production uplift at Pilbara Iron Ore.
• On 17 July, we announced
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-appoints-new-copper-chief-executive)
the appointment of Katie Jackson to lead the Copper business, succeeding Bold
Baatar, who as of 1 September, has moved to the role of Chief Commercial
Officer.
• We hosted
(https://www.riotinto.com/en/news/releases/2024/financial-community-visit-to-north-american-operations)
a site visit for the financial community to our Aluminium and Iron &
Titanium operations in Quebec, Canada during September. In the management
presentation
(https://www.riotinto.com/en/invest/presentations/2024/north-america-site-visit-2024)
, we set out a clear pathway to raise both the EBITDA margin and Return on
Capital Employed (ROCE) for our Aluminium business by five percentage points
by 2030. We also set out a targeted increase in ROCE at our Iron &
Titanium business of nine percentage points by 2030 and a pathway to reach
concentrate capacity of 23 million tonnes (100% basis) of high-grade iron ore
at IOC. Presentations by management also covered technology, decarbonisation
and markets.
• Subsequent to the end of the quarter, we announced
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-to-acquire-arcadium-lithium)
a definitive agreement to acquire Arcadium Lithium plc (Arcadium) in an
all-cash transaction for US$5.85 per share. This transaction will bring
Arcadium's world-class, complementary lithium business into our portfolio,
establishing a global leader in energy transition commodities. Subject to
satisfaction of the outstanding conditions, the transaction is expected to
close in mid-2025.
All figures in this report are unaudited. All currency figures in this report
are US dollars, and comments refer to Rio Tinto's share of production, unless
otherwise stated.
( )
2024 guidance
Rio Tinto production share, unless otherwise stated 2023 Actuals 2024 Sept YTD 2024 2024
Previous Current
Pilbara iron ore (shipments, 100% basis) (Mt) 331.8 242.9 323 to 338 Unchanged
Bauxite (Mt) 54.6 43.2 53 to 56(1) Unchanged
Alumina (Mt) 7.5 5.3 7.0 to 7.3 Unchanged
Aluminium (Mt) 3.3 2.5 3.2 to 3.4 Unchanged
Mined copper (consolidated basis) (kt) 620 494.7 660 to 720(2) Unchanged
Refined copper (kt) 175 179.6 230 to 260 Unchanged
Titanium dioxide slag (Mt) 1.1 0.8 0.9 to 1.1 Unchanged
IOC(3) iron ore pellets and concentrate (Mt) 9.7 6.9 9.8 to 11.5 9.1 to 9.6
Boric oxide equivalent (Mt) 0.5 0.4 ~0.5 Unchanged
(1) Around the top end.
(2) Around the bottom end.
(3) Iron Ore Company of Canada continues to be reported at Rio Tinto share.
• Guidance for 2024 IOC iron ore pellets and concentrate production
has been reduced to 9.1 to 9.6 million tonnes (previously 9.8 to 11.5 million
tonnes) following an 11 day site-wide shutdown due to forest fires in
mid-July.
• Expectations for Pilbara iron ore shipments in 2024 remain at 323
to 338 million tonnes. SP10 levels are expected to remain elevated until
replacement projects are delivered. This guidance remains subject to the
timing of approvals for planned mining areas and heritage clearances.
• Iron ore shipments and bauxite production guidance remain subject
to weather impacts.
Operating costs
• 2024 Pilbara iron ore unit cash costs are expected to be in the
upper half of our $21.75 to $23.50 per tonne guidance (based on an average
A$:US$ exchange rate of 0.66). This is due to inflation being at the higher
end of our expectations.
• Guidance for 2024 copper C1 unit costs is unchanged at 140 to 160
US cents/lb.
( )
( )
Investments, growth and development projects
• Pre-tax and pre-divestment expenditure on exploration and
evaluation charged to the profit and loss account in the first nine months of
2024 was $692 million, compared with $613 million in the first nine months of
2023 (excluding Simandou). Approximately 24% of the spend was by central
exploration, 30% by Minerals (with the majority focusing on lithium), 31% by
Copper, 14% by Iron Ore and 1% by Aluminium. In 2024, all qualifying
expenditure relating to Simandou is being capitalised. Qualifying expenditure
on the Rincon project has been capitalised since 1 July 2024.
Pilbara projects
• Construction of our Western Range mine is now 80% complete. During
the quarter, we finalised commissioning of the autonomous haul trucks and
completed the Paraburdoo upgrade works. We continue to focus on construction
of the greenfield crushing and screening plant and Paraburdoo plant tie-in,
with first ore from that new system on plan for 2025.
• We continue to advance our next tranche of Pilbara mine
replacement studies including Hope Downs (Hope Downs 2 and Bedded Hilltop),
Brockman 4 (Brockman Syncline 1), Greater Nammuldi and West Angelas projects.
During the quarter, funding approval for full execution was obtained for the
Hope Downs replacement project and the environmental and heritage approvals
are progressing. Project timelines remain subject to timing of approvals and
heritage clearances with the Greater Nammuldi project remaining divergent from
the original development schedule.
• The Rhodes Ridge pre-feasibility study, which is targeting an
initial capacity of up to 40 million tonnes per year, subject to relevant
approvals, remains on track to be completed in 2025. First ore is expected by
the end of the decade.
• Early works at our Coastal Water desalination project have
commenced, with mobilisation of the earthworks contractor. The $395 million
plant will provide water to our port operations in Dampier. At full capacity,
it will produce approximately 4GL/year to reduce draw from the Bungaroo
aquifer to sustainable levels. We are assessing a further phase of the
project.
• We are progressing engineering works for the replacement of all
three of the bucketwheel reclaimers and associated infrastructure within the
Parker Point Stockyard at our Dampier Port. Commissioning of all replacement
reclaimers is planned to be completed by the first half of 2029.
Oyu Tolgoi underground project
• Ventilation Shafts 3 and 4 were commissioned during the quarter
with fresh air now being drawn into the underground mine.
• Construction work on the conveyor to surface was 98% complete at
the end of the quarter and, after a minor delay to the start of the
commissioning, we expect first ore on the belt in the second half of October.
• Construction works for the concentrator conversion is ongoing.
Commissioning is expected to be progressively completed from the fourth
quarter of 2024 through to the second quarter of 2025.
• Construction of primary crusher 2 is progressing to plan and
remains on track to be completed by the end of 2025.
Simandou iron ore project
• As we reported in our Second Quarter Operations Review, all
conditions for Rio Tinto's investment to develop the Simandou high-grade iron
ore deposit in Guinea were satisfied
(https://www.riotinto.com/en/news/releases/2024/conditions-on-simandou-investment-now-satisfied)
, with the transaction closing in July.
• The Simfer mine(1) is on track to deliver first production in
2025, ramping up over 30 months to an annualised capacity of 60 million tonnes
per year(2) (27 million tonnes per year Rio Tinto share).
• For the Simfer mine, progress continues on plan, despite
productivity being impacted by wet weather during the quarter. Mine process
plant installation early works and non-process infrastructure contracts were
awarded during the period. First blasting activities on our mining concession
also took place. The two initial crushers required to produce first ore for
commissioning have arrived in Guinea.
• During the third quarter, a number of the critical milestones for
2024 have been achieved for the Simfer infrastructure scope. The laying of
sleepers and track has commenced, with progress expected to accelerate next
quarter with the arrival of track laying locomotives. For the bridge
construction works, we have completed the piers and commenced laying bridge
platforms. Tunnel excavation activity is now more than 50% complete and
activities at the port have advanced, with transhipment vessel (TSV) wharf
construction and car dumper excavation commencing.
• The current total workforce across all the Simfer scope of mine,
rail and port is 10,800 with 85% national Guinean participation.
Other key projects and exploration and evaluation
• At Complexe Jonquière in Quebec, the AP60 expansion project
remains on schedule. Construction activities progressed, with assembly of the
gas treatment centre commencing during the quarter. Once completed, the
project will add 96 new AP60 pots, increasing AP60 capacity by 160,000 tonnes
of primary aluminium per year by the end of 2026. This new capacity, in
addition to 30,000 tonnes of new recycling capacity at Arvida expected to open
in the fourth quarter of 2025, will offset the 170,000 tonnes of capacity lost
through the gradual closure of potrooms at the Arvida smelter from 2024.
• At Kennecott, activities continued on the North Rim Skarn (NRS)
underground development and infrastructure. Production from NRS is forecast to
commence in mid-2025, delivering around 250,000 tonnes through to 2033(3).
• At the Resolution Copper project in Arizona, the Apache Stronghold
filed a petition to the U.S. Supreme Court requesting to hear its case to stop
the land exchange between Resolution Copper and the federal government. The
San Carlos Apache Tribe also filed a second petition with the U.S. Supreme
Court, asking the Court to review a decision by the Arizona Supreme Court
regarding a water discharge permit issued to Resolution Copper by the State of
Arizona. We continue to progress the Final Environmental Impact Statement with
the United States Forest Service, but they have yet to advise on the date of
re-publication. We also advanced partnership discussions with
federally-recognised Native American Tribes. While there is significant local
support for the project, we respect the views of groups who oppose it and will
continue our efforts to address and mitigate concerns.
• We continue to work with the Traditional Owners to progress the
Winu copper-gold project, which remains subject to all of the required
approvals. Drilling, studies and fieldwork to advance the key environmental
permitting and Project Agreement negotiations with Nyangumarta and the Martu
remain our priority.
• Nuton, our copper heap leaching technology venture, continues to
develop its path towards deployment with ten partnerships in five countries:
United States, Mexico, Chile, Peru and Argentina.
• At the Rincon lithium project in Argentina, development of the
3,000 tonne per year lithium carbonate starter plant continues to progress,
with construction activities now over 70% complete. Commissioning of medium
and low voltage substations has commenced and we continue to expect first
production from the starter plant by the end of 2024. The feasibility study
for full-scale operation is nearing completion, with a final investment
decision expected in the fourth quarter of 2024. We continue to engage with
communities, the province of Salta and the Government of Argentina to ensure
an open and transparent dialogue with stakeholders about the works underway.
• We continue to believe that the Jadar project has the potential to
be a world-class lithium-borates asset that could act as a catalyst for the
development of other industries and thousands of jobs for current and future
generations in Serbia. The decision that allowed the reinstatement of the
spatial plan for the Jadar project by Serbia's Constitutional Court in July
has been followed by the application process for obtaining the Exploitation
Field Licence (EFL) being initiated, with a submission planned for December
2024. The EFL is essential for commencing fieldwork, including detailed
geotechnical investigations, while cultural heritage and environmental surveys
have resumed. The Environmental Impact Assessment process has also begun, with
scoping and content for the mine currently under public consultation. This
step formalises discussions through legally mandated consultations, which the
project supports, to encourage an open, fact-based dialogue.
(1) Simfer Jersey Limited is a joint venture between the Rio Tinto Group (53%)
and Chalco Iron Ore Holdings Ltd (CIOH) (47%), a Chinalco-led joint venture of
leading Chinese SOEs (Chinalco (75%), Baowu (20%), China Rail Construction
Corporation (2.5%) and China Harbour Engineering Company (2.5%)). Simfer S.A.
is the holder of the mining concession covering Simandou Blocks 3 & 4, and
is owned by the Guinean State (15%) and Simfer Jersey Limited (85%). Simfer
Infraco Guinée S.A.U. will deliver Simfer's scope of the co-developed rail
and port infrastructure, and is co-owned by Simfer Jersey (85%) and the
Guinean State (15%). Simfer Jersey will ultimately own 42.5% of Compagnie du
Transguinéen, which will own and operate the co-developed infrastructure
during operations.
(2) The estimated annualised capacity of approximately 60 million dry tonnes
per annum iron ore for the Simandou life of mine schedule was previously
reported in a release to the ASX dated 6 December 2023 titled "Investor
Seminar 2023". Rio Tinto confirms that all material assumptions underpinning
that production target and those production profiles continue to apply and
have not materially changed.
(3) The NRS production target of around 250 thousand tonnes of additional
mined copper over ten years (2023 to 2033) at Kennecott was previously
reported in a release to the Australian Securities Exchange (ASX) dated 20
June 2023 titled "Rio Tinto invests to strengthen copper supply in US". Rio
Tinto confirms that all material assumptions underpinning the production
targets continue to apply and have not materially changed.
(
)
Sustainability highlights
During the third quarter, we continued to work on implementation of the
remaining Everyday Respect recommendations. Aligned to the final
recommendation, Elizabeth Broderick & Co conducted their independent
progress review, visiting our sites and obtaining insight into the daily
experience of our people through facilitated listening groups and surveys. We
now await their final report and will make this publicly available during the
fourth quarter of 2024. Their findings will enable us to understand where we
have made progress in our cultural journey and where we need to focus to
continue our momentum in creating a safe, respectful and inclusive workplace.
As part of our commitment to contributing to nature positive outcomes globally
and supporting the energy transition, we published an updated position
statement on reform to Australia's Environment Protection and Biodiversity
Conservation Act 1999 (EPBC Act). We believe reform should deliver improved
outcomes for Australia's national environmental and culturally significant
places and species, and more efficient and effective approvals processes. The
full position statement can be found here
(https://www.riotinto.com/en/news/trending-topics/epbc-act-statement) .
Communities & Social Performance (CSP)
Rio Tinto assets undertook a range of community and social investment
activities focused on advancing community health and wellbeing, and conserving
and celebrating cultural heritage. Key highlights from the third quarter
include:
1 Jul
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-partners-with-pinkdrive-to-bring-health-screening-to-communities-)
y
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-partners-with-pinkdrive-to-bring-health-screening-to-communities-)
2024 | Rio Tinto partners with P
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-partners-with-pinkdrive-to-bring-health-screening-to-communities-)
ink
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-partners-with-pinkdrive-to-bring-health-screening-to-communities-)
Drive to bring health screening to
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-partners-with-pinkdrive-to-bring-health-screening-to-communities-)
communities
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-partners-with-pinkdrive-to-bring-health-screening-to-communities-)
3 Jul
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-builds-ten-hectares-of-park-in-the-heart-of-the-capital-city-of-mongolia)
y 2024 | Rio Tinto builds
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-builds-ten-hectares-of-park-in-the-heart-of-the-capital-city-of-mongolia)
10
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-builds-ten-hectares-of-park-in-the-heart-of-the-capital-city-of-mongolia)
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-builds-ten-hectares-of-park-in-the-heart-of-the-capital-city-of-mongolia)
h
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-builds-ten-hectares-of-park-in-the-heart-of-the-capital-city-of-mongolia)
ectares of park in the heart of the capital city of Mongolia
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-builds-ten-hectares-of-park-in-the-heart-of-the-capital-city-of-mongolia)
9 July 2024 | Launch and celebration of the AIATSIS Centre
(https://www.riotinto.com/en/news/releases/2024/launch-and-celebration-of-the-aiatsis-centre-for-australian-languages)
for A
(https://www.riotinto.com/en/news/releases/2024/launch-and-celebration-of-the-aiatsis-centre-for-australian-languages)
ustralian Languages
(https://www.riotinto.com/en/news/releases/2024/launch-and-celebration-of-the-aiatsis-centre-for-australian-languages)
10 July 2024 | Rio Tinto contributes A$40 million towards Paraburdoo and Tom
Price
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-contributes-a40-million-towards-paraburdoo-and-tom-price-hospitals)
Hospit
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-contributes-a40-million-towards-paraburdoo-and-tom-price-hospitals)
als
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-contributes-a40-million-towards-paraburdoo-and-tom-price-hospitals)
19 July 2024 | Rio Tinto IOC donates CAN$200,000 to support the
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-ioc-donates-can200000-to-support-the-people-and-communities-of-labrador-west)
people an
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-ioc-donates-can200000-to-support-the-people-and-communities-of-labrador-west)
d communities of Labrador West
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-ioc-donates-can200000-to-support-the-people-and-communities-of-labrador-west)
30 Aug 2024 | Rio Tinto IOC celebrates 70 years in the Labrador Trough
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-ioc-celebrates-70-years-in-the-labrador-trough)
16 Sept 2024 | Pilbara Aboriginal artists share cultural stories for the 19th
Colours of our Country exhibition
(https://www.riotinto.com/en/news/releases/2024/pilbara-aboriginal-artists-share-cultural-stories-for-the-19th-colours-of-our-country-exhibition)
Climate change, product stewardship and our value chain
On 15 August, we announced
(https://www.riotinto.com/en/news/releases/2024/queensland-government-and-rio-tinto-partnership-to-support-gladstones-boyne-smelters)
that we will work with the Queensland Government to safeguard a pillar of the
State's heavy industrial manufacturing base around Gladstone under a
partnership to support investment in renewable energy projects. The agreement
represents an important step towards securing a long-term future for
Australia's second-largest aluminium smelter, Boyne Smelters Limited (BSL),
and thousands of jobs in central Queensland supported by the operations. We
continue to engage with the Federal Government on supportive industrial policy
to help sustain Australia's green aluminium sector for the future.
This quarter, we also shared
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-launches-biofuel-crop-farming-trial-for-renewable-diesel-production-in-australia)
our project to develop Pongamia seed farms as part of a new biofuels pilot.
The pilot aims to determine if Pongamia seed oil can contribute to our
renewable diesel needs while potentially contributing to the growth of a new
biofuel sector in Australia. We are in the final stages of acquiring
approximately 3,000 hectares of cleared land near Townsville in northern
Queensland to establish farms to study growth conditions and measure seed oil
yields.
Further detail on these developments, and others during the quarter, is
provided in the links below:
2 July 2024 | Rio Tinto completes construction of its solar p
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-completes-construction-of-its-solar-power-plant-at-diavik-diamond-mine)
lant at Diavik Diamond Mine
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-completes-construction-of-its-solar-power-plant-at-diavik-diamond-mine)
3 July 2024 |
(https://www.riotinto.com/en/news/releases/2024/two-new-solar-farms-for-gove-peninsula-as-rio-tinto-works-to-secure-more-sustainable-power)
Two new solar farms for Gove Peninsula as Rio Tinto works to secure more
sustainable power
(https://www.riotinto.com/en/news/releases/2024/two-new-solar-farms-for-gove-peninsula-as-rio-tinto-works-to-secure-more-sustainable-power)
15 July 2024 | Ngarluma and Rio Tinto to progress renewable energy project
(https://www.riotinto.com/en/news/releases/2024/ngarluma-and-rio-tinto-to-progress-renewable-energy-project)
17 July
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-and-alteo-sign-agreement-for-the-remediation-of-the-gardanne-and-mange-garri-sites-)
20
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-and-alteo-sign-agreement-for-the-remediation-of-the-gardanne-and-mange-garri-sites-)
24
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-and-alteo-sign-agreement-for-the-remediation-of-the-gardanne-and-mange-garri-sites-)
| Rio Tinto and Alteo sign agreement for t
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-and-alteo-sign-agreement-for-the-remediation-of-the-gardanne-and-mange-garri-sites-)
h
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-and-alteo-sign-agreement-for-the-remediation-of-the-gardanne-and-mange-garri-sites-)
e
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-and-alteo-sign-agreement-for-the-remediation-of-the-gardanne-and-mange-garri-sites-)
remediation of the Gardanne and Mange-Garri sit
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-and-alteo-sign-agreement-for-the-remediation-of-the-gardanne-and-mange-garri-sites-)
es
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-and-alteo-sign-agreement-for-the-remediation-of-the-gardanne-and-mange-garri-sites-)
25 July
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-and-aymium-to-establish-biocarbon-joint-venture-in-qubec)
2024
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-and-aymium-to-establish-biocarbon-joint-venture-in-qubec)
| Rio Tinto and Aymium to esta
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-and-aymium-to-establish-biocarbon-joint-venture-in-qubec)
blish biocarbon joint venture in Qu
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-and-aymium-to-establish-biocarbon-joint-venture-in-qubec)
é
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-and-aymium-to-establish-biocarbon-joint-venture-in-qubec)
bec
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-and-aymium-to-establish-biocarbon-joint-venture-in-qubec)
1
(https://www.riotinto.com/en/news/releases/2024/queensland-government-and-rio-tinto-partnership-to-support-gladstones-boyne-smelters)
5 Aug
(https://www.riotinto.com/en/news/releases/2024/queensland-government-and-rio-tinto-partnership-to-support-gladstones-boyne-smelters)
2024
(https://www.riotinto.com/en/news/releases/2024/queensland-government-and-rio-tinto-partnership-to-support-gladstones-boyne-smelters)
|
(https://www.riotinto.com/en/news/releases/2024/queensland-government-and-rio-tinto-partnership-to-support-gladstones-boyne-smelters)
Queen
(https://www.riotinto.com/en/news/releases/2024/queensland-government-and-rio-tinto-partnership-to-support-gladstones-boyne-smelters)
s
(https://www.riotinto.com/en/news/releases/2024/queensland-government-and-rio-tinto-partnership-to-support-gladstones-boyne-smelters)
la
(https://www.riotinto.com/en/news/releases/2024/queensland-government-and-rio-tinto-partnership-to-support-gladstones-boyne-smelters)
nd Government and Rio Tinto
(https://www.riotinto.com/en/news/releases/2024/queensland-government-and-rio-tinto-partnership-to-support-gladstones-boyne-smelters)
pa
(https://www.riotinto.com/en/news/releases/2024/queensland-government-and-rio-tinto-partnership-to-support-gladstones-boyne-smelters)
rtnership to support Gladstone
(https://www.riotinto.com/en/news/releases/2024/queensland-government-and-rio-tinto-partnership-to-support-gladstones-boyne-smelters)
'
(https://www.riotinto.com/en/news/releases/2024/queensland-government-and-rio-tinto-partnership-to-support-gladstones-boyne-smelters)
s Boyne Sme
(https://www.riotinto.com/en/news/releases/2024/queensland-government-and-rio-tinto-partnership-to-support-gladstones-boyne-smelters)
lters
(https://www.riotinto.com/en/news/releases/2024/queensland-government-and-rio-tinto-partnership-to-support-gladstones-boyne-smelters)
9 Sept 2024 | Rio Tinto Kennecott par
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-kennecott-partners-with-janet-quinney-lawson-institute-for-land-water-and-air-to-strengthen-utahs-environment)
tners with Janet Quinney Lawson Institute for Land, Water, and Air to stre
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-kennecott-partners-with-janet-quinney-lawson-institute-for-land-water-and-air-to-strengthen-utahs-environment)
ngt
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-kennecott-partners-with-janet-quinney-lawson-institute-for-land-water-and-air-to-strengthen-utahs-environment)
h
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-kennecott-partners-with-janet-quinney-lawson-institute-for-land-water-and-air-to-strengthen-utahs-environment)
en Utah
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-kennecott-partners-with-janet-quinney-lawson-institute-for-land-water-and-air-to-strengthen-utahs-environment)
'
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-kennecott-partners-with-janet-quinney-lawson-institute-for-land-water-and-air-to-strengthen-utahs-environment)
s envi
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-kennecott-partners-with-janet-quinney-lawson-institute-for-land-water-and-air-to-strengthen-utahs-environment)
ronment
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-kennecott-partners-with-janet-quinney-lawson-institute-for-land-water-and-air-to-strengthen-utahs-environment)
18 Sept 2024 | Rio Tinto launches biofuel crop farming trial for renewable
diesel produc
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-launches-biofuel-crop-farming-trial-for-renewable-diesel-production-in-australia)
tion
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-launches-biofuel-crop-farming-trial-for-renewable-diesel-production-in-australia)
in Australia
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-launches-biofuel-crop-farming-trial-for-renewable-diesel-production-in-australia)
Our markets
The global economy is expected to grow moderately this year, similar to last
year, while industrial production is still on a gradual recovery. Market
sentiment improved in late September given a deeper-than-expected interest
rate cut by the US Federal Reserve, followed by the announcement of monetary
stimulus measures in China that signalled a reprioritisation on economic
growth. Geopolitical tensions and trade barriers remain near-term global
economic risks.
• China's economic recovery has been uneven, prompting more
government support to sustain growth. Manufacturing and exports have
outperformed, while the property market downturn continues, amidst concerns
over local government debt and low consumer confidence. As the economy
transitions from the property sector to new growth areas, future commodity
demand will turn more reliant on advanced manufacturing, including electric
vehicles, and power infrastructure (generation, transmission and distribution,
and storage).
• The US economy is settling into a sustainable pace of growth. The
labour market indicated that pay and job growth are slowing but strong
household balance sheets are providing support to consumer spending.
Manufacturing and housing activity was depressed but could benefit from the
onset of the Federal Reserve's interest rate cut cycle.
• The eurozone outlook continues to be uncertain, with uneven growth
across countries and consumption remaining subdued. The manufacturing PMI
during the quarter indicated that the recovery of the industrial sector is
slow, while sentiment indicators point to similar weakness, amidst cooling
wage growth and persistent services inflation.
• Iron ore prices increased by 1% over the quarter, while the
average monthly price in the third quarter of $99/dmt (Platts CFR 62% Fe
index) was 11% lower than the second quarter. In response to lower prices for
most of the period, supply from higher cost suppliers declined compared to the
previous quarter. There were headwinds to iron ore demand in the major steel
producing regions at the start of the quarter; however, Chinese demand
improved in September following completion of maintenance at steel mills. Iron
ore inventories at Chinese ports were flat, while China's steel exports fell
slightly during the quarter, but remained higher than a year ago.
• The LME aluminium price increased by 5% over the quarter, while
the average price decreased by 5% from the second quarter, to $2,382/t.
Ex-China, aluminium semi-fabricated shipments were broadly stable into the
third quarter. However, extrusions demand remained weak on low activity in the
construction sector. Firm demand for aluminium in the packaging sector
supported shipments of rolled aluminium products. Chinese aluminium production
rates are close to the capacity cap of ~45 million tonnes, while production
rates ex-China were lowered at the start of the third quarter. Overall, the
global market remained broadly balanced in the third quarter with inventories
at a low level compared to historical norms. Alumina prices were elevated over
the quarter given refinery disruptions ex-China, with the price trading at a
high ratio to the LME aluminium price. Sustained bauxite tightness supported
strong seaborne bauxite prices to China.
• The LME copper price increased by 3% over the quarter, while the
average price was down 6% quarter-on-quarter to $4.18/lb. Pent up demand in
China returned in the third quarter, as fabricators held back from buying amid
high prices in the previous quarter. Demand in the rest of world was mixed,
with strong performance in developed Asia offset by weakness in Europe.
Globally, exchange inventories remain up year-to-date but have started
declining since August, thanks to improved demand. Rate cuts in the US and
announced stimulus in China towards the end of the quarter helped boost
sentiment and led to a price rally. The copper concentrate market remains
tight as growth in smelting capacity significantly exceeds concentrate supply
growth, which is keeping spot treatment and refining charges (TCRCs) low.
• Lithium demand continues to grow with electric vehicle (EV) sales
rising 20% year on year over the first eight months despite
slower-than-expected uptake from Europe and the US. On the supply side,
projects continue to develop, while some closures in Australia and China have
also been announced given soft prices, which continued to fall over the third
quarter. Market fundamentals for lithium remain attractive over the longer
term, given increasing EV penetration rates driven by the energy transition.
• Underlying demand for titanium feedstock has stabilised with paint
and coatings producers reporting flat to slightly rising sales volumes.
Mid-stream utilisation rates have risen which is increasing consumption of
feedstock, however this demand is currently being met from inventory built
during 2023.
• The borates market has been stable during the third quarter.
Demand has improved in South American agriculture and industrial-related
applications (textile, fibreglass). Demand from the US construction sector
continues to be robust, while demand from China's construction sector remains
weak.
Iron Ore
Rio Tinto share of production (Million tonnes) Q3 vs Q3 vs Q2 9 MTHS vs 9 MTHS
2023
2024
2024 2024 2023
Pilbara Blend and SP10 Lump(1) 22.5 +5% +8% 63.2 +2%
Pilbara Blend and SP10 Fines(1) 33.3 +5% +7% 94.4 0%
Robe Valley Lump 1.5 -11% -4% 4.6 +6%
Robe Valley Fines 2.4 -3% -11% 7.7 +13%
Yandicoogina Fines (HIY) 11.4 -16% +2% 34.8 -11%
Total Pilbara production 71.0 0% +5% 204.7 -1%
Total Pilbara production (100% basis) 84.1 +1% +6% 241.5 -1%
Rio Tinto share of shipments (Million tonnes) Q3 vs Q3 vs Q2 9 MTHS vs 9 MTHS
2023
2024
2024 2024 2023
Pilbara Blend Lump 14.2 -4% +14% 39.5 -12%
Pilbara Blend Fines 26.6 +5% +8% 74.5 -8%
Robe Valley Lump 1.2 -10% -13% 3.7 +6%
Robe Valley Fines 2.6 -5% -17% 8.6 +15%
Yandicoogina Fines (HIY) 11.8 -14% +4% 35.4 -11%
SP10 Lump(1) 5.7 +37% +13% 15.3 +103%
SP10 Fines(1) 10.4 +7% +26% 27.8 +20%
Total Pilbara shipments(2) 72.5 +1% +9% 204.8 -2%
Total Pilbara shipments (100% basis)(2) 84.5 +1% +5% 242.9 -1%
Total Pilbara Shipments (consolidated basis)(2, 3) 74.2 +1% +9% 210.4 -1%
Production figures are sometimes more precise than the rounded numbers shown,
hence small rounding differences may appear.
(1) SP10 includes other lower grade products.
(2) Shipments includes material shipped from the Pilbara to our portside
trading facility in China which may not be sold onwards by the group in the
same period.
(3) While Rio Tinto has a 53% net beneficial interest in Robe River Iron
Associates, it recognises 65% of the assets, liabilities, sales revenues and
expenses in its accounts (as 30% is held through a 60% owned subsidiary and
35% is held through a 100% owned subsidiary). The consolidated basis sales
reported here include Robe River Iron Associates on a 65% basis to enable
comparison with revenue reported in the financial statements.
Pilbara operations
We produced 84.1 million tonnes (Rio Tinto share 71.0 million tonnes) in the
third quarter, 1% higher than the corresponding period of 2023. Productivity
gains continue to offset ore depletion.
Shipments of 84.5 million tonnes (Rio Tinto share 72.5 million tonnes) were 1%
higher than the third quarter of 2023. SP10 volumes accounted for 19%(1) of
shipments in the third quarter, slightly higher than the first half of 2024
(17%). SP10 levels are expected to remain elevated until replacement projects
are delivered. We are reviewing our future product strategy, having regard to
customer requirements and available ore grades.
Approximately 11% of sales in the first nine months of 2024 were priced with
reference to the prior quarter's average index lagged by one month. The
remainder was sold either on current quarter average, current month average,
average of two months, forward month or on the spot market. Approximately 26%
of sales in the nine months to September 2024 were made on a free on board
(FOB) basis, with the remainder sold including freight.
On 19 July, we celebrated
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-ships-4-billion-tonnes-of-iron-ore-to-china)
the shipment of 4 billion tonnes of iron ore from the Pilbara to China. The
shipment was loaded at Dampier Port, bound for China Baowu Steel Group, the
world's top steel producer. This milestone comes 51 years after the first
shipment from Dampier Port to China's Shanghai No.1 Steel Mill, which has
since become part of China Baowu.
China Portside Trading
Our iron ore portside sales in China were 20.4 million tonnes in the first
nine months of 2024 (17.5 million tonnes of sales in the first nine months of
2023). At the end of September, inventory levels are 8.1 million tonnes,
including 5.6 million tonnes of Pilbara product. In the first nine months of
2024 approximately 90% of our portside sales were either screened or blended
in Chinese ports (87% in the first nine months of 2023).
(1) Based on total Pilbara shipments on a 100% basis.
Aluminium
Rio Tinto share of production ('000 tonnes) Q3 vs Q3 vs Q2 9 MTHS vs 9 MTHS
2023
2024
2024 2024 2023
Bauxite 15,100 +8% +3% 43,242 +9%
Bauxite third party shipments 11,120 +16% +4% 30,307 +14%
Alumina 1,770 -7% +6% 5,310 -5%
Aluminium 809 -2% -2% 2,459 +1%
Recycled aluminium 62 n/a -10% 206 n/a
Bauxite
Bauxite production of 15.1 million tonnes was 8% higher than the third quarter
of 2023. The improvement continues to be driven by higher plant availability
and utilisation rates owing to the implementation of the Safe Production
System, especially at our Amrun mine at Weipa, which is operating above
nameplate capacity.
We shipped 11.1 million tonnes of bauxite to third parties in the third
quarter, 16% higher than the same period of 2023.
Alumina
Alumina production of 1.8 million tonnes was 7% lower than the third quarter
of 2023 as production at our Gladstone operations continues to be impacted by
the breakage of the third-party operated Queensland Gas Pipeline in March. Gas
supplies are currently meeting ~95% of our requirements and are expected to
return to normal levels by the end of 2024.
As the result of sanction measures by the Australian Government, Rio Tinto has
taken on 100% of capacity of Queensland Alumina Limited (QAL) for as long as
the sanctions continue. This results in use of Rusal's 20% share of capacity
by Rio Tinto under the tolling arrangement with QAL. This additional output is
excluded from the production tables in this report as QAL remains 80% owned by
Rio Tinto and 20% owned by Rusal.
Aluminium
Aluminium production of 0.8 million tonnes was 2% lower than the third quarter
of 2023. Production at our New Zealand Aluminium Smelter (NZAS) was impacted
by a call from Meridian Energy to reduce its electricity usage by 185 MW from
early August. The call for reduced usage, for which we are compensated, has
now ended and the smelter ramp-up commenced in late September. The ramp-up is
expected to run through to the second quarter of 2025.
Rio Tinto's previously announced acquisition
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-to-acquire-mitsubishis-11_65-stake-in-boyne-aluminium-smelter)
of Mitsubishi Corporation's 11.65% interest in Boyne Smelters Limited (BSL)
completed
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-completes-acquisition-of-mitsubishis-11_65-stake-in-the-boyne-aluminium-smelter)
on 30 September 2024. Rio Tinto's interest in BSL is now 71.04%.
Previously announced acquisitions
(https://www.riotinto.com/en/news/releases/2024/long-term-future-for-new-zealands-tiwai-point-aluminium-smelter-secured-with-new-power-deals)
by Rio Tinto of Sumitomo Chemical Company's (SCC) 2.46% stake in BSL, and
SCC's 20.64% interest in NZAS, continue to progress through various conditions
precedent.
Recycled aluminium
Rio Tinto's share of production from Matalco was 62 thousand tonnes in the
third quarter (125 thousand tonnes on a 100% basis), as production was
impacted by market conditions in North America. Full year 2023 production from
Matalco was 582 thousand tonnes (on a 100% basis) of recycled aluminium
products.
Copper
Rio Tinto share of production ('000 tonnes) Q3 vs Q3 vs Q2 9 MTHS vs 9 MTHS
2023
2024
2024 2024 2023
Mined copper
Kennecott 27.4 -44% -15% 92.1 -11%
Escondida 90.4 +15% +5% 253.9 +11%
Oyu Tolgoi (66% basis) 33.0 +19% -5% 98.1 +17%
Total mined copper production 150.8 -3% -2% 444.2 +7%
Total mined copper production (consolidated basis(1)) 167.8 -1% -2% 494.7 +8%
Refined copper
Kennecott 42.5 +129% -11% 137.8 +80%
Escondida 11.8 -24% -22% 41.8 -21%
(1) Includes Oyu Tolgoi and Kennecott on a 100% consolidated basis, and
Escondida on an equity share basis.
Kennecott
Mined copper production was 44% lower than the third quarter of 2023. As we
identified in our second quarter operations review, highwall movement was
monitored along two major faults during that period. This movement has
limited our ability to access the primary ore face on the south wall and is
increasing the need to supplement feed to the concentrator with lower grade
stockpile ore, impacting mined copper production by approximately 50 thousand
tonnes in 2024. A group of experts, both internal and external, reworked
Kennecott's mine plan and the results were assessed during the quarter. The
highwall movement will continue to restrict ore deliveries from the primary
ore face and impact mined copper production in 2025 and 2026. We are working
through this change in mining sequence and will provide a further update at
our Investor Seminar in December.
Refined copper production was 129% higher than the third quarter of 2023,
following the rebuild of the smelter and refinery in the prior period, and 11%
lower than the second quarter, due to the annual planned shutdown of the
concentrator and smelter in July.
Escondida
Mined copper production was 15% higher than the third quarter of 2023 due to
higher ore grades being fed to the concentrators (1.00% versus 0.85%) in line
with the mining sequence, together with increased recovery. Refined copper
production was 24% lower than the same quarter of last year, given lower oxide
leach performance due to lower grades being stacked during 2024, and 22% lower
than the second quarter due to the installation and upgrading of
infrastructure related to the Full SaL enhanced recovery project.
During August, Escondida successfully concluded wage negotiations with Union 1
at the operation.
Oyu Tolgoi
Mined copper production increased 19% from the third quarter of 2023 due to
the ramp-up in production, and higher grade, at the underground mine. However,
production was 5% lower than the previous quarter mainly due to planned
maintenance at the concentrator and adverse weather impacting open pit
operations. Production from the underground mine was marginally impacted by a
minor delay to the start of commissioning of the conveyor to surface, with
first ore on the belt now expected in the second half of October. We have
opened a total of 120 drawbells from Panel 0 of the underground mine,
including six during the quarter. During the quarter, we delivered 1.5 million
tonnes of milled ore from the underground mine at an average copper head grade
of 2.05% and 7.4 million tonnes from the open pit with an average grade of
0.39%. The ramp-up remains on track to reach 500 thousand tonnes of copper per
year (100% basis and stated as recoverable metal) for the underground and open
pit mines for the years 2028 to 2036 1 (#_ftn1) .
During the third quarter, we entered negotiations on a new Collective Labour
Agreement. Our current agreement expires in April 2025.
Minerals
Rio Tinto share of production (million tonnes) Q3 vs Q3 vs Q2 9 MTHS vs 9 MTHS
2023
2024
2024 2024 2023
Iron ore pellets and concentrate
IOC 2.1 -11% -3% 6.9 -1%
Rio Tinto share of production ('000 tonnes) Q3 vs Q3 vs Q2 9 MTHS vs 9 MTHS
2023
2024
2024 2024 2023
Minerals
Borates - B(2)O(3) content 126 -1% +1% 372 -3%
Titanium dioxide slag 263 +7% +11% 755 -10%
Rio Tinto share of production ('000 carats) Q3 vs Q3 vs Q2 9 MTHS vs 9 MTHS
2023
2024
2024 2024 2023
Diavik 542 -28% -23% 1,984 -26%
Iron Ore Company of Canada (IOC)
Iron ore production was 11% lower than the third quarter of 2023 due to an 11
day site-wide shutdown driven by forest fires in mid-July. This resulted in a
revised mine plan and maintenance schedule, leading to a reduction in our full
year iron ore pellets and concentrate production guidance to 9.1 to 9.6
million tonnes (previously 9.8 to 11.5 million tonnes).
Shipments were 4% higher than the third quarter of 2023 driven by inventory
movements.
Borates
Borates production in the third quarter was 1% lower than the corresponding
period of 2023 due to planned maintenance at the refinery in August 2024.
Iron and Titanium
Titanium dioxide slag production was 7% higher than the third quarter of 2023
due to improved smelter stability and performance. A furnace reconstruction
continues at our RTIT Quebec Operations, and we continue to operate six out of
nine furnaces in Quebec and three out of four at Richards Bay Minerals (RBM).
Diamonds
At Diavik, carat production was 28% lower than the third quarter of 2023.
Production was impacted by a subsidence event in July that limited underground
ore deliveries.
Subsequent to the end of the quarter, we announced
(https://www.riotinto.com/en/news/releases/2024/rio-tintos-diavik-diamond-mine-moves-into-commercial-production-at-a21-underground-)
that the Diavik mine has safely completed the development and construction of
Phase 1 of the A21 underground, with the mine moving into commercial
production. We expect to complete Phase 2 and fully mine the A21 underground
before closure in 2026.
In early October, we l
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-launches-its-2024-beyond-rare-tender-with-a-special-collection-of-rare-pink-red-violet-and-yellow-diamonds)
aunc
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-launches-its-2024-beyond-rare-tender-with-a-special-collection-of-rare-pink-red-violet-and-yellow-diamonds)
hed
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-launches-its-2024-beyond-rare-tender-with-a-special-collection-of-rare-pink-red-violet-and-yellow-diamonds)
the 2024 Beyond Rare(TM) Tender with a special collection of rare pink, red,
violet and yellow diamonds.
Exploration and evaluation
Pre-tax and pre-divestment expenditure on exploration and evaluation charged
to the profit and loss account in the first nine months of 2024 was $692
million, compared with $613 million in the first nine months of 2023
(excluding Simandou). Approximately 24% of the spend was by central
exploration, 30% by Minerals (with the majority focusing on lithium), 31% by
Copper, 14% by Iron Ore and 1% by Aluminium. In 2024, all qualifying
expenditure relating to Simandou is being capitalised. Qualifying expenditure
on the Rincon project has been capitalised since 1 July 2024.
Exploration highlights
Rio Tinto has a strong portfolio of projects with activity in 18 countries
across eight commodities in early exploration and studies stages. The bulk of
the exploration expenditure in the third quarter focused on copper in Chile,
Peru, Kazakhstan, Australia, Colombia and the US, nickel in Brazil and Canada,
lithium in Canada, the US, Chile, Rwanda, Kazakhstan, Brazil and Australia,
potash in Canada, diamonds in Angola, heavy mineral sands (HMS) in South
Africa and rutile-graphite in Malawi. The Rio Tinto operated Nuevo Cobre joint
venture copper project in Chile continues to make good progress with ongoing
geological field programs, environmental studies and community engagement.
Mine-lease exploration continued at Rio Tinto managed businesses including
Bingham Canyon in the US and Pilbara Iron Ore in Australia.
A summary of activity for the quarter is as follows:
Commodities Studies Stage Advanced projects Greenfield/ Brownfield programs
Bauxite Cape York, Australia
Battery Materials Lithium: Rincon, Argentina Nickel Greenfield: Australia, Brazil, Canada, Finland
Lithium borates: Jadar, Serbia Lithium Greenfield: Australia, Brazil, Canada, Chile, China, Finland,
Kazakhstan, Rwanda, US
Nickel: Tamarack, US (3rd party operated)
Copper Copper/molybdenum: Resolution, US Copper: La Granja, Peru (3rd party operated) Copper Greenfield: Angola, Australia, Brazil, Canada, Chile, China, Colombia,
Kazakhstan, Laos, Peru, Papua New Guinea, Serbia, US, Zambia
Copper/gold: Winu, Australia
Copper Brownfield: US (Bingham), Australia (Winu)
Diamonds Chiri, Angola
Iron Ore Pilbara, Australia Pilbara, Australia Greenfield and Brownfield: Pilbara, Australia
Minerals Potash: KL262 (3rd party operated), Canada Potash: Texas, Canada. HMS: Kamiesberg, South Africa (3rd party operated).
Rutile-graphite: Kasiya, Malawi (3rd party operated)
HMS: Mutamba, Mozambique
( )
( )
(
)
Forward-looking statement
This announcement includes "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. All statements other
than statements of historical facts included in this report, including,
without limitation, those regarding Rio Tinto's financial position, business
strategy, plans and objectives of management for future operations (including
development plans and objectives relating to Rio Tinto's products, production
forecasts and reserve and resource positions), are forward-looking statements.
The words "intend", "aim", "project", "anticipate", "estimate", "plan",
"believes", "expects", "may", "should", "will", "target", "set to" or similar
expressions, commonly identify such forward-looking statement.
Such forward-looking statements involve known and unknown risks, uncertainties
and other factors which may cause the actual results, performance or
achievements of Rio Tinto, or industry results, to be materially different
from any future results, performance or achievements expressed or implied by
such forward-looking statements, particularly in light of the current economic
climate and the significant volatility, uncertainty and disruption arising in
connection with the Ukraine conflict. Such forward-looking statements are
based on numerous assumptions regarding Rio Tinto's present and future
business strategies and the environment in which Rio Tinto will operate in the
future. Among the important factors that could cause Rio Tinto's actual
results, performance or achievements to differ materially from those in the
forward-looking statements include, but are not limited to: an inability to
live up to Rio Tinto's values and any resultant damage to its reputation; the
impacts of geopolitics on trade and investment; the impacts of climate change
and the transition to a low-carbon future; an inability to successfully
execute and/or realise value from acquisitions and divestments; the level of
new ore resources, including the results of exploration programs and/or
acquisitions; disruption to strategic partnerships that play a material role
in delivering growth, production, cash or market positioning; damage to Rio
Tinto's relationships with communities and governments; an inability to
attract and retain requisite skilled people; declines in commodity prices and
adverse exchange rate movements; an inability to raise sufficient funds for
capital investment; inadequate estimates of ore resources and reserves; delays
or overruns of large and complex projects; changes in tax regulation; safety
incidents or major hazard events; cyber breaches; physical impacts from
climate change; the impacts of water scarcity; natural disasters; an inability
to successfully manage the closure, reclamation and rehabilitation of sites;
the impacts of civil unrest; the impacts of the Ukraine conflict; breaches of
Rio Tinto's policies, standard and procedures, laws or regulations; trade
tensions between the world's major economies; increasing societal and investor
expectations, in particular with regard to environmental, social and
governance considerations; the impacts of technological advancements; and such
other risks identified in Rio Tinto's most recent Annual Report and accounts
in Australia and the United Kingdom and the most recent Annual Report on Form
20-F filed with the United States Securities and Exchange Commission (the
"SEC") or Form 6-Ks furnished to, or filed with, the SEC. Forward-looking
statements should, therefore, be construed in light of such risk factors and
undue reliance should not be placed on forward-looking statements. These
forward-looking statements speak only as of the date of this report. Rio Tinto
expressly disclaims any obligation or undertaking (except as required by
applicable law, the UK Listing Rules, the Disclosure Guidance and Transparency
Rules of the Financial Conduct Authority and the Listing Rules of the
Australian Securities Exchange) to release publicly any updates or revisions
to any forward-looking statement contained herein to reflect any change in Rio
Tinto's expectations with regard thereto or any change in events, conditions
or circumstances on which any such statement is based.
Nothing in this announcement should be interpreted to mean that future
earnings per share of Rio Tinto plc or Rio Tinto Limited will necessarily
match or exceed its historical published earnings per share. Past performance
cannot be relied on as a guide to future performance.
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Rio Tinto production summary
Rio Tinto share of production
Quarter 9 Months % change
2023 2024 2024 2023 2024 Q3 24 Q3 24 9 MTHS 2024
Q3 Q2 Q3 9 MTHS 9 MTHS vs vs vs
Q3 23 Q2 24 9 MTHS 2023
Principal commodities
Alumina ('000 t) 1,897 1,676 1,770 5,618 5,310 -7% +6% -5%
Aluminium (Primary) ('000 t) 828 824 809 2,427 2,459 -2% -2% +1%
Bauxite ('000 t) 13,940 14,723 15,100 39,521 43,242 +8% +3% +9%
Borates ('000 t) 127 125 126 384 372 -1% +1% -3%
Copper - mined (consolidated) ('000 t) 169.4 171.2 167.8 459.6 494.7 -1% -2% +8%
Copper - refined ('000 t) 34.1 62.7 54.3 129.2 179.6 +59% -13% +39%
Iron Ore ('000 t) 73,241 69,712 73,160 213,657 211,574 0% +5% -1%
Titanium dioxide slag ('000 t) 247 238 263 835 755 +7% +11% -10%
Other Metals & Minerals
Diamonds ('000 cts) 757 702 542 2,681 1,984 -28% -23% -26%
Gold - mined ('000 oz) 80.2 67.1 69.4 205.9 203.0 -14% +3% -1%
Gold - refined ('000 oz) 12.4 39.7 25.7 53.6 100.7 +108% -35% +88%
Molybdenum ('000 t) 0.6 0.6 0.5 1.1 1.8 -24% -25% +71%
Salt ('000 t) 1,434 1,540 1,511 4,535 4,476 +5% -2% -1%
Silver - mined ('000 oz) 1,001 1,072 1,046 2,711 3,092 +5% -2% +14%
Silver - refined ('000 oz) 240 606 392 1,001 1,548 +63% -35% +55%
Throughout this report, figures in italics indicate adjustments made since the
figure was previously quoted on the equivalent page or reported for the first
time. Production figures are sometimes more precise than the rounded numbers
shown, hence small differences may result between the total of the quarter
figures and the year to date figures.
Rio Tinto share of production
Rio Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
interest
2023
2023
2024
2024
2024
2023
2024
ALUMINA
Production ('000 tonnes)
Jonquière (Vaudreuil) 100% 325 349 352 328 323 1,042 1,003
Jonquière (Vaudreuil) specialty Alumina plant 100% 28 29 27 30 28 79 85
Queensland Alumina 80% 720 664 675 602 693 2,029 1,970
São Luis (Alumar) 10% 88 90 87 93 93 248 272
Yarwun 100% 736 786 722 624 634 2,219 1,980
Rio Tinto total alumina production 1,897 1,919 1,864 1,676 1,770 5,618 5,310
ALUMINIUM
Primary production ('000 tonnes)
Australia - Bell Bay 100% 47 47 47 47 47 139 140
Australia - Boyne Island (a) 71% 76 76 75 75 76 218 225
Australia - Tomago 52% 77 77 73 75 77 227 226
Canada - six wholly owned 100% 398 410 405 399 395 1,154 1,199
Canada - Alouette (Sept-Îles) 40% 64 64 63 63 63 189 189
Canada - Bécancour 25% 28 30 29 30 30 87 89
Iceland - ISAL (Reykjavik) 100% 52 54 49 50 52 155 152
New Zealand - Tiwai Point 79% 66 67 66 65 49 198 180
Oman - Sohar 20% 20 20 20 20 20 60 60
Rio Tinto total primary aluminium production 828 846 826 824 809 2,427 2,459
Recycled production ('000 tonnes)
Matalco 50% - - 74 70 62 - 206
Rio Tinto total recycled aluminium production - - 74 70 62 - 206
(a) On 30 September 2024, Rio Tinto's ownership interest in Boyne Smelters
Limited (BSL) increased from 59.39% to 71.04%. Production will be reported
including this change from 1 October 2024.
BAUXITE
Production ('000 tonnes) (a)
Gove 100% 3,015 3,234 3,104 3,172 3,073 8,332 9,349
Porto Trombetas (b) 22% 391 509 508 667 737 992 1,912
Sangaredi (c) 1,524 1,544 1,583 1,622 1,544 4,882 4,749
Weipa 100% 9,010 9,811 8,224 9,262 9,747 25,315 27,232
Rio Tinto total bauxite production 13,940 15,098 13,418 14,723 15,100 39,521 43,242
(a) Mine production figures for metals refer to the total quantity of metal
produced in concentrates, leach liquor or doré bullion irrespective of
whether these products are then refined onsite, except for the data for
bauxite and iron ore which represent production of marketable quantities of
ore plus concentrates and pellets.
(b) On 30 November 2023, Rio Tinto's ownership interest in Porto Trombetas
increased from 12% to 22%. Production is reported including this change from 1
December 2023.
(c) Rio Tinto has a 22.95% shareholding in the Sangaredi mine but benefits
from 45.0% of production.
Rio Tinto share of production
Rio Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
interest
2023
2023
2024
2024
2024
2023
2024
BORATES
Production ('000 tonnes B(2)O(3) content)
Rio Tinto Borates - borates 100% 127 111 121 125 126 384 372
COPPER
Mine production ('000 tonnes) (a)
Bingham Canyon 100% 48.8 47.8 32.5 32.3 27.4 103.8 92.1
Escondida 30% 78.6 71.6 77.2 86.4 90.4 228.3 253.9
Oyu Tolgoi 66% 27.7 26.8 30.4 34.7 33.0 84.1 98.1
Rio Tinto total mine production 155.1 146.2 140.1 153.3 150.8 416.2 444.2
Rio Tinto total mine production - consolidated basis 169.4 160.0 155.8 171.2 167.8 459.6 494.7
Refined production ('000 tonnes)
Escondida 30% 15.6 14.1 14.7 15.2 11.8 52.6 41.8
Kennecott (b) 100% 18.5 32.0 47.8 47.5 42.5 76.6 137.8
Rio Tinto total refined production 34.1 46.1 62.5 62.7 54.3 129.2 179.6
(a) Mine production figures for metals refer to the total quantity of metal
produced in concentrates, leach liquor or doré bullion irrespective of
whether these products are then refined onsite, except for the data for
bauxite and iron ore which represent production of marketable quantities of
ore plus concentrates and pellets.
(b) We continue to process third party concentrate to optimise smelter
utilisation, including 3.1 thousand tonnes of cathode produced from purchased
concentrate in 2024 year-to-date. Purchased and tolled copper concentrates are
excluded from reported production figures and production guidance. Sales of
cathodes produced from purchased concentrate are included in reported
revenues.
DIAMONDS
Production ('000 carats)
Diavik 100% 757 659 740 702 542 2,681 1,984
GOLD
Mine production ('000 ounces) (a)
Bingham Canyon 100% 32.0 33.5 26.7 22.5 22.1 71.3 71.2
Escondida 30% 14.4 14.6 11.7 13.6 14.1 45.2 39.4
Oyu Tolgoi 66% 33.8 27.5 28.2 30.9 33.3 89.5 92.4
Rio Tinto total mine production 80.2 75.6 66.6 67.1 69.4 205.9 203.0
Refined production ('000 ounces)
Kennecott (b) 100% 12.4 20.6 35.3 39.7 25.7 53.6 100.7
(a) Mine production figures for metals refer to the total quantity of metal
produced in concentrates, leach liquor or doré bullion irrespective of
whether these products are then refined onsite, except for the data for
bauxite and iron ore which represent production of marketable quantities of
ore plus concentrates and pellets.
(b) We continue to process third party concentrate to optimise smelter
utilisation, including 3.1 thousand tonnes of cathode produced from purchased
concentrate in 2024 year-to-date. Purchased and tolled copper concentrates are
excluded from reported production figures and production guidance. Sales of
cathodes produced from purchased concentrate are included in reported
revenues.
Rio Tinto share of production
Rio Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
2024
interest 2023 2023 2024 2024 2024 2023
IRON ORE
Production ('000 tonnes) (a)
Hamersley mines (b) 57,322 59,138 53,373 54,691 57,096 166,760 165,160
Hope Downs 50% 5,519 6,074 5,081 5,044 5,753 17,167 15,878
Iron Ore Company of Canada 59% 2,384 2,703 2,613 2,185 2,116 6,973 6,914
Robe River - Pannawonica (Mesas J and A) 53% 4,106 4,330 4,245 4,186 3,844 11,126 12,274
Robe River - West Angelas 53% 3,910 4,269 3,388 3,607 4,352 11,631 11,347
Rio Tinto iron ore production ('000 tonnes) 73,241 76,514 68,701 69,712 73,160 213,657 211,574
Breakdown of Production:
Pilbara Blend and SP10 Lump (c) 21,418 22,228 19,885 20,828 22,460 62,073 63,173
Pilbara Blend and SP10 Fines (c) 31,700 33,485 29,836 31,277 33,320 94,301 94,434
Robe Valley Lump 1,665 1,592 1,534 1,546 1,488 4,290 4,567
Robe Valley Fines 2,441 2,739 2,711 2,640 2,356 6,836 7,707
Yandicoogina Fines (HIY) 13,633 13,768 12,122 11,235 11,421 39,185 34,779
Pilbara iron ore production ('000 tonnes) 70,857 73,811 66,088 67,527 71,045 206,683 204,660
IOC Concentrate 1,137 1,298 1,130 930 842 3,498 2,902
IOC Pellets 1,247 1,405 1,483 1,255 1,274 3,475 4,012
IOC iron ore production ('000 tonnes) 2,384 2,703 2,613 2,185 2,116 6,973 6,914
Breakdown of Shipments:
Pilbara Blend Lump 14,812 14,533 12,844 12,463 14,240 45,192 39,547
Pilbara Blend Fines 25,375 23,706 23,168 24,702 26,626 81,377 74,496
Robe Valley Lump 1,297 1,506 1,223 1,337 1,166 3,499 3,726
Robe Valley Fines 2,706 3,054 2,943 3,095 2,565 7,457 8,602
Yandicoogina Fines (HIY) 13,669 13,628 12,228 11,364 11,794 39,916 35,386
SP10 Lump (c) 4,180 4,620 4,474 5,071 5,715 7,518 15,259
SP10 Fines (c) 9,699 12,208 9,221 8,218 10,366 23,145 27,804
Pilbara iron ore shipments ('000 tonnes) (d) 71,736 73,255 66,100 66,250 72,471 208,103 204,821
Pilbara iron ore shipments - consolidated basis ('000 tonnes) (d) (f) 73,553 75,058 67,910 68,281 74,211 213,380 210,402
IOC Concentrate 1,232 1,196 1,162 986 1,228 3,463 3,375
IOC Pellets 1,066 1,369 1,493 1,438 1,157 3,560 4,088
IOC Iron ore shipments ('000 tonnes) (d) 2,298 2,565 2,654 2,423 2,385 7,023 7,462
Rio Tinto iron ore shipments ('000 tonnes) (d) 74,034 75,820 68,755 68,673 74,856 215,127 212,283
Rio Tinto iron ore sales ('000 tonnes) (e) 74,488 76,269 69,356 71,920 74,078 220,439 215,354
(a) Mine production figures for metals refer to the total quantity of metal
produced in concentrates, leach liquor or doré bullion irrespective of
whether these products are then refined onsite, except for the data for
bauxite and iron ore which represent production of marketable quantities of
ore plus concentrates and pellets.
(b) Includes 100% of production from Paraburdoo, Mt Tom Price, Western Turner
Syncline, Marandoo, Yandicoogina, Brockman, Nammuldi, Silvergrass, Channar,
Gudai-Darri, Eastern Range and Western Range mines. Whilst Rio Tinto owns
54% of the Eastern Range and the Western Range mines, under the terms of the
joint venture agreement, Hamersley Iron manages the operation and is obliged
to purchase all mine production from the joint venture and therefore all of
the production is included in Rio Tinto's share of production.
(c) SP10 includes other lower grade products.
(d) Shipments includes material shipped to our portside trading facility in
China which may not be sold onwards in the same period.
(e) Represents the difference between amounts shipped to portside trading and
onward sales from portside trading, and third party volumes sold.
(f) While Rio Tinto has a 53% net beneficial interest in Robe River Iron
Associates, it recognises 65% of the assets, liabilities, sales revenues and
expenses in its accounts (as 30% is held through a 60% owned subsidiary and
35% is held through a 100% owned subsidiary). The consolidated basis sales
reported here include Robe River Iron Associates on a 65% basis to enable
comparison with revenue reported in the financial statements.
Rio Tinto share of production
Rio Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
2024
interest 2023 2023 2024 2024 2024 2023
MOLYBDENUM
Mine production ('000 tonnes) (a)
Bingham Canyon 100% 0.6 0.8 0.7 0.6 0.5 1.1 1.8
(a) Mine production figures for metals refer to the total quantity of metal
produced in concentrates, leach liquor or doré bullion irrespective of
whether these products are then refined onsite, except for the data for
bauxite and iron ore which represent production of marketable quantities of
ore plus concentrates and pellets.
SALT
Production ('000 tonnes)
Dampier Salt 68% 1,434 1,438 1,425 1,540 1,511 4,535 4,476
SILVER
Mine production ('000 ounces) (a)
Bingham Canyon 100% 462 504 370 368 368 1,114 1,106
Escondida 30% 350 420 398 465 464 1,056 1,327
Oyu Tolgoi 66% 189 176 205 239 214 541 659
Rio Tinto total mine production 1,001 1,100 973 1,072 1,046 2,711 3,092
Refined production ('000 ounces)
Kennecott (b) 100% 240 406 550 606 392 1,001 1,548
(a) Mine production figures for metals refer to the total quantity of metal
produced in concentrates, leach liquor or doré bullion irrespective of
whether these products are then refined onsite, except for the data for
bauxite and iron ore which represent production of marketable quantities of
ore plus concentrates and pellets.
(b) We continue to process third party concentrate to optimise smelter
utilisation, including 3.1 thousand tonnes of cathode produced from purchased
concentrate in 2024 year-to-date. Purchased and tolled copper concentrates are
excluded from reported production figures and production guidance. Sales of
cathodes produced from purchased concentrate are included in reported
revenues.
TITANIUM DIOXIDE SLAG
Production ('000 tonnes)
Rio Tinto Iron & Titanium (a) 100% 247 275 254 238 263 835 755
(a) Quantities comprise 100% of Rio Tinto Fer et Titane and Rio Tinto's 74%
interest in Richards Bay Minerals (RBM).
Production figures are sometimes more precise than the rounded numbers shown,
hence small differences may result between the total of the quarter figures
and the year to date figures.
Rio Tinto percentage interest shown above is at 30 September 2024.
Rio Tinto operational data
Rio Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
interest
2023
2023
2024
2024
2024
2023
2024
ALUMINA
Smelter Grade Alumina - Aluminium Group
Alumina production ('000 tonnes)
Australia
Queensland Alumina Refinery - Queensland 80% 900 830 844 752 866 2,536 2,463
Yarwun refinery - Queensland 100% 736 786 722 624 634 2,219 1,980
Brazil
São Luis (Alumar) refinery 10% 883 899 867 926 927 2,476 2,720
Canada
Jonquière (Vaudreuil) refinery - Quebec (a) 100% 325 349 352 328 323 1,042 1,003
(a) Jonquière's (Vaudreuil's) production shows smelter grade alumina only and
excludes hydrate produced and used for specialty alumina.
Speciality Alumina - Aluminium Group
Speciality alumina production ('000 tonnes)
Canada
Jonquière (Vaudreuil) plant - Quebec 100% 28 29 27 30 28 79 85
Rio Tinto percentage interest shown above is at 30 September 2024. The data
represents production and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
Rio Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
2023
2024
interest 2023 2023 2024 2024 2024
ALUMINIUM
Primary Aluminium
Primary aluminium production ('000 tonnes)
Australia
Bell Bay smelter - Tasmania 100% 47 47 47 47 47 139 140
Boyne Island smelter - Queensland (a) 71% 127 128 126 126 127 367 379
Tomago smelter - New South Wales 52% 149 149 142 146 150 441 438
Canada
Alma smelter - Quebec 100% 121 123 121 119 120 361 361
Alouette (Sept-Îles) smelter - Quebec 40% 159 160 157 158 158 474 473
Arvida smelter - Quebec 100% 43 43 43 37 36 129 116
Arvida AP60 smelter - Quebec 100% 15 15 15 15 15 43 46
Bécancour smelter - Quebec 25% 114 119 116 119 119 346 353
Grande-Baie smelter - Quebec 100% 58 58 57 57 57 171 171
Kitimat smelter - British Columbia 100% 103 109 107 107 103 268 317
Laterrière smelter - Quebec 100% 59 62 61 63 64 182 188
Iceland
ISAL (Reykjavik) smelter 100% 52 54 49 50 52 155 152
New Zealand
Tiwai Point smelter 79% 83 85 83 82 62 249 227
Oman
Sohar smelter 20% 100 100 99 99 100 298 299
Recycled Aluminium
Recycled aluminium production ('000 tonnes)
Matalco 50% - - 148 139 125 - 413
(a) On 30 September 2024, Rio Tinto's ownership interest in Boyne Smelters
Limited (BSL) increased from 59.39% to 71.04%. Production will be reported
including this change from 1 October 2024.
Rio Tinto percentage interest shown above is at 30 September 2024. The data
represents production and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
Rio Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
2023
2024
interest 2023 2023 2024 2024 2024
BAUXITE
Bauxite production ('000 tonnes)
Australia
Gove mine - Northern Territory 100% 3,015 3,234 3,104 3,172 3,073 8,332 9,349
Weipa mine - Queensland 100% 9,010 9,811 8,224 9,262 9,747 25,315 27,232
Brazil
Porto Trombetas (MRN) mine 22% 3,258 3,202 2,310 3,034 3,348 8,271 8,692
Guinea
Sangaredi mine (a) 23% 3,387 3,430 3,517 3,604 3,432 10,848 10,552
Rio Tinto share of bauxite shipments
Share of total bauxite shipments ('000 tonnes) 13,954 15,513 12,715 15,177 15,511 39,821 43,403
Share of third party bauxite shipments ('000 tonnes) 9,550 10,749 8,496 10,691 11,120 26,588 30,307
(a) Rio Tinto has a 22.95% shareholding in the Sangaredi mine but benefits
from 45.0% of production.
Rio Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
interest
2023
2023
2024
2024
2024
2023
2024
BORATES
Rio Tinto Borates - borates 100%
US
Borates ('000 tonnes) (a) 127 111 121 125 126 384 372
(a) Production is expressed as B(2)O(3) content.
Rio Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
2023
2024
interest 2023 2023 2024 2024 2024
COPPER & GOLD
Escondida 30%
Chile
Sulphide ore to concentrator ('000 tonnes) 33,332 34,752 31,653 34,377 32,488 97,390 98,518
Average copper grade (%) 0.85 0.77 0.92 0.99 1.00 0.85 0.97
Mill production (metals in concentrates):
Contained copper ('000 tonnes) 225.7 217.6 238.6 279.5 269.9 664.6 788.1
Contained gold ('000 ounces) 48.1 48.6 39.0 45.4 47.0 150.5 131.3
Contained silver ('000 ounces) 1,168 1,401 1,328 1,549 1,546 3,521 4,423
Recoverable copper in ore stacked for leaching ('000 tonnes) (a) 36.4 21.0 18.6 8.4 31.4 96.6 58.4
Refined production from leach plants:
Copper cathode production ('000 tonnes) 52.0 46.9 49.0 50.7 39.4 175.2 139.2
(a) The calculation of copper in material mined for leaching is based on ore
stacked at the leach pad.
Rio Tinto percentage interest shown above is at 30 September 2024. The data
represents production and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
Rio Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
2023
2024
interest 2023 2023 2024 2024 2024
COPPER & GOLD (continued)
Kennecott
Bingham Canyon mine 100%
Utah, US
Ore treated ('000 tonnes) 9,804 10,579 8,271 10,257 9,149 22,548 27,677
Average ore grade:
Copper (%) 0.56 0.50 0.43 0.36 0.36 0.52 0.38
Gold (g/t) 0.16 0.14 0.14 0.11 0.12 0.15 0.12
Silver (g/t) 2.10 2.10 1.97 1.79 2.02 2.18 1.92
Molybdenum (%) 0.018 0.019 0.021 0.020 0.019 0.016 0.020
Copper concentrates produced ('000 tonnes) 180 191 127 135 121 388 383
Average concentrate grade (% Cu) 26.8 25.0 25.6 23.9 22.0 26.6 23.9
Production of metals in copper concentrates:
Copper ('000 tonnes) (a) 48.8 47.8 32.5 32.3 27.4 103.8 92.1
Gold ('000 ounces) 32.0 33.5 26.7 22.5 22.1 71.3 71.2
Silver ('000 ounces) 462 504 370 368 368 1,114 1,106
Molybdenum concentrates produced ('000 tonnes): 1.4 1.6 1.6 1.6 1.1 2.1 4.3
Molybdenum in concentrates ('000 tonnes) 0.6 0.8 0.7 0.6 0.5 1.1 1.8
Kennecott smelter & refinery 100%
Copper concentrates smelted ('000 tonnes) 59 187 171 227 156 299 554
Copper anodes produced ('000 tonnes) (b) 1.4 44.1 56.7 54.4 42.8 74.8 154.0
Production of refined metal:
Copper ('000 tonnes) (c) 18.5 32.0 47.8 47.5 42.5 76.6 137.8
Gold ('000 ounces) (d) 12.4 20.6 35.3 39.7 25.7 53.6 100.7
Silver ('000 ounces) (d) 240 406 550 606 392 1,001 1,548
(a) Includes a small amount of copper in precipitates.
(b) New metal excluding recycled material.
(c) We continue to process third party concentrate to optimise smelter
utilisation, including 3.1 thousand tonnes of cathode produced from purchased
concentrate in 2024 year-to-date. Purchased and tolled copper concentrates are
excluded from reported production figures and production guidance. Sales of
cathodes produced from purchased concentrate are included in reported
revenues.
(d) Includes gold and silver in intermediate products.
Rio Tinto percentage interest shown above is at 30 September 2024. The data
represents production and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
Rio Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
2023
2024
interest 2023 2023 2024 2024 2024
COPPER & GOLD (continued)
Oyu Tolgoi mine 66%
Mongolia
Ore Treated ('000 tonnes) - Open Pit 8,789 8,714 9,011 9,284 7,352 27,210 25,647
Ore Treated ('000 tonnes) - Underground 900 888 1,313 1,533 1,521 2,475 4,366
Ore Treated ('000 tonnes) - Total 9,689 9,602 10,323 10,817 8,873 29,685 30,013
Average mill head grades:
Open Pit
Copper (%) 0.39 0.42 0.39 0.37 0.39 0.41 0.38
Gold (g/t) 0.25 0.22 0.19 0.17 0.22 0.22 0.19
Silver (g/t) 1.19 1.24 1.25 1.12 0.97 1.15 1.12
Underground
Copper (%) 1.73 1.59 1.67 2.02 2.05 1.57 1.92
Gold (g/t) 0.37 0.37 0.42 0.62 0.61 0.37 0.56
Silver (g/t) 3.94 3.42 3.28 4.75 4.76 3.66 4.31
Total
Copper (%) 0.52 0.53 0.55 0.61 0.67 0.51 0.61
Gold (g/t) 0.26 0.23 0.22 0.24 0.28 0.23 0.25
Silver (g/t) 1.44 1.44 1.50 1.64 1.62 1.36 1.59
Copper concentrates produced ('000 tonnes) 197.6 196.0 208.5 246.2 232.0 599.7 686.7
Average concentrate grade (% Cu) 21.3 20.8 22.1 21.3 21.6 21.2 21.6
Production of metals in concentrates:
Copper in concentrates ('000 tonnes) 42.0 40.7 46.1 52.5 50.0 127.4 148.7
Gold in concentrates ('000 ounces) 51.2 41.7 42.8 46.9 50.4 135.6 140.0
Silver in concentrates ('000 ounces) 287 266 311 363 325 820 998
Sales of metals in concentrates:
Copper in concentrates ('000 tonnes) 42.7 38.4 43.7 48.3 43.6 127.3 135.6
Gold in concentrates ('000 ounces) 48.7 41.5 41.5 43.3 42.1 133.1 126.9
Silver in concentrates ('000 ounces) 269 240 272 317 273 768 861
Rio Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
2023
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interest 2023 2023 2024 2024 2024
DIAMONDS
Diavik Diamonds 100%
Northwest Territories, Canada
Ore processed ('000 tonnes) 427 388 343 361 232 1,300 937
Diamonds recovered ('000 carats) 757 659 740 702 542 2,681 1,984
Rio Tinto percentage interest shown above is at 30 September 2024. The data
represents production and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
Rio Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
2023
2024
2024
2023
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interest 2023 2024
IRON ORE
Rio Tinto Iron Ore
Western Australia
Pilbara Operations
Saleable iron ore production ('000 tonnes)
Hamersley mines (a) 57,322 59,138 53,373 54,691 57,096 166,760 165,160
Hope Downs 50% 11,037 12,148 10,163 10,087 11,507 34,335 31,757
Robe River - Pannawonica (Mesas J and A) 53% 7,747 8,171 8,009 7,898 7,252 20,992 23,159
Robe River - West Angelas 53% 7,377 8,054 6,393 6,805 8,211 21,945 21,409
Total production ('000 tonnes) 83,484 87,511 77,938 79,481 84,066 244,031 241,486
Breakdown of total production:
Pilbara Blend and SP10 Lump (b) 25,268 26,308 23,386 24,416 26,604 73,374 74,406
Pilbara Blend and SP10 Fines (b) 36,836 39,264 34,422 35,932 38,788 110,481 109,142
Robe Valley Lump 3,142 3,004 2,894 2,916 2,807 8,094 8,617
Robe Valley Fines 4,605 5,167 5,115 4,982 4,445 12,898 14,542
Yandicoogina Fines (HIY) 13,633 13,768 12,122 11,235 11,421 39,185 34,779
Breakdown of total shipments:
Pilbara Blend Lump 17,785 17,355 15,635 15,832 17,498 54,274 48,965
Pilbara Blend Fines 31,008 29,840 28,475 31,336 31,870 100,026 91,681
Robe Valley Lump 2,447 2,842 2,308 2,522 2,200 6,603 7,031
Robe Valley Fines 5,105 5,762 5,553 5,839 4,839 14,070 16,231
Yandicoogina Fines (HIY) 13,669 13,628 12,228 11,364 11,794 39,916 35,386
SP10 Lump (b) 4,180 4,620 4,612 5,141 5,790 7,518 15,543
SP10 Fines (b) 9,699 12,208 9,221 8,275 10,559 23,145 28,055
Total shipments ('000 tonnes) (c) 83,892 86,255 78,033 80,309 84,550 245,550 242,892
Rio Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
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interest 2023 2024
Iron Ore Company of Canada 59%
Newfoundland & Labrador and Quebec in Canada
Saleable iron ore production:
Concentrates ('000 tonnes) 1,936 2,210 1,924 1,584 1,434 5,957 4,941
Pellets ('000 tonnes) 2,124 2,393 2,526 2,137 2,169 5,918 6,833
IOC Total production ('000 tonnes) 4,060 4,603 4,450 3,721 3,603 11,875 11,774
Shipments:
Concentrates ('000 tonnes) 2,098 2,037 1,978 1,678 2,090 5,897 5,747
Pellets ('000 tonnes) 1,815 2,331 2,542 2,449 1,971 6,063 6,961
IOC Total Shipments ('000 tonnes) (c) 3,913 4,368 4,520 4,127 4,061 11,961 12,708
Global Iron Ore Totals
Iron Ore Production ('000 tonnes) 87,543 92,114 82,388 83,203 87,669 255,906 253,260
Iron Ore Shipments ('000 tonnes) 87,805 90,623 82,553 84,436 88,611 257,511 255,600
Iron Ore Sales ('000 tonnes) (d) 88,030 91,072 82,790 87,479 87,349 262,121 257,618
(a) Includes 100% of production from Paraburdoo, Mt Tom Price, Western Turner
Syncline, Marandoo, Yandicoogina, Brockman, Nammuldi, Silvergrass, Channar,
Gudai-Darri, Eastern Range and Western Range mines. Whilst Rio Tinto owns
54% of the Eastern Range and the Western Range mines, under the terms of the
joint venture agreement, Hamersley Iron manages the operation and is obliged
to purchase all mine production from the joint venture and therefore all of
the production is included in Rio Tinto's share of production.
(b) SP10 includes other lower grade products.
(c) Shipments includes material shipped to our portside trading facility in
China which may not be sold onwards in the same period.
(d) Include Pilbara and IOC sales adjusted for portside trading movements and
third party volumes sold.
Rio Tinto percentage interest shown above is at 30 September 2024. The data
represents production and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
Rio Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
2023
2024
2024
2023
2024
interest 2023 2024
SALT
Dampier Salt 68%
Western Australia
Salt production ('000 tonnes) 2,097 2,103 2,085 2,253 2,211 6,634 6,548
TITANIUM DIOXIDE SLAG
Rio Tinto Iron & Titanium 100%
Canada and South Africa
(Rio Tinto share) (a)
Titanium dioxide slag ('000 tonnes) 247 275 254 238 263 835 755
(a) Quantities comprise 100% of Rio Tinto Fer et Titane and Rio Tinto's 74%
interest in Richards Bay Minerals' production. Ilmenite mined in Madagascar is
being processed in Canada.
Rio Tinto percentage interest shown above is at 30 September 2024. The data
represents production and sales on a 100% basis unless otherwise stated.
1 (#_ftnref1) The 500 thousand tonnes per annum copper production target
(stated as recoverable metal) for the Oyu Tolgoi underground and open pit
mines for the years 2028 to 2036 was previously reported in a release to the
ASX dated 11 July 2023 "Investor site visit to Oyu Tolgoi copper mine,
Mongolia
(https://www.riotinto.com/en/invest/presentations/2023/oyu-tolgoi-site-visit)
". All material assumptions underpinning that production target and those
production profiles continue to apply and have not materially changed.
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