REG - Rio Tinto - First quarter production results
17/04/2024 07:01
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RNS Number : 8707K Rio Tinto PLC 17 April 2024
Rio Tinto releases first quarter production results
17 April 2024
Rio Tinto Chief Executive Jakob Stausholm said: "We have been deeply affected
by the loss of four Diavik colleagues and two airline crew members in a plane
crash in January. This tragedy has strengthened our resolve to never be
complacent about safety.
"We delivered stable operating results in the first quarter, including
improvements at our bauxite and aluminium businesses, as we navigated seasonal
challenges across our global operations. Our full year guidance is unchanged
across all our products. We remained focused on growth in energy-transition
materials, with the ramp-up at Oyu Tolgoi underground, the first full quarter
of recycled aluminium production from Matalco and further progress at
Simandou, our high grade iron ore project in Guinea.
"Action to decarbonise our operations continues, with power purchase
agreements signed marking a significant step towards a competitive renewable
energy solution for our Gladstone operations - the single largest lever
towards our 2030 emissions goal. We also joined with BHP and BlueScope to
investigate the development of Australia's first electric smelting furnace
pilot plant, progressing our work on steel decarbonisation. We continue to
pursue our long-term strategy, and have a clear pathway to deliver operational
excellence, while investing in profitable growth and delivering attractive
shareholder returns."
Production* Q1 vs Q1 vs Q4
2023
2023
2024
Pilbara iron ore shipments (100% basis) Mt 78.0 -5 % -10 %
Pilbara iron ore production (100% basis) Mt 77.9 -2 % -11 %
Bauxite Mt 13.4 +11 % -11 %
Aluminium** kt 826 +5 % -2 %
Mined copper (consolidated basis) kt 156 +7 % -3 %
Titanium dioxide slag kt 254 -11 % -8 %
IOC*** iron ore pellets and concentrate Mt 2.6 +3 % -3 %
* Rio Tinto share unless otherwise stated
** Includes primary aluminium only
*** Iron Ore Company of Canada
Q1 2024 operational highlights and other key announcements
• Our all injury frequency rate for the first quarter was 0.36, in
line with the previous quarter, and a small increase from the first quarter of
2023 (0.34). The tragic plane crash in January is a devastating reminder of
why safety is and must always be our top priority. We continue to work closely
with the authorities to support their efforts to understand the full facts of
what has happened.
• In the Pilbara, we produced 77.9 million tonnes (Rio Tinto share
66.1 million tonnes) in the first quarter, 2% lower than the corresponding
period of 2023. Compared to the first quarter in 2023, planned ore depletion,
predominantly at Yandicoogina, was partially offset by productivity gains
across other operations. We continue to work on asset management and pit
health, and expect further productivity gains over the remainder of the year.
Shipments of 78.0 million tonnes (Rio Tinto share 66.1 million tonnes) were 5%
lower than the first quarter of 2023. Lower volumes were predominantly the
result of weather disruption at the ports, leading to a lower stock draw-down
compared to last year, as well as reduced production at the mines.
• Bauxite production of 13.4 million tonnes was 11% higher than the
first quarter of 2023 with continued improvement in operational stability at
Weipa and Gove.
• Aluminium production of 0.8 million tonnes was 5% higher than the
first quarter of 2023. Kitimat is now back at full capacity.
• Mined copper production of 156 thousand tonnes (consolidated
basis) was 7% higher than the first quarter of 2023.
◦ Kennecott mined copper production was 7% higher than the first
quarter of 2023 but 32% lower than the previous quarter, primarily, due to
unplanned conveyor downtime. The impacted conveyor is now fully operational
again.
◦ Escondida copper production was 7% higher than the first quarter
of 2023 due to higher concentrator feed grade (0.92% in the first quarter of
2024 vs 0.78% in the corresponding period of 2023).
◦ Oyu Tolgoi mined copper production increased 8% from the first
quarter of 2023 as the ramp-up in underground production continued in line
with our long term plan, delivering a copper head grade of 1.67% (vs 1.36% in
the first quarter of 2023) for the underground and an overall copper head
grade of 0.55% (vs 0.49%).
• Titanium dioxide slag production was 11% lower than the first
quarter of 2023. We entered 2024 with six out of nine furnaces operating at
our RTIT Quebec Operations and three out of four online at Richards Bay
Minerals (RBM). During the first quarter, we started the planned rebuild of
one of the three offline furnaces in Quebec.
• IOC production was 3% higher than the first quarter of 2023.
Shipments were 25% higher than the first quarter of 2023, driven by rail and
port availability and utilisation.
• In the first quarter, we continued deployment of the Safe
Production System (SPS), now reaching 24 sites, which we have prioritised for
value. This year, our focus is on a deeper roll-out of SPS at the sites where
it has been deployed.
• On 16 January, we announced
(https://www.riotinto.com/en/news/releases/2024/dampier-salt-agrees-to-sale-of-lake-macleod-operation-to-leichhardt)
that Dampier Salt Limited entered into a sales agreement for the Lake MacLeod
salt and gypsum operation in Carnarvon, Western Australia, with
privately-owned salt company Leichhardt Industrials Group for $251 million
(A$375 million). Completion is expected by end of the year subject to certain
commercial and regulatory conditions being satisfied.
• On 21 February, we announced
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-board-changes) that
Simon McKeon will step down as a Non-Executive Director at the conclusion of
the Rio Tinto Limited annual general meeting on 2 May 2024.
• On 28 March, we published our 2023 Taxes and Royalties Paid Report
(https://www.riotinto.com/en/invest/reports/taxes-paid-report) , which details
$8.5 billion of taxes and royalties paid globally during the year, including
$6.6 billion in Australia.
• Subsequent to the end of the quarter, we announced
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-to-manage-the-ranger-rehabilitation-project-for-era)
that we will manage the Ranger Rehabilitation Project in Australia's Northern
Territory on behalf of Energy Resources of Australia Ltd (ERA), under a new
Management Services Agreement. This agreement will build on ERA's existing
rehabilitation work with Rio Tinto's technical expertise in designing, scoping
and executing closure projects.
• On 8 April, we announced
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-appoints-bold-baatar-as-chief-commercial-officer)
that Bold Baatar has been appointed to the role of Chief Commercial Officer to
lead the Group's commercial and business development activities globally.
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 Q1 2024 2024 2024
Actuals Previous Current
Pilbara iron ore (shipments, 100% basis) (Mt) 331.8 78.0 323 to 338 Unchanged
Bauxite (Mt) 54.6 13.4 53 to 56 Unchanged
Alumina (Mt) 7.5 1.9 7.6 to 7.9 Unchanged
Aluminium (Mt) 3.3 0.8 3.2 to 3.4 Unchanged
Mined copper (consolidated basis) (kt) 620 156 660 to 720 Unchanged
Refined copper (kt) 175 62.5 230 to 260 Unchanged
Titanium dioxide slag (Mt) 1.1 0.3 0.9 to 1.1 Unchanged
IOC(1) iron ore pellets and concentrate (Mt) 9.7 2.6 9.8 to 11.5 Unchanged
Boric oxide equivalent (Mt) 0.5 0.1 ~0.5 Unchanged
(1)Iron Ore Company of Canada continues to be reported at Rio Tinto share.
• 2024 production guidance is unchanged.
• 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
• Guidance for 2024 Pilbara iron ore unit cash costs is unchanged at
$21.75 to $23.50 per tonne range (based on an average A$:US$ exchange rate of
0.66).
• Guidance for 2024 copper C1 unit costs is unchanged at 140 to 160
US cents/lb.
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Investments, growth and development projects
• Our share of capital investment for 2024 remains unchanged and is
expected to be up to $10.0 billion, including growth capital of up to $3.0
billion, sustaining capital of around $4.0 billion and $2.0 to $3.0 billion of
replacement capital. This remains subject to Traditional Owner and other
stakeholder engagement, regulatory approvals and technology developments. All
capital guidance is subject to ongoing inflationary pressures and exchange
rates.
• Pre-tax and pre-divestment expenditure on exploration and
evaluation charged to the income statement in 2024 was $214 million, compared
with $219 million in 2023, on the same basis. Approximately 23% of the spend
was by central exploration, 38% by minerals (with the majority focusing on
lithium), 29% by copper and 10% by iron ore. In 2024, all qualifying
expenditure relating to Simandou has been capitalised.
Pilbara projects
• Construction of our Western Range mine is now over 50% complete.
Bulk earthworks and initial mining area development are well advanced and
the focus is on greenfield crushing and screening, and Paraburdoo plant
tie-in. First ore remains on plan for 2025.
• We continue to advance our next tranche of Pilbara mine
replacement studies including the Hope Downs 1 (Hope Downs 2 and Bedded
Hilltop), Brockman 4 (Brockman Syncline 1), Greater Nammuldi and West Angelas
projects. Project timelines remain subject to timing of approvals and
heritage clearances.
• The Rhodes Ridge pre-feasibility study (PFS) continues to
progress, including resource evaluation activities. The PFS, which is
targeting an initial capacity of up to 40 million tonnes per year, subject to
relevant approvals, is expected to be complete by the end of 2025. This will
be followed by a feasibility study. First ore is expected by the end of the
decade.
• Following approval in late 2023, engineering and procurement
activities for the Coastal Water desalination project are well advanced. The
$395 million plant will provide water to our port operations in Dampier.
Oyu Tolgoi underground project
• We continue to see strong performance from the underground mine,
with a total of 99 drawbells opened from Panel 0, including 13 during the
quarter. The operation is expected to ramp up to deliver average mined copper
production of ~500 thousand tonnes per annum (100% basis) between 2028 and
2036(1)(.)
• Sinking of ventilation shafts 3 and 4 continued to progress well
during the quarter and at the end of March reached depths of 1,076 metres and
1,150 metres below ground level, respectively. Final depths required for
shafts 3 and 4 are 1,130 and 1,176 metres respectively. Shaft 4 breakthrough
(sinking completion) was achieved in early April. Both shafts remain on track
to be commissioned in the second half of 2024.
• Construction of the conveyor to surface works continued to plan
and was 94% complete at the end of the quarter. Commissioning remains on track
for the second half of 2024.
• Construction works for the concentrator conversion remain on
schedule. 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 commenced in December 2023 and
is due to be completed by the end of 2025.
Simandou iron ore project
• In February, the Board of Rio Tinto approved its share of capital
expenditure to progress the Simandou iron ore project in Guinea, subject to
joint venture partner and regulatory approvals(2) from China and Guinea. We
are continuing to work with our partners to satisfy the outstanding
conditions.
• We estimate(3) our share of capital expenditure for the Simfer
mine and co-developed infrastructure is approximately $6.2 billion(4)(.) First
production from the Simfer mine is expected in 2025, ramping up over 30 months
to an annualised capacity of 60 million tonnes per year(5) (27 million tonnes
per year Rio Tinto share).
• During the first quarter, we continued to finalise the remaining
construction contracts and progressed the full mobilisation of 7,000+ work
force for the Simfer(6) mine and Simfer-managed scope of the co-developed
infrastructure.
( )
• For the Simfer mine, good progress has been made on the
earthworks, including completion of clearing the 18-kilometre airport access
road. Construction also commenced on the primary crusher. For the
Simfer-managed scope of the co-developed infrastructure, the rail spur tunnel,
port car dumpers and transhipment vessel (TSV) wharf are now under
construction.
( )
• Biodiversity monitoring continues with water monitoring with
several local communities, as do our rehabilitation efforts with the sowing of
1,730 seeds for new stock in the Canga nursery and hydroseed of 7 hectares at
Siatouro for erosion control. Our community commitments continue with 11
projects underway for schools, water wells, training programs and local
content business support.
Other key projects and exploration and evaluation
• At Complexe Jonquière in Quebec, Canada, early works activities
for the expansion of our low carbon AP60 aluminium smelter were completed
during the quarter. The execution phase of construction activities is ramping
up with the mobilisation of civil and structural contractors. Once completed,
the project will add 96 new AP60 pots, increasing capacity by approximately
160,000 metric tonnes of primary aluminium per year. 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, the first stope of the Lower Commercial Skarn was
blasted in March. This marks Kennecott's return to underground production
after more than 40 years. Activities continued on the North Rim Skarn (NRS)
underground development and infrastructure. Production from the NRS is now
forecast to commence around mid-year 2025 (previously first quarter of 2025)
following updates to our controls after ground fall events.
• At the Resolution Copper project in Arizona, the U.S. Court of
Appeals for the Ninth Circuit denied Apache Stronghold's attempt to stop the
land exchange between Resolution Copper and the federal government. Apache
Stronghold has asked the court to rehear the case. We continue to progress the
Final Environmental Impact Statement (FEIS) with the United States Forest
Service (USFS), but they have yet to advise on the date of re-publication. We
also advanced partnership discussions with federally-recognised Native
American Tribes who are part of the formal consultation process. 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.
• At the Winu copper-gold project in Western Australia, Project
Planning Agreements were executed with the Nyangumarta and Martu groups, the
Traditional Owners of the land on which the proposed Winu mine and airstrip
will be located. Study activities, drilling and fieldwork progressed
sufficiently to commence Winu's formal Western Australian Environmental
Protection Authority (EPA) approval process. Work in 2024 to complete the
environmental approval deliverables and the Project Agreement negotiations
with both Traditional Owner groups remains the priority.
• Nuton, Rio Tinto's copper heap leaching technology venture,
continues to develop its path for deployment with a portfolio of six
partnerships (Cactus with ASCU, Yerington with Lion Copper & Gold, Johnson
Camp with Excelsior, AntaKori with Regulus, Escondida with BHP and Los Azules
with McEwen) in four countries: United States, Chile, Peru and Argentina. In
March, Lion Copper & Gold announced the results of the Preliminary
Economic Assessment (PEA) for its Yerington Project. Lion Copper and Gold's
assessment incorporated the Nuton case. Nuton continues to develop its
pipeline of projects.
• We continue to believe that the Jadar lithium-borate project in
Serbia has the potential to be a world-class asset, that will support the
development of other future industries in Serbia, acting as a catalyst for
tens of thousands of jobs for current and future generations, and sustainably
producing materials critical to the energy transition. We are focused on
consultation with all stakeholders to explore options related to the project's
future.
• At the Rincon lithium project in Argentina, development of the
three thousand tonne per annum lithium carbonate starter plant is ongoing as
we progressed the construction of an additional 400-bed camp facility (500
already completed) and concrete works. Structural, mechanical, piping,
electrical and instrumentation installation activity is ramping up to plan. We
progressed studies for the full-scale operation during the quarter, and the
exploration campaign to further understand Rincon's basin, brine and water
reservoirs. 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 expect first production
from the starter plant by the end of 2024.
(1) 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 Australian
Securities Exchange (ASX) dated 11 July 2023 "Investor site visit to Oyu
Tolgoi copper mine, Mongolia". All material assumptions underpinning that
production target and those production profiles continue to apply and have not
materially changed.
(2) Closing of the joint venture arrangements for the co-developed
infrastructure remain subject to a number of conditions including Chinese and
Guinean regulatory approvals.
(3) A true-up mechanism will apply between Simfer and WCS to equalise their
out of pocket costs of constructing the co-developed rail and port
infrastructure.
(4) Estimated numbers, subject to approval by all joint venture partners and
government authorities.
(5) 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.
(6) 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, on the date of this notice, a wholly-owned
subsidiary of Simfer Jersey Limited, but will be co-owned by the Guinean State
(15%) after closing of the co-development arrangements. Simfer Jersey will
ultimately own 42.5% of Compagnie du Transguinéen, which will own and operate
the co-developed infrastructure during operations.
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(
)
Sustainability highlights
February marked two years since the Everyday Respect Report was released. We
recognised this milestone by sharing stories highlighting some of the actions
we have taken to implement the 26 recommendations as we progress on our
journey of culture change to create a safer, more respectful and inclusive
organisation. We are proud of all we have achieved, but recognise that we are
only two years into our journey and have much to learn and do. One of the
final recommendations, a Progress Review, was launched on 9 April to help us
understand where we still need to make improvements. We continue to commit to
transparency and will share the results of the independent Progress Review.
This quarter we launched Inclusive Voices, our employee-led Employee Resource
Group community, to amplify voices of diverse groups across our business. We
also worked on removing other barriers to inclusion and bringing our Everyday
Respect priorities to life through starting to build a series of "how to"
guides starting with our Parental Leave guide released in March.
Communities & Social Performance (CSP)
In March, we officially launched a global community perception monitoring
program, Local Voices (https://voconiqlocalvoices.com/en/riotinto/) . The
program is an important part of our commitment to truly listen to communities
so we can continually find better ways to work together. Other key highlights
from the quarter are provided below, with further information available on our
website (https://www.riotinto.com/sustainability/communities) :
26 January 2024
(https://www.riotinto.com/en/news/releases/2024/sokhulu-and-rbm-agree-to-implement-trust-reform-and-support-long-term-community-benefit)
| Sokhulu and RBM agree to impl
(https://www.riotinto.com/en/news/releases/2024/sokhulu-and-rbm-agree-to-implement-trust-reform-and-support-long-term-community-benefit)
ement trust reform and
(https://www.riotinto.com/en/news/releases/2024/sokhulu-and-rbm-agree-to-implement-trust-reform-and-support-long-term-community-benefit)
support lon
(https://www.riotinto.com/en/news/releases/2024/sokhulu-and-rbm-agree-to-implement-trust-reform-and-support-long-term-community-benefit)
g-t
(https://www.riotinto.com/en/news/releases/2024/sokhulu-and-rbm-agree-to-implement-trust-reform-and-support-long-term-community-benefit)
erm
(https://www.riotinto.com/en/news/releases/2024/sokhulu-and-rbm-agree-to-implement-trust-reform-and-support-long-term-community-benefit)
community benefit
(https://www.riotinto.com/en/news/releases/2024/sokhulu-and-rbm-agree-to-implement-trust-reform-and-support-long-term-community-benefit)
26 March 2024
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-commits-10-million-to-boost-tom-price-sports-and-recreation)
| Rio Tinto commits $10 million to boost Tom Price sports and recreation
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-commits-10-million-to-boost-tom-price-sports-and-recreation)
8 A
(https://www.riotinto.com/en/news/releases/2024/yinhawangka-people-and-rio-tinto-partner-to-co-design-living-cultures-program)
pril 2024
(https://www.riotinto.com/en/news/releases/2024/yinhawangka-people-and-rio-tinto-partner-to-co-design-living-cultures-program)
|
(https://www.riotinto.com/en/news/releases/2024/yinhawangka-people-and-rio-tinto-partner-to-co-design-living-cultures-program)
Yinhawangka People and Rio
(https://www.riotinto.com/en/news/releases/2024/yinhawangka-people-and-rio-tinto-partner-to-co-design-living-cultures-program)
Tinto par
(https://www.riotinto.com/en/news/releases/2024/yinhawangka-people-and-rio-tinto-partner-to-co-design-living-cultures-program)
tner to co-design
(https://www.riotinto.com/en/news/releases/2024/yinhawangka-people-and-rio-tinto-partner-to-co-design-living-cultures-program)
'
(https://www.riotinto.com/en/news/releases/2024/yinhawangka-people-and-rio-tinto-partner-to-co-design-living-cultures-program)
Li
(https://www.riotinto.com/en/news/releases/2024/yinhawangka-people-and-rio-tinto-partner-to-co-design-living-cultures-program)
ving Cultures Pr
(https://www.riotinto.com/en/news/releases/2024/yinhawangka-people-and-rio-tinto-partner-to-co-design-living-cultures-program)
o
(https://www.riotinto.com/en/news/releases/2024/yinhawangka-people-and-rio-tinto-partner-to-co-design-living-cultures-program)
gram
(https://www.riotinto.com/en/news/releases/2024/yinhawangka-people-and-rio-tinto-partner-to-co-design-living-cultures-program)
'
(https://www.riotinto.com/en/news/releases/2024/yinhawangka-people-and-rio-tinto-partner-to-co-design-living-cultures-program)
Climate change, product stewardship and our value chain
To reach our 2030 goal of a 50% reduction in emissions (Scope 1 and 2), our
single largest lever - accounting for around one-quarter of our emissions - is
to develop a competitive renewable energy solution for the Boyne and Tomago
aluminium smelters in our Pacific Aluminium Operations. In February, we agreed
to buy th
e majority of electricity from Windlab's Bungaban wind energy project. This,
combined with our announcement in January of a power purchase agreement (PPA)
for European Energy's Upper Calliope solar farm in Queensland, will make Rio
Tinto the biggest industrial buyer of renewable power in Australia. The
combined 2.2GW of renewable PPAs represent the equivalent of 10% of
Queensland's current power demand and have the potential to lower carbon
emissions by about 5 million tonnes per year. Turning to steel
decarbonisation, in February, we announced a partnership with BHP and
BlueScope to investigate the development of Australia's first ironmaking
electric smelting furnace pilot plant.
Further detail on these PPAs and partnerships is provided in the links below:
24 January 2024
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-to-drive-development-of-australias-largest-solar-farm-at-gladstone)
| Rio Tinto
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-to-drive-development-of-australias-largest-solar-farm-at-gladstone)
to
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-to-drive-development-of-australias-largest-solar-farm-at-gladstone)
drive development of Australia
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-to-drive-development-of-australias-largest-solar-farm-at-gladstone)
'
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-to-drive-development-of-australias-largest-solar-farm-at-gladstone)
s largest solar farm at Glads
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-to-drive-development-of-australias-largest-solar-farm-at-gladstone)
tone
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-to-drive-development-of-australias-largest-solar-farm-at-gladstone)
09
(https://www.riotinto.com/en/news/releases/2024/australias-leading-iron-ore-producers-partner-with-bluescope-on-steel-decarbonisation)
February 2024 | Australia
(https://www.riotinto.com/en/news/releases/2024/australias-leading-iron-ore-producers-partner-with-bluescope-on-steel-decarbonisation)
'
(https://www.riotinto.com/en/news/releases/2024/australias-leading-iron-ore-producers-partner-with-bluescope-on-steel-decarbonisation)
s leading iron ore producers partner with BlueScope on steel decarbo
(https://www.riotinto.com/en/news/releases/2024/australias-leading-iron-ore-producers-partner-with-bluescope-on-steel-decarbonisation)
nisation
(https://www.riotinto.com/en/news/releases/2024/australias-leading-iron-ore-producers-partner-with-bluescope-on-steel-decarbonisation)
21 February 2024
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-signs-australias-biggest-renewable-power-deal-as-it-works-to-repower-its-gladstone-operations)
| Rio Tinto signs Australia
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-signs-australias-biggest-renewable-power-deal-as-it-works-to-repower-its-gladstone-operations)
'
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-signs-australias-biggest-renewable-power-deal-as-it-works-to-repower-its-gladstone-operations)
s biggest renewable power deal as it works to repower its Gladstone operations
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-signs-australias-biggest-renewable-power-deal-as-it-works-to-repower-its-gladstone-operations)
27
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-ioc-and-government-of-canada-partner-to-decarbonize-iron-ore-processing-in-labrador-west)
February 2024
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-ioc-and-government-of-canada-partner-to-decarbonize-iron-ore-processing-in-labrador-west)
| Rio Tinto IOC and Government of Canada partner to decarbonize iron ore
processing in La
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-ioc-and-government-of-canada-partner-to-decarbonize-iron-ore-processing-in-labrador-west)
b
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-ioc-and-government-of-canada-partner-to-decarbonize-iron-ore-processing-in-labrador-west)
rador
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-ioc-and-government-of-canada-partner-to-decarbonize-iron-ore-processing-in-labrador-west)
West
(https://www.riotinto.com/en/news/releases/2024/rio-tinto-ioc-and-government-of-canada-partner-to-decarbonize-iron-ore-processing-in-labrador-west)
Our markets
The global economy remains resilient, despite the aggressive policy rate hikes
in the past two years, with a recovery in industrial production ahead.
Inflation is trending downwards, but slower than expectations, as energy price
risks and shipping cost volatility remain. Labour markets are still resilient.
• China's economic recovery has been uneven, prompting more
government support to sustain growth and meet the target of around 5% GDP
growth this year. The manufacturing sector remains strong, given increased
industrial production and exports, while property activity remains weak,
despite improved policy support. There is continued issuance of financing for
infrastructure projects, although efforts are being taken to restructure local
government debts.
• The US market outlook remains optimistic, given the labour market
strength, looser financial conditions, and healthy household and corporate
balance sheets. The Federal Reserve is still focused on the downward direction
of inflation, although the pace of decline is slowing and some headwinds have
appeared. The services sector continues to hold up relatively well, while the
manufacturing PMI turned expansionary in January.
• The eurozone economy stagnated in the fourth quarter of 2023 and
is likely to have stayed weak in the first quarter of this year. It is
expected to pick up gradually over the year on the back of a further decline
in inflation, cuts in official interest rates, recovery in industrial
production and investments in the energy transition. However, the pace of
recovery is uneven amongst countries, with Germany lagging given weakness in
its manufacturing sector.
• Iron ore prices declined by 27% over the quarter, while the
average monthly price in the first quarter of $123/dmt (Platts CFR 62% Fe
index) was 4% lower than last year's fourth quarter. China's domestic steel
demand trended at levels similar to last year, but steel exports rose 30%
year-on-year during the first two months and are likely to remain historically
elevated, in turn, supporting iron ore demand. Seaborne shipments in the first
quarter rose 1% year-on-year and China's portside inventories increased by 24
million tonnes to 144 million tonnes. Steel mill margins in China oscillated
around break-even levels, maintaining iron ore product price relativities
within historically narrow bands, while lump premiums declined in the absence
of pollution controls and sintering restrictions in China.
• The LME aluminium price declined by 3% over the quarter, while the
average price rose 0.4% from the fourth quarter of 2023, to $2,199/t.
Aluminium orders improved in Europe and North America, while Chinese demand
continued to be resilient on growth from renewables and electric vehicles
(EVs). Global aluminium production remained stable, with restarts in Yunnan,
China, only expected in the second quarter. Global reported aluminium
inventory levels remain low, maintaining tight physical markets. China bauxite
import prices remained resilient in the first quarter, supported by firm
demand and disruptions to domestic bauxite supply.
• The copper LME price was higher in the first quarter, with the
average price up 3% quarter-on-quarter to $3.83/lb. Besides a substantial cut
to mine production guidance from the major copper miners, the growth in
smelter capacity has led to a severe tightening in the copper concentrates
market and a sharp fall in Treatment Charge (TC) and Refining Charge (RC).
Copper demand growth continues to be driven by energy transition sectors,
including EV, power grid and renewables. Chinese demand growth has been
robust, despite the weakening property sector.
• Lithium prices have remained at subdued levels through the first
quarter with the weak sentiment impacting price outlooks, triggering
production curtailment and project delays. Conversely, global EV sales growth
rose 31% year-on-year in the first two months of this year, compared to 26%
year-on-year over the same period last year. Chinese EV makers announced a
series of price cuts in the first quarter to increase sales further.
• The global TiO2 feedstock market experienced some positive
sentiment in the first quarter, although this is from a low base after
depressed conditions through most of 2023. Underlying pigment demand has
stabilised with some pockets of the market showing encouraging growth. Against
this backdrop, there has been some supply curtailment reported.
• The borates market remained well supplied and demand continued to
be soft in the first quarter, driven by weakness in the housing and
construction markets.
Iron Ore
Rio Tinto share of production (Million tonnes) Q1 vs Q1 vs Q4
2023
2023
2024
Pilbara Blend and SP10 Lump(1) 19.9 +1 % -11 %
Pilbara Blend and SP10 Fines(1) 29.8 -3 % -11 %
Robe Valley Lump 1.5 +35 % -4 %
Robe Valley Fines 2.7 +36 % -1 %
Yandicoogina Fines (HIY) 12.1 -11 % -12 %
Total Pilbara production 66.1 -2 % -10 %
Total Pilbara production (100% basis) 77.9 -2 % -11 %
Rio Tinto share of shipments (Million tonnes) Q1 vs Q1 vs Q4
2023
2023
2024
Pilbara Blend Lump 12.8 -18 % -12 %
Pilbara Blend Fines 23.2 -19 % -2 %
Robe Valley Lump 1.2 +16 % -19 %
Robe Valley Fines 2.9 +30 % -4 %
Yandicoogina Fines (HIY) 12.2 -11 % -10 %
SP10 Lump(1) 4.5 +165 % -3 %
SP10 Fines(1) 9.2 +35 % -24 %
Total Pilbara shipments(2) 66.1 -5 % -10 %
Total Pilbara shipments (100% basis)(2) 78.0 -5 % -10 %
Total Pilbara Shipments (consolidated basis)(2, 3) 67.9 -5 % -10 %
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 77.9 million tonnes (Rio Tinto share 66.1 million tonnes) in the
first quarter, 2% lower than the corresponding period of 2023. Compared to the
first quarter of 2023, planned ore depletion, predominantly at Yandicoogina,
was partially offset by productivity gains across other operations. We
continue to work on asset management and pit health and expect further
productivity gains over the remainder of the year.
Shipments of 78.0 million tonnes (Rio Tinto share 66.1 million tonnes) were 5%
lower than the first quarter of 2023. Lower volumes were predominantly the
result of weather disruption at the ports, leading to a lower stock draw-down
compared to last year, as well as reduced production at the mines. SP10
volumes accounted for 18%(1) of shipments in the first quarter, in line with
the second half of 2023.
Approximately 10% of sales in the first quarter were priced by 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 27% of sales in the
first quarter were made on a free on board (FOB) basis, with the remainder
sold including freight.
China Portside Trading
Our iron ore portside sales in China were 6.5 million tonnes in the first
quarter of 2024 (6.2 million tonnes in the first quarter of 2023). At the end
of March, inventory levels were 7.0 million tonnes (6.4 million tonnes at the
end of December), including 4.8 million tonnes of Pilbara product. In the
first quarter of 2024, approximately 90% of our portside sales were either
screened or blended in Chinese ports.
(1) Based on total Pilbara shipments on a 100% basis.
Aluminium
Rio Tinto share of production ('000 tonnes) Q1 vs Q1 vs Q4
2023
2023
2024
Bauxite 13,418 +11 % -11 %
Bauxite third party shipments 8,496 +8 % -21 %
Alumina 1,864 0 % -3 %
Aluminium 826 +5 % -2 %
Recycled aluminium 74 n/a n/a
Bauxite
Bauxite production of 13.4 million tonnes was 11% higher than the first
quarter of 2023. The increase in production versus 2023 represents continuing
improvements in operational stability at Weipa and Gove.
We shipped 8.5 million tonnes of bauxite to third parties in the first
quarter, 8% higher than the same period of 2023.
Alumina
Alumina production of 1.9 million tonnes was flat compared to the first
quarter of 2023 but 3% lower than the previous quarter due to a breakage of
the Queensland Gas Pipeline, operated by a third-party, which impacted our
Gladstone operations in March. The pipeline has now been repaired and has been
undergoing a monitoring process during March and April while production ramps
up.
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. On 1 February 2024, the Federal Court of
Australia rendered its decision in the litigation initiated by Rusal against
Rio Tinto and QAL, dismissing Rusal's case. The decision has been appealed by
Rusal.
Aluminium
Aluminium production of 0.8 million tonnes was 5% higher than the first
quarter of 2023. Kitimat is now back at full capacity; however, Tomago was
impacted by challenges around cell stability during the quarter. At ISAL,
although operations were not directly affected by volcanic eruptions in
Iceland, we were asked by authorities to reduce our electricity load meaning
that the smelter has been operating at 90% capacity rates. All our other
smelters continued to demonstrate stable performance during the quarter.
Recycled aluminium
Rio Tinto's share of production from Matalco was 74 thousand tonnes in the
first quarter (148 thousand tonnes on a 100% basis). 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) Q1 vs Q1 vs Q4
2023
2023
2024
Mined copper
Kennecott 32.5 +7 % -32 %
Escondida 77.2 +7 % +8 %
Oyu Tolgoi (66% basis) 30.4 +8 % +13 %
Total mined copper production 140.1 +7 % -4 %
Total mined copper production (consolidated basis(1)) 155.8 +7 % -3 %
Refined copper
Kennecott 47.8 +10 % +50 %
Escondida 14.7 -3 % +4 %
(1) Includes Oyu Tolgoi and Kennecott on a 100% consolidated basis, and
Escondida on an equity share basis.
Kennecott
Mined copper production was 7% higher than the first quarter of 2023 but 32%
lower than the previous quarter, primarily, due to unplanned conveyor
downtime. The impacted conveyor is now fully operational again. Kennecott also
continues to manage geotechnical risk in the mine which is heightened through
winter and spring months.
Refined copper production was 10% higher than the first quarter of 2023 and
50% up on the prior quarter as the smelter returns to normal operations
following completion of the largest rebuild of the smelter and refinery in
Kennecott's history in 2023.
Escondida
Mined copper production was 7% higher than the first quarter of 2023 due to
higher concentrator feed grade (0.92% in the first quarter of 2024 vs 0.78% in
the corresponding period of 2023). Refined copper production was 3% lower than
the same quarter of last year due to planned lower stacking for sulphide
leach.
Oyu Tolgoi
Mined copper production increased 8% from the first quarter of 2023 as the
ramp-up in underground production continued. During the quarter, we delivered
1.3 million tonnes of ore milled from the underground mine at an average
copper head grade of 1.67% and 9.0 million tonnes from the open pit with an
average grade of 0.39%. This ramp-up is in line with the long-term plan to
reach 500 thousand tonnes of copper production (stated as recoverable metal)
for the Oyu Tolgoi underground and open pit mines for the years 2028 to
2036 1 (#_ftn1) .
Minerals
Rio Tinto share of production (million tonnes) Q1 vs Q1 vs Q4
2023
2023
2024
Iron ore pellets and concentrate
IOC 2.6 +3 % -3 %
Rio Tinto share of production ('000 tonnes) Q1 vs Q1 vs Q4
2023
2023
2024
Minerals
Borates - B(2)O(3) content 121 -2 % +9 %
Titanium dioxide slag 254 -11 % -8 %
Rio Tinto share of production ('000 carats) Q1 vs Q1 vs Q4
2023
2023
2024
Diavik 740 -22 % +12 %
Iron Ore Company of Canada (IOC)
Iron ore production was 3% higher than the first quarter of 2023, driven by
stronger pellet production. Concentrate production was affected by seasonal
challenges at the operation.
Shipments were 25% higher than the first quarter of 2023, driven by rail and
port availability and utilisation.
Borates
Borates production in the first quarter was 2% lower than the corresponding
period of 2023 but up 9% compared to the previous quarter due to the re-start
of the plant following completion of a scheduled shut in December.
Iron and Titanium
Titanium dioxide slag production was 11% lower than the first quarter of 2023.
We entered 2024 with six out of nine furnaces operating at our RTIT Quebec
Operations and three out of four online at Richards Bay Minerals (RBM). During
the first quarter, we started to rebuild one of the three offline furnaces in
Quebec.
Diamonds
At Diavik, our share of carats was 22% lower than the first quarter of 2023
due to a production pause to grieve and honour lost colleagues. Lower ore
mined from the depletion of two ore bodies in 2023 was partially offset by
continued improvements in A154N underground ore deliveries and ore development
from the A21 underground project.
Exploration and evaluation
Pre-tax and pre-divestment expenditure on exploration and evaluation charged
to the income statement in 2024 was $214 million, compared with $219 million
in 2023 on the same basis. Approximately 23% of the spend was by central
exploration, 38% by minerals (with the majority focusing on lithium), 29% by
copper and 10% by iron ore.
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 first quarter focused on copper in Chile,
Kazakhstan and Serbia, Nickel in Peru, Australia, Brazil and Canada, Lithium
in Canada, US, Rwanda and Australia, potash in Canada and heavy mineral sands
(HMS) in South Africa and Malawi. The Rio Tinto operated Nuevo Cobre joint
venture copper project in Chile progressed the geological field program,
baseline environmental studies and engagement with the local Colla community.
Rio Tinto has transferred ownership and operational responsibilities for the
Fort a La Corne diamond project in Saskatchewan, Canada, to Star Diamond
Corporation in exchange for shares. 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 Rincon Lithium, Argentina Nickel Greenfield: Australia, Brazil, Canada, Finland, Peru
Lithium borates: Jadar, Serbia Lithium Greenfield: Australia, Brazil, Canada, Chile, China, Finland, 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 Diamonds Greenfield: Angola
Iron Ore Pilbara, Australia Pilbara, Australia Greenfield and Brownfield: Pilbara, Australia
Simandou, Guinea
Minerals Potash: KL262 (3rd party operated), Canada Texas, Canada (potash), Kamiesberg, South Africa (HMS) (3rd party operated),
Kasiya, Malawi (rutile-graphite) (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 programmes 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.
Contacts Please direct all enquiries to media.enquiries@riotinto.com
Media Relations, UK Media Relations, Australia
Matthew Klar Matt Chambers
M +44 7796 630 637 M +61 433 525 739
David Outhwaite Jesse Riseborough
M +44 7787 597 493 M +61 436 653 412
Media Relations, Americas
Simon Letendre
M +1 514 796 4973
Malika Cherry
M +1 418 592 7293
Investor Relations, UK Investor Relations, Australia
Menno Sanderse Tom Gallop
M +44 7825 195 178 M +61 439 353 948
David Ovington Amar Jambaa
M +44 7920 010 978 M +61 472 865 948
Laura Brooks
M: +44 7826 942 797
Rio Tinto plc Rio Tinto Limited
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London SW1Y 4AD Melbourne 3000
United Kingdom Australia
T +44 20 7781 2000 T +61 3 9283 3333
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No. 719885 ABN 96 004 458 404
This announcement is authorised for release to the market by Andy Hodges, Rio
Tinto's Group Company Secretary.
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Classification: 3.1 Additional regulated information required to be disclosed
under the laws of a Member State
Rio Tinto production summary
Rio Tinto share of production
Quarter Full Year % change
2023 2023 2024 2023 Q1 24 Q1 24
Q1 Q4 Q1 vs vs
Q1 23 Q4 23
Principal commodities
Alumina ('000 t) 1,860 1,919 1,864 7,537 0 % -3 %
Aluminium (Primary) ('000 t) 785 846 826 3,272 +5 % -2 %
Bauxite ('000 t) 12,089 15,098 13,418 54,619 +11 % -11 %
Borates ('000 t) 124 111 121 495 -2 % +9 %
Copper - mined (consolidated) ('000 t) 145.2 160.0 155.8 619.6 +7 % -3 %
Copper - refined ('000 t) 58.9 46.1 62.5 175.2 +6 % +36 %
Iron Ore ('000 t) 69,784 76,514 68,701 290,171 -2 % -10 %
Titanium dioxide slag ('000 t) 285 275 254 1,111 -11 % -8 %
Other Metals & Minerals
Diamonds ('000 cts) 954 659 740 3,340 -22 % +12 %
Gold - mined ('000 oz) 64.4 75.6 66.6 281.5 +3 % -12 %
Gold - refined ('000 oz) 22.0 20.6 35.3 74.2 +60 % +71 %
Molybdenum ('000 t) 0.1 0.8 0.7 1.8 +461 % -5 %
Salt ('000 t) 1,450 1,438 1,425 5,973 -2 % -1 %
Silver - mined ('000 oz) 935 1,100 973 3,811 +4 % -11 %
Silver - refined ('000 oz) 432 406 550 1,407 +27 % +36 %
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 Q1 Q2 Q3 Q4 Q1 2023
interest
2023
2023
2023
2023
2024
ALUMINA
Production ('000 tonnes)
Jonquière (Vaudreuil) 100 % 371 346 325 349 352 1,392
Jonquière (Vaudreuil) specialty Alumina plant 100 % 25 27 28 29 27 109
Queensland Alumina 80 % 632 677 720 664 675 2,693
São Luis (Alumar) 10 % 94 66 88 90 87 338
Yarwun 100 % 739 745 736 786 722 3,006
Rio Tinto total alumina production 1,860 1,861 1,897 1,919 1,864 7,537
ALUMINIUM
Primary production ('000 tonnes)
Australia - Bell Bay 100 % 45 46 47 47 47 186
Australia - Boyne Island 59 % 70 73 76 76 75 295
Australia - Tomago 52 % 75 75 77 77 73 304
Canada - six wholly owned 100 % 367 389 398 410 405 1,565
Canada - Alouette (Sept-Îles) 40 % 62 63 64 64 63 253
Canada - Bécancour 25 % 29 29 28 30 29 117
Iceland - ISAL (Reykjavik) 100 % 51 52 52 54 49 209
New Zealand - Tiwai Point 79 % 66 66 66 67 66 265
Oman - Sohar 20 % 20 20 20 20 20 80
Rio Tinto total primary aluminium production 785 814 828 846 826 3,272
Recycled production ('000 tonnes)
Matalco 50 % - - - - 74 -
Rio Tinto total recycled aluminium production - - - - 74 -
BAUXITE
Production ('000 tonnes) (a)
Gove 100 % 2,579 2,739 3,015 3,234 3,104 11,566
Porto Trombetas (b) 22 % 275 327 391 509 508 1,502
Sangaredi (c) 1,744 1,614 1,524 1,544 1,583 6,425
Weipa 100 % 7,492 8,813 9,010 9,811 8,224 35,126
Rio Tinto total bauxite production 12,089 13,492 13,940 15,098 13,418 54,619
(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 Q1 Q2 Q3 Q4 Q1 2023
interest
2023
2023
2023
2023
2024
BORATES
Production ('000 tonnes B(2)O(3) content)
Rio Tinto Borates - borates 100% 124 133 127 111 121 495
COPPER
Mine production ('000 tonnes) (a)
Bingham Canyon 100% 30.3 24.8 48.8 47.8 32.5 151.6
Escondida 30 % 72.3 77.4 78.6 71.6 77.2 299.9
Oyu Tolgoi (b) 66 % 28.1 28.3 27.7 26.8 30.4 110.9
Rio Tinto total mine production 130.7 130.5 155.1 146.2 140.1 562.4
Rio Tinto total mine production - consolidated basis 145.2 145.0 169.4 160.0 155.8 619.6
Refined production ('000 tonnes)
Escondida 30 % 15.2 21.7 15.6 14.1 14.7 66.7
Kennecott (c) 100% 43.6 14.4 18.5 32.0 47.8 108.6
Rio Tinto total refined production 58.9 36.2 34.1 46.1 62.5 175.2
(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 16 December 2022, Rio Tinto completed the acquisition of 100% of
Turquoise Hill Resources Ltd, increasing our ownership in Oyu Tolgoi from
33.52% to 66%. From 1 January 2023, our share of production has been updated
to reflect this change.
(c) We continue to process third party concentrate to optimise smelter
utilisation, including 1.6 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% 954 970 757 659 740 3,340
GOLD
Mine production ('000 ounces) (a)
Bingham Canyon 100% 20.6 18.7 32.0 33.5 26.7 104.8
Escondida 30 % 14.7 16.1 14.4 14.6 11.7 59.7
Oyu Tolgoi (b) 66 % 29.1 26.6 33.8 27.5 28.2 117.0
Rio Tinto total mine production 64.4 61.4 80.2 75.6 66.6 281.5
Refined production ('000 ounces)
Kennecott 100% 22.0 19.2 12.4 20.6 35.3 74.2
(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 16 December 2022, Rio Tinto completed the acquisition of 100% of
Turquoise Hill Resources Ltd, increasing our ownership in Oyu Tolgoi from
33.52% to 66%. From 1 January 2023, our share of production has been updated
to reflect this change.
Rio Tinto share of production
Rio Tinto Q1 Q2 Q3 Q4 Q1 2023
interest 2023 2023 2023 2023 2024
IRON ORE
Production ('000 tonnes) (a)
Hamersley mines (b) 54,433 55,004 57,322 59,138 53,373 225,898
Hope Downs 50 % 5,885 5,763 5,519 6,074 5,081 23,241
Iron Ore Company of Canada 59 % 2,526 2,063 2,384 2,703 2,613 9,676
Robe River - Pannawonica (Mesas J and A) 53 % 3,123 3,897 4,106 4,330 4,245 15,456
Robe River - West Angelas 53 % 3,816 3,905 3,910 4,269 3,388 15,899
Rio Tinto iron ore production ('000 tonnes) 69,784 70,632 73,241 76,514 68,701 290,171
Breakdown of Production:
Pilbara Blend and SP10 Lump (c) 19,612 21,042 21,418 22,228 19,885 84,301
Pilbara Blend and SP10 Fines (c) 30,851 31,750 31,700 33,485 29,836 127,786
Robe Valley Lump 1,136 1,488 1,665 1,592 1,534 5,882
Robe Valley Fines 1,987 2,409 2,441 2,739 2,711 9,574
Yandicoogina Fines (HIY) 13,672 11,880 13,633 13,768 12,122 52,952
Pilbara iron ore production ('000 tonnes) 67,258 68,569 70,857 73,811 66,088 280,495
IOC Concentrate 1,241 1,120 1,137 1,298 1,130 4,796
IOC Pellets 1,285 943 1,247 1,405 1,483 4,880
IOC iron ore production ('000 tonnes) 2,526 2,063 2,384 2,703 2,613 9,676
Breakdown of Shipments:
Pilbara Blend Lump 15,689 14,691 14,812 14,533 12,844 59,725
Pilbara Blend Fines 28,528 27,474 25,375 23,706 23,168 105,083
Robe Valley Lump 1,051 1,152 1,297 1,506 1,223 5,005
Robe Valley Fines 2,262 2,489 2,706 3,054 2,943 10,511
Yandicoogina Fines (HIY) 13,689 12,558 13,669 13,628 12,228 53,544
SP10 Lump (c) 1,686 1,652 4,180 4,620 4,474 12,137
SP10 Fines (c) 6,832 6,613 9,699 12,208 9,221 35,353
Pilbara iron ore shipments ('000 tonnes) (d) 69,738 66,629 71,736 73,255 66,100 281,358
Pilbara iron ore shipments - consolidated basis ('000 tonnes) (d) (f) 71,505 68,322 73,553 75,058 67,910 288,438
IOC Concentrate 984 1,247 1,232 1,196 1,162 4,659
IOC Pellets 1,143 1,352 1,066 1,369 1,493 4,929
IOC Iron ore shipments ('000 tonnes) (d) 2,127 2,599 2,298 2,565 2,654 9,588
Rio Tinto iron ore shipments ('000 tonnes) (d) 71,864 69,228 74,034 75,820 68,755 290,947
Rio Tinto iron ore sales ('000 tonnes) (e) 74,273 71,678 74,488 76,269 69,356 296,707
(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 and the Eastern Range mines. Whilst Rio Tinto owns 54% of the
Eastern Range mine, 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 Q1 Q2 Q3 Q4 Q1 2023
interest 2023 2023 2023 2023 2024
MOLYBDENUM
Mine production ('000 tonnes) (a)
Bingham Canyon 100% 0.1 0.3 0.6 0.8 0.7 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 % 1,450 1,652 1,434 1,438 1,425 5,973
SILVER
Mine production ('000 ounces) (a)
Bingham Canyon 100% 356 296 462 504 370 1,618
Escondida 30 % 404 302 350 420 398 1,476
Oyu Tolgoi (b) 66 % 176 177 189 176 205 717
Rio Tinto total mine production 935 775 1,001 1,100 973 3,811
Refined production ('000 ounces)
Kennecott 100% 432 329 240 406 550 1,407
(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 16 December 2022, Rio Tinto completed the acquisition of 100% of
Turquoise Hill Resources Ltd, increasing our ownership in Oyu Tolgoi from
33.52% to 66%. From 1 January 2023, our share of production has been updated
to reflect this change.
TITANIUM DIOXIDE SLAG
Production ('000 tonnes)
Rio Tinto Iron & Titanium (a) 100% 285 303 247 275 254 1,111
(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 31 March 2024.
Rio Tinto operational data
Rio Tinto Q1 Q2 Q3 Q4 Q1 2023
interest
2023
2023
2023
2023
2024
ALUMINA
Smelter Grade Alumina - Aluminium Group
Alumina production ('000 tonnes)
Australia
Queensland Alumina Refinery - Queensland 80 % 790 846 900 830 844 3,366
Yarwun refinery - Queensland 100% 739 745 736 786 722 3,006
Brazil
São Luis (Alumar) refinery 10 % 936 657 883 899 867 3,375
Canada
Jonquière (Vaudreuil) refinery - Quebec (a) 100% 371 346 325 349 352 1,392
(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% 25 27 28 29 27 109
Rio Tinto percentage interest shown above is at 31 March 2024. The data
represents production and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
Rio Tinto Q1 Q2 Q3 Q4 Q1 2023
interest 2023 2023 2023 2023 2024
ALUMINIUM
Primary Aluminium
Primary aluminium production ('000 tonnes)
Australia
Bell Bay smelter - Tasmania 100% 45 46 47 47 47 186
Boyne Island smelter - Queensland 59 % 117 123 127 128 126 496
Tomago smelter - New South Wales 52 % 145 146 149 149 142 589
Canada
Alma smelter - Quebec 100% 120 121 121 123 121 484
Alouette (Sept-Îles) smelter - Quebec 40 % 156 159 159 160 157 634
Arvida smelter - Quebec 100% 43 43 43 43 43 172
Arvida AP60 smelter - Quebec 100% 14 14 15 15 15 59
Bécancour smelter - Quebec 25 % 115 118 114 119 116 465
Grande-Baie smelter - Quebec 100% 57 57 58 58 57 229
Kitimat smelter - British Columbia 100% 72 92 103 109 107 377
Laterrière smelter - Quebec 100% 61 62 59 62 61 244
Iceland
ISAL (Reykjavik) smelter 100% 51 52 52 54 49 209
New Zealand
Tiwai Point smelter 79 % 83 83 83 85 83 334
Oman
Sohar smelter 20 % 98 99 100 100 99 398
Recycled Aluminium
Recycled aluminium production ('000 tonnes)
Matalco 50 % - - - - 148 -
Rio Tinto percentage interest shown above is at 31 March 2024. The data
represents production and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
Rio Tinto Q1 Q2 Q3 Q4 Q1 2023
interest 2023 2023 2023 2023 2024
BAUXITE
Bauxite production ('000 tonnes)
Australia
Gove mine - Northern Territory 100% 2,579 2,739 3,015 3,234 3,104 11,566
Weipa mine - Queensland 100% 7,492 8,813 9,010 9,811 8,224 35,126
Brazil
Porto Trombetas (MRN) mine (a) 22 % 2,288 2,724 3,258 3,202 2,310 11,472
Guinea
Sangaredi mine (b) 23 % 3,876 3,586 3,387 3,430 3,517 14,278
Rio Tinto share of bauxite shipments
Share of total bauxite shipments ('000 tonnes) 12,264 13,603 13,954 15,513 12,715 55,335
Share of third party bauxite shipments ('000 tonnes) 7,880 9,159 9,550 10,749 8,496 37,337
(a) 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.
(b) Rio Tinto has a 22.95% shareholding in the Sangaredi mine but benefits
from 45.0% of production.
Rio Tinto Q1 Q2 Q3 Q4 Q1 2023
interest
2023
2023
2023
2023
2024
BORATES
Rio Tinto Borates - borates 100%
US
Borates ('000 tonnes) (a) 124 133 127 111 121 495
(a) Production is expressed as B(2)O(3) content.
Rio Tinto Q1 Q2 Q3 Q4 Q1 2023
interest 2023 2023 2023 2023 2024
COPPER & GOLD
Escondida 30 %
Chile
Sulphide ore to concentrator ('000 tonnes) 33,309 30,749 33,332 34,752 31,653 132,143
Average copper grade (%) 0.78 0.93 0.85 0.77 0.92 0.83
Mill production (metals in concentrates):
Contained copper ('000 tonnes) 210.0 228.9 225.7 217.6 238.6 882.1
Contained gold ('000 ounces) 49.0 53.5 48.1 48.6 39.0 199.2
Contained silver ('000 ounces) 1,346 1,008 1,168 1,401 1,328 4,921
Recoverable copper in ore stacked for leaching ('000 tonnes) (a) 31.0 29.1 36.4 21.0 18.6 117.5
Refined production from leach plants:
Copper cathode production ('000 tonnes) 50.8 72.4 52.0 46.9 49.0 222.2
(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 31 March 2024. The data
represents production and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
Rio Tinto Q1 Q2 Q3 Q4 Q1 2023
interest 2023 2023 2023 2023 2024
COPPER & GOLD (continued)
Kennecott
Bingham Canyon mine 100%
Utah, US
Ore treated ('000 tonnes) 7,405 5,339 9,804 10,579 8,271 33,126
Average ore grade:
Copper (%) 0.47 0.52 0.56 0.50 0.43 0.51
Gold (g/t) 0.12 0.16 0.16 0.14 0.14 0.15
Silver (g/t) 2.16 2.36 2.10 2.10 1.97 2.16
Molybdenum (%) 0.012 0.018 0.018 0.019 0.021 0.017
Copper concentrates produced ('000 tonnes) 116 92 180 191 127 579
Average concentrate grade (% Cu) 26.1 26.8 26.8 25.0 25.6 26.1
Production of metals in copper concentrates:
Copper ('000 tonnes) (a) 30.3 24.8 48.8 47.8 32.5 151.6
Gold ('000 ounces) 20.6 18.7 32.0 33.5 26.7 104.8
Silver ('000 ounces) 356 296 462 504 370 1,618
Molybdenum concentrates produced ('000 tonnes): 0.1 0.6 1.4 1.6 1.6 3.7
Molybdenum in concentrates ('000 tonnes) 0.1 0.3 0.6 0.8 0.7 1.8
Kennecott smelter & refinery 100%
Copper concentrates smelted ('000 tonnes) 200 41 59 187 171 486
Copper anodes produced ('000 tonnes) (b) 55.1 18.2 1.4 44.1 56.7 118.9
Production of refined metal:
Copper ('000 tonnes) (c) 43.6 14.4 18.5 32.0 47.8 108.6
Gold ('000 ounces) (d) 22.0 19.2 12.4 20.6 35.3 74.2
Silver ('000 ounces) (d) 432 329 240 406 550 1,407
(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 1.6 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 31 March 2024. The data
represents production and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
Rio Tinto Q1 Q2 Q3 Q4 Q1 2023
interest 2023 2023 2023 2023 2024
COPPER & GOLD (continued)
Oyu Tolgoi mine (a) 66%
Mongolia
Ore Treated ('000 tonnes) - Open Pit 9,613 8,809 8,789 8,714 9,011 35,924
Ore Treated ('000 tonnes) - Underground 675 900 900 888 1,313 3,363
Ore Treated ('000 tonnes) - Total 10,288 9,709 9,689 9,602 10,323 39,288
Average mill head grades:
Open Pit
Copper (%) 0.43 0.41 0.39 0.42 0.39 0.41
Gold (g/t) 0.21 0.19 0.25 0.22 0.19 0.22
Silver (g/t) 1.16 1.10 1.19 1.24 1.25 1.17
Underground
Copper (%) 1.36 1.56 1.73 1.59 1.67 1.57
Gold (g/t) 0.35 0.38 0.37 0.37 0.42 0.37
Silver (g/t) 3.26 3.67 3.94 3.42 3.28 3.59
Total
Copper (%) 0.49 0.52 0.52 0.53 0.55 0.51
Gold (g/t) 0.22 0.21 0.26 0.23 0.22 0.23
Silver (g/t) 1.30 1.34 1.44 1.44 1.50 1.38
Copper concentrates produced ('000 tonnes) 201.8 200.3 197.6 196.0 208.5 795.7
Average concentrate grade (% Cu) 21.1 21.4 21.3 20.8 22.1 21.1
Production of metals in concentrates:
Copper in concentrates ('000 tonnes) 42.6 42.8 42.0 40.7 46.1 168.1
Gold in concentrates ('000 ounces) 44.1 40.3 51.2 41.7 42.8 177.3
Silver in concentrates ('000 ounces) 266 268 287 266 311 1,086
Sales of metals in concentrates:
Copper in concentrates ('000 tonnes) 41.4 43.2 42.7 38.4 43.7 165.7
Gold in concentrates ('000 ounces) 44.0 40.4 48.7 41.5 41.5 174.6
Silver in concentrates ('000 ounces) 242 257 269 240 272 1,008
(a) On 16 December 2022, Rio Tinto completed the acquisition of 100% of
Turquoise Hill Resources Ltd, increasing our ownership in Oyu Tolgoi from
33.52% to 66%. From 1 January 2023, our share of production has been updated
to reflect this change.
Rio Tinto Q1 Q2 Q3 Q4 Q1 2023
interest 2023 2023 2023 2023 2024
DIAMONDS
Diavik Diamonds 100%
Northwest Territories, Canada
Ore processed ('000 tonnes) 427 446 427 388 343 1,688
Diamonds recovered ('000 carats) 954 970 757 659 740 3,340
Rio Tinto percentage interest shown above is at 31 March 2024. The data
represents production and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
Rio Tinto Q1 Q2 Q3 Q4 Q1 2023
2023
2023
2024
interest 2023 2023
IRON ORE
Rio Tinto Iron Ore
Western Australia
Pilbara Operations
Saleable iron ore production ('000 tonnes)
Hamersley mines (a) 54,433 55,004 57,322 59,138 53,373 225,898
Hope Downs 50 % 11,771 11,527 11,037 12,148 10,163 46,482
Robe River - Pannawonica (Mesas J and A) 53 % 5,892 7,353 7,747 8,171 8,009 29,162
Robe River - West Angelas 53 % 7,200 7,368 7,377 8,054 6,393 29,999
Total production ('000 tonnes) 79,296 81,251 83,484 87,511 77,938 331,542
Breakdown of total production:
Pilbara Blend and SP10 Lump (b) 23,196 24,910 25,268 26,308 23,386 99,682
Pilbara Blend and SP10 Fines (b) 36,537 37,108 36,836 39,264 34,422 149,745
Robe Valley Lump 2,143 2,808 3,142 3,004 2,894 11,097
Robe Valley Fines 3,748 4,544 4,605 5,167 5,115 18,065
Yandicoogina Fines (HIY) 13,672 11,880 13,633 13,768 12,122 52,952
Breakdown of total shipments:
Pilbara Blend Lump 18,733 17,757 17,785 17,355 15,635 71,629
Pilbara Blend Fines 35,349 33,668 31,008 29,840 28,475 129,866
Robe Valley Lump 1,983 2,173 2,447 2,842 2,308 9,444
Robe Valley Fines 4,268 4,696 5,105 5,762 5,553 19,832
Yandicoogina Fines (HIY) 13,689 12,558 13,669 13,628 12,228 53,544
SP10 Lump (b) 1,686 1,652 4,180 4,620 4,612 12,137
SP10 Fines (b) 6,832 6,613 9,699 12,208 9,221 35,353
Total shipments ('000 tonnes) (c) 82,540 79,118 83,892 86,255 78,033 331,805
Rio Tinto Q1 Q2 Q3 Q4 Q1 2023
2023
2023
2024
interest 2023 2023
Iron Ore Company of Canada 59 %
Newfoundland & Labrador and Quebec in Canada
Saleable iron ore production:
Concentrates ('000 tonnes) 2,113 1,908 1,936 2,210 1,924 8,167
Pellets ('000 tonnes) 2,189 1,605 2,124 2,393 2,526 8,311
IOC Total production ('000 tonnes) 4,302 3,513 4,060 4,603 4,450 16,478
Shipments:
Concentrates ('000 tonnes) 1,676 2,124 2,098 2,037 1,978 7,934
Pellets ('000 tonnes) 1,947 2,302 1,815 2,331 2,542 8,394
IOC Total Shipments ('000 tonnes) (c) 3,622 4,426 3,913 4,368 4,520 16,329
Global Iron Ore Totals
Iron Ore Production ('000 tonnes) 83,599 84,764 87,543 92,114 82,388 348,020
Iron Ore Shipments ('000 tonnes) 86,162 83,543 87,805 90,623 82,553 348,134
Iron Ore Sales ('000 tonnes) (d) 88,490 85,601 88,030 91,072 82,790 353,193
(a) Includes 100% of production from Paraburdoo, Mt Tom Price, Western Turner
Syncline, Marandoo, Yandicoogina, Brockman, Nammuldi, Silvergrass, Channar,
Gudai-Darri and the Eastern Range mines. Whilst Rio Tinto owns 54% of the
Eastern Range mine, 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 31 March 2024. The data
represents production and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
Rio Tinto Q1 Q2 Q3 Q4 Q1 2023
2023
2023
2024
interest 2023 2023
SALT
Dampier Salt 68 %
Western Australia
Salt production ('000 tonnes) 2,121 2,416 2,097 2,103 2,085 8,737
TITANIUM DIOXIDE SLAG
Rio Tinto Iron & Titanium 100%
Canada and South Africa
(Rio Tinto share) (a)
Titanium dioxide slag ('000 tonnes) 285 303 247 275 254 1,111
(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 31 March 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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