REG - Rio Tinto - Rio Tinto delivers very strong first half <Origin Href="QuoteRef">RIO.L</Origin> - Part 1
06/09/2014 16:38
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Rio Tinto PLC
15 July 2014
Rio Tinto delivers very strong first half production
16 July 2014
Rio Tinto chief executive Sam Walsh said "We achieved another half of very
strong operating performance, powered by productivity gains across our
business. Our iron ore expansion continues to deliver high-margin growth
reinforcing our position as a low cost producer. It has allowed us to increase
shipments of our Pilbara Blend products, providing our customers with
reliable, long-term supply of stable quality. Healthy copper volumes reflect
higher grades and recoveries at Kennecott Utah Copper, as well as the ramp up
at Oyu Tolgoi. With a relentless focus on achieving sustainable cost savings
while delivering the highest quality growth, we continue to transform Rio
Tinto into a stronger, more disciplined business that will consistently
deliver strong cash flows and shareholder value."
Highlights (Rio Tinto share unless stated otherwise)
Q2'14 vs Q2'13 vs Q1'14 H1'14 vs H1'13
Global iron ore shipments (100% basis) mt 75.7 +23% +13% 142.4 +20%
Global iron ore production (100% basis) mt 73.1 +11% +10% 139.5 +10%
Mined copper kt 164.8 +28% +4% 323.0 +23%
Bauxite mt 10.1 -7% +1% 20.2 -2%
Aluminium kt 839 0% +1% 1,671 0%
Hard coking coal mt 2.0 +6% +8% 3.9 +9%
Semi-soft and thermal coal mt 6.7 -7% -2% 13.5 +2%
Titanium dioxide feedstock kt 372 -19% -4% 762 -14%
· Record first half iron ore shipments, production and rail volumes.
Shipments from the Pilbara exceeded production as stocks built ahead of the
delivery of the expanded infrastructure were drawn down, while existing mines
continue to be expanded to utilise increased rail and port capacity.
· In May, Rio Tinto announced that its Pilbara iron ore system of mines,
rail and ports reached a run rate of 290 million tonnes a year (Mt/a), two
months ahead of schedule.
· The rail duplication and trackwork required for the 360 Mt/a expansion
is now complete. Critical 360 Mt/a port infrastructure remains on track for
completion by the end of the first half of 2015.
· Full year production guidance for copper has been increased following
strong production during the first half, driven by higher grades and
concentrator recoveries at Kennecott Utah Copper and the ramp up at Oyu
Tolgoi. These led to a 23 per cent increase on a like-for-like basis in the
half, and more than offset the impact of divestments in 2013. Sales exceeded
production at Oyu Tolgoi in the half as logistics commissioning issues were
resolved enabling a strong acceleration in shipments.
· Gove has been operating as a bauxite export business since the
curtailment of the refinery in May and is expected to ramp up from current
export capacity of 6 Mt/a to 8 Mt/a by the end of 2015. First half global
bauxite production was lower than 2013 as the Gove mine adjusted production to
reflect the staged curtailment of the alumina refinery during the first half.
· First half aluminium production was in line with last year, with
productivity gains across the smelter portfolio offsetting the loss of
production from the closure of Shawinigan in November 2013.
· Production of hard coking coal improved in the first half of 2014
following completion of the extension project at the Kestrel mine in the
second half of 2013. Thermal coal production set a new first half record, up
six per cent on last year.
· Titanium dioxide production was down in the first half as the business
continues to match production volumes to underlying demand.
· Exploration and evaluation expenditure was $340 million in the first
half of 2014, sustaining the savings achieved in 2013 whilst continuing to
progress the highest priority projects.
· The sale of Rio Tinto's interest in the Clermont thermal coal mine
completed on 29 May for cash consideration of $1.015 billion, before
adjustments for working capital and net debt.
All currency figures in this report are US dollars, and comments refer to Rio
Tinto's share of production, unless otherwise stated.To allow production
numbers to be compared on a like-for-like basis, production from asset
divestments completed in 2013 have been excluded.
IRON ORE
Rio Tinto share of production (million tonnes)
Q2 2014 vs Q2 2013 vs Q1 2014 H1 2014 vs H1 2013
Pilbara Blend Lump 14.5 +10% +10% 27.8 +10%
Pilbara Blend Fines 22.7 +22% +16% 42.3 +15%
Robe Valley Lump 1.5 +9% +7% 2.9 +11%
Robe Valley Fines 3.0 -1% +3% 5.9 +4%
Yandicoogina Fines (HIY) 13.4 +1% 0% 26.8 +5%
IOC (pellets and concentrate) 2.4 +1% +34% 4.1 -5%
Global iron ore production of 139.5 million tonnes (Rio Tinto share 109.9
million tonnes) and global shipments of 142.4 million tonnes set new first
half records. Rio Tinto's share of production in the half was ten per cent
higher than in the same period of 2013.
Pilbara operations
First half production of 132.4 million tonnes (Rio Tinto share 105.7 million
tonnes) was 11 per cent higher than the same period in 2013 and set a new
first half record, driven by productivity improvements and the ramp up to the
290Mt/a run rate achieved in May, two months ahead of schedule.
Production in the second quarter was 69.1 million tonnes (Rio Tinto share 55.2
million tonnes) which is 11 per cent higher than in the same period last year.
A significant proportion of the additional tonnes have gone directly into
Pilbara Blends, the largest traded iron ore products by volume and the
industry reference iron ores in Asian steel markets.
Pilbara sales
Record first half sales of 136.1 million tonnes (100 per cent basis) were 22
per cent higher than the same period of 2013. Sales in the first half
continued to exceed production due to the drawdown of stockpiled iron ore
inventory built at Pilbara mine sites in previous years to facilitate a ramp
up of the expanded port and rail facilities to 290Mt/a.
The growth of our Pilbara iron ore business has enabled us to deliver
additional Pilbara Blend iron ore volumes to Asian steel markets, providing
our customers with reliable, long-term supply of stable quality. Our
Yandicoogina and Robe Valley products remained in high demand from major steel
mills in Asia.
Approximately 25 per cent of sales in the first half of 2014 were priced with
reference to the prior quarter's average index lagged by one month. The
remainder was sold either on the current quarter average, current month
average or on the spot market.
Second quarter sales set a new quarterly record of 71.8 million tonnes (100
per cent basis), 27 per cent higher than the same period of 2013.
Pilbara expansion
The rail duplication and trackwork required for the 360Mt/a expansion is now
complete. Critical 360 Mt/a port infrastructure remains on track for
completion by the end of the first half of 2015.
In November 2013, Rio Tinto set out its breakthrough pathway to optimise the
growth of mine capacity towards 360 Mt/a at a target all-in capital intensity
of between $120-130 per tonne (100 per cent basis or low-US$100s a tonne Rio
Tinto share), significantly lower than originally planned. A series of
low-cost brownfield expansions will bring on additional tonnes to feed the
expanded infrastructure. From a base run rate of 290 Mt/a in May 2014, annual
mine production capacity is planned to increase by more than 60 million tonnes
between 2014 and 2017. The majority of the low-cost growth will be delivered
in the next two years, with mine production of more than 330 million tonnes
(100 per cent basis) expected from the Pilbara in 2015.
Iron Ore Company of Canada (IOC)
Second quarter production was slightly higher than the same period of 2013 as
operations recovered from an unusually cold winter. Sales continued to be
constrained by frozen material during the second quarter. As a result, pellet
sales were 25 per cent lower and concentrate sales were 15 per cent lower than
in the second quarter of 2013.
2014 shipping and production guidance
Rio Tinto expects 2014 global shipments of approximately 300 million tonnes
(100 per cent basis). 2014 global production guidance is unchanged at 295
million tonnes (100 per cent basis), subject to weather constraints. Around
five million tonnes of iron ore inventory is expected to be drawn down at the
Pilbara mines during the year.
COPPER
Rio Tinto share of production
Q2 2014 vs Q2 2013 vs Q1 2014 H1 2014 vs H1 2013
Kennecott Utah Copper
Mined copper (000 tonnes) 61.9 +58% -11% 131.0 +50%
Refined copper (000 tonnes) 70.1 +79% +32% 123.2 +38%
Molybdenum (000 tonnes) 2.5 +177% +162% 3.4 +27%
Mined gold (000 oz) 77.0 +146% +22% 140.3 +81%
Refined gold (000 oz) 59.8 +35% -4% 121.8 +17%
Escondida
Mined copper (000 tonnes) 89.4 +4% +13% 168.2 -2%
Refined copper (000 tonnes) 24.5 +3% +8% 47.2 +2%
Grasberg
Mined copper (000 tonnes) 1.5 N/A -13% 3.2 N/A
Mined gold (000 oz) 0.3 N/A -33% 0.7 N/A
Oyu Tolgoi
Mined copper (000 tonnes) 12.1 +176% +43% 20.6 +369%
Mined gold (000 oz) 37.9 +439% +72% 59.9 +751%
Kennecott Utah Copper
First half production of copper and gold contained in concentrates improved
significantly on the same period in 2013, reflecting the recovery from the pit
wall slide experienced in April 2013. Production in the second quarter was
higher than the same period last year due to sustained improvements in grades
at the mine, higher throughput and improved recoveries at the concentrator
following completion of the flotation expansion in the third quarter of 2013.
Molybdenum production in the first half was 27 per cent higher than in the
first half of 2013 due to higher grades and throughput.
Copper cathode production for the first half was 38 per cent higher than in
the same period in 2013 as production was brought forward in anticipation of
the 65-day smelter shutdown planned to start in September, which will lead to
lower cathode production in the second half of 2014.
Escondida
Mined copper production decreased two per cent on the first half of 2013,
driven by lower ore grades, which was partially offset by higher mill
throughput. Second quarter production was up four per cent on the same period
last year, with higher throughput offsetting lower grades.
Oyu Tolgoi / Turquoise Hill Resources
Production for the first half was 61.5 thousand tonnes of copper and 178.6
thousand ounces of gold in concentrates (Rio Tinto share 20.6 thousand tonnes
and 59.9 thousand ounces, respectively). Production was higher in the second
quarter due to the shutdown of one grinding circuit line in the first quarter
to complete inspections and repairs following post-commissioning issues.
Customer collections of concentrate from the Chinese bonded warehouse
accelerated, with the sale of 64.7 thousand tonnes of copper and 154.0
thousand ounces of gold in concentrates (100 per cent basis) recognised in the
first half of 2014 (of which 51.6 thousand tonnes of copper and 126.2 thousand
ounces of gold took place in the second quarter). Monthly sales exceeded
production, resulting in a drawdown of inventories, which should ensure that
inventories approach appropriate levels by the end of 2014.
On 23 June, Oyu Tolgoi LLC received an audit report from the Mongolian Tax
Authority claiming unpaid taxes, penalties and disallowed entitlements
associated with the initial development of the Oyu Tolgoi mine. On 25 June,
Turquoise Hill Resources Limited, a 50.8 per cent owned subsidiary of Rio
Tinto, notified shareholders that a notice of dispute had been filed with the
Government of Mongolia.
Grasberg
Based on the latest available forecast from Freeport-McMoran Copper & Gold, a
small proportion of copper and gold production in the first half has been
attributed to Rio Tinto.
Sulawesi project
In July 2014, the Group divested its interest in the Sulawesi nickel project
in Indonesia as part of its continued repositioning of the Copper portfolio to
focus on its four tier one operating assets and two world class greenfield
projects.
Provisional pricing
At 30 June 2014, the Group had an estimated 266 million pounds of copper sales
that were provisionally priced at US 317 cents per pound. The final price of
these sales will be determined during the second half of 2014. This compared
with 254 million pounds of open shipments at 31 December 2013, provisionally
priced at US 333 cents per pound.
2014 production guidance
Rio Tinto is increasing its copper guidance for the year. It now expects its
share of mined copper production to be approximately 585,000 tonnes
(previously 570,000) and refined copper production to be 300,000 tonnes
(previously 260,000).
ALUMINIUM
Rio Tinto share of production (000 tonnes)
Q2 2014 vs Q2 2013 vs Q1 2014 H1 2014 vs H1 2013
Rio Tinto Alcan
Bauxite 10,144 -7% +1% 20,188 -2%
Alumina 1,795 +1% -3% 3,650 +9%
Aluminium 839 0% +1% 1,671 0%
Other operations
Gove alumina refinery 139 -70% -74% 676 -37%
In May 2014, Rio Tinto completed the curtailment of alumina production at
Gove. The refinery is now on care and maintenance and continues to be reported
separately from Rio Tinto Alcan.
Bauxite
Gove has been operating as a bauxite export business since the curtailment of
the refinery in May. Bauxite production and export capacity at Gove are
expected to ramp up from current capacity of 6 Mt/a to 8 Mt/a by the end of
2015 following upgrades to export infrastructure. First half bauxite
production was lower than 2013 as the Gove bauxite mine adjusted production to
reflect the staged curtailment of the Gove alumina refinery during the first
half.
Alumina
Excluding the Gove alumina refinery which is reported separately from the Rio
Tinto Alcan refineries, production in the first half was up by nine per cent
compared to 2013 reflecting stronger production at Yarwun and Queensland
Alumina which were both impacted by ex-tropical cyclone Oswald in the first
half of 2013. Production at Yarwun is expected to reach full capacity during
the second half of 2015 as refinery design and construction challenges are
progressively addressed.
Aluminium
Aluminium production in the first half was in line with the same period of
last year, with productivity gains across the portfolio of smelters. These
gains, coupled with production from the new AP60 smelter, offset the loss of
production from Shawinigan which closed in November last year.
In June 2014, one potline (24 thousand tonnes of capacity) was closed at the
Kitimat smelter as part of the transition to the commissioning of the
modernised and expanded Kitimat facility, which is scheduled to produce first
hot metal in the first half of 2015.
On 3 July, Rio Tinto Alcan signed an agreement to sell its 50 per cent
shareholding in the SØRAL aluminium smelter in Norway to its joint venture
partner at the plant, Hydro Aluminium ASA. The transaction is subject to
customary conditions and is expected to close in the second half of 2014.
2014 production guidance
Rio Tinto's share of bauxite and aluminium production for 2014 is unchanged
and is expected to be 41 million tonnes and 3.4 million tonnes, respectively.
Alumina production guidance is revised to 7.6 million tonnes (previously 8.0
million tonnes). This excludes alumina production from the Gove alumina
refinery, which moved to care and maintenance in May 2014.
ENERGY
Coal
Rio Tinto share of production (000 tonnes)
Q2 2014 vs Q2 2013 vs Q1 2014 H1 2014 vs H1 2013
Rio Tinto Coal Australia
Hard coking coal 1,828 +4% +1% 3,642 +10%
Semi-soft coking coal 903 -21% -4% 1,839 -16%
Thermal coal 5,581 -5% -4% 11,388 +6%
Rio Tinto Coal Mozambique
Hard coking coal 187 +31% +216% 246 -3%
Thermal coal 176 +34% +229% 230 -4%
Hard coking coal production in Australia was ten per cent higher than the
first half of 2013. This was largely driven by increased coal production at
the Kestrel mine, where the coal handling preparation plant had been shut for
upgrade works in the first half of 2013 as part of the extension project
completed later that year.
Semi-soft coking coal production was 16 per cent lower than the first half of
2013 and 21 per cent lower than the second quarter of 2013. This reflects
changes in the production mix to maximise higher margin thermal coal.
Australian thermal coal production increased by six per cent compared with the
first half of 2013 due to productivity gains in the Hunter Valley and
additional production from a processing plant by-product stream at Hail Creek.
This was partially offset by the absence of production from Clermont following
completion of the divestment of Rio Tinto's 50.1 per cent interest in the mine
in the second quarter 2014.
First half production in Mozambique was affected by rail and port constraints,
as well as stoppages and operational changes in the first quarter. Second
quarter production was stronger than the same period of last year due to
productivity and yield improvements.
Uranium
Rio Tinto share of production (000 lbs)
Q2 2014 vs Q2 2013 vs Q1 2014 H1 2014 vs H1 2013
Energy Resources of Australia 0 -100% N/A 0 -100%
Rössing 455 -53% -29% 1,099 -44%
The progressive restart of processing operations at ERA began on 5 June
following the receipt of all necessary regulatory approvals. Processing
operations had been suspended since December 2013 following the failure of a
leach tank.
First half production at Rössing was 44 per cent lower than in the first half
of 2013. This was the result of reduced mill throughput and recoveries in the
first quarter following the temporary plant stoppage caused by a leach tank
failure in December 2013, along with a planned maintenance shutdown in the
second quarter.
2014 production guidance
Rio Tinto is increasing its expected share of thermal coal production to 17.5
million tonnes (previously 16.7 million tonnes). This follows a change in the
production profile to produce additional higher margin thermal coal from a
processing plant by-product stream at Hail Creek. As a result of this change
and lower than expected production during the ramp up at Kestrel, Australian
hard coking coal production has decreased to 7.4 million tonnes (previously
8.2 million tonnes). Semi-soft coking coal production guidance remains
unchanged at 3.0 million tonnes.
Rio Tinto's share of uranium production across Rössing and ERA in 2014 is
expected to be between 4.3 and 5.1 million pounds. This follows operational
changes at Rössing in response to current market conditions. Progression to
full processing capacity at ERA is anticipated in the third quarter.
DIAMONDS & MINERALS
Rio Tinto share of production
Q2 2014 vs Q2 2013 vs Q1 2014 H1 2014 vs H1 2013
Diamonds(000 carats)
Argyle 2,459 -21% 0% 4,920 -4%
Diavik 1,290 +38% +15% 2,409 +15%
Murowa 83 +21% +20% 152 +4%
Minerals (000 tonnes)
Borates - B2O3 content 133 -3% +6% 259 +4%
Titanium dioxide feedstock 372 -19% -4% 762 -14%
Salt (000 tonnes) 1,788 +7% +13% 3,374 +4%
Diamonds
At Argyle, carats recovered were four per cent lower than the first half of
2013 reflecting the move from open pit to underground mining and the
processing of lower grade tailings in the first quarter of 2014 as underground
production ramped up. The underground project remains on track, with the
second crusher being commissioned in July this year.
Diavik had a strong operational performance in the first half with a 15 per
cent increase in carats produced compared to the corresponding period of 2013.
This was due to improvements in mining rates, with all three pipes in full
production, as well as processing plant improvements implemented over the past
six months. These improvements enabled a strong second quarter of production,
15 per cent higher than the first quarter.
First half carats recovered at Murowa were four per cent higher than the first
half of 2013 due to improved throughput and processing previously stockpiled
material.
Minerals
Borates production in the first half was four per cent higher than the same
period in 2013 in response to higher sales demand in the half and in
preparation for the commissioning of the new modified direct dissolving of
kernite (MDDK) process plant in the third quarter of 2014. Production in the
second quarter was six per cent higher than the first quarter following
stronger sales demand.
Rio Tinto Iron and Titanium (RTIT)
Titanium dioxide feedstock production was 14 per cent lower than the first
half of 2013 reflecting soft market demand. Production continues to be
optimised to align with market demand and, as a result, the planned rebuild of
one of nine furnaces at Rio Tinto Fer et Titane (RTFT) remains postponed.
Second quarter production in 2014 was four per cent lower than the first
quarter as production was reduced to match shipments of chloride feedstock.
Salt
First half production of salt was four per cent higher than the same period of
2013 due to productivity improvements and better weather conditions.
2014 production guidance
2014 production guidance is unchanged. Rio Tinto's share of production is
expected to be 1.5 million tonnes of titanium dioxide feedstocks, 0.5 million
tonnes of boric oxide equivalent and 16 million carats of diamonds.
CORPORATE
On 7 April, Rio Tinto announced that it had gifted its 19.1 per cent
shareholding in Northern Dynasty Minerals Ltd, owner of the Pebble Project, to
two local Alaskan charitable foundations committed to educational, vocational
and cultural programmes. The decision followed a strategic review which
concluded that the Pebble Project did not fit with Rio Tinto's strategy.
On 26 May, Rio Tinto and its partners, Chinalco and the International Finance
Corporation, signed the Investment Framework with the Government of Guinea for
blocks 3 and 4 of the Simandou project. This marked a significant milestone,
providing the legal and commercial foundation for the project. The Investment
Framework was ratified by the Guinean National Assembly in June 2014, followed
by the Supreme Court review and the Presidential promulgation. The project
partners are continuing to work towards the development of a bankable
feasibility study which is due to be completed within approximately one year.
EXPLORATION AND EVALUATION
Pre-tax and pre-divestment expenditure on exploration and evaluation charged
to the profit and loss account in the first half of 2014 was $340 million
compared with $542 million in 2013, sustaining the savings achieved in the
first half of 2013 whilst continuing to progress the highest priority
projects.
In the half, approximately 35 per cent was incurred by the Copper Group, four
per cent by Iron Ore, 20 per cent by Energy, 17 per cent by Diamonds and
Minerals, one per cent by Aluminium and the balance by Central Exploration.
There were no significant divestments of central exploration properties in the
first half of 2014 or 2013.
Exploration highlights
Iron Ore
In the Pilbara, Western Australia, data processing and interpretation of
airborne geophysical surveys continued. In Botswana, a drilling programme
continued.
Copper
In the United States, field mapping, sampling and drilling continued across
copper projects in Utah, Arizona and Montana. In South America, field
reconnaissance, sampling and drilling occurred across projects in Chile and
Peru. In Zambia, mapping and ground geophysical surveys were undertaken. In
China, CRTX, the Chinalco Rio Tinto Exploration Joint Venture, commenced field
mapping and geophysical surveys.
Nickel
In Canada, field mapping and drilling commenced targeting nickel sulphides.
Bauxite
In Brazil, field mapping and drilling continued across several targets. In
Laos, exploration continued with bulk sampling and interpretation of
geophysical results.
Coal
In the Bowen Basin (Queensland, Australia), field activities included mapping
and ground geophysics.
Uranium
In the Athabasca, Canada, interpretation and geological modelling progressed
on a number of targets drilled during the winter.
Diamonds
In India, gravel sampling and ground geophysical surveys continued.
Heavy Mineral Sands
In Gabon, auger drilling commenced over heavy mineral sands target areas.
A summary of activity for the period is as follows:
Product Group Evaluationprojects Advancedprojects Greenfield programmes
Aluminium Amargosa, Brazil; Cape York, Australia Amargosa orbit, Brazil Australia, Brazil, Laos
Copper Copper/molybdenum: Resolution, USCopper: La Granja, PeruCopper/gold: Oyu Tolgoi, Mongolia Nickel: Tamarack, US Copper: Australia, US, Chile, Peru, Zambia, Russia, Kazakhstan, Uzbekistan, Mongolia, China
Diamonds & Minerals Diamonds: Bunder, IndiaLithium borates: Jadar, SerbiaHeavy mineral sands: Mutamba, Mozambique Diamonds: IndiaHeavy mineral sands: Gabon
Energy Coal: Mt Pleasant, AustraliaUranium: Ranger 3 Deeps, Australia Roughrider, Canada Rössing Z20, Namibia Coal: Bowen Basin, Australia Uranium: Canada, US, Australia
Iron Ore Simandou, GuineaPilbara, Australia Pilbara, Australia Botswana
Mine-lease exploration continued at a number of Rio Tinto businesses
including: Pilbara Iron, Rio Tinto Coal Australia, Richards Bay, Oyu Tolgoi,
Resolution, Roughrider and Sweetwater.
Contacts
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Registered in England No. 719885
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Rio Tinto production summary
Rio Tinto share of production
Quarter Half Year % Change
2013 2014 2014 2013 2014 Q2 14 Q2 14 H1 14
Q2 Q1 Q2 H1 H1 vs vs vs
Q2 13 Q1 14 H1 13
Principal Commodities
Alumina ('000 t) 2,246 2,392 1,934 4,432 4,326 -14% -19% -2%
Aluminium ('000 t) 843 832 839 1,677 1,671 0% 1% 0%
Bauxite ('000 t) 10,960 10,044 10,144 20,522 20,188 -7% 1% -2%
Borates ('000 t) 137 126 133 248 259 -3% 6% 4%
Coal - hard coking ('000 t) 1,902 1,874 2,015 3,552 3,888 6% 8% 9%
Coal - semi-soft coking ('000 t) 1,147 936 903 2,186 1,839 -21% -4% -16%
Coal - thermal ('000 t) 5,978 5,860 5,758 11,030 11,618 -4% -2% 5%
Copper - mined ('000 t) 129.2 158.2 164.8 263.0 323.0 28% 4% 23%
Copper - refined ('000 t) 63.0 75.8 94.6 135.9 170.4 50% 25% 25%
Diamonds ('000 cts) 4,135 3,650 3,832 7,370 7,482 -7% 5% 2%
Iron ore ('000 t) 51,829 52,339 57,530 100,079 109,869 11% 10% 10%
Titanium dioxide feedstock ('000 t) 461 389 372 888 762 -19% -4% -14%
Uranium ('000 lbs) 2,408 644 455 4,744 1,099 -81% -29% -77%
Other Metals & Minerals
Gold - mined ('000 oz) 45 94 123 99 217 171% 31% 119%
Gold - refined ('000 oz) 44 62 60 104 122 35% -4% 17%
Molybdenum ('000 t) 0.9 0.9 2.5 2.7 3.4 177% 162% 27%
Salt ('000 t) 1,670 1,586 1,788 3,255 3,374 7% 13% 4%
Silver - mined ('000 oz) 766 1,197 1,372 1,690 2,569 79% 15% 52%
Silver - refined ('000 oz) 457 598 818 1,130 1,417 79% 37% 25%
Throughout this report, figures in italics indicate adjustments made since the figure was previously quoted on the equivalent page. 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 full year figures.
Rio Tinto share of production
Rio Tinto 2Q 3Q 4Q 1Q 2Q 1H 1H
interest 2013 2013 2013 2014 2014 2013 2014
ALUMINA
Production ('000 tonnes)
Rio Tinto Alcan
Jonquière (Vaudreuil) 100% 346 353 378 360 352 708 713
Queensland Alumina 80% 697 695 722 697 668 1,290 1,365
São Luis (Alumar) 10% 84 85 91 88 87 167 175
Yarwun 100% 620 608 696 683 661 1,143 1,344
Jonquière (Vaudreuil) specialty alumina plant 100% 30 25 23 26 27 55 53
Rio Tinto Alcan total 1,776 1,764 1,909 1,856 1,795 3,363 3,650
Other Aluminium - Gove refinery (a) 100% 470 528 673 537 139 1,069 676
Rio Tinto total alumina production 2,246 2,293 2,582 2,392 1,934 4,432 4,326
ALUMINIUM
Production ('000 tonnes)
Rio Tinto Alcan
Australia - Bell Bay 100% 47 47 47 46 47 93 93
Australia - Boyne Island 59% 83 84 83 76 81 166 157
Australia - Tomago 52% 69 71 72 70 71 138 142
Cameroon - Alucam (Edéa) 47% 8 11 11 11 11 13 22
Canada - seven wholly owned (b) (c) 100% 338 335 331 322 320 667 642
Canada - Alouette (Sept-Îles) 40% 58 57 59 58 58 117 116
Canada - Bécancour 25% 27 28 27 28 28 54 56
France - Dunquerque 100% 60 66 68 67 67 124 134
Iceland - ISAL (Reykjavik) 100% 50 49 49 50 52 99 102
New Zealand - Tiwai Point 79% 62 64 66 64 65 127 129
Norway - SØRAL (Husnes) (d) 50% 11 11 12 11 11 22 23
Oman - Sohar 20% 18 18 17 18 18 36 36
UK - Lochaber 100% 11 11 11 10 10 23 20
Rio Tinto total aluminium production 843 853 853 832 839 1,677 1,671
BAUXITE
Production ('000 tonnes) (e)
Rio Tinto Alcan
Gove 100% 1,857 1,983 2,271 1,804 1,426 3,775 3,230
Porto Trombetas 12% 473 506 525 438 470 857 908
Sangaredi (f) 1,831 1,790 1,848 1,686 1,885 3,308 3,571
Weipa 100% 6,800 6,971 6,787 6,116 6,363 12,583 12,479
Rio Tinto total bauxite production 10,960 11,250 11,432 10,044 10,144 20,522 20,188
Rio Tinto share of production
Rio Tinto 2Q 3Q 4Q 1Q 2Q 1H 1H
interest 2013 2013 2013 2014 2014 2013 2014
BORATES
Production ('000 tonnes B2O3 content)
Rio Tinto Minerals - borates 100% 137 127 121 126 133 248 259
COAL - hard coking
Rio Tinto Coal Australia ('000 tonnes)
Hail Creek Coal 82% 1,373 1,483 1,536 1,190 1,338 2,590 2,528
Kestrel Coal 80% 387 608 726 625 490 708 1,115
Total Rio Tinto Coal Australia hard coking coal 1,759 2,091 2,262 1,814 1,828 3,298 3,642
Rio Tinto Coal Mozambique
Benga 65% 143 162 148 59 187 254 246
Rio Tinto total hard coking coal production 1,902 2,253 2,410 1,874 2,015 3,552 3,888
COAL - semi-soft coking
Rio Tinto Coal Australia ('000 tonnes)
Hunter Valley 80% 463 466 527 431 385 1,114 816
Mount Thorley 64% 364 241 305 355 365 635 719
Warkworth 44% 320 43 90 151 153 437 304
Rio Tinto total semi-soft coking coal production 1,147 750 922 936 903 2,186 1,839
COAL - thermal
Rio Tinto Coal Australia ('000 tonnes)
Bengalla 32% 721 710 638 758 654 1,286 1,413
Clermont (g) 0% 1,524 1,753 1,496 1,286 1,135 2,654 2,421
Hail Creek Coal (h) 82% - 21 136 320 344 - 664
Hunter Valley 80% 2,553 2,330 2,026 2,350 2,183 4,446 4,532
Kestrel Coal 80% 89 53 60 70 87 258 157
Mount Thorley 64% 413 263 350 382 425 895 807
Warkworth 44% 547 1,069 791 641 753 1,251 1,394
Total Rio Tinto Coal Australia thermal coal 5,846 6,198 5,497 5,806 5,581 10,789 11,388
Rio Tinto Coal Mozambique
Benga 65% 132 122 127 54 176 241 230
Rio Tinto total thermal coal production 5,978 6,321 5,624 5,860 5,758 11,030 11,618
Rio Tinto share of production
Rio Tinto 2Q 3Q 4Q 1Q 2Q 1H 1H
interest 2013 2013 2013 2014 2014 2013 2014
COPPER
Mine production ('000 tonnes) (e)
Bingham Canyon 100% 39.2 59.1 64.5 69.2 61.9 87.4 131.0
Escondida 30% 85.6 81.5 83.8 78.8 89.4 171.2 168.2
Grasberg - Joint Venture (i) 40% 0.0 0.0 6.3 1.7 1.5 0.0 3.2
Oyu Tolgoi (j) 34% 4.4 10.3 11.0 8.5 12.1 4.4 20.6
Rio Tinto total mine production 129.2 150.9 165.6 158.2 164.8 263.0 323.0
Refined production ('000 tonnes)
Escondida 30% 23.8 22.0 23.2 22.7 24.5 46.4 47.2
Kennecott Utah Copper 100% 39.2 46.3 57.7 53.1 70.1 89.5 123.2
Rio Tinto total refined production 63.0 68.3 81.0 75.8 94.6 135.9 170.4
DIAMONDS
Production ('000 carats)
Argyle 100% 3,130 3,085 3,153 2,461 2,459 5,120 4,920
Diavik 60% 936 1,003 1,240 1,119 1,290 2,103 2,409
Murowa 78% 69 70 105 69 83 147 152
Rio Tinto total diamond production 4,135 4,158 4,498 3,650 3,832 7,370 7,482
GOLD
Mine production ('000 ounces) (e)
Barneys Canyon 100% 0.4 0.0 0.0 0.0 0.4 0.4 0.4
Bingham Canyon 100% 31 56 74 63 77 77 140
Escondida 30% 7 7 7 9 8 14 17
Grasberg - Joint Venture (i) 40% 0.0 0.0 0.0 0.4 0.3 0.0 0.7
Oyu Tolgoi (j) 34% 7 21 25 22 38 7 60
Rio Tinto total mine production 45 83 106 94 123 99 217
Refined production ('000 ounces)
Kennecott Utah Copper 100% 44 40 48 62 60 104 122
Rio Tinto share of production
Rio Tinto 2Q 3Q 4Q 1Q 2Q 1H 1H
interest 2013 2013 2013 2014 2014 2013 2014
IRON ORE
Production ('000 tonnes) (e)
Hamersley - six wholly owned mines 100% 32,946 33,707 35,868 33,898 37,018 63,720 70,916
Hamersley - Channar 60% 1,742 1,528 1,615 1,642 1,642 3,485 3,284
Hamersley - Eastern Range (k) 2,460 2,571 2,513 2,447 2,725 4,968 5,172
Hope Downs 50% 3,965 4,504 4,556 4,780 5,093 7,834 9,873
Iron Ore Company of Canada 59% 2,341 2,353 2,321 1,764 2,365 4,350 4,129
Robe River 53% 8,375 8,714 8,637 7,808 8,687 15,722 16,495
Rio Tinto total iron ore production 51,829 53,377 55,510 52,339 57,530 100,079 109,869
Breakdown:
Pilbara Blend Lump 13,217 13,269 13,665 13,251 14,541 25,213 27,792
Pilbara Blend Fines 18,572 19,237 20,480 19,616 22,669 36,753 42,285
Robe Valley Lump 1,387 1,658 1,631 1,413 1,517 2,639 2,930
Robe Valley Fines 3,039 3,066 2,960 2,916 3,012 5,700 5,928
Yandicoogina Fines (HIY) 13,272 13,795 14,453 13,379 13,426 25,422 26,805
IOC Concentrate 1,086 1,048 1,057 629 1,130 1,883 1,758
IOC Pellets 1,255 1,305 1,264 1,136 1,235 2,468 2,371
MOLYBDENUM
Mine production ('000 tonnes) (e)
Bingham Canyon 100% 0.9 1.2 1.8 0.9 2.5 2.7 3.4
SALT
Production ('000 tonnes)
Dampier Salt 68% 1,670 1,586 1,886 1,586 1,788 3,255 3,374
SILVER
Mine
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