For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220715:nRSO6223Sa&default-theme=true
RNS Number : 6223S Rio Tinto PLC 15 July 2022
Rio Tinto releases second quarter production results
15 July 2022
Rio Tinto Chief Executive Jakob Stausholm, said: "We strengthened our
operational performance at a number of sites, which we will now replicate
across the portfolio. The delivery of first ore at Gudai-Darri, our first
greenfield mine in the Pilbara for over a decade, increases mine capacity and
supports production of our flagship Pilbara Blend™. We also fired the first
draw bell at the Oyu Tolgoi underground project in June, and started producing
scandium and tellurium. These critical minerals are being extracted from
existing waste streams at our titanium operation in Quebec and copper
operation in Utah, without the need for new mining.
"We are committed to transforming our culture and building better
relationships. In May, we signed a Heads of Agreement with the Puutu Kunti
Kurrama and Pinikura (PKKP) people which will guide the co-management of PKKP
country where mining takes place.
"We made progress against our four objectives during the first half and we are
determined to further strengthen Rio Tinto while investing to grow in the
commodities needed for the energy transition, decarbonise our portfolio, be a
partner and employer of choice, maintain our tight capital allocation and
continue to pay attractive dividends."
Production* Q2 vs Q2 vs Q1 H1 vs H1
2021
2022
2021
2022 2022
Pilbara iron ore shipments (100% basis) Mt 79.9 +5 % +12 % 151.4 -2 %
Pilbara iron ore production (100% basis) Mt 78.6 +4 % +10 % 150.3 -1 %
Bauxite Mt 14.1 +3 % +4 % 27.8 +2 %
Aluminium kt 731 -10 % -1 % 1,467 -9 %
Mined copper kt 126 +9 % +1 % 252 +7 %
Titanium dioxide slag kt 293 -2 % +7 % 566 -2 %
IOC iron ore pellets and concentrate Mt 2.6 -4 % +8 % 5.0 -1 %
*Rio Tinto share unless otherwise stated
Q2 2022 operational highlights and other key announcements
• We are focused on the safety, health and wellbeing of our
workforce and communities where we operate. Our all-injury frequency rate of
0.35 is an improvement from the second quarter of 2021 (0.42), and in line
with the prior quarter (0.35). We have seen an overall decline in COVID-19
cases, with spikes at some of our operations. We continue to monitor the
situation and remain vigilant.
• Gudai-Darri
(https://www.riotinto.com/news/releases/2022/Rio-Tinto-First-ore-delivered-at-Gudai-Darri-iron-ore-mine-in-the-Pilbara)
delivered
(https://www.riotinto.com/news/releases/2022/Rio-Tinto-First-ore-delivered-at-Gudai-Darri-iron-ore-mine-in-the-Pilbara)
first ore
(https://www.riotinto.com/news/releases/2022/Rio-Tinto-First-ore-delivered-at-Gudai-Darri-iron-ore-mine-in-the-Pilbara)
from the main plant in June. As it ramps up, we expect increased production
volumes and improved product mix in the second half, with Gudai-Darri capacity
to be reached in 2023. Pilbara operations produced 78.6 million tonnes (100%
basis) in the second quarter, 4% higher than the second quarter of 2021. While
significantly higher than average rainfall in May impacted mine production,
continued focus on mine pit health and commissioning of Gudai-Darri supported
a stronger second quarter. Shipments were 79.9 million tonnes (100% basis), 5%
higher than the second quarter of 2021. Full year shipments guidance remains
unchanged at 320 to 335 million tonnes.
• Bauxite production of 14.1 million tonnes was 3% higher than the
second quarter of 2021 due to strong operational performance at Weipa as a
result of improved plant reliability at Amrun.
• Aluminium production of 0.7 million tonnes was 10% lower than the
second quarter of 2021 due to reduced capacity at our Kitimat smelter in
British Columbia following the strike which commenced in July 2021. A
controlled restart began at the end of the second quarter of 2022, with
ramp-up progressing subject to plant stability. Production at Boyne smelter in
Queensland was impacted due to process instability following COVID-19 related
unplanned absences. Production has been stabilised and the cells that have
been taken offline are being ramped up over the next 12 months. All of our
other smelters continued to have stable performance. Guidance has been lowered
to 3.0 to 3.1 million tonnes (previously 3.1 to 3.2 million tonnes).
• Mined copper production of 126 thousand tonnes was 9% higher than
the second quarter of 2021 due to higher material movement and higher grades
and recoveries at Kennecott and Escondida, partly offset by lower grades and
recoveries at Oyu Tolgoi as a result of planned mine sequencing.
• On 18 May, we a
(https://www.riotinto.com/news/releases/2022/Rio-Tinto-agrees-revisions-to-funding-arrangements-with-Turquoise-Hill-Resources)
nnoun
(https://www.riotinto.com/news/releases/2022/Rio-Tinto-agrees-revisions-to-funding-arrangements-with-Turquoise-Hill-Resources)
c
(https://www.riotinto.com/news/releases/2022/Rio-Tinto-agrees-revisions-to-funding-arrangements-with-Turquoise-Hill-Resources)
ed
(https://www.riotinto.com/news/releases/2022/Rio-Tinto-agrees-revisions-to-funding-arrangements-with-Turquoise-Hill-Resources)
we had agreed to amend the funding plan with Turquoise Hill Resources (TRQ) in
order to provide liquidity of up to $400 million in short-term early advances,
while the Special Committee of TRQ evaluates our C$34 per share all-cash
proposal to acquire the approximately 49% of the issued and outstanding shares
of TRQ that Rio Tinto does not currently own. The deadline in the funding plan
for TRQ to conduct an initial equity offering of at least $650 million has
also been extended from the end of August to the end of 2022.
• Titanium dioxide slag production of 293 thousand tonnes was 2%
lower than the second quarter of 2021 with steady performance at Richards Bay
Minerals in South Africa and improved stability of operations at Rio Tinto Fer
et Titane, Canada. There were some operational disruptions at QIT Madagascar
Minerals following cyclones in Madagascar.
• Iron Ore Company of Canada (IOC) achieved milestones in May
including record safety performance year to date (0.26 AIFR versus 0.73 in
2021) and monthly records for concentrate production and total material moved.
Production of pellets and concentrate was 4% lower than the second quarter of
2021 due to the planned annual maintenance shutdown (seven days) which was
successfully completed in June (this work was completed in September in 2021).
• In the second quarter, we continued to successfully roll out the
Rio Tinto Safe Production System (RTSPS) and now have 15 deployments across
the business at 11 sites, with 30 rapid improvement projects (Kaizens) either
completed or in progress. In the half, there has been a 9% year on year
improvement in average operating time across processing plants and drills at
deployment sites versus the same period of 2021. We are on track to meet our
2022 target of 30 deployments at 15 sites.
• In the second quarter, we entered into additional partnerships and
progressed initiatives to decarbonise our business and our value chains. These
include a Memorandum of Understanding with Salzgitter to work together towards
carbon-free steelmaking, and a strategic equity investment in Nano One - a
clean technology innovator in battery materials.
• As the result of Queensland Alumina Limited's (QAL) activation of
a step-in process following sanction measures by the Australian Government,
Rio Tinto has taken on 100% of capacity for as long as the step-in continues.
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.
• Higher rates of inflation have increased our closure liabilities
with an impact to underlying earnings. In the first half of 2022, this
resulted in increased charges of approximately $400 million pre-tax within
underlying earnings compared with the first half of 2021, including a $300
million increase in amortisation of discount, with the remainder impacting
underlying EBITDA.
• 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.
2022 guidance
Rio Tinto share, unless otherwise stated 2021 Actuals H1 2022 Actuals 2022 2022
Previous Current
Pilbara iron ore(1) (shipments, 100% basis) (Mt) 322 151.4 320 to 335 Unchanged
Bauxite (Mt) 54 27.8 54 to 57 Unchanged
Alumina (Mt) 7.9 3.8 8.0 to 8.4 7.6 to 7.8
Aluminium (Mt) 3.2 1.5 3.1 to 3.2 3.0 to 3.1
Mined copper (kt) 494 252 500 to 575 Unchanged
Refined copper (kt) 202 104 230 to 290 Unchanged
Diamonds(2) (M carats) 3.8 2.1 5.0 to 6.0 4.5 to 5.0
Titanium dioxide slag (Mt) 1.0 0.6 1.1 to 1.4 Unchanged
IOC(3) iron ore pellets and concentrate (Mt) 9.7 5.0 10.0 to 11.0 Unchanged
Boric oxide equivalent (Mt) 0.5 0.3 ~0.5 Unchanged
(1)Pilbara shipments guidance remains dependent on risks around ramp-up of new
mines and management of cultural heritage.
(2)Reflects 100% ownership of Diavik (previously 60%) from 1st November 2021.
(3)Iron Ore Company of Canada.
• Iron ore shipments and bauxite production guidance remain subject
to weather and market conditions.
• Our guidance assumes development of the COVID-19 pandemic does not
lead to government-imposed restrictions and widespread protracted cases, which
could result in a significant number of our production and maintenance
critical workforce and contractor base being unable to work due to illness
and/or isolation requirements. This risk extends to prolonged interruption of
service from a key partner or supplier which could lead to severely
constrained operational activity of a key asset or project.
• Pilbara shipments guidance remains dependent on ramp-up of
Gudai-Darri and Robe Valley, availability of skilled labour and management of
cultural heritage, including any impacts from the Aboriginal Cultural Heritage
Act 2021.
Operating costs
• Pilbara iron ore 2022 unit cost guidance of $19.5-$21.0 per tonne
remains unchanged. Operating cost guidance is based on A$:US$ exchange rate of
0.71 (previously 0.75) and excludes COVID-19 response costs.
• Copper C1 unit cost guidance in 2022 is unchanged at 130-150 US
cents/lb.
Aluminium modelling
To assist with modelling of aluminium operating costs during a volatile price
environment for raw materials we provide the following breakdown and
sensitivities for the alumina and aluminium metal segments (Primary Metal and
Pacific Aluminium). This excludes the effect of intra and inter segment
eliminations on group profit. Higher raw material prices are also increasing
inventory balances.
Alumina refining
Production cash cost (%) FY 21 H1 22
Bauxite 38 32
Conversion 34 33
Caustic 14 22
Energy 14 13
Total 100 100
Input costs (nominal) H1 21 H2 21 H1 22 FY 22
Index price Index price Index price Annual cost sensitivity impact on underlying EBITDA
Caustic soda(1) ($/t) 274 535 675 $10m per $10/t
Natural gas(2) ($/mmbtu) 2.85 4.59 6.02 $4m per $0.10/GJ
Brent oil ($/bbl) 64.6 76.3 105.9 $2m per $10/bbl
(1)North East Asia FOB | (2)Henry Hub
Aluminium smelting
Production cash cost (%) FY 21 H1 22
Alumina 41 41
Power 21 20
Conversion 21 20
Carbon 15 17
Materials 2 2
Total 100 100
Input costs (nominal) H1 21 H2 21 H1 22 FY 22
Index price Index price Index price Annual cost sensitivity impact on underlying EBITDA
Alumina(1) ($/t) 288 369 395 $64m per $10/t
Petroleum coke(2) ($/t) 373 491 667 $11m per $10/t
Coal tar pitch(3) ($/t) 748 818 1,103 $2m per $10/t
(1)LME Australia | (2)US Gulf FOB | (3)North America FOB
Investments, growth and development projects
• We continue to proactively manage COVID-19 and prioritise work
across critical projects. The easing of various interstate and international
border restrictions during the first half of 2022 has enabled increased
movement of people and goods to our sites, and at some sites improved access
to skilled resources. Capital expenditure for 2022 for our existing operations
remains unchanged at around $8.0 billion. Capital expenditure for 2023 and
2024 is still expected to be between $9.0 and $10.0 billion annually, which
includes the ambition to invest up to $3.0 billion in growth per year,
depending on opportunities. The guidance includes cumulative investment of
$1.5 billion to decarbonise our assets from 2022 to 2024.
• Exploration and evaluation expense in the first half of 2022 was
$367 million, $43 million (13%) higher than the first half of 2021, with
ramp-up of activities in Guinea, Argentina and Australia.
Pilbara mine projects
• At Gudai-Darri, first ore via the main plant was delivered in June
and all major elements of the process plant have been commissioned. Production
from the mine will continue to ramp up through the remainder of this year,
reaching full capacity in 2023.
• At Robe Valley, Mesa A wet plant performance stabilised throughout
the period and rectification works remain on track for completion in the third
quarter.
Oyu Tolgoi underground project(1)
Technical progress
• A cost and schedule reforecast was completed in June 2022
resulting in a total project cost estimate of $7.06 billion, which remains
under review by the Oyu Tolgoi Board. This is an increase of $0.3 billion
against the 2020 Definitive Estimate, which is largely related to COVID-19
disruptions. The 2022 reforecast assumes there are no further COVID-19
disruptions from June 2022.
• The first drawbell of the Hugo North underground mine was fired in
June. The undercut progression remains on track to achieve first sustainable
production from Panel 0 in the first half of 2023.
• Shafts 3 and 4 have been delayed due to COVID-19 restrictions and
reprioritisation of the mobilised workforce, as previously reported. However
progress has been made in the quarter and the shafts are now at depths of 174
metres and 276 metres, respectively. Both shafts are now expected to be
commissioned in the first half of 2024, 15 months later than the 2020
Definitive Estimate (previously nine months delay).
• Study work for Panels 1 and 2 (which are required to support the
ramp-up to 95,000 tonnes of ore per day) is expected to be completed in the
first half of 2023 and will incorporate any ventilation impacts due to the
shaft 3 and 4 delays.
Other key projects and exploration and evaluation
• The Zulti South project in South Africa remains on full
suspension.
• At the Kemano hydropower tunnel project in British Columbia water
flow was achieved through the second tunnel powerhouse in June following
completion of tunnel construction works. This project will ensure the
long-term, sustainable operation of the Kitimat aluminium smelter.
• At the Resolution Copper project in Arizona, we are working with
the US Forest Service to progress the Final Environmental Impact Statement
(FEIS) and complete actions necessary for the land exchange. We also continue
to advance partnership discussions with several of the federally-recognised
Tribes that are participating in the formal consultation process on the FEIS
and land exchange. We are aware of the Ninth Circuit's decision to uphold the
lower court ruling denying Apache Stronghold's request for injunctive relief.
We are encouraged by the significant local support for the project but respect
the views of groups who oppose it, and will continue our efforts to address
and mitigate these concerns.
• At the Winu copper-gold project in Western Australia, a programme
of work is ongoing to supplement our understanding of the deposit and the
environmental and cultural heritage impacts in advance of submitting the
regulatory approval requests. We also continue to strengthen our partnerships
with Traditional Owners and advance agreement making.
• At the Simandou iron ore project in Guinea(2), project activities
have stopped following an order from the Government of Guinea to all parties
to stop work. Engagement with the Government and WCS continues towards the
resumption of formal negotiations and project activities. We remain committed
to delivering Simandou in accordance with international ESG standards,
ensuring that the project results in sustainable benefits to Guinea and its
people, along with our shareholders and customers.
• At the Jadar lithium-borate project in Serbia, we are continuing
to explore all options. We acknowledge the concerns from local communities and
are engaging meaningfully to explore ways to address them.
• The acquisition of the Rincon lithium project in Argentina was
completed at the end of March 2022, and integration is well underway. We are
undertaking engagement with communities, the province of Salta and the
Government of Argentina to ensure an open and transparent dialogue with
stakeholders about the work planned, including possible pathways for a smaller
start-up to accelerate market entry. Detailed studies are progressing.
(1)The submission of Oyu Tolgoi LLC's updated Mongolian Feasibility Study
remains under discussion with the Ministry of Mining, the Minerals Council and
the Technical Working Group appointed by the Ministry of Mining.
(2)Correction to the statement in the quarterly report publication on 20 April
2022 which incorrectly quoted board approval in May rather than March. 'In
March, the Rio Tinto Board provided in-principle approval of this path forward
and we continue to progress jointly with WCS to deliver a definitive agreement
within 60 days of the framework agreement'.
Sustainability highlights
We continue to focus on becoming a more outward-looking and humane company,
ensuring that everyone at Rio Tinto can count on a safe, respectful and
inclusive workplace. We are on track to achieve our target to increase female
representation (including in senior leadership) by two percentage points each
year. In the first half, representation of women increased by one percentage
point to 22.6% of total workforce, or 11,300, a 11% increase versus December
2021. To date, over 57% of our leaders have either registered for or completed
the Everyday Respect training. We are also in the process of setting up our
new Business Conduct Office to enable a more human centric investigation
response.
On 7 June, we announced
(https://www.riotinto.com/news/releases/2022/Rio-Tinto-female-recruitment-drives-attract-more-than-3000-applicants)
that more than 3,000 women across Australia and New Zealand had applied for
roles with Rio Tinto, following the launch of recruitment campaigns targeting
women who had not previously worked in the mining industry. In Western
Australia, the Transferable Pathways campaign, which launched in May,
attracted about 1,600 responses.
On 23 June, we released
(https://www.riotinto.com/-/media/Content/Documents/Sustainability/Corporate-policies/RT-Slavery-human-trafficking-statement-2021.pdf?rev=1636c7c109f7498ea95c6ed4f4d234dc)
our 2021 Statement on Modern Slavery. The report is our sixth in line with
United Kingdom modern slavery reporting legislation and our second under
Australian legislation. It highlights how we are identifying and addressing
modern slavery risks throughout Rio Tinto and our supply chain and is part of
our commitment to respect human rights, which includes freedom from all forms
of modern slavery.
Communities & Social Performance (CSP)
In the second quarter, we recognised two years since the destruction of the
rock shelters on the land of the Puutu Kunti Kurrama and Pinikura (PKKP)
people at our Brockman iron ore mine in the Pilbara. We are committed to
transforming our culture, building better relationships and ensuring cultural
heritage is understood, valued and better protected. In May, the PKKP
Aboriginal Corporation entered a co-management Heads of Agreement with Rio
Tinto. This agreement is an important step towards rebuilding our relationship
with the PKKP people and sets out how we will work together in partnership on
a co-management approach to mining activities on PKKP Country. We also
continue to work to remediate and protect the Juukan Gorge area under the
guidance of the Puutu Kunti Kurrama Traditional Owners.
We continued to build on our relationship reset in Mongolia, with the Oyu
Tolgoi Board approving a $50 million five-year funding programme to support
the long-term, sustainable development of Khanbogd town - our neighbouring
host community in the South Gobi region.
In July, we signed a Memorandum of Understanding (MOU) with four Weipa region
Traditional Owner groups detailing an agreed consultation process around
closure planning for the East Weipa bauxite mine. The MOU was jointly
developed by Traditional Owners and Rio Tinto and lays a path regarding the
eventual return of their lands after mining at East Weipa ceases operation in
2024.
In June, we made a $1 million donation to UNICEF to support global equitable
access to COVID-19 vaccines. We worked with UNICEF to better understand where
our support could be utilised, focusing on countries where we have a close
connection to the local communities and where there are weaker health systems.
These countries include Mongolia, South Africa, Madagascar and Guinea. This is
the final amount from our $25 million commitment announced in 2020.
In late 2021, a joint Committee was formed to oversee a detailed independent
impact assessment of the Panguna mine in Bougainville, Papua New Guinea, to
identify and better understand the environmental and human rights impacts of
the mine. The Committee, which includes representatives from the Autonomous
Bougainville Government, Papua New Guinea Government, community members and
landowners, the Human Rights Law Centre, Bougainville Copper Limited and Rio
Tinto, has met three times since its establishment and the meetings have been
constructive and collaborative. In the second half of the year, the Committee
plans to finalise selection and endorsement of the consulting firm to
undertake the impact assessment over the ensuing 18-24 months.
Key highlights from the quarter are outlined above, with further information
available on our website (https://www.riotinto.com/sustainability/communities)
.
Climate change, product stewardship and our value chain
We progressed initiatives in the second quarter working to decarbonise our
business and actively develop technologies to decarbonise our value chains.
• We continued extensive planning and study work to identify
preferred locations for wind and solar energy developments to be integrated
into our Pilbara microgrid. We are progressing detailed planning for further
engineering, environmental and heritage studies on these sites, with a
particular focus on our proposed solar farm of around 100MW near Karratha, one
of the initial sites within our 1GW programme. We continue to engage with the
Western Australian Government, Traditional Owners and other stakeholders.
• On 6 May, we announced
(https://www.riotinto.com/news/releases/2022/Rio-Tinto-becomes-the-first-producer-of-scandium-oxide-in-North-America)
we had produced a first batch of high purity scandium oxide at our Rio Tinto
Fer et Titane commercial scale demonstration plant in Sorel-Tracy, becoming
the first North American producer of this critical mineral, which is notably
used in solid oxide fuel cells and in aluminium alloys.
• On 11 May, we announced
(https://www.riotinto.com/news/releases/2022/Rio-Tinto-starts-tellurium-production-at-Kennecott)
we had started producing tellurium at our Kennecott copper operation in Utah,
becoming one of only two United States producers of the critical mineral used
in advanced thin film photovoltaic solar panels.
• On 12 May, we announced
(https://www.riotinto.com/news/releases/2022/Mining-giants-back-eight-winning-ideas-in-global-challenge)
eight technology innovators' submissions have been selected to progress beyond
the Charge On Innovation Challenge. The global challenge, launched by BHP, Rio
Tinto and Vale, seeks to accelerate commercialisation of effective solutions
for charging large electric haul trucks while simultaneously demonstrating
there is an emerging market for these solutions in mining. The winners are
collaborating with interested mining companies, Original Equipment
Manufacturers and investors to accelerate the technology development to
support the future roll-out of zero-emissions fleets.
• On 23 May, we announced
(https://www.riotinto.com/news/releases/2022/Rio-Tinto-and-bp-sign-one-year-trial-of-marine-biofuels)
a one-year biofuel trial with bp to help reduce carbon emissions from Rio
Tinto's marine fleet. Under the trial, bp is supplying Rio Tinto with marine
biofuel for approximately 12 months. The fuel will be trialled on Rio Tinto's
RTM Tasman vessel on a mix of Transatlantic and Atlantic-Pacific routes, in
one of the longest-duration marine biofuel trials to date. The results of the
trial will help Rio Tinto study ways to reduce its carbon emissions from its
marine fleet and inform its future biofuel strategy.
• On 7 June, we announced
(https://www.riotinto.com/news/releases/2022/Rio-Tinto-and-Salzgitter-sign-MOU-to-study-using-Rio-Tinto-iron-ore-in-green-steelmaking)
a Memorandum of Understanding (MOU) with Salzgitter to work together towards
carbon-free steelmaking. Under the MOU, Rio Tinto and Salzgitter will explore
optimisation of iron ore pellets, lump and fines for use in hydrogen direct
reduction steelmaking. The companies will also explore the potential for
greenhouse gas emission certification across the steel value chain.
• On 8 June, we announced
(https://www.riotinto.com/news/releases/2022/Rio-Tinto-calls-for-proposals-for-large-scale-wind-and-solar-power-in-Queensland)
a call for proposals to develop large-scale wind and solar power in Central
and Southern Queensland to power our aluminium assets, help meet our climate
change ambitions and further encourage renewable development and industry in
the region. We are looking for up to 4GW of renewable energy to support the
repowering of our aluminium assets in Gladstone. This is an outcome of the
Statement of Cooperation signed with the Queensland Government in October
2021.
• On 9 June, we announced
(https://www.riotinto.com/news/releases/2022/Nano-One-and-Rio-Tinto-Announce-Strategic-Partnership-and-US10M-Investment)
a strategic equity investment of $10 million in Nano One - a clean technology
innovator in battery materials. This partnership and funding will accelerate
Nano One's multi-cathode commercialisation strategy and support cathode active
materials manufacturing in Canada for a cleaner and more efficient battery
supply chain for North American and overseas markets.
• On 29 June, we announced
(https://www.riotinto.com/news/releases/2022/Rio-Tinto-and-Corona-Canada-pilot-Canadas-first-specially-marked-low-carbon-can-leveraging-ELYSIS-technology-deb6bfb6c)
in partnership with Corona Canada, the launch of Canada's first
specially-marked, low carbon beverage can, manufactured by Ball Corporation.
The cans, now available through a pilot in Ontario, were made using aluminium
from Rio Tinto and leveraging ELYSIS(TM) technology. As part of this limited
release, 1.2 million cans were produced with a QR code to inspire consumers to
learn more about the cans' low carbon footprint.
Our markets
The economic outlook is weakening due to the Russia-Ukraine war, tighter
monetary policy to curb rising inflation, and targeted COVID-19 restrictions
in China. Prices for our commodities decreased in the quarter, amidst growing
recession fears and a decline in consumer confidence. Trade disruptions, food
protectionism and the global focus on securing energy supplies continue to put
pressure on supply chains, which will need to be significantly eased before
inflationary pressures subside.
• China's industrial activity troughed in May amid COVID-lockdowns.
June recovered but uncertainties remain given the potential for ongoing
outbreaks. Economic stability is a focus, but headwinds are considerable from
restricted labour and goods movement and a slowing external environment. There
has been a more accommodative policy stance to support growth, and more easing
measures are expected to support the property, infrastructure, and consumer
sectors.
• The US economy has been resilient, on the back of healthy consumer
spending and a strong labour market. However, the Federal Reserve is moving
more aggressively to curb rising inflation expectations. There is therefore
increasing risk that a rapid hike in interest rates will subdue demand.
• The Eurozone industrial sector has been impacted by supply
bottlenecks, higher inputs costs and weakening consumer sentiment, even though
the services sector has been positive. Energy security will be a key priority
for the region, with measures taken to avert a potential shortfall in energy.
• Iron ore Platts CFR prices trended downwards to $120/dmt at the
end of the second quarter, even though the average prices were just below
$140/dmt year to date. The downward pressure was driven by extended COVID-19
restrictions that impacted China's downstream steel demand to a greater extent
than steel production and iron ore consumption.
• The aluminium LME price declined sharply, down 32% at the end of
the second quarter to $2,397/t. Following record high prices in the first
quarter, the expected disruption to Russian aluminium production did not
materialise. Strong aluminium supply and weaker domestic demand in China
shifted it to a net export position for aluminium in the first half of 2022.
Alumina shifted to a net export position over the same period due to strong
growth in domestic refining. The outlook for demand growth has also been
dampened by COVID-19 restrictions in China and the reduced consumer sentiment
in developed markets. Nevertheless, reported inventories continue to decline
and high power prices are limiting production growth outside China.
• The copper LME price dropped 20% at the end of the second quarter
to $3.74/lb. After reaching a record quarterly average price in the first
quarter, prices started trending down in late April, as a wave of uncertainty
surrounding the global economy and China's COVID-zero policy weighed on the
prospects for copper demand. Exchange inventories remain at multi-year lows,
and mine supply continues to face disruptions, although mine project start-ups
in the second half should help alleviate market tightness.
• The electric vehicle market continues to enjoy firm growth,
despite rising raw material costs and general supply chain issues in the
automotive market. After sharp price increases in the previous quarters,
lithium carbonate prices stabilised in the second quarter, as supply starts to
keep pace with demand. Mine supply growth is expected to pick up further in
the second half as idled mine capacity and new projects come online.
Average realised prices achieved for our major commodities
Units H1 22 Q2 22 Q1 22 H1 21 FY 21
Pilbara iron ore FOB, $/wmt 110.9 110.7 111.1 154.9 132.3
Pilbara iron ore FOB, $/dmt 120.5 120.3 120.8 168.4 143.8
Aluminium* Metal $/t 3,808 3,727 3,916 2,626 2,899
Copper** US cents per pound 447 441 453 415 424
IOC pellets FOB, $/wmt 199.0 206.3 191.2 218.3 214.4
*LME plus all-in premiums (product and market)
**Average realised price for all units sold. Realised price does not include
the impact of the provisional pricing adjustments, which negatively impacted
revenues in the first half by $140 million (first half 2021 positive impact of
$202 million).
IRON ORE
Rio Tinto share of production (Million tonnes) Q2 vs Q2 vs Q1 H1 vs H1
2021
2022
2021
2022 2022
Pilbara Blend and SP10 Lump(1) 19.3 +6 % +13 % 36.4 0 %
Pilbara Blend and SP10 Fines(1) 30.2 +5 % +18 % 55.9 -2 %
Robe Valley Lump 1.2 -3 % +12 % 2.2 -12 %
Robe Valley Fines 1.9 0 % +9 % 3.6 -12 %
Yandicoogina Fines (HIY) 13.4 0 % -8 % 28.0 +4 %
Total Pilbara production 66.0 +4 % +10 % 126.1 -1 %
Total Pilbara production (100% basis) 78.6 +4 % +10 % 150.3 -1 %
Rio Tinto share of shipments (Million tonnes) Q2 vs Q2 vs Q1 H1 vs H1
2021
2022
2021
2022 2022
Pilbara Blend Lump 12.7 -1 % +17 % 23.5 -8 %
Pilbara Blend Fines 25.2 -9 % +16 % 46.9 -17 %
Robe Valley Lump 1.0 +4 % +44 % 1.6 -16 %
Robe Valley Fines 2.3 +5 % +33 % 4.0 -12 %
Yandicoogina Fines (HIY) 14.2 +4 % -2 % 28.7 +3 %
SP10 Lump(1) 4.5 +19 % +16 % 8.3 +29 %
SP10 Fines(1) 6.8 +140 % -4 % 13.8 +141 %
Total Pilbara shipments(2) 66.6 +4 % +10 % 126.8 -1 %
Total Pilbara shipments (100% basis)(2) 79.9 +5 % +12 % 151.4 -2 %
Total Pilbara Shipments (consolidated basis)(2, 3) 68.1 +4 % +10 % 129.9 -2 %
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
First half shipments of 151.4 million tonnes (Rio Tinto share 126.8 million
tonnes) were 2% lower than the first half of 2021 due to skilled labour supply
constraints, COVID-19 disruptions, first quarter delays of mine replacement
projects and significantly higher than average rainfall in May. We are
currently experiencing elevated levels of unplanned absences at our Pilbara
operations due to COVID-19 case spikes in Western Australia.
We produced 150.3 million tonnes (Rio Tinto share 126.1 million tonnes) in the
first half, 1% lower than the corresponding period of 2021. While
significantly higher than average rainfall in May impacted mine production,
continued focus on mine pit health and commissioning of Gudai-Darri supported
a stronger second quarter.
Gudai-Darri delivered first ore from the main plant in June. As Gudai-Darri
continues to ramp-up, we expect increased production volumes and improved
product mix in the second half. Full year shipments guidance remains unchanged
at 320 to 335 million tonnes.
Deployment of the Rio Tinto Safe Production System continues to see
encouraging results at West Angelas, Yandicoogina, Tom Price and Brockman 4.
Approximately 10% of sales in the second 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
second quarter were made on a free on board (FOB) basis, with the remainder
sold including freight.
Achieved average pricing in the first half of 2022 was $110.9 per wet metric
tonne ($154.9 in the first half of 2021) on an FOB basis (equivalent to $120.5
per dry metric tonne, at 8% moisture assumption). This compares to the average
first half price for the monthly average Platts index for 62% iron fines
converted to an FOB basis of $128.2 per dry metric tonne.
China Portside Trading
We continue to increase our iron ore portside sales in China, with 14.2
million tonnes of sales in the first half of 2022 (5.4 million tonnes in the
first half of 2021). At 30 June, inventory levels are 6.5 million tonnes,
including 4.5 million tonnes of Pilbara product (11.4 million tonnes at the
end of 2021, including 8.8 million tonnes of Pilbara product). In the first
half of 2022 approximately 75% of our portside sales were either screened or
blended in Chinese ports.
ALUMINIUM
Rio Tinto share of production ('000 tonnes) Q2 vs Q2 vs Q1 H1 vs H1
2021
2022
2021
2022 2022
Bauxite 14,131 +3 % +4 % 27,757 +2 %
Bauxite third party shipments 9,599 +1 % -5 % 19,734 +7 %
Alumina 1,864 -7 % -2 % 3,765 -7 %
Aluminium 731 -10 % -1 % 1,467 -9 %
Bauxite
Bauxite production of 14.1 million tonnes was 3% higher than the second
quarter of 2021 due to strong operational performance at Weipa as a result of
improved plant reliability at Amrun.
We shipped 9.6 million tonnes of bauxite to third parties in the second
quarter, 1% higher than the same period of 2021.
Alumina
Alumina production of 1.9 million tonnes was 7% lower than the second quarter
of 2021. The refineries in the Pacific (Yarwun and Queensland Alumina Limited)
have been impacted by a range of challenges in the first half including
significant COVID-19 absenteeism, above average rainfall in Eastern Australia,
and some unplanned outages and plant reliability. Production at the Vaudreuil
refinery in Quebec was impacted by overruns on key shutdowns.
Alumina guidance is now expected to be 7.6 to 7.8 million tonnes (previously
between 8.0 and 8.4 million tonnes). The focus for the second half is on
producing at stronger rates with a more stable environment and improved asset
reliability.
As the result of Queensland Alumina Limited's (QAL) activation of a step-in
process following sanction measures by the Australian Government, Rio Tinto
has taken on 100% of capacity for as long as the step-in continues. This
results in use of Rusal's 20% share of capacity by Rio Tinto under the tolling
arrangement with QAL. This additional output is excluded from the production
tables in this report as QAL remains 80% owned by Rio Tinto and 20% owned by
Rusal.
Aluminium
Aluminium production of 731 million tonnes was 10% lower than the second
quarter of 2021 due to reduced capacity at our Kitimat smelter in British
Columbia following the strike which commenced in July 2021. A controlled
restart began at the end of the second quarter of 2022, with ramp-up
progressing subject to plant stability. Production at Boyne smelter in
Queensland was impacted due to process instability following COVID-19 related
unplanned absences. Production has been stabilised and the cells that have
been taken offline are being ramped up over the next 12 months. All of our
other smelters continued to have stable performance. Guidance has been lowered
to 3.0 to 3.1 million tonnes (previously 3.1 to 3.2 million tonnes).
Average realised aluminium prices including premiums for value-added products
(VAP) increased 45% to $3,808 per tonne in the first half of 2022 (first half
2021: $2,626 per tonne). The LME price increased by 37% to $3,082 per tonne
(first half 2021: $2,246), whilst the mid-west premium duty paid improved 72%
to $801 per tonne in the first half of 2022 (first half 2021: $467 per tonne),
which is 58% of our total volumes (55% in the first half of 2021). Our VAP
sales improved to 52% of primary metal sold in the first half of 2022 (first
half 2021: 50%). Product premiums for VAP sales increased, averaging $422 per
tonne of VAP sold (first half 2021: $207 per tonne).
On 13 July, we announced
(https://www.riotinto.com/news/releases/2022/Rio-Tinto-Expands-Low-carbon-Billet-Production-in-Canada)
an investment of $188 million to increase the production capacity for
low-carbon, high value aluminium billets at our Alma smelter in
Lac-Saint-Jean, Quebec by 202,000 metric tonnes. Around half will come from
non value-added products being converted to billets, with the rest from the
conversion of already value-added products. The existing casting centre at our
Alma plant will be expanded to accommodate new state-of-the-art equipment,
including a casting pit and furnaces, allowing a larger portion of the
aluminium produced to be converted to higher value billets. Construction will
begin in May 2023 and commissioning is expected in the first quarter of
2025.
COPPER
Rio Tinto share of production ('000 tonnes) Q2 vs Q2 vs Q1 H1 vs H1
2021
2022
2021
2022 2022
Mined copper
Kennecott 33.9 0 % -28 % 81.0 +21 %
Escondida 82.3 +18 % +21 % 150.5 +6 %
Oyu Tolgoi 10.2 -17 % +1 % 20.4 -26 %
Refined copper
Kennecott 32.7 -11 % -19 % 72.9 -11 %
Escondida 16.7 +9 % +16 % 31.1 +6 %
Kennecott
Mined copper production was in line with the second quarter of 2021, with
higher grades (averaging 0.53% in the first half) and higher recoveries
following the transition to the south wall which was completed in 2021. Mine
copper versus the prior quarter was impacted by a planned shutdown in May that
extended into June on one of the SAG mills.
Refined copper production was 11% lower than the second quarter of 2021 mainly
due to the impact of unplanned downtime and labour shortages at the smelter.
Refined copper production was 19% lower than the prior quarter due to the
planned annual smelter shutdown, which has since restarted.
Escondida
Mined copper production was 18% higher than the second quarter of 2021 mainly
due to 13% expected higher concentrator feed grade and 8% higher throughput
which was previously impacted by workforce absenteeism due to COVID-19.
Refined production was 9% higher than the corresponding period mainly due to
higher ore feed to both leaching processes.
Oyu Tolgoi
Mined copper production from the open pit was 17% lower than the second
quarter of 2021 due to lower copper grades and recoveries as a result of
planned mine sequencing and feed from low grade stockpiles. Gold grades were
significantly lower than the prior year (0.26% vs 0.50% in 2021).
The force majeure declared on shipments from 30 March 2021 has been lifted.
Provisional pricing
At 30 June 2022, the Group had an estimated 267 million pounds of copper sales
that were provisionally priced at 415 cents per pound. This compares with 201
million pounds of open shipments at 31 December 2021, provisionally priced at
436 cents per pound. Provisional pricing adjustments negatively impacted
revenues in the first half by $140 million (first half 2021 positive impact of
$202 million). This includes mark to market adjustments in respect of
shipments open at the period end and final adjustments in respect of shipments
for which the price was settled during the period.
MINERALS
Rio Tinto share of production (million tonnes) Q2 vs Q2 vs Q1 H1 vs H1
2021
2022
2021
2022 2022
Iron ore pellets and concentrate
IOC 2.6 -4 % +8 % 5.0 -1 %
Rio Tinto share of production ('000 tonnes) Q2 vs Q2 vs Q1 H1 vs H1
2021
2022
2021
2022 2022
Minerals
Borates - B(2)O(3) content 137 +9 % +12 % 260 +5 %
Titanium dioxide slag 293 -2 % +7 % 566 -2 %
Rio Tinto share of production ('000 carats) Q2 vs Q2 vs Q1 H1 vs H1
2021
2022
2021
2022 2022
Diavik(1) 1,149 +35 % +16 % 2,140 +15 %
1Reflects 100% ownership of Diavik (previously 60%) from 1st November 2021.
Iron Ore Company of Canada (IOC)
IOC achieved major milestones in May including record safety performance year
to date (0.26 AIFR versus 0.73 in 2021) and monthly records for concentrate
production and total material moved. Iron ore production was 4% lower than the
second quarter of 2021, due to the planned annual maintenance shutdown (seven
days) which was successfully completed in June (this work was completed in
September in 2021).
Borates
Borates production in the second quarter was 9% higher than the corresponding
period of 2021 with strong production rates and higher grades as well as
improved equipment reliability versus the same period in 2021. We expect
logistical challenges to continue with elevated congestion at the Port of Los
Angeles and shipping rate escalation. Port and rail labour availability is
also posing a threat to supply chain stability.
Iron and Titanium
Titanium dioxide production was 2% lower than the second quarter of 2021, but
7% higher than the prior quarter with steady performance at Richards Bay
Minerals in South Africa and improved stability of operations at Rio Tinto Fer
et Titane, Canada. There were some operational disruptions at QIT Madagascar
Minerals following cyclones in Madagascar.
Diamonds
At Diavik, our share of carats were 35% higher than the second quarter of 2021
due to the benefit of our increased share of production since taking 100%
ownership of Diavik from November 2021, partially offset by maintenance
deficit build-up following COVID-19 disruptions. The maintenance deficit
build-up and first quarter impacts of COVID-19 has impacted performance in the
half and diamonds guidance is now expected to be 4.5 to 5.0 million carats.
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 2022 was $367 million,
compared with $324 million in the first half of 2021. Approximately 39% of
this expenditure was incurred by Copper (includes Simandou), 34% by central
exploration, 18% by Minerals and 9% by Iron Ore.
There were no significant divestments of central exploration properties in the
first half of 2022.
Exploration highlights
Rio Tinto has a strong portfolio of projects with activity in 19 countries
across seven commodities in early exploration and studies stages. Rio Tinto
Exploration was recognised by the global mineral exploration industry in the
quarter as it collected the prestigious Thayer Lindsey Award from the
Prospectors and Developers Association of Canada. The award, for the discovery
of Winu, recognises an individual or a team of explorationists credited with a
recent significant mineral discovery anywhere in the world.
The bulk of the exploration expenditure in the second quarter of 2022 focused
on copper in Australia, Peru, Zambia and the United States, diamonds in Canada
and Angola, and nickel in Canada and Finland. Mine-lease exploration continued
at Rio Tinto managed businesses including Pilbara Iron in Australia, Diavik in
Canada and Cape York in Australia. The Falcon Project in Saskatchewan, Canada,
will remain in care and maintenance until the end of 2022 during which time
Rio Tinto will consider alternative commercial options, including potential
exit. A summary of activity for the quarter is as follows:
A summary of activity for the quarter is as follows:
Commodities Studies Stage Advanced projects Greenfield/ Brownfield programmes
Bauxite Amargosa, Brazil*, Melville Island, Australia
Sanxai, Laos* Cape York, Australia
Battery Materials Lithium: Rincon, Argentina Nickel Greenfield: Australia, Canada, Finland, Peru
Lithium borates: Jadar, Serbia Lithium Greenfield: US, Australia
Nickel: Tamarack, US (3rd party operated)
Copper Copper/molybdenum: Resolution, US Copper: La Granja, Peru, Pribrezhniy, Kazakhstan Copper Greenfield: Australia, Brazil, Canada, Chile, China, Colombia, Finland,
Kazakhstan, Namibia, Nicaragua, Laos, Peru, Serbia, US, Zambia
Copper/Gold: Winu, Australia Calibre-Magnum, Australia
Diamonds Falcon, Canada* Diamonds Greenfield: Canada, Angola
Diamonds Brownfield: Diavik
Iron Ore Pilbara, Australia Pilbara, Australia Greenfield and Brownfield: Pilbara, Australia
Simandou, Guinea
Minerals Potash: KL262*, Canada Heavy mineral sands Greenfield: Australia, South Africa
Heavy mineral sands: Mutamba, Mozambique
*Limited activity during the quarter
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 announcement, 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 and any statements related to the
ongoing impact of the COVID-19 pandemic), are forward-looking statements. The
words "intend", "aim", "project", "anticipate", "estimate", "plan",
"believes", "expects", "may", "would", "should", "could", "will", "target",
"set to", "seek", "risk" or similar expressions, commonly identify such
forward-looking statements.
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. 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 are levels of actual production during any period,
levels of demand and market prices, the ability to produce and transport
products profitably, the impact of foreign currency exchange rates on market
prices and operating costs, operational problems, political uncertainty and
economic conditions in relevant areas of the world, the actions of
competitors, activities by governmental authorities such as changes in
taxation or regulation, the risks and uncertainties associated with the
ongoing impacts of COVID-19 or other pandemic and such other risk factors
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. The above list is not exhaustive.
Forward-looking statements should, therefore, be construed in light of such
risk factors and undue reliance should not be placed on forward-looking
statements, particularly in light of the current economic climate and the
significant volatility, uncertainty and disruption caused by the outbreak of
COVID-19. These forward-looking statements speak only as of the date of this
announcement. 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.
Contacts Please direct all enquiries to media.enquiries@riotinto.com
Media Relations, UK Media Relations, Australia
Illtud Harri Jonathan Rose
M +44 7920 503 600 M +61 447 028 913
David Outhwaite Matt Chambers
M +44 7787 597 493 M +61 433 525 739
Matthew Klar Jesse Riseborough
M +44 7796 630 637 M +61 436 653 412
Media Relations, Americas
Simon Letendre
M +1 514 796 4973
Investor Relations, UK Investor Relations, Australia
Menno Sanderse Menno Sanderse
M +44 7825 195 178 M +44 7825 195 178
David Ovington Amar Jambaa
M +44 7920 010 978 M +61 472 865 948
Clare Peever
M: +44 7788 967 877
Rio Tinto plc Rio Tinto Limited
6 St James's Square Level 7, 360 Collins Street
London SW1Y 4AD Melbourne 3000
United Kingdom Australia
T +44 20 7781 2000 T +61 3 9283 3333
Registered in England Registered in Australia
No. 719885 ABN 96 004 458 404
This announcement is authorised for release to the market by Steve Allen, Rio
Tinto's Group Company Secretary.
riotinto.com
LEI: 213800YOEO5OQ72G2R82
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 Half Year % change
2021 2022 2022 2021 2022 Q2 22 Q2 22 H1 22
Q2 Q1 Q2 H1 H1 vs vs vs
Q2 21 Q1 22 H1 21
Principal commodities
Alumina ('000 t) 2,012 1,901 1,864 4,047 3,765 -7 % -2 % -7 %
Aluminium ('000 t) 816 736 731 1,619 1,467 -10 % -1 % -9 %
Bauxite ('000 t) 13,699 13,625 14,131 27,264 27,757 +3 % +4 % +2 %
Borates ('000 t) 126 123 137 248 260 +9 % +12 % +5 %
Copper - mined ('000 t) 115.5 125.5 126.4 236.1 251.9 +9 % +1 % +7 %
Copper - refined ('000 t) 52.3 54.7 49.4 111.4 104.1 -5 % -10 % -7 %
Diamonds ('000 cts) 851 991 1,149 1,858 2,140 +35 % +16 % +15 %
Iron Ore ('000 t) 66,241 62,465 68,640 131,922 131,105 +4 % +10 % -1 %
Titanium dioxide slag ('000 t) 298 273 293 577 566 -2 % +7 % -2 %
Other Metals & Minerals
Gold - mined ('000 oz) 80.1 68.5 52.5 176.5 121.0 -34 % -23 % -31 %
Gold - refined ('000 oz) 43.6 32.2 20.9 100.4 53.1 -52 % -35 % -47 %
Molybdenum ('000 t) 1.1 1.1 0.4 6.1 1.5 -63 % -61 % -76 %
Salt ('000 t) 1,458 1,595 1,030 2,869 2,625 -29 % -35 % -8 %
Silver - mined ('000 oz) 925 1,012 846 1,930 1,858 -9 % -16 % -4 %
Silver - refined ('000 oz) 609 577 290 1,421 867 -52 % -50 % -39 %
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 Q2 Q3 Q4 Q1 Q2 H1 H1
interest
2021
2021
2021
2022
2022
2021
2022
ALUMINA
Production ('000 tonnes)
Jonquière (Vaudreuil) 100 % 349 325 338 334 325 701 659
Jonquière (Vaudreuil) specialty Alumina plant 100 % 28 29 28 25 30 50 55
Queensland Alumina 80 % 756 738 727 704 697 1,499 1,401
São Luis (Alumar) 10 % 97 75 99 94 91 192 185
Yarwun 100 % 782 770 719 745 721 1,604 1,465
Rio Tinto total alumina production 2,012 1,937 1,911 1,901 1,864 4,047 3,765
ALUMINIUM
Production ('000 tonnes)
Australia - Bell Bay 100 % 47 48 48 46 44 93 91
Australia - Boyne Island 59 % 75 75 75 73 61 149 134
Australia - Tomago 52 % 75 77 78 75 75 150 150
Canada - six wholly owned 100 % 391 343 325 318 323 776 641
Canada - Alouette (Sept-Îles) 40 % 63 64 63 62 63 125 124
Canada - Bécancour 25 % 29 29 30 28 29 57 57
Iceland - ISAL (Reykjavik) 100 % 51 52 52 50 50 99 100
New Zealand - Tiwai Point 79 % 65 67 67 66 66 130 132
Oman - Sohar 20 % 20 20 20 19 20 39 39
Rio Tinto total aluminium production 816 774 757 736 731 1,619 1,467
BAUXITE
Production ('000 tonnes) (a)
Gove 100 % 3,030 3,067 2,787 3,093 2,637 5,909 5,731
Porto Trombetas 12 % 364 332 416 240 308 618 548
Sangaredi (b) 1,755 1,763 1,704 1,765 1,946 3,642 3,710
Weipa 100 % 8,550 8,805 8,188 8,527 9,240 17,095 17,768
Rio Tinto total bauxite production 13,699 13,967 13,095 13,625 14,131 27,264 27,757
(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) 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 Q2 Q3 Q4 Q1 Q2 H1 H1
interest
2021
2021
2021
2022
2022
2021
2022
BORATES
Production ('000 tonnes B(2)O(3) content)
Rio Tinto Borates - borates 100% 126 123 117 123 137 248 260
COPPER
Mine production ('000 tonnes) (a)
Bingham Canyon 100% 33.7 42.8 49.7 47.1 33.9 67.0 81.0
Escondida 30% 69.5 68.4 69.6 68.2 82.3 141.6 150.5
Oyu Tolgoi (b) 34% 12.3 14.1 13.0 10.2 10.2 27.5 20.4
Rio Tinto total mine production 115.5 125.2 132.3 125.5 126.4 236.1 251.9
Refined production ('000 tonnes)
Escondida 30% 15.3 14.7 14.5 14.4 16.7 29.3 31.1
Rio Tinto Kennecott (c) 100% 36.9 35.7 25.5 40.2 32.7 82.1 72.9
Rio Tinto total refined production 52.3 50.5 40.0 54.7 49.4 111.4 104.1
(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) Rio Tinto owns a 33.52% indirect interest in Oyu Tolgoi through its 50.79%
interest in Turquoise Hill Resources Ltd.
(c) We continue to process third party concentrate to optimise smelter
utilisation, including 2.9 thousand tonnes of cathode produced from purchased
concentrate in year-to-date 2022. 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 (a) 100 % 851 834 1,155 991 1,149 1,858 2,140
(a) On 17 November 2021, Rio Tinto's ownership interest in Diavik increased
from 60% to 100%. Production is reported including this change from 1 November
2021.
GOLD
Mine production ('000 ounces) (a)
Bingham Canyon 100 % 30.5 38.1 34.7 37.8 22.8 66.7 60.6
Escondida 30 % 11.7 12.6 12.9 10.9 13.7 23.1 24.6
Oyu Tolgoi (b) 34 % 37.9 43.8 26.3 19.8 16.0 86.7 35.8
Rio Tinto total mine production 80.1 94.5 73.9 68.5 52.5 176.5 121.0
Refined production ('000 ounces)
Rio Tinto Kennecott 100 % 43.6 44.5 31.5 32.2 20.9 100.4 53.1
(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) Rio Tinto owns a 33.52% indirect interest in Oyu Tolgoi through its 50.79%
interest in Turquoise Hill Resources Ltd.
Rio Tinto share of production
Rio Tinto Q2 Q3 Q4 Q1 Q2 H1 H1
2022
interest 2021 2021 2021 2022 2022 2021
IRON ORE
Production ('000 tonnes) (a)
Hamersley mines (b) 50,333 55,634 55,049 47,678 52,636 99,647 100,315
Hope Downs 50 % 5,960 6,500 6,567 5,830 6,385 11,576 12,215
Iron Ore Company of Canada 59 % 2,721 2,163 2,498 2,404 2,603 5,066 5,007
Robe River - Pannawonica (Mesas J and A) 53 % 3,090 3,721 3,196 2,774 3,054 6,596 5,828
Robe River - West Angelas 53 % 4,137 4,056 5,252 3,779 3,961 9,037 7,740
Rio Tinto iron ore production ('000 tonnes) 66,241 72,074 72,561 62,465 68,640 131,922 131,105
Breakdown of Production:
Pilbara Blend and SP10 Lump (c) 18,265 19,742 20,374 17,081 19,309 36,315 36,391
Pilbara Blend and SP10 Fines (c) 28,796 30,825 32,081 25,658 30,240 57,042 55,898
Robe Valley Lump 1,219 1,423 1,152 1,051 1,180 2,527 2,230
Robe Valley Fines 1,871 2,297 2,044 1,724 1,874 4,070 3,598
Yandicoogina Fines (HIY) 13,369 15,623 14,412 14,548 13,433 26,903 27,981
Pilbara iron ore production ('000 tonnes) 63,520 69,910 70,063 60,061 66,037 126,856 126,098
IOC Concentrate 1,154 829 1,009 962 1,282 2,025 2,244
IOC Pellets 1,567 1,335 1,489 1,442 1,321 3,041 2,763
IOC iron ore production ('000 tonnes) 2,721 2,163 2,498 2,404 2,603 5,066 5,007
Breakdown of Shipments:
Pilbara Blend Lump 12,830 13,018 12,832 10,809 12,684 25,672 23,493
Pilbara Blend Fines 27,795 28,901 24,308 21,698 25,156 56,360 46,855
Robe Valley Lump 934 962 1,061 675 971 1,959 1,645
Robe Valley Fines 2,190 2,567 2,237 1,731 2,309 4,591 4,040
Yandicoogina Fines (HIY) 13,640 14,906 14,121 14,487 14,201 27,862 28,689
SP10 Lump (c) 3,748 4,826 4,841 3,827 4,456 6,411 8,283
SP10 Fines (c) 2,817 4,063 10,684 7,067 6,775 5,740 13,843
Pilbara iron ore shipments ('000 tonnes) (d) 63,953 69,242 70,084 60,295 66,552 128,595 126,847
Pilbara iron ore shipments - consolidated basis ('000 tonnes) (d) (f) 65,627 71,131 71,972 61,818 68,114 132,058 129,931
IOC Concentrate 1,048 1,054 989 600 1,083 2,067 1,683
IOC Pellets 1,303 1,374 1,711 1,412 1,484 2,780 2,896
IOC Iron ore shipments ('000 tonnes) (d) 2,352 2,428 2,700 2,012 2,567 4,847 4,580
Rio Tinto iron ore shipments ('000 tonnes) (d) 66,305 71,671 72,784 62,307 69,119 133,442 131,427
Rio Tinto iron ore sales ('000 tonnes) (e) 67,145 70,967 69,489 66,683 71,258 132,697 137,941
(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 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. Rio Tinto's ownership interest in Channar mine increased from
60% to 100%, following conclusion of its joint venture with Sinosteel
Corporation upon reaching planned 290 million tonnes production on 22 October
2020.
(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 Q2 Q3 Q4 Q1 Q2 H1 H1
2022
interest 2021 2021 2021 2022 2022 2021
MOLYBDENUM
Mine production ('000 tonnes) (a)
Bingham Canyon 100% 1.1 0.4 1.1 1.1 0.4 6.1 1.5
(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 % 1,458 1,508 1,471 1,595 1,030 2,869 2,625
SILVER
Mine production ('000 ounces) (a)
Bingham Canyon 100 % 476 639 589 561 385 1,000 945
Escondida 30 % 370 387 439 381 393 766 774
Oyu Tolgoi (b) 34 % 79 84 80 71 67 164 138
Rio Tinto total mine production 925 1,110 1,108 1,012 846 1,930 1,858
Refined production ('000 ounces)
Rio Tinto Kennecott 100 % 609 733 516 577 290 1,421 867
(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) Rio Tinto owns a 33.52% indirect interest in Oyu Tolgoi through its 50.79%
interest in Turquoise Hill Resources Ltd.
TITANIUM DIOXIDE SLAG
Production ('000 tonnes)
Rio Tinto Iron & Titanium (a) 100% 298 209 228 273 293 577 566
(a) Quantities comprise 100% of Rio Tinto Fer et Titane and Rio Tinto's 74%
interest in Richards Bay Minerals (RBM).
ERA ceased processing operations on 8 January 2021, as required by the Ranger
Authority. No data for these operations are included in the Share of
production table.
Production figures are sometimes more precise than the rounded numbers shown,
hence small differences may result between the total of the quarter figures
and the year to date figures.
Rio Tinto percentage interest shown above is at 30 June 2022.
Rio Tinto operational data
Rio Tinto Q2 Q3 Q4 Q1 Q2 H1 H1
interest
2021
2021
2021
2022
2022
2021
2022
ALUMINA
Smelter Grade Alumina - Aluminium Group
Alumina production ('000 tonnes)
Australia
Queensland Alumina Refinery - Queensland 80 % 945 922 909 880 871 1,874 1,751
Yarwun refinery - Queensland 100 % 782 770 719 745 721 1,604 1,465
Brazil
São Luis (Alumar) refinery 10 % 968 748 993 940 910 1,920 1,850
Canada
Jonquière (Vaudreuil) refinery - Quebec (a) 100 % 349 325 338 334 325 701 659
(a) Jonquière's (Vaudreuil's) production shows smelter grade alumina only and
excludes hydrate produced and used for specialty alumina.
Speciality Alumina - Aluminium Group
Speciality alumina production ('000 tonnes)
Canada
Jonquière (Vaudreuil) plant - Quebec 100 % 28 29 28 25 30 50 55
Rio Tinto percentage interest shown above is at 30 June 2022. The data
represents production and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
Rio Tinto Q2 Q3 Q4 Q1 Q2 H1 H1
2021
2022
interest 2021 2021 2021 2022 2022
ALUMINIUM
Primary Aluminium
Primary aluminium production ('000 tonnes)
Australia
Bell Bay smelter - Tasmania 100 % 47 48 48 46 44 93 91
Boyne Island smelter - Queensland 59 % 127 125 126 123 103 251 226
Tomago smelter - New South Wales 52 % 146 150 150 145 145 292 291
Canada
Alma smelter - Quebec 100 % 117 119 119 117 121 234 237
Alouette (Sept-Îles) smelter - Quebec 40 % 157 159 157 154 157 312 311
Arvida smelter - Quebec 100 % 42 42 43 42 42 83 84
Arvida AP60 smelter - Quebec 100 % 15 15 15 14 14 30 28
Bécancour smelter - Quebec 25 % 117 115 119 111 117 229 228
Grande-Baie smelter - Quebec 100 % 57 58 58 57 58 113 115
Kitimat smelter - British Columbia 100 % 97 46 25 25 26 191 50
Laterrière smelter - Quebec 100 % 63 63 64 63 63 125 125
Iceland
ISAL (Reykjavik) smelter 100 % 51 52 52 50 50 99 100
New Zealand
Tiwai Point smelter 79 % 82 84 85 83 83 164 166
Oman
Sohar smelter 20 % 99 100 100 97 98 196 195
Rio Tinto percentage interest shown above is at 30 June 2022. The data
represents production and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
Rio Tinto Q2 Q3 Q4 Q1 Q2 H1 H1
2021
2022
interest 2021 2021 2021 2022 2022
BAUXITE
Bauxite production ('000 tonnes)
Australia
Gove mine - Northern Territory 100 % 3,030 3,067 2,787 3,093 2,637 5,909 5,731
Weipa mine - Queensland 100 % 8,550 8,805 8,188 8,527 9,240 17,095 17,768
Brazil
Porto Trombetas (MRN) mine 12 % 3,033 2,764 3,469 2,000 2,569 5,150 4,569
Guinea
Sangaredi mine (a) 23 % 3,899 3,919 3,786 3,922 4,323 8,093 8,245
Rio Tinto share of bauxite shipments
Share of total bauxite shipments ('000 tonnes) 13,602 14,201 13,031 13,876 14,054 27,046 27,930
Share of third party bauxite shipments ('000 tonnes) 9,493 10,091 8,988 10,135 9,599 18,517 19,734
(a) Rio Tinto has a 22.95% shareholding in the Sangaredi mine but benefits
from 45.0% of production.
Rio Tinto Q2 Q3 Q4 Q1 Q2 H1 H1
interest
2021
2021
2021
2022
2022
2021
2022
BORATES
Rio Tinto Borates - borates 100 %
US
Borates ('000 tonnes) (a) 126 123 117 123 137 248 260
(a) Production is expressed as B(2)O(3) content.
Rio Tinto Q2 Q3 Q4 Q1 Q2 H1 H1
2021
2022
interest 2021 2021 2021 2022 2022
COPPER & GOLD
Escondida 30 %
Chile
Sulphide ore to concentrator ('000 tonnes) 31,903 33,528 35,787 30,235 34,318 64,556 64,553
Average copper grade (%) 0.78 0.73 0.71 0.81 0.87 0.78 0.84
Mill production (metals in concentrates):
Contained copper ('000 tonnes) 202.8 201.2 203.6 191.5 239.5 410.7 430.9
Contained gold ('000 ounces) 38.9 42.0 42.9 36.3 45.8 76.8 82.1
Contained silver ('000 ounces) 1,234 1,291 1,462 1,270 1,311 2,552 2,581
Recoverable copper in ore stacked for leaching ('000 tonnes) (a) 28.7 26.7 28.4 35.9 34.8 61.2 70.7
Refined production from leach plants:
Copper cathode production ('000 tonnes) 51.1 49.0 48.4 48.1 55.7 97.8 103.8
(a) The calculation of copper in material mined for leaching is based on ore
stacked at the leach pad.
Rio Tinto percentage interest shown above is at 30 June 2022. The data
represents production and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
Rio Tinto Q2 Q3 Q4 Q1 Q2 H1 H1
2021
2022
interest 2021 2021 2021 2022 2022
COPPER & GOLD (continued)
Rio Tinto Kennecott
Bingham Canyon mine 100 %
Utah, US
Ore treated ('000 tonnes) 7,918 9,995 9,809 10,130 6,862 17,972 16,991
Average ore grade:
Copper (%) 0.48 0.47 0.55 0.51 0.55 0.42 0.53
Gold (g/t) 0.21 0.22 0.21 0.19 0.17 0.21 0.18
Silver (g/t) 2.64 2.80 2.55 2.36 2.39 2.45 2.37
Molybdenum (%) 0.021 0.017 0.020 0.021 0.017 0.042 0.019
Copper concentrates produced ('000 tonnes) 141 180 187 176 136 281 312
Average concentrate grade (% Cu) 23.9 23.7 26.3 26.8 24.9 23.8 26.0
Production of metals in copper concentrates:
Copper ('000 tonnes) (a) 33.7 42.8 49.7 47.1 33.9 67.0 81.0
Gold ('000 ounces) 30.5 38.1 34.7 37.8 22.8 66.7 60.6
Silver ('000 ounces) 476 639 589 561 385 1,000 945
Molybdenum concentrates produced ('000 tonnes): 2.2 1.0 2.2 2.1 0.9 11.6 2.9
Molybdenum in concentrates ('000 tonnes) 1.1 0.4 1.1 1.1 0.4 6.1 1.5
Kennecott smelter & refinery 100 %
Copper concentrates smelted ('000 tonnes) 103 165 157 213 152 344 365
Copper anodes produced ('000 tonnes) (b) 23.5 35.7 32.9 45.8 27.9 73.9 73.7
Production of refined metal:
Copper ('000 tonnes) (c) 36.9 35.7 25.5 40.2 32.7 82.1 72.9
Gold ('000 ounces) (d) 43.6 44.5 31.5 32.2 20.9 100.4 53.1
Silver ('000 ounces) (d) 609 733 516 577 290 1,421 867
(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 2.9 thousand tonnes of cathode produced from purchased
concentrate in year-to-date 2022. Purchased and tolled copper concentrates are
excluded from reported production figures and production guidance. Sales of
cathodes produced from purchased concentrate are included in reported
revenues.
(d) Includes gold and silver in intermediate products.
Rio Tinto percentage interest shown above is at 30 June 2022. The data
represents production and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
Rio Tinto Q2 Q3 Q4 Q1 Q2 H1 H1
2021
2022
interest 2021 2021 2021 2022 2022
COPPER & GOLD (continued)
Turquoise Hill Resources
Oyu Tolgoi mine (a) 34 %
Mongolia
Ore Treated ('000 tonnes) 9,401 9,336 10,573 9,581 9,685 19,214 19,266
Average mill head grades:
Copper (%) 0.47 0.53 0.46 0.40 0.40 0.51 0.40
Gold (g/t) 0.50 0.63 0.38 0.32 0.26 0.59 0.29
Silver (g/t) 1.19 1.29 1.27 1.25 1.15 1.24 1.20
Copper concentrates produced ('000 tonnes) 173.2 191.9 182.7 144.3 146.0 375.1 290.3
Average concentrate grade (% Cu) 21.2 21.9 21.3 21.0 20.9 21.9 21.0
Production of metals in concentrates:
Copper in concentrates ('000 tonnes) 36.7 41.9 38.9 30.3 30.6 82.2 60.8
Gold in concentrates ('000 ounces) 113.1 130.8 78.6 59.2 47.6 258.7 106.8
Silver in concentrates ('000 ounces) 235 249 239 211 201 490 412
Sales of metals in concentrates:
Copper in concentrates ('000 tonnes) 19.6 46.4 34.4 29.9 35.3 58.6 65.2
Gold in concentrates ('000 ounces) 72.6 149.1 102.2 57.4 67.9 183.4 125.3
Silver in concentrates ('000 ounces) 106 278 192 179 224 313 403
(a) Rio Tinto owns a 33.52% indirect interest in Oyu Tolgoi through its 50.79%
interest in Turquoise Hill Resources.
Rio Tinto Q2 Q3 Q4 Q1 Q2 H1 H1
2021
2022
interest 2021 2021 2021 2022 2022
DIAMONDS
Diavik Diamonds (a) 100 %
Northwest Territories, Canada
Ore processed ('000 tonnes) 669 643 596 496 537 1,301 1,033
Diamonds recovered ('000 carats) 1,418 1,390 1,356 991 1,149 3,096 2,140
(a) On 17 November 2021, Rio Tinto's ownership interest in Diavik increased
from 60% to 100%. Production is reported including this change from 1 November
2021.
Rio Tinto percentage interest shown above is at 30 June 2022. The data
represents production and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
Rio Tinto Q2 Q3 Q4 Q1 Q2 H1 H1
2021
2022
2022
2021
2022
interest 2021 2021
IRON ORE
Rio Tinto Iron Ore
Western Australia
Pilbara Operations
Saleable iron ore production ('000 tonnes)
Hamersley mines (a) 50,333 55,634 55,049 47,678 52,636 99,647 100,315
Hope Downs 50 % 11,920 13,000 13,133 11,660 12,771 23,152 24,431
Robe River - Pannawonica (Mesas J and A) 53 % 5,830 7,021 6,031 5,234 5,762 12,446 10,996
Robe River - West Angelas 53 % 7,806 7,652 9,909 7,130 7,474 17,052 14,604
Total production ('000 tonnes) 75,889 83,306 84,122 71,703 78,643 152,296 150,346
Breakdown of total production:
Pilbara Blend and SP10 Lump (b) 21,946 23,617 24,998 20,827 23,228 43,847 44,055
Pilbara Blend and SP10 Fines (b) 34,743 37,046 38,681 31,094 36,220 69,099 67,314
Robe Valley Lump 2,300 2,686 2,173 1,982 2,226 4,767 4,208
Robe Valley Fines 3,530 4,335 3,857 3,252 3,536 7,679 6,788
Yandicoogina Fines (HIY) 13,369 15,623 14,412 14,548 13,433 26,903 27,981
Breakdown of total shipments:
Pilbara Blend Lump 15,631 16,710 16,616 13,626 16,043 31,371 29,669
Pilbara Blend Fines 34,607 36,199 31,620 27,915 32,243 70,384 60,158
Robe Valley Lump 1,762 1,814 2,001 1,273 1,832 3,696 3,105
Robe Valley Fines 4,131 4,843 4,221 3,266 4,357 8,663 7,623
Yandicoogina Fines (HIY) 13,640 14,906 14,121 14,487 14,201 27,862 28,689
SP10 Lump (b) 3,748 4,826 4,841 3,827 4,456 6,411 8,283
SP10 Fines (b) 2,817 4,063 10,684 7,067 6,775 5,740 13,843
Total shipments ('000 tonnes) (c) 76,336 83,360 84,104 71,462 79,907 154,128 151,369
Rio Tinto Q2 Q3 Q4 Q1 Q2 H1 H1
2021
2022
2022
2021
2022
interest 2021 2021
Iron Ore Company of Canada 59 %
Newfoundland & Labrador and Quebec in Canada
Saleable iron ore production:
Concentrates ('000 tonnes) 1,965 1,411 1,718 1,638 2,183 3,449 3,821
Pellets ('000 tonnes) 2,669 2,273 2,535 2,456 2,250 5,178 4,706
IOC Total production ('000 tonnes) 4,634 3,684 4,254 4,094 4,433 8,627 8,527
Shipments:
Concentrates ('000 tonnes) 1,785 1,795 1,684 1,022 1,845 3,521 2,867
Pellets ('000 tonnes) 2,220 2,340 2,914 2,405 2,527 4,734 4,932
IOC Total Shipments ('000 tonnes) (c) 4,005 4,136 4,598 3,427 4,372 8,255 7,799
Global Iron Ore Totals
Iron Ore Production ('000 tonnes) 80,523 86,990 88,375 75,797 83,076 160,923 158,873
Iron Ore Shipments ('000 tonnes) 80,341 87,496 88,702 74,889 84,279 162,383 159,168
Iron Ore Sales ('000 tonnes) (d) 81,097 86,542 85,256 79,194 86,103 161,388 165,297
(a) Includes 100% of production from Paraburdoo, Mt Tom Price, Western Turner
Syncline, Marandoo, Yandicoogina, Brockman, Nammuldi, Silvergrass, Channar 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. Rio Tinto's ownership interest in Channar mine increased from
60% to 100%, following conclusion of its joint venture with Sinosteel
Corporation upon reaching planned 290 million tonnes production on 22 October
2020.
(b) SP10 includes other lower grade products.
(c) Shipments includes material shipped to our portside trading facility in
China which may not be sold onwards in the same period.
(d) Include Pilbara and IOC sales adjusted for portside trading movements and
third party volumes sold.
Rio Tinto percentage interest shown above is at 30 June 2022. The data
represents production and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
Rio Tinto Q2 Q3 Q4 Q1 Q2 H1 H1
2021
2022
2022
2021
2022
interest 2021 2021
SALT
Dampier Salt 68 %
Western Australia
Salt production ('000 tonnes) 2,132 2,206 2,152 2,333 1,507 4,196 3,840
TITANIUM DIOXIDE SLAG
Rio Tinto Iron & Titanium 100 %
Canada and South Africa
(Rio Tinto share) (a)
Titanium dioxide slag ('000 tonnes) 298 209 228 273 293 577 566
(a) Quantities comprise 100% of Rio Tinto Fer et Titane and Rio Tinto's 74%
interest in Richards Bay Minerals' production. Ilmenite mined in Madagascar is
being processed in Canada.
Rio Tinto percentage interest shown above is at 30 June 2022. The data
represents production and sales on a 100% basis unless otherwise stated.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END DRLSFWSIIEESELW