REG - Rio Tinto - Third quarter production results
18/10/2022 07:16
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RNS Number : 1821D Rio Tinto PLC 18 October 2022
Rio Tinto releases third quarter production results
18 October 2022
Rio Tinto Chief Executive Jakob Stausholm, said: "Delivering the full
potential of our assets remains a priority: production improved versus the
prior quarter across most of our sites, particularly where we have implemented
the Rio Tinto Safe Production System (RTSPS). We progressed our excel in
development objective, commissioning some major projects and advancing the
next tranche of Pilbara mines, agreeing to enter a joint venture with Baowu to
develop Western Range and modernising the joint venture covering the Rhodes
Ridge project in the East Pilbara, unlocking a pathway to develop this
significant, high quality resource. We also approved growth capital for
underground mining at Kennecott, early works funding at Rincon Lithium and
continue to progress Oyu Tolgoi. Our proposal to take Turquoise Hill Resources
private has unanimous support of the Turquoise Hill Board who have recommended
shareholders vote in favour of the transaction.
"We continue to deliver our strategy with decarbonisation at its centre. Last
week we announced a partnership with the Government of Canada to invest up to
C$737 million over eight years to decarbonise our Rio Tinto Fer et Titane
operations in Québec, and to position the business as a centre of excellence
for critical minerals processing.
"We are taking action to transform our culture and rebuild trust, implementing
the recommendations of the Everyday Respect report and publishing our second
progress report on our Communities and Social Performance practices, which
includes increased feedback from Traditional Owner groups, with responses from
seven groups compared to four in 2021."
Production* Q3 vs Q3 vs Q2 9 MTHS vs 9 MTHS
2021
2022
2021
2022 2022
Pilbara iron ore shipments (100% basis) Mt 82.9 -1 % +4 % 234.3 -1 %
Pilbara iron ore production (100% basis) Mt 84.3 +1 % +7 % 234.7 0 %
Bauxite Mt 13.7 -2 % -3 % 41.4 +1 %
Aluminium kt 759 -2 % +4 % 2,226 -7 %
Mined copper kt 138 +10 % +9 % 390 +8 %
Titanium dioxide slag kt 310 +48 % +6 % 876 +11 %
IOC** iron ore pellets and concentrate Mt 2.8 +28 % +7 % 7.8 +8 %
*Rio Tinto share unless otherwise stated
**Iron Ore Company of Canada
Q3 2022 operational highlights and other key announcements
• In the last quarter we exceeded four years without a fatality on a
managed site. However, our all-injury frequency rate of 0.43 has deteriorated
from the third quarter of 2021 (0.40), and from the prior quarter (0.36). We
continue to prioritise the safety, health and wellbeing of our workforce and
communities where we operate.
• Pilbara operations produced 84.3 million tonnes (100% basis) in
the third quarter, 1% higher than the third quarter of 2021, and 7% higher
than the prior quarter with continued commissioning and ramp-up of Gudai-Darri
and Robe Valley. Shipments were 82.9 million tonnes (100% basis), 1% lower
than the third quarter of 2021, and 4% higher than the prior quarter despite
two unplanned rail outages on the Yandicoogina and Gudai-Darri lines. The
investigation into the Gudai-Darri derailment is ongoing. Full year shipments
are expected to be at the low end of the original 320 to 335 million tonne
range.
• On 14 September, we agreed
(https://www.riotinto.com/news/releases/2022/Rio-Tinto-and-Baowu-agree-to-form-joint-venture-to-develop-Western-Range)
to enter a joint venture with China Baowu Steel Group Co. Ltd with respect to
the Western Range iron ore project in the Pilbara, investing $2 billion ($1.3
billion Rio Tinto share(1)) to develop the mine. Its annual capacity of 25
million tonnes will help sustain production of the Pilbara Blend, with
construction expected to begin in early 2023 and first production anticipated
in 2025. The transaction with Baowu is subject to satisfaction of various
conditions precedent, including approvals from Rio Tinto shareholders, the
Australian Government, Chinese Government regulatory agencies and the Western
Australian Government, among others.
• We have agreed, together with Wright Prospecting Pty Ltd, to
modernise the joint venture covering the Rhodes Ridge project in the East
Pilbara, Western Australia. The joint venture updates an existing agreement
between the two parties dating back to 1972 and now provides a pathway for the
development of the Rhodes Ridge deposits utilising Rio Tinto's rail, port and
power infrastructure. The participants have commenced an Order of Magnitude
study, to be conducted by Rio Tinto, which will consider the development of an
operation before the end of the decade with initial plant capacity of up to 40
million tonnes annually, subject to the receipt of relevant approvals.
• Bauxite production of 13.7 million tonnes was 2% lower than the
third quarter of 2021 due to equipment reliability issues at Gove.
• Aluminium production of 0.8 million tonnes was 2% lower than the
third quarter of 2021, and 4% higher than the prior quarter as the Kitimat
smelter continues to ramp up and Boyne smelter cell recovery efforts progress
as expected. The Kitimat pot restarts are progressing but structural issues
with the alumina conveyor system caused disruptions through the quarter
slowing the rate of pot restarts. We continue to focus on full recovery during
the course of 2023.
• Mined copper production of 138 thousand tonnes was 10% higher than
the third quarter of 2021 due to higher grades and recoveries at Kennecott,
partly offset by lower grades and recoveries at Oyu Tolgoi as a result of
planned mine sequencing. Refined copper production guidance has been reduced
to 190 to 220 thousand tonnes (previously 230 to 290 thousand tonnes), given
further downside risk associated with Kennecott's smelter and refinery
performance, until we undertake the largest rebuild in nine years which is
planned for the second quarter of 2023.
• On 27 September, we announced
(https://www.riotinto.com/news/releases/2022/Rio-Tinto-to-start-underground-mining-at-Kennecott-copper-operations)
approval of $55 million in development capital to start underground mining and
expand production at Kennecott. This will initially focus on the Lower
Commercial Skarn area, which will deliver a total of around 30 thousand
tonnes(2) of additional copper through the period to 2027 alongside open cut
operations. The first ore is expected to be produced in early 2023, with full
production in the second half of the year. Underground battery electric
vehicles are currently being trialled at Kennecott to improve employee health
and safety, increase productivity and reduce carbon emissions from future
underground mining fleets.
• On 5 September, we enter
(https://www.riotinto.com/news/releases/2022/Rio-Tinto-and-Turquoise-Hill-enter-into-definitive-arrangement-agreement-for-Rio-Tinto-to-acquire-full-ownership-of-Turquoise-Hill)
ed
(https://www.riotinto.com/news/releases/2022/Rio-Tinto-and-Turquoise-Hill-enter-into-definitive-arrangement-agreement-for-Rio-Tinto-to-acquire-full-ownership-of-Turquoise-Hill)
into a binding agreement to acquire all of the remaining shares of Turquoise
Hill Resources that Rio Tinto does not currently own, subject to shareholder
approval. The transaction delivers significant value to Turquoise Hill
minority shareholders with the certainty of an all-cash offer of C$43 per
share (with a total cash consideration of $3.3 billion), and provides greater
certainty of funding for the long-term success of the Oyu Tolgoi project.
• Titanium dioxide slag production of 310 thousand tonnes was 48%
higher than the third quarter of 2021, due to community disruptions at
Richards Bay Minerals in South Africa in 2021, and continued improved
performance of operations at Rio Tinto Fer et Titane (RTFT), Canada.
• Iron Ore Company of Canada (IOC) production of pellets and
concentrate was 28% higher than the third quarter of 2021 due to improved
operational performance as well as timing of the planned annual maintenance
shutdown (seven days) which was successfully completed in June (this work was
completed in September in 2021).
• This quarter marked 12 months since we began the roll-out of the
Rio Tinto Safe Production System (RTSPS). We now have 22 deployments at 13
sites and 63 rapid improvement projects (Kaizens) completed or in progress. We
are on track to meet our 2022 target of 30 deployments at 15 sites.
• In the third quarter, we entered into additional partnerships and
progressed initiatives to decarbonise our business and our value chains,
including entering strategic partnerships with Volvo Group and Ford Motor
Company. We also joined the First Movers Coalition, a global initiative to
help commercialise zero-carbon technologies by harnessing purchasing power and
supply chains.
• On 11 October, we announced
(https://www.riotinto.com/news/releases/2022/Rio-Tinto-partners-with-Government-of-Canada-to-decarbonise-RTFT-and-boost-critical-minerals-processing)
a partnership with the Government of Canada to invest up to C$737 million over
the next eight years to decarbonise our Rio Tinto Fer et Titane operations in
Sorel-Tracy, Québec, and to position the business as a centre of excellence
for critical minerals processing. The partnership will also support projects
including BlueSmelting, a low-carbon ilmenite smelting technology, increasing
scandium production, and adding titanium metal to the portfolio. The
Government of Canada is investing up to C$222 million over the next eight
years through its Strategic Innovation Fund which supports large-scale,
transformative, and collaborative projects that will help position Canada to
prosper in the global knowledge-based economy. There is no impact to our
current capital guidance.
• On 20 July, we announ
(https://www.riotinto.com/news/releases/2022/Rio-Tinto-settles-all-tax-disputes-with-Australian-Tax-Office)
ced
(https://www.riotinto.com/news/releases/2022/Rio-Tinto-settles-all-tax-disputes-with-Australian-Tax-Office)
we reached agreement with the Australian Taxation Office (ATO) on all tax
matters in dispute. As part of this agreement, in August we paid the ATO
additional tax of A$613 million for the period from 2010 to 2021. Over this
period, Rio Tinto paid nearly A$80 billion in tax and royalties in Australia.
• On 2 August, we complet
(https://www.riotinto.com/news/releases/2022/Rio-Tinto-completes-sale-of-Cortez-Gold-Royalty-for-525-million-in-cash)
ed
(https://www.riotinto.com/news/releases/2022/Rio-Tinto-completes-sale-of-Cortez-Gold-Royalty-for-525-million-in-cash)
the sale of a royalty on an area including the Cortez mine operational area
and the Fourmile development project in Nevada to RG Royalties LLC, a direct
wholly-owned subsidiary of Royal Gold Inc., for $525 million in cash.
• In October, we entered into a definitive agreement with Uranium
Energy Corp (UEC) pursuant to which UEC will acquire 100% of Rio Tinto's
wholly owned Roughrider uranium development project located in Saskatchewan,
Canada for total consideration of $150 million comprised of $80 million in
cash and $70 million in UEC stock. The transaction completed on 14 October.
• On 29 September, we note
(https://www.riotinto.com/news/releases/2022/Response-to-Energy-Resources-of-Australias-independent-valuation-report)
d
(https://www.riotinto.com/news/releases/2022/Response-to-Energy-Resources-of-Australias-independent-valuation-report)
the independent valuation report released by Energy Resources of Australia
(ERA) on 26 September 2022, to determine a valuation of the company as it
seeks to address material cost and schedule overruns on the critical Ranger
rehabilitation project in Australia's Northern Territory. Our consistent
position is that the terms of any ERA funding solution should reflect fair
value having regard to: the material cost overruns and interim funding
requirements; funds raised will be dedicated strictly to rehabilitation and
not any future development; and the Traditional Owners, the Mirarr People's
consistently publicly stated opposition to developing the Jabiluka uranium
deposit.
• On 6 October, we welcome
(https://www.riotinto.com/news/releases/2022/Rio-Tinto-welcomes-ERA-board-renewal)
d
(https://www.riotinto.com/news/releases/2022/Rio-Tinto-welcomes-ERA-board-renewal)
ERA's announcement that it will renew its independent board committee to
introduce new perspectives to address the material cost and schedule overruns
on the critical Ranger rehabilitation project. We remain committed to ensuring
the rehabilitation is completed to a standard that will establish an
environment similar to the adjacent Kakadu National Park and continues to
provide technical support to the project.
• 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.
( 1)Rio Tinto share includes 100% of funding costs for Paraburdoo
plant upgrades.
(2)Lower Commercial Skarn production targets referred to in this release are
reported as recoverable copper and are underpinned as to 100% by Probable Ore
Reserves. These estimates of Ore Reserves were reported in a release to the
Australian Securities Exchange (ASX) dated 31 August 2022 "Rio Tinto Kennecott
Mineral Resources and Ore Reserves" (Table 1 Release) and have been prepared
by Competent Persons in accordance with the requirements of the Australasian
Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves,
2012 (JORC Code).
2022 guidance
Rio Tinto share, unless otherwise stated 2021 Actuals 2022 2022 2022
Sept. YTD Previous Current
Pilbara iron ore (shipments, 100% basis) (Mt) 322 234.3 320 to 335 320 to 335(1)
Bauxite (Mt) 54 41.4 54 to 57 Unchanged
Alumina (Mt) 7.9 5.6 7.6 to 7.8 Unchanged
Aluminium (Mt) 3.2 2.2 3.0 to 3.1 Unchanged
Mined copper (kt) 494 390 500 to 575 Unchanged
Refined copper (kt) 202 158 230 to 290 190 to 220
Diamonds(2) (M carats) 3.8 3.3 4.5 to 5.0 Unchanged
Titanium dioxide slag (Mt) 1.0 0.9 1.1 to 1.4 Unchanged
IOC(3) iron ore pellets and concentrate (Mt) 9.7 7.8 10.0 to 11.0 Unchanged
Boric oxide equivalent (Mt) 0.5 0.4 ~0.5 Unchanged
(1)At the low end of the range.
(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 and excludes COVID-19 response costs.
• Copper C1 unit cost guidance in 2022 has been revised to 150-170 US
cents/lb (previously 130-150 US cents/lb), following the reduction of the
refined copper guidance range.
Investments, growth and development projects
• We progressed our excel in development objective, safely
commissioning some of our major projects in the period. We expect our share of
capital investment to be around $7.0 billion in 2022, reduced from $7.5
billion previously, due to the stronger US dollar and reassessment on timing
of decarbonisation investment. Our best estimate of the investment required to
decarbonise the business remains at $7.5 billion until 2030.
• Exploration and evaluation expense in the first nine months of 2022
was $593 million, $77 million (15%) higher than the first nine months of 2021,
with continued ramp-up of activities in Guinea, Argentina and Australia.
Pilbara mine projects
• We safely commissioned our Pilbara projects in the period despite
challenging conditions with COVID-19 labour and supply chain disruptions. The
focus now moves to the next tranche of Pilbara mines starting with Western
Range.
• At Gudai-Darri, the ramp up is progressing as planned and the full
capacity run rate is expected to be achieved during 2023.
• At Robe Valley, the Mesa A rectification works were successfully
completed with the plant operating at full design rates. The final train load
out tie-in works at Mesa J were completed with first ore achieved in August.
• The Western Range Iron Ore project is a $2 billion ($1.3 billion Rio
Tinto share(1)) joint venture between Rio Tinto (54 per cent) and China Baowu
Steel Group Co. Ltd (46 per cent). Once completed, Western Range's annual
production capacity of 25 million tonnes will help sustain production of the
Pilbara Blend from Rio Tinto's existing Paraburdoo mining hub. Early works
commenced in September following receipt of Western Australian Government
State Agreement approval, with construction of the mine expected to begin in
early 2023 and first production anticipated in 2025. The construction phase
will support approximately 1,600 jobs and once operational, the mine will
require approximately 800 ongoing roles which are expected to be filled by
existing workers transitioning from other sites in the Paraburdoo mining
hub.
• The Greater Paraburdoo Iron Ore Hub proposal, inclusive of the
Western Range Iron Ore project, was approved under the Western Australian
Environmental Protection Act 1986 in August. As part of this approval process,
we worked closely with the Traditional Owners on whose country Western Range
is situated, the Yinhawangka People, to co-design a Social and Cultural
Heritage Management Plan to protect significant cultural and heritage values
in the project area. The plan, which was announced earlier this year, outlines
protocols for joint decision-making on environmental matters and mine
planning. We also continue to actively work with the Yinhawangka People in
relation to approvals required under the Western Australian Aboriginal
Heritage Act 1972 and Western Australian Aboriginal Cultural Heritage Act
2021.
Oyu Tolgoi underground project
Technical progress
• Current on-site workforce levels are in line with the 2022
reforecast(2). There have been seven drawbells fired at the end of the
quarter. The undercut and draw bell progression remains on track to achieve
first sustainable production from Panel 0 in the first half of 2023.
• At September, shafts 3 and 4 sinking reached 288 metres and 410
metres below ground level respectively, with both sinking rates and achieved
depths roughly in line with 2022 reforecast. Construction of the final major
stage of materials handling infrastructure commenced in the second quarter of
2022 including civil and underground works for the conveyor to surface.
• Study work for Panels 1 and 2 (which are required to support the
ramp-up to 95,000 tonnes of ore per day) remains on track 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
• At the Resolution Copper project in Arizona, the US Forest Service
continues work on the Environmental Impact Statement as part of the federal
permitting requirements for the project. We continue to consult and partner
with local communities and Native American tribes, as we progress our mine
studies to further shape our understanding of the orebody.
• At the Winu copper-gold project in Western Australia, we are
committed to a pathway that prioritises the highest standards on environmental
and cultural heritage, and strengthening Traditional Owner relationships. The
pathway is expected to take longer than originally anticipated and remains
subject to regulatory and other required approvals.
• At the Simandou iron ore project in Guinea, discussions continue on
the shareholders agreement, finalising cost estimates and funding, and
securing all necessary permits and approvals regarding the project
infrastructure. This follows the incorporation of the joint venture company in
July (La Compagnie du Transguinéen) between the government of the Republic of
Guinea, Winning Consortium Simandou (WCS) and Rio Tinto Simfer to further
progress plans to co-develop the multi-purpose, multi-user infrastructure for
the project. We progressed early works and hiring for critical roles with a
significant focus on Guinean local businesses, ahead of mobilisation of a
larger workforce over the coming months. Work at the mine site recommenced
with the re-mobilisation of teams following the lifting of the stop work order
issued by the Government of Guinea in August.
• 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.
• At the Rincon lithium project in Argentina, we are progressing early
works including construction of a camp and airstrip. We are also developing a
three thousand tonne per annum lithium carbonate starter plant to accelerate
market entry by the first half of 2024, and de-risk the planned full scale
operation. We continue to engage with communities, the province of Salta and
the Government of Argentina to ensure an open and transparent dialogue with
stakeholders about the works underway. Detailed studies for the full scale
operation are progressing.
(1)Rio Tinto share includes 100% of funding costs for Paraburdoo plant
upgrades.
(2)A cost and schedule reforecast was performed in June 2022 and estimates
that $7.06 billion is required to complete the Hugo North 1 project (an
increase of $0.3 billion beyond the 2020 Definitive Estimate). The 2022
Reforecast excludes impacts of COVID-19 restrictions arising after June 2022.
The 2022 reforecast remains subject to Oyu Tolgoi Board approval.
Sustainability highlights
We are implementing the 26 recommendations of the Everyday Respect report
including leadership training where we are on track to meet our target of 80%
by the end of the year, with 75% completion rate as of 30 September. All sites
have completed safe and inclusive facilities self-assessments with initiatives
to be rolled out through next year, while safety rectifications are on track
to be completed this year. The Business Conduct Office is developing a
discrete unit which will consist of a team of specialists who deliver safe,
confidential and caring support to those impacted by harmful and disrespectful
behaviours. We are currently designing a pilot for Mongolia and Western
Australia as the initial recipients of the discrete unit.
Communities & Social Performance (CSP)
To share our progress on the actions we have taken to improve our cultural
heritage approach and Indigenous participation and leadership, in the quarter
we p
(https://www.riotinto.com/-/media/Content/Documents/Invest/Reports/CSP-reports/RT-CSP-commitments-disclosure-2022.pdf?rev=cce80700bf27495fadef050124fff0f1)
ublished
(https://www.riotinto.com/-/media/Content/Documents/Invest/Reports/CSP-reports/RT-CSP-commitments-disclosure-2022.pdf?rev=cce80700bf27495fadef050124fff0f1)
our second progress report on our CSP practices, which includes direct
feedback from Traditional Owners and details the actions the company has taken
to rebuild relationships with Indigenous peoples and external stakeholders. We
have seen increased engagement with feedback from seven Traditional Owner
groups compared to four in 2021 - which will enable us to continue to learn
and improve.
In June 2021, Environmental Resources Management (ERM) were engaged to conduct
independent cultural heritage management audits across our business globally.
They conducted audits at Australian assets in 2021 and during 2022 the focus
has been on assets outside Australia. ERM has published a summary of insights
and common findings from our Australian businesses. These insights from the
independent audit have informed reviews of our Communities and Social
Performance Standard, the Cultural Heritage Management Group Procedure and
guidance documentation.
On 28 July, we announced
(https://www.riotinto.com/news/releases/2022/Rio-Tinto-commits-A75-million-to-renew-Pilbara-local-government-partnerships)
a commitment of A$75 million across 10 years to renew our partnerships with
the Shire of Ashburton and the City of Karratha to continue the delivery of a
range of important community projects across the two regions. The renewed
partnerships will build upon and further strengthen Rio Tinto's relationship
with local government partners.
In August, we announced a partnership with the Cheslatta Carrier Nation, a
First Nation in British Columbia, on an archaeological project that aims to
better understand the history of Indigenous communities and human migrations
in North America. The Cheslatta-led project will survey and excavate a variety
of sites of cultural and historical significance, some of which possibly span
the past 10,000 years or more. We will contribute C$2.8 million dollars to
this Indigenous-led research initiative, which builds on the New Day agreement
signed in 2020 between the Cheslatta Carrier Nation and the company to promote
the social and economic well-being of the Cheslatta community.
On 6 October, we announced
(https://www.riotinto.com/news/releases/2022/Rio-Tinto-Mongolia-partners-to-create-green-space)
the signing of a Memorandum of Understanding (MOU) with the Mayor's Office of
Ulaanbaatar City and National Amusement Park LLC to undertake a restoration
project in the National Amusement Park. Under the partnership, Rio Tinto
Mongolia will restore 10 hectares of land, between the Children's Palace and
the Sun Road, located in the western section of the National Amusement Park.
In the quarter, Rio Tinto representatives met other members of the Panguna
Impact Assessment Oversight Committee in person for the first time in Buka,
Bougainville. The consulting firm to undertake the impact assessment is
expected to be engaged in October 2022 with the first phase planned to take 18
to 24 months. In advance of the impact assessment formally commencing in the
fourth quarter of this year, technical consulting firm Tetra Tech Coffey has
been on the ground in Bougainville investigating priority issues relating to
the levee between the Jaba and Kawerong rivers.
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 third quarter working to decarbonise our
business and actively develop technologies to decarbonise our value chains.
• On 21 July, we signed
(https://www.riotinto.com/news/releases/2022/Ford-Rio-Tinto-sign-MOU-for-battery-and-low-carbon-materials-supply-to-support-net-zero-future)
a non-binding global MOU with Ford Motor Company to jointly develop more
sustainable and secure supply chains for battery and low-carbon materials to
be used in Ford vehicles. The multi-materials partnership will support the
transition toward a net-zero future by supplying Ford with materials including
lithium, low-carbon aluminium and copper.
• On 26 August, we announced
(https://www.riotinto.com/news/releases/2022/Rio-Tinto-invests-in-a-new-aluminium-recycling-centre-in-Arvida-)
an investment of $29 million to build a new aluminium recycling facility at
our Arvida Plant in Saguenay-Lac-Saint-Jean, Quebec, to expand its offering of
low-carbon aluminium solutions for customers in the automotive, packaging and
construction markets. The facility will make Rio Tinto the first primary
producer in North America to incorporate recycled post-consumer aluminium into
aluminium alloys.
• On 13 September, we announced
(https://www.riotinto.com/news/releases/2022/Rio-Tinto-and-Volvo-Group-partner-for-low-carbon-materials-supply-and-pilot-sustainable-autonomous-hauling-solutions)
we had signed an MOU with Volvo Group to create a strategic partnership where
Rio will supply responsibly sourced low-carbon products and solutions to Volvo
Group and the companies will work towards decarbonising our operations through
piloting Volvo Group's sustainable autonomous hauling solutions.
• On 20 September, we announced
(https://www.riotinto.com/news/releases/2022/Rio-Tinto-joins-First-Movers-Coalition-to-help-drive-low-carbon-transition)
we would join the First Movers Coalition (FMC), a global initiative to help
commercialise zero-carbon technologies by harnessing purchasing power and
supply chains. The initiative is led by the World Economic Forum and the US
Government and targets sectors including aluminium, aviation, chemicals,
concrete, shipping, steel, and trucking, which are responsible for 30 per cent
of global emissions. We have joined the shipping, trucking and aviation
categories working closely with the FMC team to determine how it practically
integrates the intent of the commitments in the context of Rio Tinto's global
operations.
• On 22 September, we announced
(https://www.riotinto.com/news/releases/2022/Rio-Tinto-and-Shougang-Group-to-explore-steel-decarbonisation-solutions)
an MOU with Shougang Group, one of the world's top 10 steel producers, to
promote research, design and implementation of low-carbon solutions for the
steel value chain. The MOU's focus areas include low-carbon sintering
technology, blast furnace and basic oxygen furnace optimisation, and carbon
capture and utilisation.
• On 25 September, Tomago Aluminium Company, New South Wales,
Australia called for Expressions of Interest to develop, invest in or procure
long-term traceable renewable energy and dispatchable firm power generation
projects or contracts, to underpin its decarbonisation strategy and net-zero
ambition. Tomago Aluminium is an independently managed joint venture 51.55 per
cent owned by Rio Tinto.
• On 29 September, we announced
(https://www.riotinto.com/news/releases/2022/Rio-Tinto-starts-demonstration-plant-for-lithium-concentration-in-Quebec)
we had started producing spodumene concentrate, a mineral used in the
production of lithium for batteries, at a demonstration plant in our
metallurgical complex in Sorel-Tracy, Canada. The plant will demonstrate at
industrial scale a new spodumene concentration process that provides lithium
oxide grades and recoveries well above the industry average.
• On 6 October, we announced
(https://www.riotinto.com/news/releases/2022/Rio-Tinto-partners-with-Voltalia-for-renewable-solar-power-at-Richards-Bay-Minerals)
an agreement with international energy company Voltalia and local Black
Economic Empowerment (BEE) partners, to supply renewable solar power at our
Richards Bay Minerals (RBM) operation in KwaZulu-Natal, South Africa. The
power plant is scheduled to be complete by 2024 and is expected to cut RBM's
annual greenhouse gas emissions by at least 10 per cent (compared to 2018
baseline emissions), or 237kt CO2e per year.
• On 11 October, we announced
(https://www.riotinto.com/news/releases/2022/Rio-Tinto-partners-with-Government-of-Canada-to-decarbonise-RTFT-and-boost-critical-minerals-processing)
a partnership with the Government of Canada to invest up to C$737 million over
the next eight years to decarbonise our Rio Tinto Fer et Titane operations in
Sorel-Tracy, Québec, and to position the business as a centre of excellence
for critical minerals processing. The partnership will also support projects
including BlueSmelting, a low-carbon ilmenite smelting technology, increasing
scandium production, and adding titanium metal to the portfolio. The
Government of Canada is investing up to C$222 million over the next eight
years through its Strategic Innovation Fund which supports large-scale,
transformative, and collaborative projects that will help position Canada to
prosper in the global knowledge-based economy. There is no impact to our
current capital guidance.
Our markets
Commodity prices continued their downward trend during the quarter and there
are further downside risks to demand as the global economy slows. Labour
markets are holding up relatively well although consumer confidence has waned.
Fears of recession are emerging on the implementation of aggressive interest
rate hikes in the US and Europe, while a weak property sector continues to
weigh on China's economy. Freight rates are falling amid slowing global trade
as global supply chains show signs of improvement.
• China's economy has been challenged by ongoing COVID-lockdowns,
power shortages in summer, and continued weakness in the property market. Even
as the government maintains a dynamic zero-COVID policy, it has increased
policy support to help relieve industries and restore confidence. The recovery
has been uneven across sectors, with the policy-induced acceleration in
infrastructure spending, car sales and exports providing key drivers of growth
during the quarter. However, slowing global demand poses downside risks to
China's strong exports, while consumers remain cautious of the property
market.
• The US economy is showing more signs of a slowdown even though
employment trends are still holding up positively. Consumers are spending more
cautiously, industrial production growth is more subdued and corporate profits
have edged lower. Inflation remains elevated despite easing gasoline prices.
This has prompted a more hawkish position by the Federal Reserve, which is
expected to continue its aggressive rate hikes even after three consecutive 75
basis point hikes this year.
• The Eurozone's economic growth outlook has deteriorated, as
inflation climbed further, and the latest data points suggest the region's
economy could be already in contraction. The European Central Bank is expected
to continue its rate hikes to curb inflation, while industrial output could be
further curtailed if energy shortages persist.
• Iron ore Platts CFR prices trended down from $120/dmt to $96/dmt
during the third quarter (averaging $103/dmt, down from $138/dmt during the
second quarter) as the loss of confidence in China's property market and
COVID-related disruptions to construction activity curtailed China's steel
production and consumption by ~9% August year to date versus the same period
of 2021. The major iron ore producers shipped the same aggregate volume during
the first three quarters of 2022 as they did over the same period of 2021.
With supply from other producers down 17% year to date - due to, among other
factors, the war in Ukraine and export taxes in India - total seaborne supply
contracted 4.5% during August year to date versus the same period of 2021.
• The LME aluminium price extended further losses, dropping 20% over
the quarter, averaging $2,354/t. Additional smelter curtailments in Europe and
China on high power prices and low hydropower generation, respectively, were
insufficient to offset the weak macro environment. Aluminium demand has
deteriorated, especially in Europe, which placed downward pressure on prices.
Shipments in the US and Canada have been resilient and there are signs of
improvement in demand in China.
• The copper LME price dropped 7% over the third quarter to
$3.47/lb. A strong US dollar, tightening monetary policy and challenging
economic outlook weighed on market sentiment. Nevertheless, prices have been
partly supported by supply concerns and low exchange inventories, which
currently remain at multi-year lows.
• The electric vehicle (EV) market continues to experience strong
growth, supported by government policies, while EV producers roll out new
models to take market share at the expense of internal combustion engine
vehicles. Lithium carbonate prices remain elevated on strong demand. Power
rationing in China's Sichuan province (a key lithium supply hub) also led to
production cuts and market tightness during the quarter.
IRON ORE
Rio Tinto share of production (Million tonnes) Q3 vs Q3 vs Q2 9 MTHS vs 9 MTHS
2021
2022
2021
2022 2022
Pilbara Blend and SP10 Lump(1) 21.3 +8 % +10 % 57.7 +3 %
Pilbara Blend and SP10 Fines(1) 32.6 +6 % +8 % 88.5 +1 %
Robe Valley Lump 1.4 -2 % +18 % 3.6 -8 %
Robe Valley Fines 2.2 -6 % +15 % 5.7 -10 %
Yandicoogina Fines (HIY) 13.5 -14 % +1 % 41.5 -2 %
Total Pilbara production 71.0 +1 % +7 % 197.0 0 %
Total Pilbara production (100% basis) 84.3 +1 % +7 % 234.7 0 %
Rio Tinto share of shipments (Million tonnes) Q3 vs Q3 vs Q2 9 MTHS vs 9 MTHS
2021
2022
2021
2022 2022
Pilbara Blend Lump 15.3 +18 % +21 % 38.8 0 %
Pilbara Blend Fines 31.6 +9 % +26 % 78.5 -8 %
Robe Valley Lump 1.3 +33 % +32 % 2.9 0 %
Robe Valley Fines 2.4 -7 % +4 % 6.4 -10 %
Yandicoogina Fines (HIY) 13.5 -9 % -5 % 42.2 -1 %
SP10 Lump(1) 1.6 -66 % -63 % 9.9 -12 %
SP10 Fines(1) 3.8 -7 % -44 % 17.6 +80 %
Total Pilbara shipments(2) 69.5 0 % +4 % 196.4 -1 %
Total Pilbara shipments (100% basis)(2) 82.9 -1 % +4 % 234.3 -1 %
Total Pilbara Shipments (consolidated basis)(2, 3) 71.4 0 % +5 % 201.3 -1 %
(1) SP10 includes other lower grade products.
(2) Shipments includes material shipped from the Pilbara to our portside
trading facility in China which may not be sold onwards by the group in the
same period.
(3) While Rio Tinto has a 53% net beneficial interest in Robe River Iron
Associates, it recognises 65% of the assets, liabilities, sales revenues and
expenses in its accounts (as 30% is held through a 60% owned subsidiary and
35% is held through a 100% owned subsidiary). The consolidated basis sales
reported here include Robe River Iron Associates on a 65% basis to enable
comparison with revenue reported in the financial statements.
Pilbara operations
We produced 84.3 million tonnes (Rio Tinto share 71.0 million tonnes) in the
third quarter, 1% higher than the corresponding period of 2021, and 7% higher
than the prior quarter with continued commissioning and ramp-up of Gudai-Darri
and Robe Valley. We produced less SP10 this quarter compared to the prior
quarter.
Third quarter shipments of 82.9 million tonnes (Rio Tinto share 69.5 million
tonnes) were 1% lower than the third quarter of 2021, and 4% higher than the
prior quarter despite two unplanned rail outages on the Yandicoogina and
Gudai-Darri lines. The investigation into the Gudai-Darri derailment is
ongoing. Full year shipments are expected to be at the low end of the original
320 to 335 million tonne range.
There were some encouraging performance trends in the third quarter in
relation to mine material movements, build-up of run of mine ore stocks and
continued ramp up of new projects. Deployment of the Rio Tinto Safe Production
System continues to see positive results at West Angelas, Yandicoogina, Tom
Price, and Brockman 4.
Approximately 11% of sales in the nine months 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 29% of sales in the
third quarter were made on a free on board (FOB) basis, with the remainder
sold including freight.
China Portside Trading
We continue to increase our iron ore portside sales in China, with 19.5
million tonnes of sales in the first nine months of 2022 (8.9 million tonnes
in the first nine months of 2021). At the end of the September, inventory
levels are 5.5 million tonnes, including 3.0 million tonnes of Pilbara
product. In the first nine months of 2022 approximately 77% of our portside
sales were either screened or blended in Chinese ports.
ALUMINIUM
Rio Tinto share of production ('000 tonnes) Q3 vs Q3 vs Q2 9 MTHS vs 9 MTHS
2021
2022
2021
2022 2022
Bauxite 13,680 -2 % -3 % 41,437 +1 %
Bauxite third party shipments 9,049 -10 % -6 % 28,783 +1 %
Alumina 1,838 -5 % -1 % 5,603 -6 %
Aluminium 759 -2 % +4 % 2,226 -7 %
Bauxite
Bauxite production of 13.7 million tonnes was 2% lower than the third quarter
of 2021 due to equipment reliability issues at Gove.
We shipped 9.0 million tonnes of bauxite to third parties in the third
quarter, 10% lower than the same period of 2021, due to vessel loading
constraints at Weipa.
Alumina
Alumina production of 1.8 million tonnes was 5% lower than the third quarter
of 2021. The Yarwun refinery successfully completed planned shutdowns in the
third quarter and improved its operating stability. Queensland Alumina
Limited (QAL) was impacted by lower operational stability as a result of
equipment reliability.
As the result of 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 0.8 million tonnes was 2% lower than the third quarter
of 2021, and 4% higher than the prior quarter as the Kitimat smelter continues
to ramp up and Boyne smelter cell recovery efforts progress as expected. The
Kitimat pot restarts are progressing but structural issues with the alumina
conveyor system caused disruptions through the quarter slowing the rate of pot
restarts. We continue to focus on full recovery during the course of 2023.
The LME aluminium price extended further losses, dropping 20% over the
quarter, averaging $2,354/t, while raw materials and energy prices remained at
the same levels of the second quarter, putting more pressure on margins.
Boyne Smelter has been increasingly impacted by the significant coal price
escalation in Queensland, Australia for its 50% exposure to spot thermal coal
prices. Coal contracts will be renewed for 2023 onwards.
COPPER
Rio Tinto share of production ('000 tonnes) Q3 vs Q3 vs Q2 9 MTHS vs 9 MTHS
2021
2022
2021
2022 2022
Mined copper
Kennecott 50.7 +19 % +50 % 131.7 +20 %
Escondida 75.1 +10 % -9 % 225.6 +7 %
Oyu Tolgoi 12.2 -13 % +19 % 32.6 -22 %
Refined copper
Kennecott 39.2 +10 % +20 % 112.2 -5 %
Escondida 14.9 +1 % -11 % 46.0 +4 %
Kennecott
Mined copper production was 19% higher than the third quarter of 2021, and 50%
higher than the prior quarter with significant progress into higher grades
following the transition to the south wall (averaging 0.54% in the first nine
months), higher recoveries and strong mill performance driving higher ore
milled.
Refined copper production guidance has been reduced to 190 to 220 thousand
tonnes (previously 230 to 290 thousand tonnes), given further downside risk
associated with Kennecott's smelter and refinery performance, until we
undertake the largest rebuild in nine years which is planned for the second
quarter of 2023.
Escondida
Mined copper production was 10% higher than the third quarter of 2021 mainly
due to expected higher concentrator feed grade and higher recoverable copper
in ore stacked for leaching mainly due to higher material stacked in both
oxide and sulphide leach.
Oyu Tolgoi
Mined copper production from the open pit was 13% lower than the third quarter
of 2021 due to lower copper grades and recoveries as a result of planned mine
sequencing. Mined copper was 19% higher than the prior quarter with higher
milled ore and slightly higher copper grades. Gold grades were significantly
lower than the third quarter of the prior year (0.22% vs 0.63%), due to mine
planning sequence.
Nuton(TM)
Rio Tinto made a $25 million investment in McEwen Copper Inc. through its
copper leaching technology venture, Nuton. In connection with the investment,
a Nuton Collaboration Agreement allows the parties to test Nuton technologies
at McEwen Copper's Los Azules development project in Argentina.
MINERALS
Rio Tinto share of production (million tonnes) Q3 vs Q3 vs Q2 9 MTHS vs 9 MTHS
2021
2022
2021
2022 2022
Iron ore pellets and concentrate
IOC 2.8 +28 % +7 % 7.8 +8 %
Rio Tinto share of production ('000 tonnes) Q3 vs Q3 vs Q2 9 MTHS vs 9 MTHS
2021
2022
2021
2022 2022
Minerals
Borates - B(2)O(3) content 130 +6 % -5 % 391 +5 %
Titanium dioxide slag 310 +48 % +6 % 876 +11 %
Rio Tinto share of production ('000 carats) Q3 vs Q3 vs Q2 9 MTHS vs 9 MTHS
2021
2022
2021
2022 2022
Diavik(1) 1,192 +43 % +4 % 3,333 +24 %
(1) Reflects 100% ownership of Diavik (previously 60%) from 1st November 2021.
Iron Ore Company of Canada (IOC)
Iron ore production was 28% higher than the third quarter of 2021, due to
improved operational performance as well as timing of 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 third quarter was 6% 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 continued to
experience logistical challenges with high congestion at the Port of Los
Angeles and shipping rates at elevated levels due to high wait times on
containerships.
Iron and Titanium
Titanium dioxide production was 48% higher than the third quarter of 2021, due
to community disruptions at Richards Bay Minerals in South Africa in 2021, and
continued improved performance of operations at Rio Tinto Fer et Titane,
Canada. The energy situation in South Africa is a critical risk and we are
monitoring the situation closely.
Diamonds
At Diavik, our share of carats was 43% higher than the third quarter of 2021
due to the benefit of our increased share of production since taking 100%
ownership of Diavik from November 2021.
EXPLORATION AND EVALUATION
Pre-tax and pre-divestment expenditure on exploration and evaluation charged
to the profit and loss account in the first nine months of 2022 was $593
million, compared with $516 million in the first nine months of 2021.
Approximately 39% of this expenditure was incurred by Copper (includes
Simandou), 31% by central exploration, 22% by Minerals and 8% by Iron Ore.
Exploration highlights
Rio Tinto has a strong portfolio of projects with activity in 18 countries
across seven commodities in early exploration and studies stages. The bulk of
the exploration expenditure in the third 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.
In October, we entered into a definitive agreement with Uranium Energy Corp
(UEC) pursuant to which UEC will acquire 100% of Rio Tinto's wholly owned
Roughrider uranium development project located in the Athabasca Basin in
Saskatchewan, Canada for total consideration of $150 million comprised of $80
million in cash and $70 million in UEC stock. The transaction completed on 14
October.
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:
Commodities Studies Stage Advanced projects Greenfield/ Brownfield programmes
Bauxite Amargosa, Brazil*, Melville Island, Australia
Sanxai, Laos* Cape York, Australia
Battery Materials Rincon Lithium, 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, 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
Matthew Klar Matt Chambers
M +44 7796 630 637 M +61 433 525 739
David Outhwaite Jesse Riseborough
M +44 7787 597 493 M +61 436 653 412
Media Relations, Americas
Simon Letendre
M +1 514 796 4973
Malika Cherry
M +1 418 592 7293
Investor Relations, UK Investor Relations, Australia
Menno Sanderse Tom Gallop
M +44 7825 195 178 M +61 439 353 948
David Ovington Amar Jambaa
M +44 7920 010 978 M +61 472 865 948
Clare Peever
M: +44 7788 967 877
Rio Tinto plc Rio Tinto Limited
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London SW1Y 4AD Melbourne 3000
United Kingdom Australia
T +44 20 7781 2000 T +61 3 9283 3333
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This announcement is authorised for release to the market by Steve Allen, Rio
Tinto's Group Company Secretary.
riotinto.com
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under the laws of a Member State
Rio Tinto production summary
Rio Tinto share of production
Quarter 9 Months % change
2021 2022 2022 2021 2022 Q3 22 Q3 22 9 MTHS 22
Q3 Q2 Q3 9 MTHS 9 MTHS vs vs vs
Q3 21 Q2 22 9 MTHS 21
Principal commodities
Alumina ('000 t) 1,937 1,864 1,838 5,983 5,603 -5 % -1 % -6 %
Aluminium ('000 t) 774 731 759 2,393 2,226 -2 % +4 % -7 %
Bauxite ('000 t) 13,967 14,131 13,680 41,231 41,437 -2 % -3 % +1 %
Borates ('000 t) 123 137 130 371 391 +6 % -5 % +5 %
Copper - mined ('000 t) 125.2 126.4 138.0 361.2 389.9 +10 % +9 % +8 %
Copper - refined ('000 t) 50.5 49.4 54.1 161.9 158.2 +7 % +9 % -2 %
Diamonds ('000 cts) 834 1,149 1,192 2,692 3,333 +43 % +4 % +24 %
Iron Ore ('000 t) 72,074 68,640 73,726 203,995 204,832 +2 % +7 % 0 %
Titanium dioxide slag ('000 t) 209 293 310 787 876 +48 % +6 % +11 %
Other Metals & Minerals
Gold - mined ('000 oz) 94.5 52.5 58.2 271.0 179.3 -38 % +11 % -34 %
Gold - refined ('000 oz) 44.5 20.9 30.5 144.9 83.6 -31 % +46 % -42 %
Molybdenum ('000 t) 0.4 0.4 0.8 6.6 2.3 +82 % +95 % -65 %
Salt ('000 t) 1,508 1,030 1,674 4,377 4,299 +11 % +63 % -2 %
Silver - mined ('000 oz) 1,110 846 1,040 3,039 2,898 -6 % +23 % -5 %
Silver - refined ('000 oz) 733 290 571 2,155 1,438 -22 % +97 % -33 %
Throughout this report, figures in italics indicate adjustments made since the
figure was previously quoted on the equivalent page or reported for the first
time. Production figures are sometimes more precise than the rounded numbers
shown, hence small differences may result between the total of the quarter
figures and the year to date figures.
Rio Tinto share of production
Rio Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
interest
2021
2021
2022
2022
2022
2021
2022
ALUMINA
Production ('000 tonnes)
Jonquière (Vaudreuil) 100 % 325 338 334 325 336 1,026 996
Jonquière (Vaudreuil) specialty Alumina plant 100 % 29 28 25 30 30 79 85
Queensland Alumina 80 % 738 727 704 697 662 2,237 2,062
São Luis (Alumar) 10 % 75 99 94 91 95 267 280
Yarwun 100 % 770 719 745 721 715 2,374 2,180
Rio Tinto total alumina production 1,937 1,911 1,901 1,864 1,838 5,983 5,603
ALUMINIUM
Production ('000 tonnes)
Australia - Bell Bay 100 % 48 48 46 44 46 141 137
Australia - Boyne Island 59 % 75 75 73 61 65 224 199
Australia - Tomago 52 % 77 78 75 75 76 228 226
Canada - six wholly owned 100 % 343 325 318 323 341 1,119 981
Canada - Alouette (Sept-Îles) 40 % 64 63 62 63 64 188 188
Canada - Bécancour 25 % 29 30 28 29 29 86 86
Iceland - ISAL (Reykjavik) 100 % 52 52 50 50 51 151 151
New Zealand - Tiwai Point 79 % 67 67 66 66 67 197 199
Oman - Sohar 20 % 20 20 19 20 20 59 59
Rio Tinto total aluminium production 774 757 736 731 759 2,393 2,226
BAUXITE
Production ('000 tonnes) (a)
Gove 100 % 3,067 2,787 3,093 2,637 2,905 8,976 8,636
Porto Trombetas 12 % 332 416 240 308 393 950 941
Sangaredi (b) 1,763 1,704 1,765 1,946 1,953 5,405 5,663
Weipa 100 % 8,805 8,188 8,527 9,240 8,429 25,900 26,197
Rio Tinto total bauxite production 13,967 13,095 13,625 14,131 13,680 41,231 41,437
(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 Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
interest
2021
2021
2022
2022
2022
2021
2022
BORATES
Production ('000 tonnes B(2)O(3) content)
Rio Tinto Borates - borates 100 % 123 117 123 137 130 371 391
COPPER
Mine production ('000 tonnes) (a)
Bingham Canyon 100 % 42.8 49.7 47.1 33.9 50.7 109.7 131.7
Escondida 30 % 68.4 69.6 68.2 82.3 75.1 209.9 225.6
Oyu Tolgoi (b) 34 % 14.1 13.0 10.2 10.2 12.2 41.6 32.6
Rio Tinto total mine production 125.2 132.3 125.5 126.4 138.0 361.2 389.9
Refined production ('000 tonnes)
Escondida 30 % 14.7 14.5 14.4 16.7 14.9 44.0 46.0
Rio Tinto Kennecott (c) 100 % 35.7 25.5 40.2 32.7 39.2 117.8 112.2
Rio Tinto total refined production 50.5 40.0 54.7 49.4 54.1 161.9 158.2
(a) Mine production figures for metals refer to the total quantity of metal
produced in concentrates, leach liquor or doré bullion irrespective of
whether these products are then refined onsite, except for the data for
bauxite and iron ore which represent production of marketable quantities of
ore plus concentrates and pellets.
(b) 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 4.8 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 % 834 1,155 991 1,149 1,192 2,692 3,333
(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 % 38.1 34.7 37.8 22.8 32.5 104.8 93.1
Escondida 30 % 12.6 12.9 10.9 13.7 11.5 35.6 36.1
Oyu Tolgoi (b) 34 % 43.8 26.3 19.8 16.0 14.3 130.6 50.1
Rio Tinto total mine production 94.5 73.9 68.5 52.5 58.2 271.0 179.3
Refined production ('000 ounces)
Rio Tinto Kennecott 100 % 44.5 31.5 32.2 20.9 30.5 144.9 83.6
(a) Mine production figures for metals refer to the total quantity of metal
produced in concentrates, leach liquor or doré bullion irrespective of
whether these products are then refined onsite, except for the data for
bauxite and iron ore which represent production of marketable quantities of
ore plus concentrates and pellets.
(b) 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 Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
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IRON ORE
Production ('000 tonnes) (a)
Hamersley mines (b) 55,634 55,049 47,678 52,636 56,650 155,281 156,965
Hope Downs 50 % 6,500 6,567 5,830 6,385 6,264 18,076 18,480
Iron Ore Company of Canada 59 % 2,163 2,498 2,404 2,603 2,776 7,229 7,783
Robe River - Pannawonica (Mesas J and A) 53 % 3,721 3,196 2,774 3,054 3,540 10,317 9,368
Robe River - West Angelas 53 % 4,056 5,252 3,779 3,961 4,496 13,093 12,237
Rio Tinto iron ore production ('000 tonnes) 72,074 72,561 62,465 68,640 73,726 203,995 204,832
Breakdown of Production:
Pilbara Blend and SP10 Lump (c) 19,742 20,374 17,081 19,309 21,317 56,057 57,708
Pilbara Blend and SP10 Fines (c) 30,825 32,081 25,658 30,240 32,592 87,866 88,490
Robe Valley Lump 1,423 1,152 1,051 1,180 1,389 3,950 3,619
Robe Valley Fines 2,297 2,044 1,724 1,874 2,151 6,367 5,749
Yandicoogina Fines (HIY) 15,623 14,412 14,548 13,433 13,501 42,526 41,482
Pilbara iron ore production ('000 tonnes) 69,910 70,063 60,061 66,037 70,951 196,766 197,049
IOC Concentrate 829 1,009 962 1,282 1,237 2,854 3,480
IOC Pellets 1,335 1,489 1,442 1,321 1,539 4,375 4,302
IOC iron ore production ('000 tonnes) 2,163 2,498 2,404 2,603 2,776 7,229 7,783
Breakdown of Shipments:
Pilbara Blend Lump 13,018 12,832 10,809 12,684 15,301 38,690 38,794
Pilbara Blend Fines 28,901 24,308 21,698 25,156 31,597 85,261 78,452
Robe Valley Lump 962 1,061 675 971 1,281 2,921 2,926
Robe Valley Fines 2,567 2,237 1,731 2,309 2,392 7,158 6,433
Yandicoogina Fines (HIY) 14,906 14,121 14,487 14,201 13,530 42,768 42,219
SP10 Lump (c) 4,826 4,841 3,827 4,456 1,647 11,237 9,930
SP10 Fines (c) 4,063 10,684 7,067 6,775 3,766 9,803 17,609
Pilbara iron ore shipments ('000 tonnes) (d) 69,242 70,084 60,295 66,552 69,515 197,837 196,363
Pilbara iron ore shipments - consolidated basis ('000 tonnes) (d) (f) 71,131 71,972 61,818 68,114 71,379 203,189 201,310
IOC Concentrate 1,054 989 600 1,083 1,316 3,122 3,000
IOC Pellets 1,374 1,711 1,412 1,484 1,443 4,154 4,339
IOC Iron ore shipments ('000 tonnes) (d) 2,428 2,700 2,012 2,567 2,759 7,276 7,339
Rio Tinto iron ore shipments ('000 tonnes) (d) 71,671 72,784 62,307 69,119 72,274 205,113 203,701
Rio Tinto iron ore sales ('000 tonnes) (e) 70,967 69,489 66,683 71,258 74,587 203,664 212,528
(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
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MOLYBDENUM
Mine production ('000 tonnes) (a)
Bingham Canyon 100 % 0.4 1.1 1.1 0.4 0.8 6.6 2.3
(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 % 1,508 1,471 1,595 1,030 1,674 4,377 4,299
SILVER
Mine production ('000 ounces) (a)
Bingham Canyon 100 % 639 589 561 385 591 1,639 1,537
Escondida 30 % 387 439 381 393 363 1,153 1,137
Oyu Tolgoi (b) 34 % 84 80 71 67 86 248 224
Rio Tinto total mine production 1,110 1,108 1,012 846 1,040 3,039 2,898
Refined production ('000 ounces)
Rio Tinto Kennecott 100 % 733 516 577 290 571 2,155 1,438
(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 % 209 228 273 293 310 787 876
(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 September 2022.
Rio Tinto operational data
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ALUMINA
Smelter Grade Alumina - Aluminium Group
Alumina production ('000 tonnes)
Australia
Queensland Alumina Refinery - Queensland 80 % 922 909 880 871 827 2,796 2,578
Yarwun refinery - Queensland 100 % 770 719 745 721 715 2,374 2,180
Brazil
São Luis (Alumar) refinery 10 % 748 993 940 910 946 2,668 2,796
Canada
Jonquière (Vaudreuil) refinery - Quebec (a) 100 % 325 338 334 325 336 1,026 996
(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 % 29 28 25 30 30 79 85
Rio Tinto percentage interest shown above is at 30 September 2022. The data
represents production and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
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ALUMINIUM
Primary Aluminium
Primary aluminium production ('000 tonnes)
Australia
Bell Bay smelter - Tasmania 100 % 48 48 46 44 46 141 137
Boyne Island smelter - Queensland 59 % 125 126 123 103 110 376 336
Tomago smelter - New South Wales 52 % 150 150 145 145 148 441 439
Canada
Alma smelter - Quebec 100 % 119 119 117 121 122 352 360
Alouette (Sept-Îles) smelter - Quebec 40 % 159 157 154 157 159 471 470
Arvida smelter - Quebec 100 % 42 43 42 42 43 125 127
Arvida AP60 smelter - Quebec 100 % 15 15 14 14 15 45 43
Bécancour smelter - Quebec 25 % 115 119 111 117 116 344 344
Grande-Baie smelter - Quebec 100 % 58 58 57 58 59 171 174
Kitimat smelter - British Columbia 100 % 46 25 25 26 38 238 88
Laterrière smelter - Quebec 100 % 63 64 63 63 64 188 190
Iceland
ISAL (Reykjavik) smelter 100 % 52 52 50 50 51 151 151
New Zealand
Tiwai Point smelter 79 % 84 85 83 83 85 248 251
Oman
Sohar smelter 20 % 100 100 97 98 100 296 295
Rio Tinto percentage interest shown above is at 30 September 2022. The data
represents production and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
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BAUXITE
Bauxite production ('000 tonnes)
Australia
Gove mine - Northern Territory 100 % 3,067 2,787 3,093 2,637 2,905 8,976 8,636
Weipa mine - Queensland 100 % 8,805 8,188 8,527 9,240 8,429 25,900 26,197
Brazil
Porto Trombetas (MRN) mine 12 % 2,764 3,469 2,000 2,569 3,275 7,914 7,844
Guinea
Sangaredi mine (a) 45 % 3,919 3,786 3,922 4,323 4,339 12,011 12,585
Rio Tinto share of bauxite shipments
Share of total bauxite shipments ('000 tonnes) 14,201 13,031 13,876 14,054 13,294 41,247 41,223
Share of third party bauxite shipments ('000 tonnes) 10,091 8,988 10,135 9,599 9,049 28,608 28,783
(a) Rio Tinto has a 22.95% shareholding in the Sangaredi mine but benefits
from 45.0% of production.
Rio Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
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BORATES
Rio Tinto Borates - borates 100 %
US
Borates ('000 tonnes) (a) 123 117 123 137 130 371 391
(a) Production is expressed as B(2)O(3) content.
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COPPER & GOLD
Escondida 30 %
Chile
Sulphide ore to concentrator ('000 tonnes) 33,528 35,787 30,235 34,318 32,894 98,085 97,447
Average copper grade (%) 0.73 0.71 0.81 0.87 0.83 0.76 0.84
Mill production (metals in concentrates):
Contained copper ('000 tonnes) 201.2 203.6 191.5 239.5 214.6 611.8 645.5
Contained gold ('000 ounces) 42.0 42.9 36.3 45.8 38.2 118.8 120.3
Contained silver ('000 ounces) 1,291 1,462 1,270 1,311 1,210 3,843 3,791
Recoverable copper in ore stacked for leaching ('000 tonnes) (a) 26.7 28.4 35.9 34.8 35.8 87.9 106.5
Refined production from leach plants:
Copper cathode production ('000 tonnes) 49.0 48.4 48.1 55.7 49.6 146.8 153.4
(a) The calculation of copper in material mined for leaching is based on ore
stacked at the leach pad.
Rio Tinto percentage interest shown above is at 30 September 2022. The data
represents production and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
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COPPER & GOLD (continued)
Rio Tinto Kennecott
Bingham Canyon mine 100 %
Utah, US
Ore treated ('000 tonnes) 9,995 9,809 10,130 6,862 10,125 27,967 27,116
Average ore grade:
Copper (%) 0.47 0.55 0.51 0.55 0.56 0.44 0.54
Gold (g/t) 0.22 0.21 0.19 0.17 0.16 0.21 0.17
Silver (g/t) 2.80 2.55 2.36 2.39 2.50 2.58 2.42
Molybdenum (%) 0.017 0.020 0.021 0.017 0.021 0.033 0.020
Copper concentrates produced ('000 tonnes) 180 187 176 136 192 461 504
Average concentrate grade (% Cu) 23.7 26.3 26.8 24.9 26.2 23.8 26.1
Production of metals in copper concentrates:
Copper ('000 tonnes) (a) 42.8 49.7 47.1 33.9 50.7 109.7 131.7
Gold ('000 ounces) 38.1 34.7 37.8 22.8 32.5 104.8 93.1
Silver ('000 ounces) 639 589 561 385 591 1,639 1,537
Molybdenum concentrates produced ('000 tonnes): 1.0 2.2 2.1 0.9 1.8 12.6 4.8
Molybdenum in concentrates ('000 tonnes) 0.4 1.1 1.1 0.4 0.8 6.6 2.3
Kennecott smelter & refinery 100 %
Copper concentrates smelted ('000 tonnes) 165 157 213 152 166 509 531
Copper anodes produced ('000 tonnes) (b) 35.7 32.9 45.8 27.9 46.2 109.6 120.0
Production of refined metal:
Copper ('000 tonnes) (c) 35.7 25.5 40.2 32.7 39.2 117.8 112.2
Gold ('000 ounces) (d) 44.5 31.5 32.2 20.9 30.5 144.9 83.6
Silver ('000 ounces) (d) 733 516 577 290 571 2,155 1,438
(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 4.8 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 September 2022. The data
represents production and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
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COPPER & GOLD (continued)
Turquoise Hill Resources
Oyu Tolgoi mine (a) 34 %
Mongolia
Ore Treated ('000 tonnes) 9,336 10,573 9,581 9,685 10,685 28,550 29,951
Average mill head grades:
Copper (%) 0.53 0.46 0.40 0.40 0.42 0.52 0.41
Gold (g/t) 0.63 0.38 0.32 0.26 0.22 0.60 0.27
Silver (g/t) 1.29 1.27 1.25 1.15 1.32 1.26 1.24
Copper concentrates produced ('000 tonnes) 191.9 182.7 144.3 146.0 173.6 567.0 463.9
Average concentrate grade (% Cu) 21.9 21.3 21.0 20.9 20.9 21.9 20.9
Production of metals in concentrates:
Copper in concentrates ('000 tonnes) 41.9 38.9 30.3 30.6 36.3 124.1 97.1
Gold in concentrates ('000 ounces) 130.8 78.6 59.2 47.6 42.7 389.5 149.6
Silver in concentrates ('000 ounces) 249 239 211 201 256 739 668
Sales of metals in concentrates:
Copper in concentrates ('000 tonnes) 46.4 34.4 29.9 35.3 41.8 105.0 107.0
Gold in concentrates ('000 ounces) 149.1 102.2 57.4 67.9 56.0 332.5 181.3
Silver in concentrates ('000 ounces) 278 192 179 224 282 591 684
(a) Rio Tinto owns a 33.52% indirect interest in Oyu Tolgoi through its 50.79%
interest in Turquoise Hill Resources.
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DIAMONDS
Diavik Diamonds (a) 100 %
Northwest Territories, Canada
Ore processed ('000 tonnes) 643 596 496 537 590 1,944 1,623
Diamonds recovered ('000 carats) 1,390 1,356 991 1,149 1,192 4,487 3,333
(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 September 2022. The data
represents production and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
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IRON ORE
Rio Tinto Iron Ore
Western Australia
Pilbara Operations
Saleable iron ore production ('000 tonnes)
Hamersley mines (a) 55,634 55,049 47,678 52,636 56,650 155,281 156,965
Hope Downs 50 % 13,000 13,133 11,660 12,771 12,529 36,151 36,959
Robe River - Pannawonica (Mesas J and A) 53 % 7,021 6,031 5,234 5,762 6,679 19,467 17,676
Robe River - West Angelas 53 % 7,652 9,909 7,130 7,474 8,484 24,704 23,088
Total production ('000 tonnes) 83,306 84,122 71,703 78,643 84,342 235,602 234,687
Breakdown of total production:
Pilbara Blend and SP10 Lump (b) 23,617 24,998 20,827 23,228 25,452 67,464 69,507
Pilbara Blend and SP10 Fines (b) 37,046 38,681 31,094 36,220 38,709 106,145 106,023
Robe Valley Lump 2,686 2,173 1,982 2,226 2,621 7,453 6,829
Robe Valley Fines 4,335 3,857 3,252 3,536 4,058 12,014 10,846
Yandicoogina Fines (HIY) 15,623 14,412 14,548 13,433 13,501 42,526 41,482
Breakdown of total shipments:
Pilbara Blend Lump 16,710 16,616 13,626 16,043 18,860 48,081 48,529
Pilbara Blend Fines 36,199 31,620 27,915 32,243 38,186 106,583 98,344
Robe Valley Lump 1,814 2,001 1,273 1,832 2,417 5,511 5,521
Robe Valley Fines 4,843 4,221 3,266 4,357 4,514 13,506 12,137
Yandicoogina Fines (HIY) 14,906 14,121 14,487 14,201 13,530 42,768 42,219
SP10 Lump (b) 4,826 4,841 3,827 4,456 1,647 11,237 9,930
SP10 Fines (b) 4,063 10,684 7,067 6,775 3,766 9,803 17,609
Total shipments ('000 tonnes) (c) 83,360 84,104 71,462 79,907 82,920 237,488 234,289
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Iron Ore Company of Canada 59 %
Newfoundland & Labrador and Quebec in Canada
Saleable iron ore production:
Concentrates ('000 tonnes) 1,411 1,718 1,638 2,183 2,106 4,860 5,927
Pellets ('000 tonnes) 2,273 2,535 2,456 2,250 2,621 7,451 7,327
IOC Total production ('000 tonnes) 3,684 4,254 4,094 4,433 4,727 12,311 13,254
Shipments:
Concentrates ('000 tonnes) 1,795 1,684 1,022 1,845 2,241 5,316 5,108
Pellets ('000 tonnes) 2,340 2,914 2,405 2,527 2,457 7,074 7,390
IOC Total Shipments ('000 tonnes) (c) 4,136 4,598 3,427 4,372 4,699 12,390 12,498
Global Iron Ore Totals
Iron Ore Production ('000 tonnes) 86,990 88,375 75,797 83,076 89,069 247,913 247,941
Iron Ore Shipments ('000 tonnes) 87,496 88,702 74,889 84,279 87,619 249,878 246,787
Iron Ore Sales ('000 tonnes) (d) 86,542 85,256 79,194 86,103 89,689 247,930 254,986
(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 September 2022. The data
represents production and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
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SALT
Dampier Salt 68 %
Western Australia
Salt production ('000 tonnes) 2,206 2,152 2,333 1,507 2,449 6,402 6,289
TITANIUM DIOXIDE SLAG
Rio Tinto Iron & Titanium 100 %
Canada and South Africa
(Rio Tinto share) (a)
Titanium dioxide slag ('000 tonnes) 209 228 273 293 310 787 876
(a) Quantities comprise 100% of Rio Tinto Fer et Titane and Rio Tinto's 74%
interest in Richards Bay Minerals' production. Ilmenite mined in Madagascar is
being processed in Canada.
Rio Tinto percentage interest shown above is at 30 September 2022. The data
represents production and sales on a 100% basis unless otherwise stated.
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