REG - Rio Tinto - Third quarter production results
17/10/2023 07:00
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RNS Number : 3027Q Rio Tinto PLC 17 October 2023
Rio Tinto releases third quarter production results
17 October 2023
Rio Tinto Chief Executive Jakob Stausholm said: "We delivered another quarter
of progress and maintained momentum at our Pilbara iron ore operations. We
continued to make good headway ramping up our Oyu Tolgoi high-grade
underground copper mine, our Kitimat aluminium smelter returned to full
production, and we safely restarted the smelter and refinery at Kennecott
after completing the largest rebuild in its history. We have more to do as we
work towards sustainable performance improvements across our business.
"We took real steps to build our portfolio of materials needed for the future,
signing agreements that will see us take a leading position in recycled
aluminium in North America and agreeing to enter a joint venture with Codelco
to explore for copper in Chile. We also completed further infrastructure
agreements with our partners for the world class Simandou iron ore project.
"We are making strong progress towards building the Rio Tinto of the future,
striking a balance between disciplined performance in evolving market
conditions, investing to generate valuable long-term growth and delivering
attractive shareholder returns."
Production* Q3 vs Q3 vs Q2 9 MTHS vs 9 MTHS
2022
2023
2022
2023 2023
Pilbara iron ore shipments (100% basis) Mt 83.9 +1 % +6 % 245.5 +5 %
Pilbara iron ore production (100% basis) Mt 83.5 -1 % +3 % 244.0 +4 %
Bauxite Mt 13.9 +2 % +3 % 39.5 -5 %
Aluminium kt 828 +9 % +2 % 2,427 +9 %
Mined copper (consolidated basis) kt 169 +5 % +17 % 460 +1 %
Titanium dioxide slag kt 247 -20 % -19 % 835 -5 %
IOC** iron ore pellets and concentrate Mt 2.4 -14 % +16 % 7.0 -10 %
*Rio Tinto share unless otherwise stated
**Iron Ore Company of Canada
Q3 2023 operational highlights and other key announcements
• Our all-injury frequency rate of 0.36 improved from the third
quarter of 2022 (0.39), and was in line with the prior quarter (0.36). We
continue to learn from process safety reviews completed in the third quarter
following previously reported incidents at our Rio Tinto Iron and Titanium
(RTIT) Sorel-Tracy complex and Kennecott, and are planning to further enhance
safety at these operations.
• Pilbara operations produced 83.5 million tonnes (100% basis) in
the third quarter, 1% lower than the corresponding period of 2022. Shipments
were 83.9 million tonnes (100% basis), 1% higher than the corresponding period
of 2022. We continue to expect full year shipments in the upper half of the
original 320 to 335 million tonne range.
• In early October, we hosted a site tour of our Pilbara operations
for investors and analysts. Presentation materials for this visit are
available on our website
(https://www.riotinto.com/en/invest/presentations/2023/pilbara-site-visit-2023)
.
• Bauxite production of 13.9 million tonnes was 2% higher than the
third quarter of 2022 as we achieved the initial benefits of stabilising our
operations, particularly at Weipa where equipment reliability and performance
improved.
• Aluminium production of 0.8 million tonnes was 9% higher than the
third quarter of 2022 as we returned to full capacity at our Kitimat smelter
and completed cell recovery efforts at our Boyne smelter. All our other
smelters continued to demonstrate stable performance during the quarter.
• On 21 July, we announced
(https://www.riotinto.com/en/news/releases/2023/rio-tinto-and-giampaolo-group-enter-into-matalco-aluminium-recycling-joint-venture)
we had entered into an agreement with Giampaolo Group, one of North America's
largest fully-integrated metal management businesses, to form a joint venture
to manufacture and market recycled aluminium products. Under the terms of the
agreement, Rio Tinto will acquire a 50% equity stake in Giampaolo Group's
wholly-owned Matalco business for $700 million subject to usual closing
adjustments. Matalco operates six facilities in the United States and one in
Canada, with the capacity to produce approximately 900,000 tonnes of recycled
aluminium per annum. Receipt of customary regulatory approvals for the
transaction is progressing well, with completion now expected around the end
of 2023 (previously first half of 2024).
• Mined copper production of 169 thousand tonnes (on a consolidated
basis), was 5% higher than the third quarter of 2022 as we benefited from the
continued ramp-up of the high grade underground mine at Oyu Tolgoi and higher
copper feed grades at Escondida. These benefits were partially offset by lower
production at Kennecott, as the concentrator returned to full capacity during
the period, recovering from the conveyor failure which occurred in March 2023.
• Refined copper production of 34 thousand tonnes, was 37% lower
than the third quarter of 2022 as we completed the largest rebuild of the
smelter and refinery in Kennecott's history during the quarter. The ~$300
million rebuild incorporated approximately 300 engineering and maintenance
projects, and a workforce of ~3,200. The refinery and smelter were safely
restarted during the period, with production expected to ramp up during the
fourth quarter. The scope of works included a rebuild of the flash converting
furnace, which was restarted late in the third quarter.
• On 11 August, Simfer concluded
(https://www.riotinto.com/en/news/releases/2023/agreements-reached-on-trans-guinean-infrastructure-in-milestone-for-simandou-iron-ore-project)
key agreements with the Republic of Guinea and Winning Consortium Simandou
(WCS) on the trans-Guinean infrastructure for the Simandou project. The
Co-Development Convention with the Republic of Guinea and associated
agreements create the legal framework for the co-development of more than 600
kilometres of new multi-use rail together with port facilities. During the
period, Simfer and WCS also signed an investment agreement in relation to the
construction of the Trans-Guinean railway and port infrastructure. Investments
into the infrastructure joint venture vehicle remain subject to a number of
conditions, including the finalisation and approval of the feasibility study
and capital funding requirements for the project by all partners, and
regulatory approvals.
• On 1 August, we announced
(https://www.riotinto.com/en/news/releases/2023/rio-tinto-to-acquire-chilean-exploration-assets-and-enter-joint-venture-with-codelco)
the agreement to purchase PanAmerican Silver's stake in Agua de la Falda S.A.
("Agua de la Falda"), a company with exploration tenements in Chile's
prospective Atacama region, and to enter a joint venture with Corporación
Nacional del Cobre de Chile ("Codelco") to explore and potentially develop
Agua de la Falda's assets.
• Titanium dioxide slag production of 247 thousand tonnes was 20%
lower than the third quarter of 2022. Two furnaces at our RTIT Quebec
Operations remain offline following process safety incidents in June and July
which we are currently investigating.
• IOC production of 2.4 million tonnes, was 14% lower than the third
quarter of 2022 as operations were impacted by extended plant downtime and
conveyor belt failures, while we also recovered from wildfires which took
place in Northern Quebec in the prior quarter. Given these challenges our full
year production guidance has been reduced to 9.3 to 9.8 million tonnes
(previously 10.0 to 11.0 million tonnes).
• In the third quarter, we commenced deployment of the Safe
Production System at a further two sites, taking the total to 22 sites. The
Safe Production System focuses on continuously improving safety, strengthening
employee engagement and sustainably lifting operational performance across our
global portfolio. While we still have a lot to do to see sustainable
improvement, site deployments are rolling out according to plan and we expect
to be at the upper end of our range of four to eight new sites in 2023.
• On 9 August, we announced
(https://www.riotinto.com/en/news/releases/2023/rio-tinto-and-h2-green-steel-partner-to-accelerate-the-green-steel-transition)
the signing of a multi-year supply agreement for high grade direct reduction
iron ore pellets from IOC's operations with H2 Green Steel, an industrial
startup establishing large scale production of green steel.
• On 5 September, we announced
(https://www.riotinto.com/en/news/releases/2023/rio-tinto-appoints-new-aluminium-chief-executive)
the appointment of Jérôme Pécresse to lead our Aluminium business,
succeeding Ivan Vella. Jérôme, who was until recently President and CEO of
General Electric (GE) Renewable Energy, will join Rio Tinto on 23 October
2023. Jérôme is a French citizen with over 30 years of business experience,
including senior leadership roles in global companies in the mining and energy
fields.
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.
2023 guidance
Rio Tinto production share, unless otherwise stated 2022 2023 Sept. YTD 2023 2023
Actuals Previous Current
Pilbara iron ore (shipments, 100% basis) (Mt) 322 245.5 320 to 335(1) Unchanged
Bauxite (Mt) 55 39.5 54 to 57(2) Unchanged
Alumina (Mt) 7.5 5.6 7.4 to 7.7 Unchanged
Aluminium (Mt) 3.0 2.4 3.1 to 3.3 Unchanged
Mined copper (kt)(3) 521 460 590 to 640 Unchanged
Refined copper (kt) 209 129 160 to 190 Unchanged
Diamonds (M carats) 4.7 2.7 3.0 to 3.8 Unchanged
Titanium dioxide slag (Mt) 1.2 0.8 1.1 to 1.4(2) Unchanged
IOC(4) iron ore pellets and concentrate (Mt) 10.3 7.0 10.0 to 11.0 9.3 to 9.8
Boric oxide equivalent (Mt) 0.5 0.4 ~0.5 Unchanged
(1)In the upper half of the range.
(2)In the lower end of the range.
(3)Mined copper for 2023 guidance and actuals includes Oyu Tolgoi on a 100%
consolidated basis following Rio Tinto's acquisition of Turquoise Hill
Resources Ltd, which completed on 16 December 2022. Mined copper for 2022
includes Oyu Tolgoi on a 33.52% Rio Tinto share basis.
(4)Iron Ore Company of Canada continues to be reported at Rio Tinto share.
• Guidance for 2023 IOC production has been reduced to 9.3 to 9.8
million tonnes (previously 10.0 to 11.0 million tonnes), as operations were
impacted by extended plant downtime and conveyor belt failures, while we also
recovered from wildfires which took place in Northern Quebec in the prior
quarter.
• Pilbara iron ore shipments for 2024 are expected to be 323 to 338
million tonnes. SP10 levels are expected to remain elevated for the next few
years as we work through the next tranche of mine replacement projects. Levels
are dependent on the timing of approvals for planned mining areas.
• Iron ore shipments and bauxite production guidance remain subject to
weather impacts.
Operating costs
• Guidance for 2023 Pilbara iron ore unit cash costs is unchanged at
$21.0 to $22.5 per tonne, based on A$:US$ exchange rate of 0.70.
• Guidance for 2023 Copper C1 unit costs is unchanged 180 to 200 US
cents/lb.
Investments, growth and development projects
• Pre-tax and pre-divestment expenditure on exploration and evaluation
charged to the profit and loss account in the first nine months of 2023,
excluding Simandou, was $613 million, compared with $506 million in the first
nine months of 2022 on the same basis. Approximately 33% of the spend was by
central exploration, 31% by Minerals, 27% by Copper and 8% by Iron Ore.
• Spend on Simandou in the first nine months of 2023 was $574 million
(on a 100%(1) basis), compared to $87 million in the first nine months of
2022.
Pilbara mine projects
• Construction of our Western Range mine remains on schedule as we
advanced primary crusher pad installation, bulk earthworks and mine pre-strip.
• We advanced our next tranche of Pilbara mine replacement project
studies including Hope Downs 1 Sustaining (Hope Downs 2 and Bedded Hilltop),
Brockman 4 sustaining (Brockman Syncline 1), Greater Nammuldi Sustaining and
West Angelas Sustaining. We are working closely with Traditional Owners and
Government Regulators on Part IV environmental approvals and heritage
clearances.
Oyu Tolgoi underground project
• We continue to see strong performance from the underground mine,
with a total of 72 drawbells opened from Panel 0, including 18 drawbells
during the quarter. The operation is expected to ramp up to deliver average
mined copper production of ~500ktpa (100% basis) between 2028 and 2036(2).
• Shaft sinking continued during the quarter and at the end of
September, shafts 3 and 4 reached 780 metres and 879 metres below ground
level, respectively. Updated final depths required for shafts 3 and 4 are
1,134 and 1,176 metres below ground level, respectively. We expect both shafts
to be commissioned in the second half of 2024 with shaft sinking rates
continuing to meet those required for this timeline.
• Construction of conveyor to surface works continued to plan and are
now approaching 75% completion as at the end of September. Construction works
for the concentrator conversion also progressed during the period, with the
main contractor mobilised and required tie-in works completed during a planned
plant shutdown.
• During the quarter, Rio Tinto, Oyu Tolgoi and the Government of
Mongolia continued to work together towards the implementation of Mongolian
Parliamentary Resolution 103.
Other key projects and exploration and evaluation
• At Complexe Jonquière in Canada, we commenced early works for the
$1.1 billion expansion of the AP60 aluminium smelter with low-carbon
technology. The investment will add 96 new AP60 pots, increasing capacity by
approximately 160,000 metric tonnes of primary aluminium per year. This new
capacity, in addition to 30,000 tonnes of new recycling capacity at Arvida
expected to open in the first quarter of 2025, will offset the 170,000 tonnes
of capacity lost through the gradual closure of potrooms at the Arvida smelter
from 2024.
• On 21 July, we (announced
(https://www.riotinto.com/en/news/releases/2023/rio-tinto-and-giampaolo-group-enter-into-matalco-aluminium-recycling-joint-venture)
) we had entered into an agreement with Giampaolo Group, one of North
America's largest fully-integrated metal management businesses, to form a
joint venture to manufacture and market recycled aluminium products. Under the
terms of the agreement, Rio Tinto will acquire a 50% equity stake in Giampaolo
Group's wholly-owned Matalco business for $700 million subject to usual
closing adjustments. Matalco operates six facilities in the United States and
one in Canada, with the capacity to produce approximately 900,000 tonnes of
recycled aluminium per annum. Receipt of customary regulatory approvals for
the transaction is progressing well, with completion now expected around the
end of 2023 (previously first half of 2024).
• At Kennecott, we commenced contractor mobilisation and underground
activities for the $498 million investment to deliver development and
infrastructure for an area known as the North Rim Skarn(3) (NRS). Production
from the NRS is expected to commence in 2024 and ramp up over two years, to
deliver around 250 thousand tonnes of additional mined copper over the next 10
years(4) alongside open cut operations.
• At the Resolution Copper project in Arizona, the United States
Forest Service (USFS) continued work to progress the Final Environmental
Impact Statement (FEIS) and complete actions necessary for the land exchange.
We continued to advance partnership discussions with several
federally-recognised Native American Tribes who are part of the formal
consultation process. We are also monitoring the Apache Stronghold versus USFS
case held in the US Ninth Circuit Court of Appeals. While there is significant
local support for the project, we respect the views of groups who oppose it
and will continue our efforts to address and mitigate these concerns.
• At the Winu copper-gold project in Western Australia, we continued
to strengthen our relationships and advanced agreement making over the quarter
with host Traditional Owners, the Martu and Nyangumarta groups. Drilling,
fieldwork and study activities continued over the period strengthening the
development pathway ahead of applications for regulatory and other required
approvals.
• At the Simandou iron ore project in Guinea, negotiations continued
to progress to enable the co-development of rail and port infrastructure by
Simfer, Winning Consortium Simandou (WCS) and the Guinean State. On 11 August,
Simfer (concluded
(https://www.riotinto.com/en/news/releases/2023/agreements-reached-on-trans-guinean-infrastructure-in-milestone-for-simandou-iron-ore-project)
) key agreements with the Republic of Guinea and WCS on the trans-Guinean
infrastructure. The Co-Development Convention with the Republic of Guinea and
associated agreements create the legal framework for the co-development of
more than 600 kilometres of new multi-use rail together with port facilities.
During the period, Simfer and WCS also signed an investment agreement in
relation to the construction of the Trans-Guinean railway and port
infrastructure. Investments into the infrastructure joint venture vehicle
remain subject to a number of conditions, including the finalisation and
approval of the feasibility study and capital funding requirements for the
project by all partners, and regulatory approvals. We also continued to
progress critical path works to ensure progress is maximised during the 2023
dry season, including establishing accommodation camps to support mobilisation
on both our mine and rail scope, earthworks and geotechnical drilling at the
port.
• On 1 August, we (announced
(https://www.riotinto.com/en/news/releases/2023/rio-tinto-to-acquire-chilean-exploration-assets-and-enter-joint-venture-with-codelco)
) the agreement to purchase PanAmerican Silver's stake in Agua de la Falda, a
company with exploration tenements in Chile's prospective Atacama region, and
to enter a joint venture with Codelco to explore and potentially develop Agua
de la Falda's assets. Under the agreement, Rio Tinto will acquire PanAmerican
Silver's 57.74% operating stake in Agua de la Falda for $45 million and the
grant of net smelter returns royalties. Codelco holds the remaining 42.26%.
• On 28 August 2023 we (completed
(https://www.riotinto.com/en/news/releases/2023/rio-tinto-and-first-quantum-complete-la-granja-joint-venture-transaction)
) a transaction to form a joint venture that will work to unlock the
development of the La Granja project in Peru, one of the largest undeveloped
copper deposits in the world. On completion of the transaction, First Quantum
acquired a 55% stake in the project for $105 million and will invest up to a
further $546 million into the joint venture to sole fund capital and
operational costs to take the project through a feasibility study and toward
development.
• Nuton(TM), our proprietary copper heap leaching technology, made
further progress during the quarter, (announcing
(https://www.excelsiormining.com/news/news-2023/xcelsioriningnnouncesptiongreementwithutona20230731)
) an option agreement with Excelsior Mining to further evaluate the use of our
copper heap leaching technologies at Excelsior's Johnson Camp mine in Cochise
County, Arizona.
• We continue to believe that the Jadar lithium-borate project in
Serbia has the potential to be a world-class asset, that will support the
development of other future industries in Serbia, acting as a catalyst for
tens of thousands of jobs for current and future generations, and sustainably
producing materials critical to the energy transition. We are focused on
consultation with all stakeholders to explore options related to the project's
future.
• At the Rincon lithium project in Argentina, development of the three
thousand tonne per annum lithium carbonate starter plant is ongoing.
Construction activities progressed, with the airstrip completed during the
quarter, while enabling works for the process plant continued. We progressed
studies for the full scale operation during the quarter, and the exploration
campaign to further understand Rincon's basin, brine and water reservoirs. We
continue to engage with communities, the province of Salta and the Government
of Argentina to ensure an open and transparent dialogue with stakeholders
about the works underway.
(1)Costs relating to the Simfer joint venture where the Government of Guinea
holds 15% and Simfer Jersey holds 85%. Simfer Jersey is owned by Rio Tinto
(53%) and Chalco Iron Ore Holdings (CIOH) (47%).
(2)The 500kpta copper target (stated as recoverable metal) for the Oyu Tolgoi
underground and open pit mines for the years 2028 to 2036 is underpinned 13%
by Proved Ore Reserves and 87% by Probable Ore Reserves.This production target
has been scheduled from mine designs based on the Oyu Tolgoi Feasibility Study
2020 (OTFS20), which are not materially different to current mine designs, by
Competent Persons in accordance with the requirements of the Australasian Code
for Reporting of Exploration Results, Minerals Resources and Ore Reserves,
2012 Edition (the JORC code).
(3)The NRS Mineral Resources and Ore Reserves, together with the Lower
Commercial Skarn (LCS) Mineral Resources and Ore Reserves,
form the Underground Skarns Mineral Resources and Ore Reserves. These Mineral
Resources and Ore Reserves have been reported in accordance with the JORC Code
and the ASX Listing Rules in a release dated 20 June 2023 titled "Rio Tinto
Kennecott Mineral Resources and Ore Reserves" (Table 1 Release). The Competent
Person responsible for the information in that release that relates to Mineral
Resources is Mr Ryan Hayes, a Member of the Australasian Institute of Mining
and Metallurgy (MAusIMM). The Competent Person responsible for the information
in that release that relates to Ore Reserves is Mr Stephen McInerney, a Member
of the Australasian Institute of Mining and Metallurgy (MAusIMM). Rio Tinto
confirms that it is not aware of any new information or data that materially
affects the information included in the Table 1 Release, that all material
assumptions and technical parameters underpinning the estimates in the Table 1
Release continue to apply and have not materially changed, and that the form
and context in which the Competent Persons' findings are presented have not
been materially modified.
(4)This production target for 2023 to 2033 is underpinned 25% by Probable Ore
Reserves, 9% by Indicated Resources, and 66% by Inferred
Resources. Mined copper is reported as total recoverable metal. These
estimates of Mineral Resources and Ore Reserves were reported in the Table 1
Release which is available on Rio Tinto's website at resources & reserves
(riotinto.com), and have been prepared by Competent Persons in accordance with
the requirements of the JORC code and ASX Listing Rules.
(
)
Sustainability highlights
We are creating an open and transparent environment which will make positive
and lasting change and strengthen our workplace culture for the long term, as
we continue to implement the 26 recommendations of the Everyday Respect
report. We are building knowledge and capability through training and change
programs including providing face to face training in some locations and
integrating Everyday Respect concepts into some leader and culture change
programmes for 2024. Our inclusive facilities work is ongoing and we also now
have 19 village councils implemented with more planned. Work continues to
elevate and support the voices of our people and contractors through the
commencement of contractor listening sessions, as well as the establishment of
additional early career networks and employee resource groups for
underrepresented groups within our business. In line with the recommendations
of the Everyday Respect report, preparations are also underway for our
independent progress review in 2024.
On 4 August, we disclosed
(https://www.riotinto.com/en/news/releases/2023/rio-tinto-releases-interactive-map-of-tailings-facilities-in-alignment-with-gistm-requirements)
detailed information on 14 of our global tailings facilities and their
progress towards conformance with the Global Industry Standard on Tailings
Management (GISTM). These tailings facilities are those rated Very High or
Extreme under GISTM classifications, based on the highest potential
consequences in the extremely unlikely event of a failure.
On 20 September, we announced
(https://www.riotinto.com/en/news/releases/2023/rio-tinto-kennecott-expands-reclamation-efforts)
Kennecott is reclaiming 740 additional acres of land at the Bingham Canyon
Mine as part of the company's commitment to the environment and the local
community. The East Waste Rock Reclamation project entered its third phase
this summer and is expected to last through 2028. This restoration process
enhances biodiversity on the remediated land and improves the appearance of
the mine for residents throughout Salt Lake Valley.
Communities & Social Performance (CSP)
In August, as part of our cultural heritage monitoring and management
processes we identified the fall of a Pilbara scrub tree and a one cubic metre
rock from the overhang of a rock shelter in an area adjacent to the Nammuldi
mine site. As soon as we identified this, we paused nearby blasting work which
was occurring 150 metres away, and notified the Traditional Owners of the
land, the Muntulgura Guruma people. We have apologised to the Muntulgura
Guruma people, who we deeply respect, and are continuing to work closely with
them. A review into the incident is ongoing and if there are lessons that
require us to improve our processes, we will do so.
On 25 July, we announced
(https://www.riotinto.com/en/news/releases/2023/rio-tinto-donates-land-for-us-college-campus-expansion)
a donation of 28.25 acres of land valued at approximately $165,000 for the
expansion of the Southwestern Oregon Community College (SWOCC) Curry Campus.
This land donation triples the size of the campus about two miles north of
Brookings, Oregon. It adds space to the west and south of the existing 10-acre
site, which the company donated to the College in 2010.
On 1 August, we announced
(https://www.riotinto.com/en/news/releases/2023/rio-tinto-commits-150-million-to-centre-for-future-materials-led-by-imperial-college-london)
our commitment of $150 million to create a Centre for Future Materials led by
Imperial College London to find innovative ways to provide the materials the
world needs for the energy transition. The 'Rio Tinto Centre for Future
Materials' will fund research programmes to transform the way vital materials
are produced, used and recycled, and make them more environmentally,
economically and socially sustainable.
On 18 August, we announced
(https://www.riotinto.com/en/news/releases/2023/diavik-donates-can250000-to-united-way-nwts-emergency-efforts)
that to support those who have been impacted by wildfires in Canada's
Northwest Territories, Diavik Diamond Mine would be donating CAN$250,000 to
the United Way Northwest Territories (UWNWT) to support with wildfire response
efforts.
On 30 August, we announced
(https://www.riotinto.com/en/news/releases/2023/wildcats-lynx-team-up-with-rio-tinto-to-grow-community-basketball-throughout-western-australia--)
a partnership with the Perth Wildcats and Perth Lynx in a new sponsorship that
aims to enhance basketball in Western Australia from emerging young talent to
the elite level of competition. The partnership will increase access to
pathways for Western Australian's who would like to participate in the popular
sport and promote women in sport at a professional level.
On 14 September, we announced
(https://www.riotinto.com/en/news/releases/2023/rio-tinto-ioc-donates-can4-million-to-cgep-de-sept-les-for-new-pavilion)
IOC will be donating CAN$4 million over two years to the Cégep de
Sept-Îles in Quebec, Canada for the construction of its new pavilion for
training, research and innovation in the railway, industrial maintenance and
energy intelligence industries.
On 21 September, we announced
(https://www.riotinto.com/en/news/releases/2023/rio-tinto-releases-independent-community-radiation-study-of-its-qmm-mineral-sands-site)
international environmental experts, JBS&G Australia Pty Ltd, had
completed a comprehensive independent community study of radiation at the Rio
Tinto QIT Madagascar Minerals (QMM) mine in Fort Dauphin, Southern Madagascar,
which concluded that there is no need for heightened health concerns around
local radiation levels. The analysis received on the five cycles covering
various seasons from November 2019 to October 2022 showed that local food
sources, water, air and dust are safe from a radiological perspective.
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
In the third quarter we continued to focus on innovative solutions that have
the potential to be scalable across Rio Tinto's global value chains.
• On 12 July, we announced
(https://www.riotinto.com/en/news/releases/2023/rio-tinto-and-sumitomo-to-build-gladstone-hydrogen-pilot-plant-to-trial-lower-carbon-alumina-refining)
in partnership with Sumitomo Corporation that we will build a first-of-a-kind
hydrogen plant in Gladstone as part of a A$111.1 million program aimed at
lowering carbon emissions from the alumina refining process. The Yarwun
Hydrogen Calcination Pilot Demonstration Program received the green light
after a A$32.1 million co-funding boost from the federal government's
Australian Renewable Energy Agency (ARENA). The program is aimed at
demonstrating the viability of using hydrogen in the calcination process,
where hydrated alumina is heated to temperatures of up to 1,000 degrees
Celsius. The trial is expected to produce the equivalent of about 6,000 tonnes
of alumina per year while reducing Yarwun's carbon dioxide emissions by about
3,000 tonnes per year.
• On 9 August, we announced
(https://www.riotinto.com/en/news/releases/2023/rio-tinto-and-h2-green-steel-partner-to-accelerate-the-green-steel-transition)
the signing of a multi-year supply agreement for high grade direct reduction
iron ore pellets from IOC's operations with H2 Green Steel, an industrial
startup establishing large scale production of green steel. Rio Tinto will
also purchase and on-sell a part of the surplus low carbon hot briquetted iron
(HBI) produced by H2 Green Steel during the ramp-up of its steelmaking
capacity.
Our markets
Commodity prices found some support during the quarter and are closer to
levels at the start of the year. China's economic recovery has been uneven, as
the property market continues to weigh on the economy and prompts further
policy easing. Consumer confidence in the US has started to wane while
manufacturing activity in advanced economies decelerated further as
recessionary risks remain.
• China's economy is showing signs of stability, with resilient
steel demand as growth drivers shifted from property to infrastructure and
manufacturing. In response to the weaker property market and slowing export
growth, the government has implemented support measures, with mortgage access
substantially eased in top-tier cities, down payments lowered across the
country and purchase restrictions removed in tier 2 cities.
• The US economy continues to adjust to the effects of tightening
monetary policy. The net effect has been a slowing pace of economic activity
which may still lead to a recession by year end. A potential government
shutdown and the United Auto Workers strike add to the downside risks.
Inflation is still set to moderate gradually over the next few years due to
weaker housing inflation and a steady moderation in wage growth.
• The eurozone economy continues to be challenged by weak
manufacturing activity. Weakness was broad-based across both domestic and
external sectors. Even though both core and services inflation fell
marginally, they were offset by a large monthly increase in energy prices.
• Iron ore prices rose by 7% during the quarter, lifting the average
62% Fe CFR China price to $114 per dry tonne, up 3% quarter-on-quarter.
China's domestic steel demand is up 1% year-to-date to August 2023 despite
continued weakness in residential property, while a 40% spike in net steel
exports lifted crude steel production and iron ore imports by 4.5% and 5%,
respectively. This, coupled with headwinds to China's domestic iron ore
production, led to portside iron ore inventories declining to a three-year low
of 114 million tonnes at the end of the quarter, despite the ~8 million tonne
quarter-on-quarter increase in seaborne iron ore supply.
• The LME cash aluminium price rose by 10% over the quarter,
although the $2,154/t average price was 5% lower than the second quarter.
Smelter restarts in Yunnan were completed, lifting Chinese production, but
reported Chinese inventories remained low, due to strong demand driven by
solar modules construction. However, aluminium shipments and orders, in the
US, Europe and Japan, except for the transport sector, remained weak.
Meanwhile, declining raw materials costs eroded cost support for aluminium.
• The copper LME price was slightly weaker in the third quarter,
with the average price down 1% quarter-on-quarter to $3.79/lb. China's demand
continued to be resilient; however, ex-China demand has weakened, as high
interest rates hit construction activity. New mining projects in South America
and Africa have started to deliver volumes. Inventories edged up slightly in
the third quarter, but the market remains balanced year-to-date.
• Lithium carbonate spot prices fell by up to 50% (depending on
grade) during the third quarter, driven by the slowing electric vehicle (EV)
sales growth trajectory and inventory build through the supply chain. Supply
from non-traditional regions (Africa) is coming to market, incentivised by two
years of elevated prices. Longer term, market fundamentals for lithium remain
strong, as EV adoption continues to rise on supportive government policies and
supply shortfalls requiring further investment.
• The titanium dioxide feedstock market continues to experience
weakness with average prices down approximately 3 to 5% quarter-on-quarter,
depending on grade, as Western customers reported soft downstream demand.
Feedstock inventory build at the consumer level is also likely to weigh on
apparent demand.
• Borates prices came under pressure as weak construction markets
impact underlying demand. Boric acid prices in China fell ~10%
quarter-on-quarter in the current period.
Iron Ore
Rio Tinto share of production (Million tonnes) Q3 vs Q3 vs Q2 9 MTHS vs 9 MTHS
2022
2023
2022
2023 2023
Pilbara Blend and SP10 Lump(1) 21.4 0 % +2 % 62.1 +8 %
Pilbara Blend and SP10 Fines(1) 31.7 -3 % 0 % 94.3 +7 %
Robe Valley Lump 1.7 +20 % +12 % 4.3 +19 %
Robe Valley Fines 2.4 +13 % +1 % 6.8 +19 %
Yandicoogina Fines (HIY) 13.6 +1 % +15 % 39.2 -6 %
Total Pilbara production 70.9 0 % +3 % 206.7 +5 %
Total Pilbara production (100% basis) 83.5 -1 % +3 % 244.0 +4 %
Rio Tinto share of shipments (Million tonnes) Q3 vs Q3 vs Q2 9 MTHS vs 9 MTHS
2022
2023
2022
2023 2023
Pilbara Blend Lump 14.8 -3 % +1 % 45.2 +16 %
Pilbara Blend Fines 25.4 -20 % -8 % 81.4 +4 %
Robe Valley Lump 1.3 +1 % +13 % 3.5 +20 %
Robe Valley Fines 2.7 +13 % +9 % 7.5 +16 %
Yandicoogina Fines (HIY) 13.7 +1 % +9 % 39.9 -5 %
SP10 Lump(1) 4.2 +154 % +153 % 7.5 -24 %
SP10 Fines(1) 9.7 +158 % +47 % 23.1 +31 %
Total Pilbara shipments(2) 71.7 +3 % +8 % 208.1 +6 %
Total Pilbara shipments (100% basis)(2) 83.9 +1 % +6 % 245.5 +5 %
Total Pilbara Shipments (consolidated basis)(2, 3) 73.6 +3 % +8 % 213.4 +6 %
Production figures are sometimes more precise than the rounded numbers shown,
hence small rounding differences may appear.
(1)SP10 includes other lower grade products.
(2)Shipments includes material shipped from the Pilbara to our portside
trading facility in China which may not be sold onwards by the group in the
same period.
(3)While Rio Tinto has a 53% net beneficial interest in Robe River Iron
Associates, it recognises 65% of the assets, liabilities, sales revenues and
expenses in its accounts (as 30% is held through a 60% owned subsidiary and
35% is held through a 100% owned subsidiary). The consolidated basis sales
reported here include Robe River Iron Associates on a 65% basis to enable
comparison with revenue reported in the financial statements.
Pilbara operations
We produced 83.5 million tonnes (Rio Tinto share 70.9 million tonnes) in the
third quarter, 1% lower than the corresponding period of 2022.
Shipments of 83.9 million tonnes (Rio Tinto share 71.7 million tonnes) were 1%
higher than the third quarter of 2022, and 6% higher than the prior quarter.
SP10 was a larger proportion of shipments during the third quarter (17%(1)),
and are expected to remain elevated in the next period.
Shipments in the first nine months of 2023 were 5% higher than the first nine
months of 2022 reflecting improved performance across the Pilbara system, ramp
up of our Gudai-Darri mine and an uplift in productivity from implementation
of the Safe Production System. We continue to expect full year shipments in
the upper half of the original 320 to 335 million tonne range, which includes
a 5 million tonne benefit from the implementation of the Safe Production
System. SP10 volumes are expected to account for 45 to 50 million tonnes of
2023 shipments (13% to 15%(1)).
Approximately 10% 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 26% of sales in the
nine months were made on a free on board (FOB) basis, with the remainder sold
including freight.
In early October, we hosted a site tour of our Pilbara operations for
investors and analysts. Presentation materials for this visit are available on
our w
(https://www.riotinto.com/en/invest/presentations/2023/pilbara-site-visit-2023)
ebsite
(https://www.riotinto.com/en/invest/presentations/2023/pilbara-site-visit-2023)
.
China Portside Trading
We continue to see strong demand for Rio Tinto's portside product in China.
Our iron ore portside sales were 17.5 million tonnes in the first nine
months of 2023 (19.5 million tonnes in the first nine months of 2022). At 30
September, inventory levels were 6.3 million tonnes, including 3.1 million
tonnes of Pilbara product. In the first nine months of 2023 approximately 87%
of our portside sales were either screened or blended in Chinese ports.
(1)Based on total Pilbara shipments on a 100% basis.
Aluminium
Rio Tinto share of production ('000 tonnes) Q3 vs Q3 vs Q2 9 MTHS vs 9 MTHS
2022
2023
2022
2023 2023
Bauxite 13,940 +2 % +3 % 39,521 -5 %
Bauxite third party shipments 9,550 +6 % +4 % 26,588 -8 %
Alumina 1,897 +3 % +2 % 5,618 0 %
Aluminium 828 +9 % +2 % 2,427 +9 %
Bauxite
Bauxite production of 13.9 million tonnes was 2% higher than the third quarter
of 2022 as we achieved the initial benefits of stabilising our operations,
particularly at Weipa where equipment reliability and performance improved.
We shipped 9.5 million tonnes of bauxite to third parties in the third
quarter, 6% higher than the same period of 2022.
Alumina
Alumina production of 1.9 million tonnes was 3% higher than the third quarter
of 2022 as operational stability improved at our Yarwun and Queensland Alumina
Limited (QAL) refineries.
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 9% higher than the third
quarter of 2022 as we returned to full capacity at our Kitimat smelter and
completed cell recovery efforts at our Boyne smelter. With Kitimat back at
full capacity, we are focussed on improving stability and removing associated
start-up costs to normalise profitability of the smelter.
All our other smelters continued to demonstrate stable performance during the
quarter.
Copper
Rio Tinto share of production ('000 tonnes) Q3 vs Q3 vs Q2 9 MTHS vs 9 MTHS
2022
2023
2022
2023 2023
Mined copper
Kennecott 48.8 -4 % +97 % 103.8 -21 %
Escondida 78.6 +5 % +2 % 228.3 +1 %
Oyu Tolgoi (66% basis)(1) 27.7 +128 % -2 % 84.1 +158 %
Total mined copper production 155.1 +12 % +19 % 416.2 +7 %
Total mined copper production (consolidated basis(2)) 169.4 +5 % +17 % 459.6 +1 %
Refined copper
Kennecott 18.5 -53 % +28 % 76.6 -32 %
Escondida 15.6 +5 % -28 % 52.6 +14 %
(1)Oyu Tolgoi production for 2022 reported on a 33.52% equity share basis.
Following the acquisition of Turquoise Hill Resources Ltd on 16 December 2022,
Oyu Tolgoi production for 2023 reported on a 66% equity share basis.
(2)Includes Oyu Tolgoi and Kennecott on a 100% consolidated basis, and
Escondida on an equity share basis.
Kennecott
Mined copper production was 4% lower than the third quarter of 2022 as the
concentrator returned to full capacity during the period, recovering from the
conveyor failure which occurred in March 2023.
Refined copper production was 53% lower than the third quarter of 2022 as we
completed the largest rebuild of the smelter and refinery in Kennecott's
history during the quarter. The ~$300 million rebuild incorporated
approximately 300 engineering and maintenance projects, and a workforce of
~3,200. The refinery and smelter were safely restarted during the period, with
production expected to ramp up during the fourth quarter. The scope of works
included a rebuild of the flash converting furnace, which was restarted late
in the third quarter.
Escondida
Mined copper production was 5% higher than the third quarter of 2022 driven by
higher copper feed grades combined with increased sulphide leach stacking
volumes.
Refined production was 5% higher than the third quarter of 2022 due to
improved oxide leach performance.
Oyu Tolgoi
Mined copper production on a 100% basis increased 16% from the third quarter
of 2022 as the ramp-up in underground production continued to plan, delivering
higher average copper head grades (0.52% vs. 0.42%). During the quarter we
delivered 0.9 million tonnes of ore milled from the underground mine at an
average copper head grade of 1.73%, and 8.8 million tonnes from the open pit
with an average grade of 0.39%.
Following our acquisition of Turquoise Hill Resources Ltd on 16 December 2022,
our equity share of production increased from 33.52% to 66%, effective in
reporting from 1 January 2023. We continue to fully consolidate Oyu Tolgoi in
our financials.
Minerals
Rio Tinto share of production (million tonnes) Q3 vs Q3 vs Q2 9 MTHS vs 9 MTHS
2022
2023
2022
2023 2023
Iron ore pellets and concentrate
IOC 2.4 -14 % +16 % 7.0 -10 %
Rio Tinto share of production ('000 tonnes) Q3 vs Q3 vs Q2 9 MTHS vs 9 MTHS
2022
2023
2022
2023 2023
Minerals
Borates - B(2)O(3) content 127 -2 % -5 % 384 -2 %
Titanium dioxide slag 247 -20 % -19 % 835 -5 %
Rio Tinto share of production ('000 carats) Q3 vs Q3 vs Q2 9 MTHS vs 9 MTHS
2022
2023
2022
2023 2023
Diavik 757 -36 % -22 % 2,681 -20 %
Iron Ore Company of Canada (IOC)
Iron ore production was 14% lower than the third quarter of 2022, as
operations were impacted by extended plant downtime and conveyor belt
failures, while we also recovered from wildfires which took place in Northern
Quebec in the prior quarter. Given these challenges our full year production
guidance has been reduced to 9.3 to 9.8 million tonnes (previously 10.0 to
11.0 million tonnes).
Shipments were 17% lower than the third quarter of 2022, driven by lower
production. Logistics have resumed full operations following the wildfires,
however disruptions remain a risk as we repair areas of the rail line damaged
by fire.
Borates
Borates production in the third quarter was 2% lower than the corresponding
period of 2022 due to weak market conditions and the impact of bad weather.
Iron and Titanium
Titanium dioxide slag production was 20% lower than the third quarter of 2022.
Two furnaces at our Rio Tinto Iron and Titanium (RTIT) Quebec Operations
remain offline following process safety incidents in June and July which we
are currently investigating. In addition, we continue to see weakness in the
titanium dioxide feedstock market.
On 23 August, we announced
(https://www.riotinto.com/en/news/releases/2023/rio-tinto-and-government-of-madagascar-reach-agreement-supporting-the-long-term-operation-of-qmm-)
an agreement with the Government of Madagascar on the future fiscal
arrangement for QMM and renewed our long-term partnership for the sustainable
operation of the QMM mine in Fort Dauphin, Madagascar. The new agreement was
confirmed by the High Constitutional Court of Madagascar on 8 August and
signed by the parties on 22 August. Under the terms of the agreement, there
will be an increase in the royalty rate from 2% to 2.5% and QMM will issue its
first dividend to the Government of Madagascar in 2023.
Diamonds
At Diavik, our share of carats was 36% lower than the third quarter of 2022
due to the completion of an underground pipe and area of the open pit during
the prior period.
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 2023, excluding
Simandou, was $613 million, compared with $506 million in the first nine
months of 2022 on the same basis. Approximately 33% of the spend was by
central exploration, 31% by Minerals, 27% by Copper and 8% by Iron Ore.
Our annual budget for central greenfield exploration remains around $250
million, mainly focused on copper, with a growing battery minerals programme.
Exploration highlights
Rio Tinto has a strong portfolio of projects with activity in 18 countries
across eight commodities in early exploration and studies stages. The bulk of
the exploration expenditure in the third quarter focused on copper in
Australia, Kazakhstan, Peru, US and Zambia, nickel in Peru and Canada and
lithium in Canada. Rio Tinto recently partnered in a lithium opportunity in
Rwanda and greenfield lithium exploration continues in Canada, Australia, US
and Africa. Rio Tinto has also partnered into a rutile opportunity in Malawi
and continues to explore for heavy mineral sands in South Africa. Exploration
for nickel is ongoing in Brazil, Canada, Finland and Peru. Mine-lease
exploration continued at Rio Tinto managed businesses including Bingham Canyon
in the US and Pilbara Iron Ore in Australia.
A summary of activity for the quarter is as follows:
Commodities Studies Stage Advanced projects Greenfield/ Brownfield programmes
Bauxite Melville Island, Australia
Cape York, Australia
Battery Materials Rincon Lithium, Argentina Nickel Greenfield: Australia, Brazil, Canada, Finland, Peru
Lithium borates: Jadar, Serbia Lithium Greenfield: Australia, Brazil, Canada, Chile, China, Finland, Rwanda,
US
Nickel: Tamarack, US (3rd party operated)
Lithium borates Brownfield: US
Copper Copper/molybdenum: Resolution, US Copper: La Granja, Peru Pribrezhniy, Kazakhstan Copper Greenfield: Angola, Australia, Brazil, Canada, Chile, China, Colombia,
Finland, Kazakhstan, Namibia, Laos, Peru, Papua New Guinea, Serbia, US, Zambia
Copper/Gold: Winu, Australia Calibre-Magnum, Australia
Copper Brownfield: US
Diamonds Falcon, Canada(2) Diamonds Greenfield: Angola
Diamonds Brownfield: Diavik
Iron Ore Pilbara, Australia Pilbara, Australia Greenfield and Brownfield: Pilbara, Australia
Simandou, Guinea
Minerals Potash: KL262(3), Canada Potash Greenfield: Canada
Heavy mineral sands: Mutamba, Mozambique Heavy mineral sands Greenfield: Australia, South Africa
(1)Costs relating to the Simfer joint venture where the Government of Guinea
holds 15% and Simfer Jersey holds 85%. Simfer Jersey is owned by Rio Tinto
(53%) and Chalco Iron Ore Holdings (CIOH) (47%).
(2)The Falcon Project in Saskatchewan, Canada, is currently in care and
maintenance whilst Rio Tinto considers alternative commercial options,
including potential exit.
(3)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
Laura Brooks
M: +44 7826 942 797
Rio Tinto plc Rio Tinto Limited
6 St James's Square Level 43, 120 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 Andy Hodges, 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 9 Months % change
2022 2023 2023 2022 2023 Q3 23 Q3 23 9 MTHS 2023
Q3 Q2 Q3 9 MTHS 9 MTHS vs vs vs
Q3 22 Q2 23 9 MTHS 2022
Principal commodities
Alumina ('000 t) 1,838 1,861 1,897 5,603 5,618 +3 % +2 % 0 %
Aluminium ('000 t) 759 814 828 2,226 2,427 +9 % +2 % +9 %
Bauxite ('000 t) 13,680 13,492 13,940 41,437 39,521 +2 % +3 % -5 %
Borates ('000 t) 130 133 127 391 384 -2 % -5 % -2 %
Copper - mined ('000 t) 138.0 130.5 155.1 389.9 416.2 +12 % +19 % +7 %
Copper - refined ('000 t) 54.1 36.2 34.1 158.2 129.2 -37 % -6 % -18 %
Diamonds ('000 cts) 1,192 970 757 3,333 2,681 -37 % -22 % -20 %
Iron Ore ('000 t) 73,726 70,632 73,241 204,832 213,657 -1 % +4 % +4 %
Titanium dioxide slag ('000 t) 310 303 247 876 835 -20 % -19 % -5 %
Other Metals & Minerals
Gold - mined ('000 oz) 58.2 61.4 80.2 179.3 205.9 +38 % +31 % +15 %
Gold - refined ('000 oz) 30.5 19.2 12.4 83.6 53.6 -59 % -35 % -36 %
Molybdenum ('000 t) 0.8 0.3 0.6 2.3 1.1 -23 % +100 % -54 %
Salt ('000 t) 1,674 1,652 1,434 4,299 4,535 -14 % -13 % +5 %
Silver - mined ('000 oz) 1,040 775 1,001 2,898 2,711 -4 % +29 % -6 %
Silver - refined ('000 oz) 571 329 240 1,438 1,001 -58 % -27 % -30 %
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
2022
2022
2023
2023
2023
2022
2023
ALUMINA
Production ('000 tonnes)
Jonquière (Vaudreuil) 100 % 336 368 371 346 325 996 1,042
Jonquière (Vaudreuil) specialty Alumina plant 100 % 30 29 25 27 28 85 79
Queensland Alumina 80 % 662 678 632 677 720 2,062 2,029
São Luis (Alumar) 10 % 95 97 94 66 88 280 248
Yarwun 100 % 715 769 739 745 736 2,180 2,219
Rio Tinto total alumina production 1,838 1,941 1,860 1,861 1,897 5,603 5,618
ALUMINIUM
Production ('000 tonnes)
Australia - Bell Bay 100 % 46 48 45 46 47 137 139
Australia - Boyne Island 59 % 65 68 70 73 76 199 218
Australia - Tomago 52 % 76 76 75 75 77 226 227
Canada - six wholly owned 100 % 341 360 367 389 398 981 1,154
Canada - Alouette (Sept-Îles) 40 % 64 63 62 63 64 188 189
Canada - Bécancour 25 % 29 29 29 29 28 86 87
Iceland - ISAL (Reykjavik) 100 % 51 52 51 52 52 151 155
New Zealand - Tiwai Point 79 % 67 68 66 66 66 199 198
Oman - Sohar 20 % 20 20 20 20 20 59 60
Rio Tinto total aluminium production 759 783 785 814 828 2,226 2,427
BAUXITE
Production ('000 tonnes) (a)
Gove 100 % 2,905 2,874 2,579 2,739 3,015 8,636 8,332
Porto Trombetas 12 % 393 391 275 327 391 941 992
Sangaredi (b) 1,953 1,588 1,744 1,614 1,524 5,663 4,882
Weipa 100 % 8,429 8,328 7,492 8,813 9,010 26,197 25,315
Rio Tinto total bauxite production 13,680 13,181 12,089 13,492 13,940 41,437 39,521
(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
2022
2022
2023
2023
2023
2022
2023
BORATES
Production ('000 tonnes B(2)O(3) content)
Rio Tinto Borates - borates 100 % 130 141 124 133 127 391 384
COPPER
Mine production ('000 tonnes) (a)
Bingham Canyon 100 % 50.7 47.5 30.3 24.8 48.8 131.7 103.8
Escondida 30 % 75.1 73.0 72.3 77.4 78.6 225.6 228.3
Oyu Tolgoi (b) 66 % 12.2 10.8 28.1 28.3 27.7 32.6 84.1
Rio Tinto total mine production 138.0 131.3 130.7 130.5 155.1 389.9 416.2
Rio Tinto total mine production - consolidated basis 162.1 152.8 145.2 145.0 169.4 454.4 459.6
Refined production ('000 tonnes)
Escondida 30 % 14.9 14.9 15.2 21.7 15.6 46.0 52.6
Kennecott (c) 100 % 39.2 36.1 43.6 14.4 18.5 112.2 76.6
Rio Tinto total refined production 54.1 51.0 58.9 36.2 34.1 158.2 129.3
(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.
(b) On 16 December 2022, Rio Tinto completed the acquisition of 100% of
Turquoise Hill Resources Ltd, increasing our ownership in Oyu Tolgoi from
33.52% to 66%. From 1 January 2023, our share of production has been updated
to reflect this change.
(c) We continue to process third party concentrate to optimise smelter
utilisation. There was no cathode produced from purchased concentrate in 2023
year-to-date. Purchased and tolled copper concentrates are excluded from
reported production figures and production guidance. Sales of cathodes
produced from purchased concentrate are included in reported revenues.
DIAMONDS
Production ('000 carats)
Diavik 100 % 1,192 1,319 954 970 757 3,333 2,681
GOLD
Mine production ('000 ounces) (a)
Bingham Canyon 100 % 32.5 29.7 20.6 18.7 32.0 93.1 71.3
Escondida 30 % 11.5 14.5 14.7 16.1 14.4 36.1 45.2
Oyu Tolgoi (b) 66 % 14.3 11.5 29.1 26.6 33.8 50.1 89.5
Rio Tinto total mine production 58.2 55.7 64.4 61.4 80.2 179.3 205.9
Refined production ('000 ounces)
Kennecott 100 % 30.5 30.3 22.0 19.2 12.4 83.6 53.6
(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) On 16 December 2022, Rio Tinto completed the acquisition of 100% of
Turquoise Hill Resources Ltd, increasing our ownership in Oyu Tolgoi from
33.52% to 66%. From 1 January 2023, our share of production has been updated
to reflect this change.
Rio Tinto share of production
Rio Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
2023
interest 2022 2022 2023 2023 2023 2022
IRON ORE
Production ('000 tonnes) (a)
Hamersley mines (b) 56,650 61,339 54,433 55,004 57,322 156,965 166,760
Hope Downs 50 % 6,264 5,945 5,885 5,763 5,519 18,480 17,167
Iron Ore Company of Canada 59 % 2,776 2,530 2,526 2,063 2,384 7,783 6,973
Robe River - Pannawonica (Mesas J and A) 53 % 3,540 4,178 3,123 3,897 4,106 9,368 11,126
Robe River - West Angelas 53 % 4,496 4,424 3,816 3,905 3,910 12,237 11,631
Rio Tinto iron ore production ('000 tonnes) 73,726 78,415 69,784 70,632 73,241 204,832 213,657
Breakdown of Production:
Pilbara Blend and SP10 Lump (c) 21,317 21,443 19,612 21,042 21,418 57,708 62,073
Pilbara Blend and SP10 Fines (c) 32,592 35,097 30,851 31,750 31,700 88,490 94,301
Robe Valley Lump 1,389 1,645 1,136 1,488 1,665 3,619 4,290
Robe Valley Fines 2,151 2,533 1,987 2,409 2,441 5,749 6,836
Yandicoogina Fines (HIY) 13,501 15,168 13,672 11,880 13,633 41,482 39,185
Pilbara iron ore production ('000 tonnes) 70,951 75,886 67,258 68,569 70,857 197,049 206,683
IOC Concentrate 1,237 1,186 1,241 1,120 1,137 3,480 3,498
IOC Pellets 1,539 1,343 1,285 943 1,247 4,302 3,475
IOC iron ore production ('000 tonnes) 2,776 2,530 2,526 2,063 2,384 7,783 6,973
Breakdown of Shipments:
Pilbara Blend Lump 15,301 15,089 15,689 14,691 14,812 38,794 45,192
Pilbara Blend Fines 31,597 32,659 28,528 27,474 25,375 78,452 81,377
Robe Valley Lump 1,281 1,244 1,051 1,152 1,297 2,926 3,499
Robe Valley Fines 2,392 2,896 2,262 2,489 2,706 6,433 7,457
Yandicoogina Fines (HIY) 13,530 14,661 13,689 12,558 13,669 42,219 39,916
SP10 Lump (c) 1,647 2,824 1,686 1,652 4,180 9,930 7,518
SP10 Fines (c) 3,766 5,062 6,832 6,613 9,699 17,609 23,145
Pilbara iron ore shipments ('000 tonnes) (d) 69,515 74,435 69,738 66,629 71,736 196,363 208,103
Pilbara iron ore shipments - consolidated basis ('000 tonnes) (d) (f) 71,379 76,303 71,505 68,322 73,553 201,310 213,380
IOC Concentrate 1,316 1,174 984 1,247 1,232 3,000 3,463
IOC Pellets 1,443 1,036 1,143 1,352 1,066 4,339 3,560
IOC Iron ore shipments ('000 tonnes) (d) 2,759 2,210 2,127 2,599 2,298 7,339 7,023
Rio Tinto iron ore shipments ('000 tonnes) (d) 72,274 76,645 71,864 69,228 74,034 203,701 215,127
Rio Tinto iron ore sales ('000 tonnes) (e) 74,587 75,337 74,273 71,678 74,488 212,533 220,439
(a) Mine production figures for metals refer to the total quantity of metal
produced in concentrates, leach liquor or doré bullion irrespective of
whether these products are then refined onsite, except for the data for
bauxite and iron ore which represent production of marketable quantities of
ore plus concentrates and pellets.
(b) Includes 100% of production from Paraburdoo, Mt Tom Price, Western Turner
Syncline, Marandoo, Yandicoogina, Brockman, Nammuldi, Silvergrass, Channar,
Gudai-Darri and the Eastern Range mines. Whilst Rio Tinto owns 54% of the
Eastern Range mine, under the terms of the joint venture agreement, Hamersley
Iron manages the operation and is obliged to purchase all mine production from
the joint venture and therefore all of the production is included in Rio
Tinto's share of production.
(c) SP10 includes other lower grade products.
(d) Shipments includes material shipped to our portside trading facility in
China which may not be sold onwards in the same period.
(e) Represents the difference between amounts shipped to portside trading and
onward sales from portside trading, and third party volumes sold.
(f) While Rio Tinto has a 53% net beneficial interest in Robe River Iron
Associates, it recognises 65% of the assets, liabilities, sales revenues and
expenses in its accounts (as 30% is held through a 60% owned subsidiary and
35% is held through a 100% owned subsidiary). The consolidated basis sales
reported here include Robe River Iron Associates on a 65% basis to enable
comparison with revenue reported in the financial statements.
Rio Tinto share of production
Rio Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
2023
interest 2022 2022 2023 2023 2023 2022
MOLYBDENUM
Mine production ('000 tonnes) (a)
Bingham Canyon 100 % 0.8 1.1 0.1 0.3 0.6 2.3 1.1
(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.
SALT
Production ('000 tonnes)
Dampier Salt 68 % 1,674 1,458 1,450 1,652 1,434 4,299 4,535
SILVER
Mine production ('000 ounces) (a)
Bingham Canyon 100 % 591 521 356 296 462 1,537 1,114
Escondida 30 % 363 453 404 302 350 1,137 1,056
Oyu Tolgoi (b) 66 % 86 68 176 177 189 224 541
Rio Tinto total mine production 1,040 1,042 935 775 1,001 2,898 2,711
Refined production ('000 ounces)
Kennecott 100 % 571 512 432 329 240 1,438 1,001
(a) Mine production figures for metals refer to the total quantity of metal
produced in concentrates, leach liquor or doré bullion irrespective of
whether these products are then refined onsite, except for the data for
bauxite and iron ore which represent production of marketable quantities of
ore plus concentrates and pellets.
(b) On 16 December 2022, Rio Tinto completed the acquisition of 100% of
Turquoise Hill Resources Ltd, increasing our ownership in Oyu Tolgoi from
33.52% to 66%. From 1 January 2023, our share of production has been updated
to reflect this change.
TITANIUM DIOXIDE SLAG
Production ('000 tonnes)
Rio Tinto Iron & Titanium (a) 100 % 310 323 285 303 247 876 835
(a) Quantities comprise 100% of Rio Tinto Fer et Titane and Rio Tinto's 74%
interest in Richards Bay Minerals (RBM).
Production figures are sometimes more precise than the rounded numbers shown,
hence small differences may result between the total of the quarter figures
and the year to date figures.
Rio Tinto percentage interest shown above is at 30 September 2023.
Rio Tinto operational data
Rio Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
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2022
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2023
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ALUMINA
Smelter Grade Alumina - Aluminium Group
Alumina production ('000 tonnes)
Australia
Queensland Alumina Refinery - Queensland 80 % 827 847 790 846 900 2,578 2,536
Yarwun refinery - Queensland 100 % 715 769 739 745 736 2,180 2,219
Brazil
São Luis (Alumar) refinery 10 % 946 975 936 657 883 2,796 2,476
Canada
Jonquière (Vaudreuil) refinery - Quebec (a) 100 % 336 368 371 346 325 996 1,042
(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 % 30 29 25 27 28 85 79
Rio Tinto percentage interest shown above is at 30 September 2023. 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 % 46 48 45 46 47 137 139
Boyne Island smelter - Queensland 59 % 110 114 117 123 127 336 367
Tomago smelter - New South Wales 52 % 148 147 145 146 149 439 441
Canada
Alma smelter - Quebec 100 % 122 122 120 121 121 360 361
Alouette (Sept-Îles) smelter - Quebec 40 % 159 158 156 159 159 470 474
Arvida smelter - Quebec 100 % 43 44 43 43 43 127 129
Arvida AP60 smelter - Quebec 100 % 15 15 14 14 15 43 43
Bécancour smelter - Quebec 25 % 116 116 115 118 114 344 346
Grande-Baie smelter - Quebec 100 % 59 58 57 57 58 174 171
Kitimat smelter - British Columbia 100 % 38 57 72 92 103 88 268
Laterrière smelter - Quebec 100 % 64 64 61 62 59 190 182
Iceland
ISAL (Reykjavik) smelter 100 % 51 52 51 52 52 151 155
New Zealand
Tiwai Point smelter 79 % 85 85 83 83 83 251 249
Oman
Sohar smelter 20 % 100 100 98 99 100 295 298
Rio Tinto percentage interest shown above is at 30 September 2023. The data
represents production and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
Rio Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
2022
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interest 2022 2022 2023 2023 2023
BAUXITE
Bauxite production ('000 tonnes)
Australia
Gove mine - Northern Territory 100 % 2,905 2,874 2,579 2,739 3,015 8,636 8,332
Weipa mine - Queensland 100 % 8,429 8,328 7,492 8,813 9,010 26,197 25,315
Brazil
Porto Trombetas (MRN) mine 12 % 3,275 3,256 2,288 2,724 3,258 7,844 8,271
Guinea
Sangaredi mine (a) 23 % 4,339 3,530 3,876 3,586 3,387 12,585 10,848
Rio Tinto share of bauxite shipments
Share of total bauxite shipments ('000 tonnes) 13,294 13,561 12,264 13,603 13,954 41,223 39,821
Share of third party bauxite shipments ('000 tonnes) 9,049 9,233 7,880 9,159 9,550 28,783 26,588
(a) Rio Tinto has a 22.95% shareholding in the Sangaredi mine but benefits
from 45.0% of production.
Rio Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
interest
2022
2022
2023
2023
2023
2022
2023
BORATES
Rio Tinto Borates - borates 100 %
US
Borates ('000 tonnes) (a) 130 141 124 133 127 391 384
(a) Production is expressed as B(2)O(3) content.
Rio Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
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COPPER & GOLD
Escondida 30 %
Chile
Sulphide ore to concentrator ('000 tonnes) 32,894 33,911 33,309 30,749 33,332 97,447 97,390
Average copper grade (%) 0.83 0.76 0.78 0.93 0.85 0.84 0.85
Mill production (metals in concentrates):
Contained copper ('000 tonnes) 214.6 212.8 210.0 228.9 225.7 645.5 664.6
Contained gold ('000 ounces) 38.2 48.4 49.0 53.5 48.1 120.3 150.5
Contained silver ('000 ounces) 1,210 1,510 1,346 1,008 1,168 3,791 3,521
Recoverable copper in ore stacked for leaching ('000 tonnes) (a) 35.8 30.4 31.0 29.1 36.4 106.5 96.6
Refined production from leach plants:
Copper cathode production ('000 tonnes) 49.6 49.7 50.8 72.4 52.0 153.4 175.2
(a) The calculation of copper in material mined for leaching is based on ore
stacked at the leach pad.
Rio Tinto percentage interest shown above is at 30 September 2023. The data
represents production and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
Rio Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
2022
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interest 2022 2022 2023 2023 2023
COPPER & GOLD (continued)
Kennecott
Bingham Canyon mine 100 %
Utah, US
Ore treated ('000 tonnes) 10,125 10,449 7,405 5,339 9,804 27,116 22,548
Average ore grade:
Copper (%) 0.56 0.52 0.47 0.52 0.56 0.54 0.52
Gold (g/t) 0.16 0.14 0.12 0.16 0.16 0.17 0.15
Silver (g/t) 2.50 2.20 2.16 2.36 2.10 2.42 2.18
Molybdenum (%) 0.021 0.020 0.012 0.018 0.018 0.020 0.016
Copper concentrates produced ('000 tonnes) 192 184 116 92 180 504 388
Average concentrate grade (% Cu) 26.2 25.6 26.1 26.8 26.8 26.1 26.6
Production of metals in copper concentrates:
Copper ('000 tonnes) (a) 50.7 47.5 30.3 24.8 48.8 131.7 103.8
Gold ('000 ounces) 32.5 29.7 20.6 18.7 32.0 93.1 71.3
Silver ('000 ounces) 591 521 356 296 462 1,537 1,114
Molybdenum concentrates produced ('000 tonnes): 1.8 2.0 0.1 0.6 1.4 4.8 2.1
Molybdenum in concentrates ('000 tonnes) 0.8 1.1 0.1 0.3 0.6 2.3 1.1
Kennecott smelter & refinery 100 %
Copper concentrates smelted ('000 tonnes) 166 194 200 41 59 531 299
Copper anodes produced ('000 tonnes) (b) 46.2 24.5 55.1 18.2 1.4 120.0 74.8
Production of refined metal:
Copper ('000 tonnes) (c) 39.2 36.1 43.6 14.4 18.5 112.2 76.6
Gold ('000 ounces) (d) 30.5 30.3 22.0 19.2 12.4 83.6 53.6
Silver ('000 ounces) (d) 571 512 432 329 240 1,438 1,001
(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. There was no cathode produced from purchased concentrate in 2023
year-to-date. Purchased and tolled copper concentrates are excluded from
reported production figures and production guidance. Sales of cathodes
produced from purchased concentrate are included in reported revenues.
(d) Includes gold and silver in intermediate products.
Rio Tinto percentage interest shown above is at 30 September 2023. The data
represents production and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
Rio Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
2022
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interest 2022 2022 2023 2023 2023
COPPER & GOLD (continued)
Oyu Tolgoi mine (a) 66 %
Mongolia
Ore Treated ('000 tonnes) - Open Pit 10,141 8,900 9,613 8,809 8,789 28,686 27,210
Ore Treated ('000 tonnes) - Underground 544 510 675 900 900 1,265 2,475
Ore Treated ('000 tonnes) - Total 10,685 9,411 10,288 9,709 9,689 29,951 29,685
Average mill head grades:
Open Pit
Copper (%) 0.40 0.41 0.43 0.41 0.39 0.40 0.41
Gold (g/t) 0.22 0.20 0.21 0.19 0.25 0.27 0.22
Silver (g/t) 1.28 1.14 1.16 1.10 1.19 1.22 1.15
Underground
Copper (%) 0.82 1.03 1.36 1.56 1.73 0.64 1.57
Gold (g/t) 0.22 0.29 0.35 0.38 0.37 0.22 0.37
Silver (g/t) 2.16 2.54 3.26 3.67 3.94 1.78 3.66
Total
Copper (%) 0.42 0.45 0.49 0.52 0.52 0.41 0.51
Gold (g/t) 0.22 0.21 0.22 0.21 0.26 0.27 0.23
Silver (g/t) 1.32 1.21 1.30 1.34 1.44 1.24 1.36
Copper concentrates produced ('000 tonnes) 173.6 151.9 201.8 200.3 197.6 463.9 599.7
Average concentrate grade (% Cu) 20.9 21.3 21.1 21.4 21.3 20.9 21.2
Production of metals in concentrates:
Copper in concentrates ('000 tonnes) 36.3 32.3 42.6 42.8 42.0 97.1 127.4
Gold in concentrates ('000 ounces) 42.7 34.2 44.1 40.3 51.2 149.6 135.6
Silver in concentrates ('000 ounces) 256 204 266 268 287 668 820
Sales of metals in concentrates:
Copper in concentrates ('000 tonnes) 41.8 25.3 41.4 43.2 42.7 107.0 127.3
Gold in concentrates ('000 ounces) 56.0 26.2 44.0 40.4 48.7 181.3 133.1
Silver in concentrates ('000 ounces) 282 152 242 257 269 684 768
(a) On 16 December 2022, Rio Tinto completed the acquisition of 100% of
Turquoise Hill Resources Ltd, increasing our ownership in Oyu Tolgoi from
33.52% to 66%. From 1 January 2023, our share of production has been updated
to reflect this change.
Rio Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
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DIAMONDS
Diavik Diamonds 100 %
Northwest Territories, Canada
Ore processed ('000 tonnes) 590 535 427 446 427 1,623 1,300
Diamonds recovered ('000 carats) 1,192 1,319 954 970 757 3,333 2,681
Rio Tinto percentage interest shown above is at 30 September 2023. The data
represents production and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
Rio Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
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IRON ORE
Rio Tinto Iron Ore
Western Australia
Pilbara Operations
Saleable iron ore production ('000 tonnes)
Hamersley mines (a) 56,650 61,339 54,433 55,004 57,322 156,965 166,760
Hope Downs 50 % 12,529 11,891 11,771 11,527 11,037 36,959 34,335
Robe River - Pannawonica (Mesas J and A) 53 % 6,679 7,882 5,892 7,353 7,747 17,676 20,992
Robe River - West Angelas 53 % 8,484 8,347 7,200 7,368 7,377 23,088 21,945
Total production ('000 tonnes) 84,342 89,458 79,296 81,251 83,484 234,687 244,031
Breakdown of total production:
Pilbara Blend and SP10 Lump (b) 25,452 25,251 23,196 24,910 25,268 69,507 73,374
Pilbara Blend and SP10 Fines (b) 38,709 41,158 36,537 37,108 36,836 106,023 110,481
Robe Valley Lump 2,621 3,103 2,143 2,808 3,142 6,829 8,094
Robe Valley Fines 4,058 4,779 3,748 4,544 4,605 10,846 12,898
Yandicoogina Fines (HIY) 13,501 15,168 13,672 11,880 13,633 41,482 39,185
Breakdown of total shipments:
Pilbara Blend Lump 18,860 18,153 18,733 17,757 17,785 48,529 54,274
Pilbara Blend Fines 38,186 38,835 35,349 33,668 31,008 98,344 100,026
Robe Valley Lump 2,417 2,348 1,983 2,173 2,447 5,521 6,603
Robe Valley Fines 4,514 5,464 4,268 4,696 5,105 12,137 14,070
Yandicoogina Fines (HIY) 13,530 14,661 13,689 12,558 13,669 42,219 39,916
SP10 Lump (b) 1,647 2,824 1,686 1,652 4,180 9,930 7,518
SP10 Fines (b) 3,766 5,062 6,832 6,613 9,699 17,609 23,145
Total shipments ('000 tonnes) (c) 82,920 87,347 82,540 79,118 83,892 234,289 245,550
Rio Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
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Iron Ore Company of Canada 59 %
Newfoundland & Labrador and Quebec in Canada
Saleable iron ore production:
Concentrates ('000 tonnes) 2,106 2,020 2,113 1,908 1,936 5,927 5,957
Pellets ('000 tonnes) 2,621 2,288 2,189 1,605 2,124 7,327 5,918
IOC Total production ('000 tonnes) 4,727 4,308 4,302 3,513 4,060 13,254 11,875
Shipments:
Concentrates ('000 tonnes) 2,241 1,999 1,676 2,124 2,098 5,108 5,897
Pellets ('000 tonnes) 2,457 1,764 1,947 2,302 1,815 7,390 6,063
IOC Total Shipments ('000 tonnes) (c) 4,699 3,763 3,622 4,426 3,913 12,498 11,961
Global Iron Ore Totals
Iron Ore Production ('000 tonnes) 89,069 93,766 83,599 84,764 87,543 247,941 255,906
Iron Ore Shipments ('000 tonnes) 87,619 91,110 86,162 83,543 87,805 246,787 257,511
Iron Ore Sales ('000 tonnes) (d) 89,689 89,650 88,490 85,601 88,030 254,991 262,121
(a) Includes 100% of production from Paraburdoo, Mt Tom Price, Western Turner
Syncline, Marandoo, Yandicoogina, Brockman, Nammuldi, Silvergrass, Channar,
Gudai-Darri and the Eastern Range mines. Whilst Rio Tinto owns 54% of the
Eastern Range mine, under the terms of the joint venture agreement, Hamersley
Iron manages the operation and is obliged to purchase all mine production from
the joint venture and therefore all of the production is included in Rio
Tinto's share of production.
(b) SP10 includes other lower grade products.
(c) Shipments includes material shipped to our portside trading facility in
China which may not be sold onwards in the same period.
(d) Include Pilbara and IOC sales adjusted for portside trading movements and
third party volumes sold.
Rio Tinto percentage interest shown above is at 30 September 2023. The data
represents production and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
Rio Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
2022
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2023
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interest 2022 2023
SALT
Dampier Salt 68 %
Western Australia
Salt production ('000 tonnes) 2,449 2,133 2,121 2,416 2,097 6,289 6,634
TITANIUM DIOXIDE SLAG
Rio Tinto Iron & Titanium 100 %
Canada and South Africa
(Rio Tinto share) (a)
Titanium dioxide slag ('000 tonnes) 310 323 285 303 247 876 835
(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 2023. The data
represents production and sales on a 100% basis unless otherwise stated.
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