Rio
Tinto releases first quarter production results
17
April 2024
Rio Tinto Chief Executive Jakob
Stausholm said: "We have been deeply affected by the loss of four
Diavik colleagues and two airline crew members in a plane crash in
January. This tragedy has strengthened our resolve to never be
complacent about safety.
"We delivered stable operating
results in the first quarter, including improvements at our bauxite
and aluminium businesses, as we navigated seasonal challenges
across our global operations. Our full year guidance is unchanged
across all our products. We remained focused on growth in
energy-transition materials, with the ramp-up at Oyu Tolgoi
underground, the first full quarter of recycled aluminium
production from Matalco and further progress at Simandou, our high
grade iron ore project in Guinea.
"Action to decarbonise our
operations continues, with power purchase agreements signed marking
a significant step towards a competitive renewable energy solution
for our Gladstone operations - the single largest lever towards our
2030 emissions goal. We also joined with BHP and BlueScope to
investigate the development of Australia's first electric smelting
furnace pilot plant, progressing our work on steel decarbonisation.
We continue to pursue our long-term strategy, and have a clear
pathway to deliver operational excellence, while investing in
profitable growth and delivering attractive shareholder
returns."
|
Production*
|
|
Q1
2024
|
vs
Q1
2023
|
vs
Q4
2023
|
|
Pilbara iron ore shipments (100%
basis)
|
Mt
|
78.0
|
-5 %
|
-10 %
|
|
Pilbara iron ore production (100%
basis)
|
Mt
|
77.9
|
-2 %
|
-11 %
|
|
Bauxite
|
Mt
|
13.4
|
+11 %
|
-11 %
|
|
Aluminium**
|
kt
|
826
|
+5 %
|
-2 %
|
|
Mined copper (consolidated
basis)
|
kt
|
156
|
+7 %
|
-3 %
|
|
Titanium dioxide slag
|
kt
|
254
|
-11 %
|
-8 %
|
|
IOC*** iron ore pellets and
concentrate
|
Mt
|
2.6
|
+3 %
|
-3 %
|
* Rio Tinto share unless
otherwise stated
** Includes primary aluminium
only
*** Iron Ore Company of
Canada
Q1
2024 operational highlights and other key
announcements
•
Our all injury frequency rate for the first
quarter was 0.36, in line with the previous quarter, and a small
increase from the first quarter of 2023 (0.34). The tragic plane
crash in January is a devastating reminder of why safety is and
must always be our top priority. We continue to work closely with
the authorities to support their efforts to understand the full
facts of what has happened.
•
In the Pilbara, we produced 77.9 million tonnes
(Rio Tinto share 66.1 million tonnes) in the first quarter, 2%
lower than the corresponding period of 2023. Compared to the first
quarter in 2023, planned ore depletion, predominantly at
Yandicoogina, was partially offset by productivity gains across
other operations. We continue to work on asset management and pit
health, and expect further productivity gains over the remainder of
the year. Shipments of 78.0 million tonnes (Rio Tinto share 66.1
million tonnes) were 5% lower than the first quarter of 2023. Lower
volumes were predominantly the result of weather disruption at the
ports, leading to a lower stock draw-down compared to last year, as
well as reduced production at the mines.
• Bauxite
production of 13.4 million tonnes was
11% higher than the
first quarter of 2023 with continued
improvement in operational stability at Weipa and Gove.
• Aluminium
production of 0.8 million tonnes was
5% higher than the
first quarter of 2023. Kitimat is now back at full capacity.
•
Mined copper production of 156 thousand tonnes (consolidated basis) was
7% higher than the first quarter of
2023.
◦ Kennecott
mined copper production was 7% higher than
the first quarter of 2023 but 32% lower than the
previous quarter, primarily, due to unplanned conveyor downtime.
The impacted conveyor is now fully operational
again.
◦
Escondida copper production was
7% higher than the first quarter of 2023
due to higher concentrator feed grade (0.92% in the first quarter of 2024 vs 0.78% in the corresponding period of 2023).
◦ Oyu Tolgoi
mined copper production increased 8% from
the first quarter of 2023 as the ramp-up in underground
production continued in line with our long term plan,
delivering a copper head grade of 1.67% (vs 1.36%
in the first quarter of 2023) for the underground and an overall
copper head grade of 0.55% (vs 0.49%).
•
Titanium dioxide slag production was 11% lower
than the first quarter of 2023. We entered 2024 with six out
of nine furnaces operating at our RTIT Quebec
Operations and three out of four online at Richards Bay Minerals
(RBM). During the first quarter, we started the planned
rebuild of one of the three offline
furnaces in Quebec.
• IOC
production was 3% higher
than the first quarter of 2023. Shipments were 25% higher
than the first quarter of 2023, driven by rail and port
availability and utilisation.
• In the
first quarter, we continued deployment of the Safe Production
System (SPS), now reaching 24 sites, which
we have prioritised for value. This year, our focus is on a deeper
roll-out of SPS at the sites where it has been deployed.
•
On 16 January, we
announced that Dampier Salt Limited
entered into a sales agreement for the Lake MacLeod salt and gypsum
operation in Carnarvon, Western Australia, with privately-owned
salt company Leichhardt Industrials Group for $251 million (A$375
million). Completion is expected by end of the year subject to
certain commercial and regulatory conditions being
satisfied.
•
On 21 February, we
announced that Simon McKeon will step
down as a Non-Executive Director at the conclusion of the Rio Tinto
Limited annual general meeting on 2 May 2024.
• On 28
March, we published our 2023 Taxes
and Royalties Paid Report, which
details $8.5 billion of taxes and royalties paid globally during
the year, including $6.6 billion in Australia.
• Subsequent
to the end of the quarter, we
announced that we will manage the
Ranger Rehabilitation Project in Australia's Northern Territory on
behalf of Energy Resources of Australia Ltd (ERA), under a new
Management Services Agreement. This agreement will build on ERA's
existing rehabilitation work with Rio Tinto's technical expertise
in designing, scoping and executing closure projects.
• On 8
April, we
announced that Bold Baatar has been
appointed to the role of Chief Commercial Officer to lead the
Group's commercial and business development activities
globally.
All figures in this report are
unaudited. All currency figures in this report are US dollars, and
comments refer to Rio Tinto's share of production, unless otherwise
stated.
2024 guidance
|
Rio Tinto production share, unless
otherwise stated
|
2023
Actuals
|
Q1 2024
Actuals
|
2024
Previous
|
2024
Current
|
|
Pilbara iron ore (shipments, 100%
basis) (Mt)
|
331.8
|
78.0
|
323 to 338
|
Unchanged
|
|
Bauxite (Mt)
|
54.6
|
13.4
|
53 to 56
|
Unchanged
|
|
Alumina (Mt)
|
7.5
|
1.9
|
7.6 to 7.9
|
Unchanged
|
|
Aluminium (Mt)
|
3.3
|
0.8
|
3.2 to 3.4
|
Unchanged
|
|
Mined copper (consolidated basis)
(kt)
|
620
|
156
|
660 to 720
|
Unchanged
|
|
Refined copper (kt)
|
175
|
62.5
|
230 to 260
|
Unchanged
|
|
Titanium dioxide slag
(Mt)
|
1.1
|
0.3
|
0.9 to 1.1
|
Unchanged
|
|
IOC1 iron ore pellets and
concentrate (Mt)
|
9.7
|
2.6
|
9.8 to 11.5
|
Unchanged
|
|
Boric oxide equivalent
(Mt)
|
0.5
|
0.1
|
~0.5
|
Unchanged
|
1Iron Ore Company of Canada
continues to be reported at Rio Tinto share.
• 2024
production guidance is unchanged.
•
Expectations for Pilbara iron ore shipments in 2024 remain at 323
to 338 million tonnes. SP10 levels are expected to
remain elevated until replacement projects are delivered.
This guidance remains subject to the timing of approvals for
planned mining areas and heritage clearances.
• Iron ore
shipments and bauxite production guidance remain subject to weather
impacts.
Operating costs
• Guidance
for 2024 Pilbara iron ore unit cash costs is unchanged at $21.75 to $23.50 per tonne range (based
on an average A$:US$ exchange rate of 0.66).
• Guidance
for 2024 copper C1 unit costs is unchanged
at 140 to 160 US cents/lb.
Investments, growth and development projects
•
Our share of capital investment for 2024 remains
unchanged and is expected to be up to $10.0 billion, including
growth capital of up to $3.0 billion, sustaining capital of around
$4.0 billion and $2.0 to $3.0 billion of replacement capital. This
remains subject to Traditional Owner and other stakeholder
engagement, regulatory approvals and technology developments. All
capital guidance is subject to ongoing inflationary pressures and
exchange rates.
• Pre-tax
and pre-divestment expenditure on exploration and evaluation
charged to the income statement in 2024 was $214
million, compared with $219 million in 2023, on the same basis.
Approximately 23% of the spend was by central exploration, 38% by
minerals (with the majority focusing on lithium), 29% by copper and
10% by iron ore. In 2024, all qualifying expenditure relating to
Simandou has been capitalised.
Pilbara projects
•
Construction of our Western Range mine is now over 50% complete.
Bulk earthworks and initial mining area development are well
advanced and the focus is on greenfield crushing and screening, and
Paraburdoo plant tie-in. First ore remains on plan for
2025.
• We
continue to advance our next tranche of Pilbara mine replacement
studies including the Hope Downs 1 (Hope Downs 2 and Bedded
Hilltop), Brockman 4 (Brockman Syncline 1), Greater Nammuldi and
West Angelas projects. Project timelines remain subject to
timing of approvals and heritage clearances.
• The Rhodes
Ridge pre-feasibility study (PFS) continues to progress, including
resource evaluation activities. The PFS, which is targeting an
initial capacity of up to 40 million tonnes per year, subject to
relevant approvals, is expected to be complete by the end of 2025.
This will be followed by a feasibility study. First ore is expected
by the end of the decade.
•
Following approval in late 2023,
engineering and procurement activities for the Coastal Water
desalination project are well advanced. The $395 million plant will
provide water to our port operations in Dampier.
Oyu
Tolgoi underground project
•
We continue to see strong performance from the
underground mine, with a total of 99 drawbells opened from Panel 0,
including 13 during the quarter. The operation is expected
to ramp up to deliver average mined copper production of ~500
thousand tonnes per annum (100% basis) between 2028 and
20361.
• Sinking of
ventilation shafts 3 and 4 continued to progress well during the
quarter and at the end of March reached depths of 1,076 metres and 1,150 metres below ground level, respectively.
Final depths required for shafts 3 and 4 are 1,130 and 1,176 metres
respectively. Shaft 4 breakthrough (sinking completion) was
achieved in early April. Both shafts remain on track to be
commissioned in the second half of 2024.
•
Construction of the conveyor to surface works continued to plan and
was 94% complete at the end of the quarter. Commissioning remains
on track for the second half of 2024.
•
Construction works for the concentrator conversion
remain on schedule. Commissioning is expected to be progressively
completed from the fourth quarter of 2024 through to the second
quarter of 2025.
•
Construction of primary crusher 2 commenced in December 2023 and is
due to be completed by the end of 2025.
Simandou iron ore
project
• In
February, the Board of Rio Tinto approved its share of capital
expenditure to progress the Simandou iron ore project in Guinea,
subject to joint venture partner and regulatory
approvals2 from China and Guinea. We are continuing to
work with our partners to satisfy the outstanding
conditions.
•
We estimate3 our share of capital
expenditure for the Simfer mine and co-developed infrastructure is
approximately $6.2 billion4. First production
from the Simfer mine is expected in 2025, ramping up over 30 months
to an annualised capacity of 60 million tonnes per year5
(27 million tonnes per year Rio Tinto share).
•
During the first quarter, we continued to finalise
the remaining construction contracts and progressed the full
mobilisation of 7,000+ work force for the Simfer6 mine
and Simfer-managed scope of the co-developed
infrastructure.
• For the
Simfer mine, good progress has been made on the earthworks,
including completion of clearing the 18-kilometre airport access
road. Construction also commenced on the primary crusher. For the
Simfer-managed scope of the co-developed infrastructure, the rail
spur tunnel, port car dumpers and transhipment vessel (TSV) wharf
are now under construction.
•
Biodiversity monitoring continues with water monitoring with
several local communities, as do our rehabilitation efforts with
the sowing of 1,730 seeds for new stock in the Canga nursery and
hydroseed of 7 hectares at Siatouro for erosion control. Our
community commitments continue with 11 projects underway for
schools, water wells, training programs and local content business
support.
Other key projects and exploration and
evaluation
• At
Complexe Jonquière in Quebec, Canada, early works activities for
the expansion of our low carbon AP60 aluminium smelter were
completed during the quarter. The execution phase of construction
activities is ramping up with the mobilisation of civil and
structural contractors. Once completed, the
project will add 96 new AP60 pots, increasing capacity by
approximately 160,000 metric tonnes of primary aluminium per year.
This new capacity, in addition to 30,000 tonnes of new recycling
capacity at Arvida expected to open in the fourth quarter of 2025, will offset the 170,000 tonnes
of capacity lost through the gradual closure of potrooms at the
Arvida smelter from 2024.
• At
Kennecott, the first stope of the
Lower Commercial Skarn was blasted in
March. This marks Kennecott's return to underground production
after more than 40 years. Activities
continued on the North Rim Skarn (NRS) underground development and
infrastructure. Production from the NRS is now forecast to commence
around mid-year 2025 (previously first
quarter of 2025) following updates to our controls after ground
fall events.
• At the
Resolution Copper project in Arizona, the U.S. Court of Appeals for
the Ninth Circuit denied Apache Stronghold's attempt to stop the
land exchange between Resolution Copper and the federal government.
Apache Stronghold has asked the court to rehear the case. We
continue to progress the Final Environmental Impact Statement
(FEIS) with the United States Forest Service (USFS), but they have
yet to advise on the date of re-publication. We also advanced partnership discussions with
federally-recognised Native American Tribes who are part of the
formal consultation process. While there is significant local
support for the project, we respect the views of groups who oppose
it and will continue our efforts to address and mitigate
concerns.
• At the
Winu copper-gold project in Western
Australia, Project Planning Agreements were executed with the
Nyangumarta and Martu groups, the Traditional Owners of the land on
which the proposed Winu mine and airstrip will be located. Study
activities, drilling and fieldwork progressed sufficiently to
commence Winu's formal Western Australian Environmental Protection
Authority (EPA) approval process. Work in 2024 to complete the
environmental approval deliverables and the Project Agreement
negotiations with both Traditional Owner groups remains the
priority.
• Nuton, Rio
Tinto's copper heap leaching technology venture, continues to
develop its path for deployment with a portfolio of six
partnerships (Cactus with ASCU, Yerington with Lion Copper &
Gold, Johnson Camp with Excelsior, AntaKori with Regulus, Escondida
with BHP and Los Azules with McEwen) in four countries: United
States, Chile, Peru and Argentina. In March, Lion
Copper & Gold announced the results of the Preliminary Economic
Assessment (PEA) for its Yerington Project. Lion Copper and Gold's
assessment incorporated the Nuton case. Nuton continues to
develop its pipeline of projects.
• We
continue to believe that the Jadar
lithium-borate project in Serbia has the potential to be a
world-class asset, that will support the development of other
future industries in Serbia, acting as a catalyst for tens of
thousands of jobs for current and future generations, and
sustainably producing materials critical to the energy transition.
We are focused on consultation with all stakeholders to explore
options related to the project's future.
• At the
Rincon lithium project in Argentina, development of the three
thousand tonne per annum lithium carbonate starter plant is ongoing
as we progressed the construction of an additional 400-bed camp facility (500 already completed) and
concrete works. Structural, mechanical, piping, electrical and
instrumentation installation activity is ramping up to plan. We
progressed studies for the full-scale operation during the quarter,
and the exploration campaign to further understand Rincon's basin,
brine and water reservoirs. We continue to engage with communities,
the province of Salta and the Government of Argentina to ensure an
open and transparent dialogue with stakeholders about the works
underway. We continue to expect first production from the starter
plant by the end of 2024.
1 The 500 thousand tonnes per
annum copper production target (stated as recoverable metal) for
the Oyu Tolgoi underground and open pit mines for the years 2028 to
2036 was previously reported in a release to the Australian
Securities Exchange (ASX) dated 11 July 2023 "Investor site visit
to Oyu Tolgoi copper mine, Mongolia". All material assumptions
underpinning that production target and those production profiles
continue to apply and have not materially
changed.
2 Closing of the joint venture
arrangements for the co-developed infrastructure remain subject to
a number of conditions including Chinese and Guinean regulatory
approvals.
3 A true-up mechanism will
apply between Simfer and WCS to equalise their out of pocket costs
of constructing the co-developed rail and port
infrastructure.
4 Estimated numbers, subject to approval by all joint venture
partners and government authorities.
5 The
estimated annualised capacity of approximately 60 million dry
tonnes per annum iron ore for the Simandou life of mine schedule
was previously reported in a release to the ASX dated 6 December
2023 titled "Investor Seminar 2023". Rio Tinto confirms that all
material assumptions underpinning that production target and those
production profiles continue to apply and have not materially
changed.
6 Simfer Jersey Limited is a
joint venture between the Rio Tinto Group (53%) and Chalco Iron Ore
Holdings Ltd (CIOH) (47%), a Chinalco-led joint venture of leading
Chinese SOEs (Chinalco (75%), Baowu (20%), China Rail Construction
Corporation (2.5%) and China Harbour Engineering Company (2.5%)).
Simfer S.A. is the holder of the mining concession covering
Simandou Blocks 3 & 4, and is owned by the Guinean State (15%)
and Simfer Jersey Limited (85%). Simfer Infraco Guinée S.A.U. will
deliver Simfer's scope of the co-developed rail and port
infrastructure, and is, on the date of this notice, a wholly-owned
subsidiary of Simfer Jersey Limited, but will be co-owned by the
Guinean State (15%) after closing of the co-development
arrangements. Simfer Jersey will ultimately own 42.5% of Compagnie
du Transguinéen, which will own and operate the co-developed
infrastructure during operations.
Sustainability highlights
February marked two years since the
Everyday Respect Report was released. We recognised this milestone
by sharing stories highlighting some of the actions we have taken
to implement the 26 recommendations as we progress on our journey
of culture change to create a safer, more respectful and inclusive
organisation. We are proud of all we have achieved, but recognise
that we are only two years into our journey and have much to learn
and do. One of the final recommendations, a Progress Review, was
launched on 9 April to help us understand where we still need to
make improvements. We continue to commit to transparency and will
share the results of the independent Progress Review.
This quarter we launched Inclusive
Voices, our employee-led Employee Resource Group community, to
amplify voices of diverse groups across our business. We also
worked on removing other barriers to inclusion and bringing our
Everyday Respect priorities to life through starting to build a
series of "how to" guides starting with our Parental Leave guide
released in March.
Communities & Social Performance (CSP)
In March, we officially launched a
global community perception monitoring program, Local
Voices. The program is an important
part of our commitment to truly listen to communities so we can
continually find better ways to work together. Other key highlights from the quarter are provided below, with
further information available on our
website:
26 January 2024
| Sokhulu and RBM agree to implement
trust reform and
support long-term
community benefit
26 March 2024
| Rio Tinto commits $10 million to boost Tom Price sports and
recreation
8 April
2024
|
Yinhawangka People and Rio
Tinto partner
to co-design
'Living
Cultures Program'
Climate change, product stewardship and our value
chain
To reach our 2030
goal of a 50% reduction in emissions (Scope 1 and 2), our single
largest lever - accounting for around one-quarter of our emissions
- is to develop a competitive renewable energy solution for the
Boyne and Tomago aluminium smelters in our Pacific Aluminium
Operations. In February, we agreed to buy th
e majority of electricity from
Windlab's Bungaban wind energy project. This, combined with our
announcement in January of a power purchase agreement (PPA) for
European Energy's Upper Calliope solar farm in Queensland, will
make Rio Tinto the biggest industrial buyer of renewable power in
Australia. The combined 2.2GW of renewable PPAs represent the
equivalent of 10% of Queensland's current power demand and have the
potential to lower carbon emissions by about 5 million tonnes per
year. Turning to steel decarbonisation, in February, we announced a
partnership with BHP and BlueScope to investigate the development
of Australia's first ironmaking electric smelting furnace pilot
plant.
Further detail on these PPAs and
partnerships is provided in the links below:
24 January 2024
| Rio Tinto
to
drive development of Australia's
largest solar farm at Gladstone
09
February 2024 | Australia's
leading iron ore producers partner with BlueScope on steel
decarbonisation
21 February 2024
| Rio Tinto signs Australia's
biggest renewable power deal as it works to repower its Gladstone
operations
27
February 2024
| Rio Tinto IOC and Government of Canada partner to decarbonize
iron ore processing in Labrador
West
Our
markets
The global economy remains
resilient, despite the aggressive policy rate hikes in the past two
years, with a recovery in industrial production ahead. Inflation is
trending downwards, but slower than expectations, as energy price
risks and shipping cost volatility remain. Labour markets are still
resilient.
• China's
economic recovery has been uneven, prompting more government
support to sustain growth and meet the target of around 5% GDP
growth this year. The manufacturing sector
remains strong, given increased industrial production and exports,
while property activity remains weak, despite improved policy
support. There is continued issuance of
financing for infrastructure projects, although efforts are being
taken to restructure local government debts.
• The US
market outlook remains optimistic, given the labour market
strength, looser financial conditions, and healthy household and
corporate balance sheets. The Federal
Reserve is still focused on the downward direction of
inflation, although the pace of decline is slowing
and some headwinds have appeared. The services sector
continues to hold up relatively well, while the manufacturing PMI
turned expansionary in January.
• The
eurozone economy stagnated in the fourth quarter of 2023 and is
likely to have stayed weak in the first quarter of
this year. It is expected to pick up gradually over the year
on the back of a further decline in inflation, cuts in official
interest rates, recovery in industrial production and investments
in the energy transition. However, the pace of recovery is uneven
amongst countries, with Germany lagging given weakness in its
manufacturing sector.
•
Iron ore prices declined by 27% over the
quarter, while the average monthly price in the first
quarter of $123/dmt (Platts CFR 62% Fe
index) was 4% lower than last year's fourth quarter. China's
domestic steel demand trended at levels similar to last year, but
steel exports rose 30% year-on-year during the first two months and
are likely to remain historically elevated, in turn, supporting
iron ore demand. Seaborne shipments in the first quarter rose 1%
year-on-year and China's portside inventories increased by 24
million tonnes to 144 million tonnes. Steel mill margins in China
oscillated around break-even levels, maintaining iron ore product
price relativities within historically narrow bands, while lump
premiums declined in the absence of pollution controls and
sintering restrictions in China.
• The LME
aluminium price declined by 3% over the quarter, while the average
price rose 0.4% from the fourth quarter of 2023, to $2,199/t.
Aluminium orders improved in Europe and North America, while
Chinese demand continued to be resilient on growth from renewables
and electric vehicles (EVs). Global aluminium production remained
stable, with restarts in Yunnan, China, only expected in the second
quarter. Global reported aluminium inventory levels remain low,
maintaining tight physical markets. China bauxite import prices
remained resilient in the first quarter, supported by firm demand
and disruptions to domestic bauxite supply.
• The copper
LME price was higher in the first quarter, with the average price
up 3% quarter-on-quarter to $3.83/lb. Besides a substantial cut to
mine production guidance from the major copper miners, the growth
in smelter capacity has led to a severe tightening in the copper
concentrates market and a sharp fall in Treatment Charge (TC) and
Refining Charge (RC). Copper demand growth continues to be driven
by energy transition sectors, including EV, power grid and
renewables. Chinese demand growth has been robust, despite the
weakening property sector.
• Lithium
prices have remained at subdued levels through the first quarter
with the weak sentiment impacting price outlooks, triggering
production curtailment and project delays. Conversely, global EV sales growth rose 31% year-on-year in
the first two months of this year, compared to 26% year-on-year
over the same period last year. Chinese EV makers announced a
series of price cuts in the first quarter to increase sales
further.
• The global
TiO2 feedstock market experienced some positive sentiment in the
first quarter, although this is from a low base after depressed
conditions through most of 2023. Underlying pigment demand has
stabilised with some pockets of the market showing encouraging
growth. Against this backdrop, there has been some supply
curtailment reported.
• The
borates market remained well supplied and demand continued to be
soft in the first quarter, driven by weakness in the housing and
construction markets.
Iron Ore
|
Rio
Tinto share of production (Million tonnes)
|
Q1
2024
|
vs
Q1
2023
|
vs
Q4
2023
|
|
Pilbara Blend and SP10
Lump1
|
19.9
|
+1 %
|
-11 %
|
|
Pilbara Blend and SP10
Fines1
|
29.8
|
-3 %
|
-11 %
|
|
Robe Valley Lump
|
1.5
|
+35 %
|
-4 %
|
|
Robe Valley Fines
|
2.7
|
+36 %
|
-1 %
|
|
Yandicoogina Fines (HIY)
|
12.1
|
-11 %
|
-12
%
|
|
Total Pilbara production
|
66.1
|
-2 %
|
-10
%
|
|
Total Pilbara production (100%
basis)
|
77.9
|
-2 %
|
-11 %
|
|
Rio
Tinto share of shipments (Million tonnes)
|
Q1
2024
|
vs
Q1
2023
|
vs
Q4
2023
|
|
Pilbara Blend Lump
|
12.8
|
-18 %
|
-12 %
|
|
Pilbara Blend Fines
|
23.2
|
-19 %
|
-2 %
|
|
Robe Valley Lump
|
1.2
|
+16
%
|
-19
%
|
|
Robe Valley Fines
|
2.9
|
+30
%
|
-4 %
|
|
Yandicoogina Fines (HIY)
|
12.2
|
-11
%
|
-10
%
|
|
SP10 Lump1
|
4.5
|
+165 %
|
-3 %
|
|
SP10 Fines1
|
9.2
|
+35
%
|
-24
%
|
|
Total Pilbara
shipments2
|
66.1
|
-5 %
|
-10
%
|
|
Total Pilbara shipments (100%
basis)2
|
78.0
|
-5 %
|
-10
%
|
|
Total Pilbara Shipments
(consolidated basis)2, 3
|
67.9
|
-5 %
|
-10
%
|
Production figures are sometimes more precise than the rounded
numbers shown, hence small rounding differences may
appear.
1 SP10 includes other lower
grade products.
2 Shipments includes material
shipped from the Pilbara to our portside trading facility in China
which may not be sold onwards by the group in the same
period.
3 While Rio Tinto has a 53%
net beneficial interest in Robe River Iron Associates, it
recognises 65% of the assets, liabilities, sales revenues and
expenses in its accounts (as 30% is held through a 60% owned
subsidiary and 35% is held through a 100% owned subsidiary). The
consolidated basis sales reported here include Robe River Iron
Associates on a 65% basis to enable comparison with revenue
reported in the financial statements.
Pilbara operations
We produced 77.9 million tonnes (Rio
Tinto share 66.1 million tonnes) in the first quarter, 2% lower
than the corresponding period of 2023. Compared to the first
quarter of 2023, planned ore depletion, predominantly at
Yandicoogina, was partially offset by productivity gains across
other operations. We continue to work on asset management and pit
health and expect further productivity gains over the remainder of
the year.
Shipments of 78.0 million tonnes
(Rio Tinto share 66.1 million tonnes) were 5% lower than the first
quarter of 2023. Lower volumes were predominantly the result of
weather disruption at the ports, leading to a lower stock draw-down
compared to last year, as well as reduced production at the mines.
SP10 volumes accounted for 18%1 of shipments in the
first quarter, in line with the second half of 2023.
Approximately 10% of sales in the
first quarter were priced by reference to the prior quarter's
average index lagged by one month. The remainder was sold either on
current quarter average, current month average, average of two
months, forward month or on the spot market. Approximately
27% of sales in the first quarter were made
on a free on board (FOB) basis, with the remainder sold including
freight.
China Portside Trading
Our iron ore portside sales in China
were 6.5 million tonnes in the first quarter of 2024 (6.2 million
tonnes in the first quarter of 2023). At the end of March,
inventory levels were 7.0 million tonnes (6.4 million tonnes at the
end of December), including 4.8 million tonnes of Pilbara product.
In the first quarter of 2024, approximately 90% of our portside
sales were either screened or blended in Chinese ports.
1 Based on total Pilbara
shipments on a 100% basis.
Aluminium
|
Rio
Tinto share of production ('000 tonnes)
|
Q1
2024
|
vs
Q1
2023
|
vs
Q4
2023
|
|
Bauxite
|
13,418
|
+11
%
|
-11 %
|
|
Bauxite third party
shipments
|
8,496
|
+8 %
|
-21
%
|
|
Alumina
|
1,864
|
0
%
|
-3 %
|
|
Aluminium
|
826
|
+5 %
|
-2 %
|
|
Recycled aluminium
|
74
|
n/a
|
n/a
|
Bauxite
Bauxite production of 13.4 million tonnes was 11%
higher than the first quarter of 2023. The
increase in production versus 2023 represents continuing
improvements in operational stability at Weipa and
Gove.
We shipped 8.5 million tonnes of bauxite to third parties in the
first quarter, 8%
higher than the same period of 2023.
Alumina
Alumina production of 1.9 million tonnes was flat compared to the
first quarter of 2023 but 3% lower than the
previous quarter due to a breakage of the
Queensland Gas Pipeline, operated by a third-party, which
impacted our Gladstone operations in March. The pipeline has now
been repaired and has been undergoing a monitoring process during
March and April while production ramps up.
As the result of sanction measures
by the Australian Government, Rio Tinto has taken on 100% of
capacity of Queensland Alumina Limited (QAL) for as long as the
sanctions continue. This results in use of Rusal's 20% share of
capacity by Rio Tinto under the tolling arrangement with QAL. This
additional output is excluded from the production tables in this
report as QAL remains 80% owned by Rio Tinto and 20% owned by
Rusal. On 1 February 2024, the Federal Court of Australia rendered
its decision in the litigation initiated by Rusal against Rio Tinto
and QAL, dismissing Rusal's case. The decision has been appealed by
Rusal.
Aluminium
Aluminium production of 0.8 million tonnes was 5%
higher than the first quarter of 2023. Kitimat
is now back at full capacity; however, Tomago was impacted by
challenges around cell stability during the quarter. At
ISAL, although operations were not directly
affected by volcanic eruptions in Iceland, we were asked by
authorities to reduce our electricity load meaning that the smelter
has been operating at 90% capacity rates. All our other
smelters continued to demonstrate stable performance during the
quarter.
Recycled aluminium
Rio Tinto's share of production from
Matalco was 74 thousand tonnes in the first quarter (148 thousand
tonnes on a 100% basis). Full year 2023 production from Matalco was
582 thousand tonnes (on a 100% basis) of recycled aluminium
products.
Copper
|
Rio
Tinto share of production ('000 tonnes)
|
Q1
2024
|
vs
Q1
2023
|
vs
Q4
2023
|
|
Mined copper
|
|
|
|
|
Kennecott
|
32.5
|
+7 %
|
-32 %
|
|
Escondida
|
77.2
|
+7 %
|
+8 %
|
|
Oyu Tolgoi (66% basis)
|
30.4
|
+8 %
|
+13
%
|
|
Total mined copper
production
|
140.1
|
+7 %
|
-4 %
|
|
Total mined copper production
(consolidated basis1)
|
155.8
|
+7 %
|
-3 %
|
|
|
|
|
|
|
Refined copper
|
|
|
|
|
Kennecott
|
47.8
|
+10
%
|
+50
%
|
|
Escondida
|
14.7
|
-3 %
|
+4 %
|
|
1 Includes Oyu Tolgoi and
Kennecott on a 100% consolidated basis, and Escondida on an equity
share basis.
|
Kennecott
Mined copper production was 7%
higher than the first quarter of 2023 but 32% lower than the
previous quarter, primarily, due to unplanned conveyor downtime.
The impacted conveyor is now fully operational again. Kennecott
also continues to manage geotechnical risk in the mine which is
heightened through winter and spring months.
Refined copper production was 10%
higher than the first quarter of 2023 and 50% up on the prior
quarter as the smelter returns to normal operations following
completion of the largest rebuild of the smelter and refinery in
Kennecott's history in 2023.
Escondida
Mined copper production was 7%
higher than the first quarter of 2023 due to higher concentrator
feed grade (0.92% in the first quarter of 2024 vs 0.78% in the
corresponding period of 2023). Refined copper production was 3%
lower than the same quarter of last year due to planned lower
stacking for sulphide leach.
Oyu
Tolgoi
Mined copper production increased 8%
from the first quarter of 2023 as the ramp-up in underground
production continued. During the quarter, we delivered 1.3 million
tonnes of ore milled from the underground mine at an average copper
head grade of 1.67% and 9.0 million tonnes from the open pit with
an average grade of 0.39%. This ramp-up is in line with the
long-term plan to reach 500 thousand tonnes of copper production
(stated as recoverable metal) for the Oyu Tolgoi underground and
open pit mines for the years 2028 to 2036[1].
Minerals
|
Rio
Tinto share of production (million tonnes)
|
Q1
2024
|
vs
Q1
2023
|
vs
Q4
2023
|
|
Iron ore pellets and concentrate
|
|
|
|
|
IOC
|
2.6
|
+3 %
|
-3 %
|
|
|
|
|
|
|
Rio
Tinto share of production ('000 tonnes)
|
Q1
2024
|
vs
Q1
2023
|
vs
Q4
2023
|
|
Minerals
|
|
|
|
|
Borates - B2O3
content
|
121
|
-2 %
|
+9 %
|
|
Titanium dioxide slag
|
254
|
-11
%
|
-8 %
|
|
|
|
|
|
|
Rio
Tinto share of production ('000 carats)
|
Q1
2024
|
vs
Q1
2023
|
vs
Q4
2023
|
|
Diavik
|
740
|
-22
%
|
+12
%
|
Iron Ore Company of Canada (IOC)
Iron ore production was 3% higher than the first quarter of 2023, driven
by stronger pellet production. Concentrate production was affected
by seasonal challenges at the operation.
Shipments were 25% higher than the
first quarter of 2023, driven by rail and port availability and
utilisation.
Borates
Borates production in the
first quarter was 2% lower than the corresponding
period of 2023 but up 9% compared to the previous quarter due to the re-start of the plant following completion of a
scheduled shut in December.
Iron and Titanium
Titanium dioxide slag production was
11% lower than the
first quarter of 2023. We entered 2024 with six out of
nine furnaces operating at our RTIT Quebec Operations and
three out of four online at Richards Bay Minerals (RBM). During the
first quarter, we started to rebuild one of the three offline furnaces in Quebec.
Diamonds
At Diavik, our share of carats was
22% lower than the first quarter of 2023 due to a production pause
to grieve and honour lost colleagues. Lower ore mined from the
depletion of two ore bodies in 2023 was partially offset by
continued improvements in A154N underground ore deliveries and ore
development from the A21 underground
project.
Exploration and evaluation
Pre-tax and pre-divestment
expenditure on exploration and evaluation charged to the income
statement in 2024 was $214 million,
compared with $219 million in 2023 on the
same basis. Approximately 23% of the spend
was by central exploration, 38% by minerals
(with the majority focusing on lithium), 29% by copper and 10% by iron
ore.
Exploration highlights
Rio Tinto has a strong portfolio of
projects with activity in 18 countries across eight commodities in
early exploration and studies stages. The bulk of the exploration
expenditure in the first quarter focused on copper in Chile,
Kazakhstan and Serbia, Nickel in Peru, Australia, Brazil and
Canada, Lithium in Canada, US, Rwanda and Australia, potash in
Canada and heavy mineral sands (HMS) in
South Africa and Malawi. The Rio Tinto operated
Nuevo Cobre joint venture copper project in Chile progressed the
geological field program, baseline environmental studies and
engagement with the local Colla community. Rio Tinto has transferred ownership and operational
responsibilities for the Fort a La Corne diamond project in
Saskatchewan, Canada, to Star Diamond Corporation in exchange for
shares. Mine-lease exploration continued at Rio Tinto
managed businesses including Bingham Canyon in the US and Pilbara
Iron Ore in Australia.
A summary of activity for the
quarter is as follows:
|
Commodities
|
Studies
Stage
|
Advanced
projects
|
Greenfield/ Brownfield
programs
|
|
Bauxite
|
|
|
Cape
York, Australia
|
|
Battery
Materials
|
Rincon
Lithium, Argentina
Lithium
borates: Jadar, Serbia
Nickel:
Tamarack, US (3rd party operated)
|
|
Nickel
Greenfield: Australia, Brazil, Canada, Finland, Peru
Lithium
Greenfield: Australia, Brazil, Canada, Chile, China, Finland,
Rwanda, US
|
|
Copper
|
Copper/molybdenum: Resolution, US
Copper/Gold: Winu, Australia
|
Copper:
La Granja, Peru (3rd party operated)
|
Copper
Greenfield: Angola, Australia, Brazil, Canada, Chile, China,
Colombia, Kazakhstan, Laos, Peru, Papua New Guinea, Serbia, US,
Zambia
Copper
Brownfield: US (Bingham), Australia (Winu)
|
|
Diamonds
|
|
Chiri,
Angola
|
Diamonds
Greenfield: Angola
|
|
Iron Ore
|
Pilbara,
Australia
Simandou, Guinea
|
Pilbara,
Australia
|
Greenfield and Brownfield: Pilbara, Australia
|
|
Minerals
|
Potash:
KL262 (3rd party operated), Canada
HMS:
Mutamba, Mozambique
|
Texas,
Canada (potash), Kamiesberg, South Africa (HMS) (3rd party
operated), Kasiya, Malawi (rutile-graphite) (3rd party
operated)
|
|
Forward-looking statement
This announcement includes
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements other than
statements of historical facts included in this report, including,
without limitation, those regarding Rio Tinto's financial position,
business strategy, plans and objectives of management for future
operations (including development plans and objectives relating to
Rio Tinto's products, production forecasts and reserve and resource
positions), are forward-looking statements. The words "intend",
"aim", "project", "anticipate", "estimate", "plan", "believes",
"expects", "may", "should", "will", "target", "set to" or similar
expressions, commonly identify such forward-looking
statement.
Such forward-looking statements
involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of
Rio Tinto, or industry results, to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements, particularly in light of the
current economic climate and the significant volatility,
uncertainty and disruption arising in connection with the Ukraine
conflict. Such forward-looking statements are based on numerous
assumptions regarding Rio Tinto's present and future business
strategies and the environment in which Rio Tinto will operate in
the future. Among the important factors that could cause Rio
Tinto's actual results, performance or achievements to differ
materially from those in the forward-looking statements include,
but are not limited to: an inability to live up to Rio Tinto's
values and any resultant damage to its reputation; the impacts of
geopolitics on trade and investment; the impacts of climate change
and the transition to a low-carbon future; an inability to
successfully execute and/or realise value from acquisitions and
divestments; the level of new ore resources, including the results
of exploration programmes and/or acquisitions; disruption to
strategic partnerships that play a material role in delivering
growth, production, cash or market positioning; damage to Rio
Tinto's relationships with communities and governments; an
inability to attract and retain requisite skilled people; declines
in commodity prices and adverse exchange rate movements; an
inability to raise sufficient funds for capital investment;
inadequate estimates of ore resources and reserves; delays or
overruns of large and complex projects; changes in tax regulation;
safety incidents or major hazard events; cyber breaches; physical
impacts from climate change; the impacts of water scarcity; natural
disasters; an inability to successfully manage the closure,
reclamation and rehabilitation of sites; the impacts of civil
unrest; the impacts of the Ukraine conflict; breaches of Rio
Tinto's policies, standard and procedures, laws or regulations;
trade tensions between the world's major economies; increasing
societal and investor expectations, in particular with regard to
environmental, social and governance considerations; the impacts of
technological advancements; and such other risks identified in Rio
Tinto's most recent Annual Report and accounts in Australia and the
United Kingdom and the most recent Annual Report on Form 20-F filed
with the United States Securities and Exchange Commission (the
"SEC") or Form 6-Ks furnished to, or filed with, the SEC.
Forward-looking statements should, therefore, be construed in light
of such risk factors and undue reliance should not be placed on
forward-looking statements. These forward-looking statements speak
only as of the date of this report. Rio Tinto expressly disclaims
any obligation or undertaking (except as required by applicable
law, the UK Listing Rules, the Disclosure Guidance and Transparency
Rules of the Financial Conduct Authority and the Listing Rules of
the Australian Securities Exchange) to release publicly any updates
or revisions to any forward-looking statement contained herein to
reflect any change in Rio Tinto's expectations with regard thereto
or any change in events, conditions or circumstances on which any
such statement is based.
Nothing in this announcement should
be interpreted to mean that future earnings per share of Rio Tinto
plc or Rio Tinto Limited will necessarily match or exceed its
historical published earnings per share. Past performance cannot be
relied on as a guide to future performance.
|
Contacts
|
Please
direct all enquiries to media.enquiries@riotinto.com
|
|
Media Relations, UK
Matthew Klar
M +44 7796 630 637
David Outhwaite
M +44 7787 597 493
Media Relations, Americas
Simon Letendre
M +1 514 796 4973
Malika Cherry
M +1 418 592 7293
|
Media Relations, Australia
Matt Chambers
M +61 433 525 739
Jesse Riseborough
M +61 436 653 412
|
|
Investor Relations, UK
Menno Sanderse
M +44 7825 195 178
David Ovington
M +44 7920 010 978
Laura Brooks
M: +44 7826 942 797
|
Investor Relations, Australia
Tom
Gallop
M +61 439 353 948
Amar Jambaa
M +61 472 865 948
|
|
Rio
Tinto plc
6 St James's Square
London SW1Y 4AD
United Kingdom
T +44 20 7781 2000
Registered in England
No. 719885
|
Rio
Tinto Limited
Level 43, 120 Collins
Street
Melbourne 3000
Australia
T +61 3 9283 3333
Registered in Australia
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
|
|
Full Year
|
|
% change
|
|
|
|
2023
Q1
|
2023
Q4
|
2024
Q1
|
|
2023
|
|
Q1
24
vs
Q1
23
|
Q1
24
vs
Q4
23
|
|
Principal commodities
|
|
|
|
|
|
|
|
|
|
|
Alumina
|
('000 t)
|
1,860
|
1,919
|
1,864
|
|
7,537
|
|
0
%
|
-3 %
|
|
Aluminium (Primary)
|
('000 t)
|
785
|
846
|
826
|
|
3,272
|
|
+5 %
|
-2 %
|
|
Bauxite
|
('000 t)
|
12,089
|
15,098
|
13,418
|
|
54,619
|
|
+11 %
|
-11 %
|
|
Borates
|
('000 t)
|
124
|
111
|
121
|
|
495
|
|
-2 %
|
+9 %
|
|
Copper - mined
(consolidated)
|
('000 t)
|
145.2
|
160.0
|
155.8
|
|
619.6
|
|
+7 %
|
-3 %
|
|
Copper - refined
|
('000 t)
|
58.9
|
46.1
|
62.5
|
|
175.2
|
|
+6 %
|
+36 %
|
|
Iron Ore
|
('000 t)
|
69,784
|
76,514
|
68,701
|
|
290,171
|
|
-2 %
|
-10 %
|
|
Titanium dioxide slag
|
('000 t)
|
285
|
275
|
254
|
|
1,111
|
|
-11 %
|
-8 %
|
|
Other Metals & Minerals
|
|
|
|
|
|
|
|
|
|
|
Diamonds
|
('000 cts)
|
954
|
659
|
740
|
|
3,340
|
|
-22 %
|
+12 %
|
|
Gold - mined
|
('000 oz)
|
64.4
|
75.6
|
66.6
|
|
281.5
|
|
+3 %
|
-12 %
|
|
Gold - refined
|
('000 oz)
|
22.0
|
20.6
|
35.3
|
|
74.2
|
|
+60 %
|
+71 %
|
|
Molybdenum
|
('000 t)
|
0.1
|
0.8
|
0.7
|
|
1.8
|
|
+461 %
|
-5 %
|
|
Salt
|
('000 t)
|
1,450
|
1,438
|
1,425
|
|
5,973
|
|
-2 %
|
-1 %
|
|
Silver - mined
|
('000 oz)
|
935
|
1,100
|
973
|
|
3,811
|
|
+4 %
|
-11 %
|
|
Silver - refined
|
('000 oz)
|
432
|
406
|
550
|
|
1,407
|
|
+27 %
|
+36 %
|
Throughout this report, figures in
italics indicate adjustments made since the figure was previously
quoted on the equivalent page or reported for the first time.
Production figures are sometimes more precise than the rounded
numbers shown, hence small differences may result between the total
of the quarter figures and the year to date figures.
Rio
Tinto share of production
|
|
Rio
Tinto
interest
|
Q1
2023
|
Q2
2023
|
Q3
2023
|
Q4
2023
|
Q1
2024
|
2023
|
|
|
|
|
|
|
|
|
|
|
ALUMINA
|
|
|
|
|
|
|
|
|
Production ('000 tonnes)
|
|
|
|
|
|
|
|
|
Jonquière (Vaudreuil)
|
100 %
|
371
|
346
|
325
|
349
|
352
|
1,392
|
|
Jonquière (Vaudreuil) specialty
Alumina plant
|
100 %
|
25
|
27
|
28
|
29
|
27
|
109
|
|
Queensland Alumina
|
80 %
|
632
|
677
|
720
|
664
|
675
|
2,693
|
|
São Luis (Alumar)
|
10 %
|
94
|
66
|
88
|
90
|
87
|
338
|
|
Yarwun
|
100 %
|
739
|
745
|
736
|
786
|
722
|
3,006
|
|
Rio Tinto total alumina
production
|
|
1,860
|
1,861
|
1,897
|
1,919
|
1,864
|
7,537
|
|
|
|
|
|
|
|
|
|
|
ALUMINIUM
|
|
|
|
|
|
|
|
|
Primary production ('000 tonnes)
|
|
|
|
|
|
|
|
|
Australia - Bell Bay
|
100 %
|
45
|
46
|
47
|
47
|
47
|
186
|
|
Australia - Boyne Island
|
59 %
|
70
|
73
|
76
|
76
|
75
|
295
|
|
Australia - Tomago
|
52 %
|
75
|
75
|
77
|
77
|
73
|
304
|
|
Canada - six wholly
owned
|
100 %
|
367
|
389
|
398
|
410
|
405
|
1,565
|
|
Canada - Alouette
(Sept-Îles)
|
40 %
|
62
|
63
|
64
|
64
|
63
|
253
|
|
Canada - Bécancour
|
25 %
|
29
|
29
|
28
|
30
|
29
|
117
|
|
Iceland - ISAL
(Reykjavik)
|
100 %
|
51
|
52
|
52
|
54
|
49
|
209
|
|
New Zealand - Tiwai
Point
|
79 %
|
66
|
66
|
66
|
67
|
66
|
265
|
|
Oman - Sohar
|
20 %
|
20
|
20
|
20
|
20
|
20
|
80
|
|
Rio Tinto total primary aluminium
production
|
|
785
|
814
|
828
|
846
|
826
|
3,272
|
|
Recycled production ('000 tonnes)
|
|
|
|
|
|
|
|
|
Matalco
|
50 %
|
-
|
-
|
-
|
-
|
74
|
-
|
|
Rio Tinto total recycled aluminium
production
|
|
-
|
-
|
-
|
-
|
74
|
-
|
|
|
|
|
|
|
|
|
|
|
BAUXITE
|
|
|
|
|
|
|
|
|
Production ('000 tonnes) (a)
|
|
|
|
|
|
|
|
|
Gove
|
100 %
|
2,579
|
2,739
|
3,015
|
3,234
|
3,104
|
11,566
|
|
Porto Trombetas (b)
|
22 %
|
275
|
327
|
391
|
509
|
508
|
1,502
|
|
Sangaredi
|
(c)
|
1,744
|
1,614
|
1,524
|
1,544
|
1,583
|
6,425
|
|
Weipa
|
100 %
|
7,492
|
8,813
|
9,010
|
9,811
|
8,224
|
35,126
|
|
Rio Tinto total bauxite
production
|
|
12,089
|
13,492
|
13,940
|
15,098
|
13,418
|
54,619
|
(a) Mine production figures for metals refer to the total
quantity of metal produced in concentrates, leach liquor or doré
bullion irrespective of whether these products are then refined
onsite, except for the data for bauxite and iron ore which
represent production of marketable quantities of ore plus
concentrates and pellets.
(b) On 30 November 2023, Rio Tinto's ownership interest in
Porto Trombetas increased from 12% to 22%. Production is reported
including this change from 1 December 2023.
(c) Rio Tinto has a 22.95% shareholding in the Sangaredi mine
but benefits from 45.0% of production.
Rio Tinto share of production
|
|
Rio
Tinto
interest
|
Q1
2023
|
Q2
2023
|
Q3
2023
|
Q4
2023
|
Q1
2024
|
2023
|
|
|
|
|
|
|
|
|
|
|
BORATES
|
|
|
|
|
|
|
|
|
Production ('000 tonnes B2O3
content)
|
|
|
|
|
|
|
|
|
Rio Tinto Borates -
borates
|
100%
|
124
|
133
|
127
|
111
|
121
|
495
|
|
|
|
|
|
|
|
|
|
|
COPPER
|
|
|
|
|
|
|
|
|
Mine production ('000 tonnes) (a)
|
|
|
|
|
|
|
|
|
Bingham Canyon
|
100%
|
30.3
|
24.8
|
48.8
|
47.8
|
32.5
|
151.6
|
|
Escondida
|
30 %
|
72.3
|
77.4
|
78.6
|
71.6
|
77.2
|
299.9
|
|
Oyu Tolgoi (b)
|
66 %
|
28.1
|
28.3
|
27.7
|
26.8
|
30.4
|
110.9
|
|
Rio Tinto total mine
production
|
|
130.7
|
130.5
|
155.1
|
146.2
|
140.1
|
562.4
|
|
Rio Tinto total mine production -
consolidated basis
|
|
145.2
|
145.0
|
169.4
|
160.0
|
155.8
|
619.6
|
|
Refined production ('000 tonnes)
|
|
|
|
|
|
|
|
|
Escondida
|
30 %
|
15.2
|
21.7
|
15.6
|
14.1
|
14.7
|
66.7
|
|
Kennecott (c)
|
100%
|
43.6
|
14.4
|
18.5
|
32.0
|
47.8
|
108.6
|
|
Rio Tinto total refined
production
|
|
58.9
|
36.2
|
34.1
|
46.1
|
62.5
|
175.2
|
(a) Mine production figures for metals refer to the total
quantity of metal produced in concentrates, leach liquor or doré
bullion irrespective of whether these products are then refined
onsite, except for the data for bauxite and iron ore which
represent production of marketable quantities of ore plus
concentrates and pellets.
(b) On 16 December 2022, Rio Tinto completed the acquisition
of 100% of Turquoise Hill Resources Ltd, increasing our ownership
in Oyu Tolgoi from 33.52% to 66%. From 1 January 2023, our share of
production has been updated to reflect this
change.
(c) We continue to process third party concentrate to optimise
smelter utilisation, including 1.6 thousand tonnes of cathode
produced from purchased concentrate in 2024 year-to-date. Purchased
and tolled copper concentrates are excluded from reported
production figures and production guidance. Sales of cathodes
produced from purchased concentrate are included in reported
revenues.
|
|
|
|
|
|
|
|
|
|
DIAMONDS
|
|
|
|
|
|
|
|
|
Production ('000 carats)
|
|
|
|
|
|
|
|
|
Diavik
|
100%
|
954
|
970
|
757
|
659
|
740
|
3,340
|
|
|
|
GOLD
|
|
|
|
|
|
|
|
|
Mine production ('000 ounces) (a)
|
|
|
|
|
|
|
|
|
Bingham Canyon
|
100%
|
20.6
|
18.7
|
32.0
|
33.5
|
26.7
|
104.8
|
|
Escondida
|
30 %
|
14.7
|
16.1
|
14.4
|
14.6
|
11.7
|
59.7
|
|
Oyu Tolgoi (b)
|
66 %
|
29.1
|
26.6
|
33.8
|
27.5
|
28.2
|
117.0
|
|
Rio Tinto total mine
production
|
|
64.4
|
61.4
|
80.2
|
75.6
|
66.6
|
281.5
|
|
Refined production ('000 ounces)
|
|
|
|
|
|
|
|
|
Kennecott
|
100%
|
22.0
|
19.2
|
12.4
|
20.6
|
35.3
|
74.2
|
(a) Mine production figures for metals refer to the total
quantity of metal produced in concentrates, leach liquor or doré
bullion irrespective of whether these products are then refined
onsite, except for the data for bauxite and iron ore which
represent production of marketable quantities of ore plus
concentrates and pellets.
(b) On 16 December 2022, Rio Tinto completed the acquisition
of 100% of Turquoise Hill Resources Ltd, increasing our ownership
in Oyu Tolgoi from 33.52% to 66%. From 1 January 2023, our share of
production has been updated to reflect this
change.
Rio Tinto share of production
|
|
Rio
Tinto
interest
|
Q1
2023
|
Q2
2023
|
Q3
2023
|
Q4
2023
|
Q1
2024
|
2023
|
|
|
|
|
|
|
|
|
|
|
IRON ORE
|
|
|
|
|
|
|
|
|
Production ('000 tonnes) (a)
|
|
|
|
|
|
|
|
|
Hamersley mines
|
(b)
|
54,433
|
55,004
|
57,322
|
59,138
|
53,373
|
225,898
|
|
Hope Downs
|
50 %
|
5,885
|
5,763
|
5,519
|
6,074
|
5,081
|
23,241
|
|
Iron Ore Company of
Canada
|
59 %
|
2,526
|
2,063
|
2,384
|
2,703
|
2,613
|
9,676
|
|
Robe River - Pannawonica (Mesas J
and A)
|
53 %
|
3,123
|
3,897
|
4,106
|
4,330
|
4,245
|
15,456
|
|
Robe River - West
Angelas
|
53 %
|
3,816
|
3,905
|
3,910
|
4,269
|
3,388
|
15,899
|
|
Rio Tinto iron ore production ('000
tonnes)
|
|
69,784
|
70,632
|
73,241
|
76,514
|
68,701
|
290,171
|
|
Breakdown of Production:
|
|
|
|
|
|
|
|
|
Pilbara Blend and SP10 Lump
(c)
|
|
19,612
|
21,042
|
21,418
|
22,228
|
19,885
|
84,301
|
|
Pilbara Blend and SP10 Fines
(c)
|
|
30,851
|
31,750
|
31,700
|
33,485
|
29,836
|
127,786
|
|
Robe Valley Lump
|
|
1,136
|
1,488
|
1,665
|
1,592
|
1,534
|
5,882
|
|
Robe Valley Fines
|
|
1,987
|
2,409
|
2,441
|
2,739
|
2,711
|
9,574
|
|
Yandicoogina Fines (HIY)
|
|
13,672
|
11,880
|
13,633
|
13,768
|
12,122
|
52,952
|
|
Pilbara iron ore production ('000
tonnes)
|
|
67,258
|
68,569
|
70,857
|
73,811
|
66,088
|
280,495
|
|
IOC Concentrate
|
|
1,241
|
1,120
|
1,137
|
1,298
|
1,130
|
4,796
|
|
IOC Pellets
|
|
1,285
|
943
|
1,247
|
1,405
|
1,483
|
4,880
|
|
IOC iron ore production ('000
tonnes)
|
|
2,526
|
2,063
|
2,384
|
2,703
|
2,613
|
9,676
|
|
Breakdown of Shipments:
|
|
|
|
|
|
|
|
|
Pilbara Blend Lump
|
|
15,689
|
14,691
|
14,812
|
14,533
|
12,844
|
59,725
|
|
Pilbara Blend Fines
|
|
28,528
|
27,474
|
25,375
|
23,706
|
23,168
|
105,083
|
|
Robe Valley Lump
|
|
1,051
|
1,152
|
1,297
|
1,506
|
1,223
|
5,005
|
|
Robe Valley Fines
|
|
2,262
|
2,489
|
2,706
|
3,054
|
2,943
|
10,511
|
|
Yandicoogina Fines (HIY)
|
|
13,689
|
12,558
|
13,669
|
13,628
|
12,228
|
53,544
|
|
SP10 Lump (c)
|
|
1,686
|
1,652
|
4,180
|
4,620
|
4,474
|
12,137
|
|
SP10 Fines (c)
|
|
6,832
|
6,613
|
9,699
|
12,208
|
9,221
|
35,353
|
|
Pilbara iron ore shipments ('000
tonnes) (d)
|
|
69,738
|
66,629
|
71,736
|
73,255
|
66,100
|
281,358
|
|
Pilbara iron ore shipments -
consolidated basis ('000 tonnes) (d) (f)
|
71,505
|
68,322
|
73,553
|
75,058
|
67,910
|
288,438
|
|
IOC Concentrate
|
|
984
|
1,247
|
1,232
|
1,196
|
1,162
|
4,659
|
|
IOC Pellets
|
|
1,143
|
1,352
|
1,066
|
1,369
|
1,493
|
4,929
|
|
IOC Iron ore shipments ('000 tonnes)
(d)
|
|
2,127
|
2,599
|
2,298
|
2,565
|
2,654
|
9,588
|
|
Rio Tinto iron ore shipments ('000
tonnes) (d)
|
|
71,864
|
69,228
|
74,034
|
75,820
|
68,755
|
290,947
|
|
Rio Tinto iron ore sales ('000
tonnes) (e)
|
|
74,273
|
71,678
|
74,488
|
76,269
|
69,356
|
296,707
|
(a) Mine production figures for metals refer to the total
quantity of metal produced in concentrates, leach liquor or doré
bullion irrespective of whether these products are then refined
onsite, except for the data for bauxite and iron ore which
represent production of marketable quantities of ore plus
concentrates and pellets.
(b) Includes 100% of production from Paraburdoo, Mt Tom Price,
Western Turner Syncline, Marandoo, Yandicoogina, Brockman,
Nammuldi, Silvergrass, Channar, Gudai-Darri and the Eastern Range
mines. Whilst Rio Tinto owns 54% of the Eastern Range mine, under
the terms of the joint venture agreement, Hamersley Iron manages
the operation and is obliged to purchase all mine production from
the joint venture and therefore all of the production is included
in Rio Tinto's share of production.
(c) SP10 includes other lower grade
products.
(d) Shipments includes material shipped to our portside
trading facility in China which may not be sold onwards in the same
period.
(e) Represents the difference between amounts shipped to
portside trading and onward sales from portside trading, and third
party volumes sold.
(f) While Rio Tinto has a 53% net beneficial interest in Robe
River Iron Associates, it recognises 65% of the assets,
liabilities, sales revenues and expenses in its accounts (as 30% is
held through a 60% owned subsidiary and 35% is held through a 100%
owned subsidiary). The consolidated basis sales reported here
include Robe River Iron Associates on a 65% basis to enable
comparison with revenue reported in the financial
statements.
Rio Tinto share of production
|
|
Rio
Tinto
interest
|
Q1
2023
|
Q2
2023
|
Q3
2023
|
Q4
2023
|
Q1
2024
|
2023
|
|
|
|
|
|
|
|
|
|
|
MOLYBDENUM
|
|
|
|
|
|
|
|
|
Mine production ('000 tonnes) (a)
|
|
|
|
|
|
|
|
|
Bingham Canyon
|
100%
|
0.1
|
0.3
|
0.6
|
0.8
|
0.7
|
1.8
|
(a) Mine production figures for metals refer to the total
quantity of metal produced in concentrates, leach liquor or doré
bullion irrespective of whether these products are then refined
onsite, except for the data for bauxite and iron ore which
represent production of marketable quantities of ore plus
concentrates and pellets.
|
|
|
|
|
|
|
|
|
|
SALT
|
|
|
|
|
|
|
|
|
Production ('000 tonnes)
|
|
|
|
|
|
|
|
|
Dampier Salt
|
68 %
|
1,450
|
1,652
|
1,434
|
1,438
|
1,425
|
5,973
|
|
|
|
|
|
|
|
|
|
|
SILVER
|
|
|
|
|
|
|
|
|
Mine production ('000 ounces) (a)
|
|
|
|
|
|
|
|
|
Bingham Canyon
|
100%
|
356
|
296
|
462
|
504
|
370
|
1,618
|
|
Escondida
|
30 %
|
404
|
302
|
350
|
420
|
398
|
1,476
|
|
Oyu Tolgoi (b)
|
66 %
|
176
|
177
|
189
|
176
|
205
|
717
|
|
Rio Tinto total mine
production
|
|
935
|
775
|
1,001
|
1,100
|
973
|
3,811
|
|
Refined production ('000 ounces)
|
|
|
|
|
|
|
|
|
Kennecott
|
100%
|
432
|
329
|
240
|
406
|
550
|
1,407
|
(a) Mine production figures for metals refer to the total
quantity of metal produced in concentrates, leach liquor or doré
bullion irrespective of whether these products are then refined
onsite, except for the data for bauxite and iron ore which
represent production of marketable quantities of ore plus
concentrates and pellets.
(b) On 16 December 2022, Rio Tinto completed the acquisition
of 100% of Turquoise Hill Resources Ltd, increasing our ownership
in Oyu Tolgoi from 33.52% to 66%. From 1 January 2023, our share of
production has been updated to reflect this
change.
|
|
|
|
|
|
|
|
|
|
TITANIUM DIOXIDE SLAG
|
|
|
|
|
|
|
|
|
Production ('000 tonnes)
|
|
|
|
|
|
|
|
|
Rio Tinto Iron & Titanium
(a)
|
100%
|
285
|
303
|
247
|
275
|
254
|
1,111
|
(a) Quantities comprise 100% of Rio Tinto Fer et Titane and
Rio Tinto's 74% interest in Richards Bay Minerals
(RBM).
Production figures are sometimes more precise than the rounded
numbers shown, hence small differences may result between the total
of the quarter figures and the year to date
figures.
Rio
Tinto percentage interest shown above is at 31 March
2024.
Rio
Tinto operational data
|
|
Rio
Tinto
interest
|
Q1
2023
|
Q2
2023
|
Q3
2023
|
Q4
2023
|
Q1
2024
|
2023
|
|
|
|
|
|
|
|
|
|
|
ALUMINA
|
|
|
|
|
|
|
|
|
Smelter Grade Alumina - Aluminium Group
|
|
|
|
|
|
|
|
|
Alumina production ('000
tonnes)
|
|
|
|
|
|
|
|
|
Australia
|
|
|
|
|
|
|
|
|
Queensland Alumina Refinery -
Queensland
|
80 %
|
790
|
846
|
900
|
830
|
844
|
3,366
|
|
Yarwun refinery -
Queensland
|
100%
|
739
|
745
|
736
|
786
|
722
|
3,006
|
|
Brazil
|
|
|
|
|
|
|
|
|
São Luis (Alumar)
refinery
|
10 %
|
936
|
657
|
883
|
899
|
867
|
3,375
|
|
Canada
|
|
|
|
|
|
|
|
|
Jonquière (Vaudreuil) refinery -
Quebec (a)
|
100%
|
371
|
346
|
325
|
349
|
352
|
1,392
|
(a) Jonquière's (Vaudreuil's) production shows smelter grade
alumina only and excludes hydrate produced and used for specialty
alumina.
|
Speciality Alumina - Aluminium Group
|
|
|
|
|
|
|
|
|
Speciality alumina production ('000
tonnes)
|
|
|
|
|
|
|
|
|
Canada
|
|
|
|
|
|
|
|
|
Jonquière (Vaudreuil) plant -
Quebec
|
100%
|
25
|
27
|
28
|
29
|
27
|
109
|
Rio
Tinto percentage interest shown above is at 31 March 2024. The data
represents production and sales on a 100% basis unless otherwise
stated.
Rio Tinto operational data
|
|
Rio
Tinto
interest
|
Q1
2023
|
Q2
2023
|
Q3
2023
|
Q4
2023
|
Q1
2024
|
2023
|
|
|
|
|
|
|
|
|
|
|
ALUMINIUM
|
|
|
|
|
|
|
|
|
Primary Aluminium
|
|
|
|
|
|
|
|
|
Primary aluminium production ('000
tonnes)
|
|
|
|
|
|
|
|
|
Australia
|
|
|
|
|
|
|
|
|
Bell Bay smelter -
Tasmania
|
100%
|
45
|
46
|
47
|
47
|
47
|
186
|
|
Boyne Island smelter -
Queensland
|
59 %
|
117
|
123
|
127
|
128
|
126
|
496
|
|
Tomago smelter - New South
Wales
|
52 %
|
145
|
146
|
149
|
149
|
142
|
589
|
|
Canada
|
|
|
|
|
|
|
|
|
Alma smelter - Quebec
|
100%
|
120
|
121
|
121
|
123
|
121
|
484
|
|
Alouette (Sept-Îles) smelter -
Quebec
|
40 %
|
156
|
159
|
159
|
160
|
157
|
634
|
|
Arvida smelter - Quebec
|
100%
|
43
|
43
|
43
|
43
|
43
|
172
|
|
Arvida AP60 smelter -
Quebec
|
100%
|
14
|
14
|
15
|
15
|
15
|
59
|
|
Bécancour smelter -
Quebec
|
25 %
|
115
|
118
|
114
|
119
|
116
|
465
|
|
Grande-Baie smelter -
Quebec
|
100%
|
57
|
57
|
58
|
58
|
57
|
229
|
|
Kitimat smelter - British
Columbia
|
100%
|
72
|
92
|
103
|
109
|
107
|
377
|
|
Laterrière smelter -
Quebec
|
100%
|
61
|
62
|
59
|
62
|
61
|
244
|
|
Iceland
|
|
|
|
|
|
|
|
|
ISAL (Reykjavik) smelter
|
100%
|
51
|
52
|
52
|
54
|
49
|
209
|
|
New Zealand
|
|
|
|
|
|
|
|
|
Tiwai Point smelter
|
79 %
|
83
|
83
|
83
|
85
|
83
|
334
|
|
Oman
|
|
|
|
|
|
|
|
|
Sohar smelter
|
20 %
|
98
|
99
|
100
|
100
|
99
|
398
|
|
Recycled Aluminium
|
|
|
|
|
|
|
|
|
Recycled aluminium production
('000 tonnes)
|
|
|
|
|
|
|
|
|
Matalco
|
50 %
|
-
|
-
|
-
|
-
|
148
|
-
|
Rio
Tinto percentage interest shown above is at 31 March 2024. The data
represents production and sales on a 100% basis unless otherwise
stated.
Rio Tinto operational data
|
|
Rio
Tinto
interest
|
Q1
2023
|
Q2
2023
|
Q3
2023
|
Q4
2023
|
Q1
2024
|
2023
|
|
|
|
|
|
|
|
|
|
|
BAUXITE
|
|
|
|
|
|
|
|
|
Bauxite production ('000
tonnes)
|
|
|
|
|
|
|
|
|
Australia
|
|
|
|
|
|
|
|
|
Gove mine - Northern
Territory
|
100%
|
2,579
|
2,739
|
3,015
|
3,234
|
3,104
|
11,566
|
|
Weipa mine - Queensland
|
100%
|
7,492
|
8,813
|
9,010
|
9,811
|
8,224
|
35,126
|
|
Brazil
|
|
|
|
|
|
|
|
|
Porto Trombetas (MRN) mine
(a)
|
22 %
|
2,288
|
2,724
|
3,258
|
3,202
|
2,310
|
11,472
|
|
Guinea
|
|
|
|
|
|
|
|
|
Sangaredi mine (b)
|
23 %
|
3,876
|
3,586
|
3,387
|
3,430
|
3,517
|
14,278
|
|
|
|
|
|
|
|
|
|
|
Rio
Tinto share of bauxite shipments
|
|
|
|
|
|
|
|
|
Share of total bauxite shipments
('000 tonnes)
|
|
12,264
|
13,603
|
13,954
|
15,513
|
12,715
|
55,335
|
|
Share of third party bauxite
shipments ('000 tonnes)
|
7,880
|
9,159
|
9,550
|
10,749
|
8,496
|
37,337
|
(a) On 30 November 2023, Rio Tinto's ownership interest
in Porto Trombetas increased from 12% to 22%. Production is
reported including this change from 1 December
2023.
(b) Rio Tinto has a 22.95% shareholding in the Sangaredi mine
but benefits from 45.0% of production.
|
|
Rio
Tinto
interest
|
Q1
2023
|
Q2
2023
|
Q3
2023
|
Q4
2023
|
Q1
2024
|
2023
|
|
BORATES
|
|
|
|
|
|
|
|
|
Rio
Tinto Borates - borates
|
100%
|
|
|
|
|
|
|
|
US
|
|
|
|
|
|
|
|
|
Borates ('000 tonnes)
(a)
|
|
124
|
133
|
127
|
111
|
121
|
495
|
(a) Production is expressed as B2O3
content.
|
|
Rio
Tinto
interest
|
Q1
2023
|
Q2
2023
|
Q3
2023
|
Q4
2023
|
Q1
2024
|
2023
|
|
|
|
|
|
|
|
|
|
|
COPPER & GOLD
|
|
|
|
|
|
|
|
|
Escondida
|
30 %
|
|
|
|
|
|
|
|
Chile
|
|
|
|
|
|
|
|
|
Sulphide ore to concentrator ('000
tonnes)
|
|
33,309
|
30,749
|
33,332
|
34,752
|
31,653
|
132,143
|
|
Average copper grade (%)
|
|
0.78
|
0.93
|
0.85
|
0.77
|
0.92
|
0.83
|
|
Mill production (metals in
concentrates):
|
|
|
|
|
|
|
|
|
Contained copper ('000
tonnes)
|
|
210.0
|
228.9
|
225.7
|
217.6
|
238.6
|
882.1
|
|
Contained gold ('000
ounces)
|
|
49.0
|
53.5
|
48.1
|
48.6
|
39.0
|
199.2
|
|
Contained silver ('000
ounces)
|
|
1,346
|
1,008
|
1,168
|
1,401
|
1,328
|
4,921
|
|
Recoverable copper in ore stacked
for leaching ('000 tonnes) (a)
|
31.0
|
29.1
|
36.4
|
21.0
|
18.6
|
117.5
|
|
Refined production from leach
plants:
|
|
|
|
|
|
|
|
|
Copper cathode production ('000
tonnes)
|
|
50.8
|
72.4
|
52.0
|
46.9
|
49.0
|
222.2
|
(a) The calculation of copper in material mined for leaching
is based on ore stacked at the leach pad.
Rio
Tinto percentage interest shown above is at 31 March 2024. The data
represents production and sales on a 100% basis unless otherwise
stated.
Rio Tinto operational data
|
|
Rio
Tinto
interest
|
Q1
2023
|
Q2
2023
|
Q3
2023
|
Q4
2023
|
Q1
2024
|
2023
|
|
|
|
|
|
|
|
|
|
|
COPPER & GOLD (continued)
|
|
|
|
|
|
|
|
|
Kennecott
|
|
|
|
|
|
|
|
|
Bingham Canyon mine
|
100%
|
|
|
|
|
|
|
|
Utah, US
|
|
|
|
|
|
|
|
|
Ore treated ('000 tonnes)
|
|
7,405
|
5,339
|
9,804
|
10,579
|
8,271
|
33,126
|
|
Average ore grade:
|
|
|
|
|
|
|
|
|
Copper (%)
|
|
0.47
|
0.52
|
0.56
|
0.50
|
0.43
|
0.51
|
|
Gold (g/t)
|
|
0.12
|
0.16
|
0.16
|
0.14
|
0.14
|
0.15
|
|
Silver (g/t)
|
|
2.16
|
2.36
|
2.10
|
2.10
|
1.97
|
2.16
|
|
Molybdenum (%)
|
|
0.012
|
0.018
|
0.018
|
0.019
|
0.021
|
0.017
|
|
Copper concentrates produced ('000
tonnes)
|
|
116
|
92
|
180
|
191
|
127
|
579
|
|
Average concentrate grade (%
Cu)
|
|
26.1
|
26.8
|
26.8
|
25.0
|
25.6
|
26.1
|
|
Production of metals in copper
concentrates:
|
|
|
|
|
|
|
|
|
Copper ('000 tonnes) (a)
|
|
30.3
|
24.8
|
48.8
|
47.8
|
32.5
|
151.6
|
|
Gold ('000 ounces)
|
|
20.6
|
18.7
|
32.0
|
33.5
|
26.7
|
104.8
|
|
Silver ('000 ounces)
|
|
356
|
296
|
462
|
504
|
370
|
1,618
|
|
Molybdenum concentrates produced
('000 tonnes):
|
|
0.1
|
0.6
|
1.4
|
1.6
|
1.6
|
3.7
|
|
Molybdenum in concentrates ('000
tonnes)
|
|
0.1
|
0.3
|
0.6
|
0.8
|
0.7
|
1.8
|
|
|
|
|
|
|
|
|
|
|
Kennecott smelter & refinery
|
100%
|
|
|
|
|
|
|
|
Copper concentrates smelted ('000
tonnes)
|
|
200
|
41
|
59
|
187
|
171
|
486
|
|
Copper anodes produced ('000 tonnes)
(b)
|
|
55.1
|
18.2
|
1.4
|
44.1
|
56.7
|
118.9
|
|
Production of refined
metal:
|
|
|
|
|
|
|
|
|
Copper ('000 tonnes) (c)
|
|
43.6
|
14.4
|
18.5
|
32.0
|
47.8
|
108.6
|
|
Gold ('000 ounces) (d)
|
|
22.0
|
19.2
|
12.4
|
20.6
|
35.3
|
74.2
|
|
Silver ('000 ounces) (d)
|
|
432
|
329
|
240
|
406
|
550
|
1,407
|
(a) Includes a small amount of copper in
precipitates.
(b) New metal excluding recycled material.
(c) We continue to process third party concentrate to optimise
smelter utilisation, including 1.6 thousand tonnes of cathode
produced from purchased concentrate in 2024 year-to-date. Purchased
and tolled copper concentrates are excluded from reported
production figures and production guidance. Sales of cathodes
produced from purchased concentrate are included in reported
revenues.
(d) Includes gold and silver in intermediate
products.
Rio
Tinto percentage interest shown above is at 31 March 2024. The data
represents production and sales on a 100% basis unless otherwise
stated.
Rio Tinto operational data
|
|
Rio
Tinto
interest
|
Q1
2023
|
Q2
2023
|
Q3
2023
|
Q4
2023
|
Q1
2024
|
2023
|
|
|
|
|
|
|
|
|
|
|
COPPER & GOLD (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oyu
Tolgoi mine (a)
|
66%
|
|
|
|
|
|
|
|
Mongolia
|
|
|
|
|
|
|
|
|
Ore Treated ('000 tonnes) - Open
Pit
|
|
9,613
|
8,809
|
8,789
|
8,714
|
9,011
|
35,924
|
|
Ore Treated ('000 tonnes) -
Underground
|
|
675
|
900
|
900
|
888
|
1,313
|
3,363
|
|
Ore Treated ('000 tonnes) -
Total
|
|
10,288
|
9,709
|
9,689
|
9,602
|
10,323
|
39,288
|
|
Average mill head grades:
|
|
|
|
|
|
|
|
|
Open Pit
|
|
|
|
|
|
|
|
|
Copper (%)
|
|
0.43
|
0.41
|
0.39
|
0.42
|
0.39
|
0.41
|
|
Gold (g/t)
|
|
0.21
|
0.19
|
0.25
|
0.22
|
0.19
|
0.22
|
|
Silver (g/t)
|
|
1.16
|
1.10
|
1.19
|
1.24
|
1.25
|
1.17
|
|
Underground
|
|
|
|
|
|
|
|
|
Copper (%)
|
|
1.36
|
1.56
|
1.73
|
1.59
|
1.67
|
1.57
|
|
Gold (g/t)
|
|
0.35
|
0.38
|
0.37
|
0.37
|
0.42
|
0.37
|
|
Silver (g/t)
|
|
3.26
|
3.67
|
3.94
|
3.42
|
3.28
|
3.59
|
|
Total
|
|
|
|
|
|
|
|
|
Copper (%)
|
|
0.49
|
0.52
|
0.52
|
0.53
|
0.55
|
0.51
|
|
Gold (g/t)
|
|
0.22
|
0.21
|
0.26
|
0.23
|
0.22
|
0.23
|
|
Silver (g/t)
|
|
1.30
|
1.34
|
1.44
|
1.44
|
1.50
|
1.38
|
|
Copper concentrates produced ('000
tonnes)
|
|
201.8
|
200.3
|
197.6
|
196.0
|
208.5
|
795.7
|
|
Average concentrate grade (%
Cu)
|
|
21.1
|
21.4
|
21.3
|
20.8
|
22.1
|
21.1
|
|
Production of metals in
concentrates:
|
|
|
|
|
|
|
|
|
Copper in concentrates ('000
tonnes)
|
|
42.6
|
42.8
|
42.0
|
40.7
|
46.1
|
168.1
|
|
Gold in concentrates ('000
ounces)
|
|
44.1
|
40.3
|
51.2
|
41.7
|
42.8
|
177.3
|
|
Silver in concentrates ('000
ounces)
|
|
266
|
268
|
287
|
266
|
311
|
1,086
|
|
Sales of metals in
concentrates:
|
|
|
|
|
|
|
|
|
Copper in concentrates ('000
tonnes)
|
|
41.4
|
43.2
|
42.7
|
38.4
|
43.7
|
165.7
|
|
Gold in concentrates ('000
ounces)
|
|
44.0
|
40.4
|
48.7
|
41.5
|
41.5
|
174.6
|
|
Silver in concentrates ('000
ounces)
|
|
242
|
257
|
269
|
240
|
272
|
1,008
|
(a) On 16 December 2022, Rio Tinto completed the acquisition
of 100% of Turquoise Hill Resources Ltd, increasing our ownership
in Oyu Tolgoi from 33.52% to 66%. From 1 January 2023, our share of
production has been updated to reflect this
change.
|
|
Rio
Tinto
interest
|
Q1
2023
|
Q2
2023
|
Q3
2023
|
Q4
2023
|
Q1
2024
|
2023
|
|
|
|
|
|
|
|
|
|
|
DIAMONDS
|
|
|
|
|
|
|
|
|
Diavik Diamonds
|
100%
|
|
|
|
|
|
|
|
Northwest Territories, Canada
|
|
|
|
|
|
|
|
|
Ore processed ('000
tonnes)
|
|
427
|
446
|
427
|
388
|
343
|
1,688
|
|
Diamonds recovered ('000
carats)
|
|
954
|
970
|
757
|
659
|
740
|
3,340
|
Rio
Tinto percentage interest shown above is at 31 March 2024. The data
represents production and sales on a 100% basis unless otherwise
stated.
Rio Tinto operational data
|
|
Rio
Tinto
interest
|
Q1
2023
|
Q2
2023
|
Q3
2023
|
Q4
2023
|
Q1
2024
|
2023
|
|
|
|
|
|
|
|
|
|
|
IRON ORE
|
|
|
|
|
|
|
|
|
Rio
Tinto Iron Ore
|
|
|
|
|
|
|
|
|
Western Australia
|
|
|
|
|
|
|
|
|
Pilbara Operations
|
|
|
|
|
|
|
|
|
Saleable iron ore production ('000
tonnes)
|
|
|
|
|
|
|
|
|
Hamersley mines
|
(a)
|
54,433
|
55,004
|
57,322
|
59,138
|
53,373
|
225,898
|
|
Hope Downs
|
50 %
|
11,771
|
11,527
|
11,037
|
12,148
|
10,163
|
46,482
|
|
Robe River - Pannawonica (Mesas J
and A)
|
53 %
|
5,892
|
7,353
|
7,747
|
8,171
|
8,009
|
29,162
|
|
Robe River - West
Angelas
|
53 %
|
7,200
|
7,368
|
7,377
|
8,054
|
6,393
|
29,999
|
|
Total production ('000
tonnes)
|
|
79,296
|
81,251
|
83,484
|
87,511
|
77,938
|
331,542
|
|
Breakdown of total
production:
|
|
|
|
|
|
|
|
|
Pilbara Blend and SP10 Lump
(b)
|
|
23,196
|
24,910
|
25,268
|
26,308
|
23,386
|
99,682
|
|
Pilbara Blend and SP10 Fines
(b)
|
|
36,537
|
37,108
|
36,836
|
39,264
|
34,422
|
149,745
|
|
Robe Valley Lump
|
|
2,143
|
2,808
|
3,142
|
3,004
|
2,894
|
11,097
|
|
Robe Valley Fines
|
|
3,748
|
4,544
|
4,605
|
5,167
|
5,115
|
18,065
|
|
Yandicoogina Fines (HIY)
|
|
13,672
|
11,880
|
13,633
|
13,768
|
12,122
|
52,952
|
|
Breakdown of total
shipments:
|
|
|
|
|
|
|
|
|
Pilbara Blend Lump
|
|
18,733
|
17,757
|
17,785
|
17,355
|
15,635
|
71,629
|
|
Pilbara Blend Fines
|
|
35,349
|
33,668
|
31,008
|
29,840
|
28,475
|
129,866
|
|
Robe Valley Lump
|
|
1,983
|
2,173
|
2,447
|
2,842
|
2,308
|
9,444
|
|
Robe Valley Fines
|
|
4,268
|
4,696
|
5,105
|
5,762
|
5,553
|
19,832
|
|
Yandicoogina Fines (HIY)
|
|
13,689
|
12,558
|
13,669
|
13,628
|
12,228
|
53,544
|
|
SP10 Lump (b)
|
|
1,686
|
1,652
|
4,180
|
4,620
|
4,612
|
12,137
|
|
SP10 Fines (b)
|
|
6,832
|
6,613
|
9,699
|
12,208
|
9,221
|
35,353
|
|
Total shipments ('000 tonnes)
(c)
|
|
82,540
|
79,118
|
83,892
|
86,255
|
78,033
|
331,805
|
|
|
|
|
|
|
|
|
|
|
|
Rio
Tinto
interest
|
Q1
2023
|
Q2
2023
|
Q3
2023
|
Q4
2023
|
Q1
2024
|
2023
|
|
|
|
|
|
|
|
|
|
|
Iron Ore Company of Canada
|
59 %
|
|
|
|
|
|
|
|
Newfoundland & Labrador and Quebec in
Canada
|
|
|
|
|
|
|
|
Saleable iron ore
production:
|
|
|
|
|
|
|
|
|
Concentrates ('000
tonnes)
|
|
2,113
|
1,908
|
1,936
|
2,210
|
1,924
|
8,167
|
|
Pellets ('000 tonnes)
|
|
2,189
|
1,605
|
2,124
|
2,393
|
2,526
|
8,311
|
|
IOC Total production ('000
tonnes)
|
|
4,302
|
3,513
|
4,060
|
4,603
|
4,450
|
16,478
|
|
Shipments:
|
|
|
|
|
|
|
|
|
Concentrates ('000
tonnes)
|
|
1,676
|
2,124
|
2,098
|
2,037
|
1,978
|
7,934
|
|
Pellets ('000 tonnes)
|
|
1,947
|
2,302
|
1,815
|
2,331
|
2,542
|
8,394
|
|
IOC Total Shipments ('000 tonnes)
(c)
|
|
3,622
|
4,426
|
3,913
|
4,368
|
4,520
|
16,329
|
|
Global Iron Ore Totals
|
|
|
|
|
|
|
|
|
Iron Ore Production ('000
tonnes)
|
|
83,599
|
84,764
|
87,543
|
92,114
|
82,388
|
348,020
|
|
Iron Ore Shipments ('000
tonnes)
|
|
86,162
|
83,543
|
87,805
|
90,623
|
82,553
|
348,134
|
|
Iron Ore Sales ('000 tonnes)
(d)
|
|
88,490
|
85,601
|
88,030
|
91,072
|
82,790
|
353,193
|
(a) Includes 100% of production from Paraburdoo, Mt Tom Price,
Western Turner Syncline, Marandoo, Yandicoogina, Brockman,
Nammuldi, Silvergrass, Channar, Gudai-Darri and the Eastern Range
mines. Whilst Rio Tinto owns 54% of the Eastern Range mine, under
the terms of the joint venture agreement, Hamersley Iron manages
the operation and is obliged to purchase all mine production from
the joint venture and therefore all of the production is included
in Rio Tinto's share of production.
(b) SP10 includes other lower grade
products.
(c) Shipments includes material shipped to our portside
trading facility in China which may not be sold onwards in the same
period.
(d) Include Pilbara and IOC sales adjusted for portside
trading movements and third party volumes sold.
Rio
Tinto percentage interest shown above is at 31 March 2024. The data
represents production and sales on a 100% basis unless otherwise
stated.
Rio Tinto operational data
|
|
Rio
Tinto
interest
|
Q1
2023
|
Q2
2023
|
Q3
2023
|
Q4
2023
|
Q1
2024
|
2023
|
|
|
|
|
|
|
|
|
|
|
SALT
|
|
|
|
|
|
|
|
|
Dampier Salt
|
68 %
|
|
|
|
|
|
|
|
Western Australia
|
|
|
|
|
|
|
|
|
Salt production ('000
tonnes)
|
|
2,121
|
2,416
|
2,097
|
2,103
|
2,085
|
8,737
|
|
|
|
|
|
|
|
|
|
|
TITANIUM DIOXIDE SLAG
|
|
|
|
|
|
|
|
|
Rio
Tinto Iron & Titanium
|
100%
|
|
|
|
|
|
|
|
Canada and South Africa
|
|
|
|
|
|
|
|
|
(Rio Tinto share) (a)
|
|
|
|
|
|
|
|
|
Titanium dioxide slag ('000
tonnes)
|
|
285
|
303
|
247
|
275
|
254
|
1,111
|
(a) Quantities comprise 100% of Rio Tinto Fer et Titane and
Rio Tinto's 74% interest in Richards Bay Minerals' production.
Ilmenite mined in Madagascar is being processed in
Canada.
Rio
Tinto percentage interest shown above is at 31 March 2024. The data
represents production and sales on a 100% basis unless otherwise
stated.
[1] The 500 thousand tonnes per
annum copper production target (stated as recoverable metal) for
the Oyu Tolgoi underground and open pit mines for the years 2028 to
2036 was previously reported in a release to the ASX dated 11 July
2023 "Investor
site visit to Oyu Tolgoi copper mine,
Mongolia". All material assumptions underpinning that production
target and those production profiles continue to apply and have not
materially changed.