Rio Tinto releases first quarter production results
April 16 2024 - 6:39PM
Business Wire
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*
Quarter 1 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 &
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.
The full first quarter production results are available
here.
This announcement is authorised for release to the market by
Andy Hodges, Rio Tinto’s Group Company Secretary.
LEI: 213800YOEO5OQ72G2R82 Classification: 3.1 Additional
regulated information required to be disclosed under the laws of a
Member State
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