TIDMRIO
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."
Q3 vs Q3 vs Q2 9 MTHS vs 9 MTHS
Production* 2023 2022 2023 2023 2022
---------------------------- --- ------ --------- ---------- ------- ---------
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 .
-- 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 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 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 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 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 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 2022 2023 Sept. 2023 2023
otherwise stated Actuals YTD Previous Current
---------------------------------------- -------- ---------- --------- ---------
Pilbara iron ore (shipments, 100% 320 to
basis) (Mt) 322 245.5 335(1) Unchanged
54 to
Bauxite (Mt) 55 39.5 57(2) Unchanged
7.4 to
Alumina (Mt) 7.5 5.6 7.7 Unchanged
3.1 to
Aluminium (Mt) 3.0 2.4 3.3 Unchanged
590 to
Mined copper (kt)(3) 521 460 640 Unchanged
160 to
Refined copper (kt) 209 129 190 Unchanged
3.0 to
Diamonds (M carats) 4.7 2.7 3.8 Unchanged
1.1 to
Titanium dioxide slag (Mt) 1.2 0.8 1.4(2) Unchanged
IOC(4) iron ore pellets and concentrate 10.0 to 9.3 to
(Mt) 10.3 7.0 11.0 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) 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) 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) 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) 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) 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 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 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 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 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 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 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 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 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 .
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 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 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
Q3 vs Q3 vs Q2 9 MTHS vs 9 MTHS
Rio Tinto share of
production (Million
tonnes) 2023 2022 2023 2023 2022
------------------------- ------ ---------- ---------- ------- ----------
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 %
------------------------- ------ ---------- ---------- ------- ----------
Q3 vs Q3 vs Q2 9 MTHS vs 9 MTHS
Rio Tinto share of
shipments (Million tonnes) 2023 2022 2023 2023 2022
---------------------------- ------ ------------- ------------- ------- ----------
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 ebsite .
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
Q3 vs Q3 vs Q2 9 MTHS vs 9 MTHS
Rio Tinto share of
production ('000 tonnes) 2023 2022 2023 2023 2022
-------------------------- ------------------- ------- ------- ------------------ ---------
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
Q3 vs Q3 vs Q2 9 MTHS vs 9 MTHS
Rio Tinto share of production
('000 tonnes) 2023 2022 2023 2023 2022
------------------------------- ------ ------------- ---------- ------- -------------
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
Q3 vs Q3 vs Q2 9 MTHS vs 9 MTHS
Rio Tinto share of
production (million
tonnes) 2023 2022 2023 2023 2022
-------------------------- ------------------- --------- ---------- ------------------ ---------
Iron ore pellets and
concentrate
-------------------------- ------------------- --------- ---------- ------------------ ---------
IOC 2.4 -14 % +16 % 7.0 -10 %
-------------------------- ------------------- --------- ---------- ------------------ ---------
Q3 vs Q3 vs Q2 9 MTHS vs 9 MTHS
Rio Tinto share of
production ('000 tonnes) 2023 2022 2023 2023 2022
-------------------------- ------------------- --------- ---------- ------------------ ---------
Minerals
-------------------------- ------------------- --------- ---------- ------------------ ---------
Borates - B(2) O(3)
content 127 -2 % -5 % 384 -2 %
Titanium dioxide slag 247 -20 % -19 % 835 -5 %
-------------------------- ------------------- --------- ---------- ------------------ ---------
Q3 vs Q3 vs Q2 9 MTHS vs 9 MTHS
Rio Tinto share of
production ('000 carats) 2023 2022 2023 2023 2022
-------------------------- ------------------- --------- ---------- ------------------ ---------
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 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:
Greenfield/ Brownfield
Commodities Studies Stage Advanced projects programmes
----------------- ------------------------- ------------------ ------------------------
Melville Island,
Australia
Bauxite Cape York, Australia
----------------- ------------------------- ------------------ ------------------------
Nickel Greenfield:
Australia, Brazil,
Canada, Finland,
Peru
Lithium Greenfield:
Australia, Brazil,
Rincon Lithium, Argentina Canada, Chile,
Lithium borates: China, Finland,
Jadar, Serbia Rwanda, US
Nickel: Tamarack, Lithium borates
Battery Materials US (3rd party operated) Brownfield: US
----------------- ------------------------- ------------------ ------------------------
Copper Greenfield:
Angola, Australia,
Brazil, Canada,
Chile, China, Colombia,
Finland, Kazakhstan,
Namibia, Laos,
Copper: La Granja, Peru, Papua New
Copper/molybdenum: Peru Pribrezhniy, Guinea, Serbia,
Resolution, US Kazakhstan US, Zambia
Copper/Gold: Winu, Calibre-Magnum, Copper Brownfield:
Copper Australia Australia US
----------------- ------------------------- ------------------ ------------------------
Diamonds Greenfield:
Angola
Diamonds Brownfield:
Diamonds Falcon, Canada(2) Diavik
----------------- ------------------------- ------------------ ------------------------
Greenfield and
Pilbara, Australia Brownfield: Pilbara,
Iron Ore Simandou, Guinea Pilbara, Australia Australia
----------------- ------------------------- ------------------ ------------------------
Potash Greenfield:
Potash: KL262(3) Canada
, Canada Heavy mineral sands
Heavy mineral sands: Greenfield: Australia,
Minerals Mutamba, Mozambique 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
9 MTHS
Q3 23 Q3 23 2023
2022 2023 2023 2022 2023 vs vs vs
9 MTHS
Q3 Q2 Q3 9 MTHS 9 MTHS Q3 22 Q2 23 2022
---------------------- ------ ------ ------ ------ ------- -------- -------- ----------- ----------
Principal commodities
('000
Alumina t) 1,838 1,861 1,897 5,603 5,618 +3 % +2 % 0 %
('000
Aluminium t) 759 814 828 2,226 2,427 +9 % +2 % +9 %
('000
Bauxite t) 13,680 13,492 13,940 41,437 39,521 +2 % +3 % -5 %
('000
Borates t) 130 133 127 391 384 -2 % -5 % -2 %
('000 +12 +19
Copper - mined t) 138.0 130.5 155.1 389.9 416.2 % % +7 %
('000 -37
Copper - refined t) 54.1 36.2 34.1 158.2 129.2 % -6 % -18 %
('000 -37 -22
Diamonds cts) 1,192 970 757 3,333 2,681 % % -20 %
('000
Iron Ore t) 73,726 70,632 73,241 204,832 213,657 -1 % +4 % +4 %
Titanium dioxide ('000 -20 -19
slag t) 310 303 247 876 835 % % -5 %
---------------------- ------ ------ ------ ------ ------- -------- -------- ----------- ----------
Other Metals &
Minerals
('000 +38 +31
Gold - mined oz) 58.2 61.4 80.2 179.3 205.9 % % +15 %
('000 -59 -35
Gold - refined oz) 30.5 19.2 12.4 83.6 53.6 % % -36 %
('000 -23 +100
Molybdenum t) 0.8 0.3 0.6 2.3 1.1 % % -54 %
('000 -14 -13
Salt t) 1,674 1,652 1,434 4,299 4,535 % % +5 %
('000 +29
Silver - mined oz) 1,040 775 1,001 2,898 2,711 -4 % % -6 %
('000 -58 -27
Silver - refined oz) 571 329 240 1,438 1,001 % % -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)
100
Jonquière (Vaudreuil) % 336 368 371 346 325 996 1,042
Jonquière (Vaudreuil) 100
specialty Alumina plant % 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
100
Yarwun % 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)
100
Australia - Bell Bay % 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
100
Canada - six wholly owned % 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
100
Iceland - ISAL (Reykjavik) % 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)
100
Gove % 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
100
Weipa % 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 - 100
borates % 130 141 124 133 127 391 384
--------------- ---------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
COPPER
Mine production
('000
tonnes) (a)
Bingham 100
Canyon % 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
100
Kennecott (c) % 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)
100
Diavik % 1,192 1,319 954 970 757 3,333 2,681
GOLD
Mine production ('000
ounces) (a)
100
Bingham Canyon % 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)
100
Kennecott % 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
interest 2022 2022 2023 2023 2023 2022 2023
---------------------------------- --------- ------ ------ ------ ------ ------ ------- -------
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
interest 2022 2022 2023 2023 2023 2022 2023
---------------------- --------- ----- ----- ----- ----- ------ ------ -------
MOLYBDENUM
Mine production ('000
tonnes) (a)
100
Bingham Canyon % 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)
100
Bingham Canyon % 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)
100
Kennecott % 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 100
(a) % 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
interest 2022 2022 2023 2023 2023 2022 2023
------------------------------- ---------- ------ ------ ------ ------ ------ ------ -------
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
100
Yarwun refinery - Queensland % 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) 100
refinery - Quebec (a) % 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) 100
plant - Quebec % 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
Rio
Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
interest 2022 2022 2023 2023 2023 2022 2023
------------------------------- --------- ----- ----- ----- ----- ------ ------ -------
ALUMINIUM
Primary Aluminium
Primary aluminium production
('000 tonnes)
Australia
100
Bell Bay smelter - Tasmania % 46 48 45 46 47 137 139
Boyne Island smelter - 59
Queensland % 110 114 117 123 127 336 367
Tomago smelter - New South 52
Wales % 148 147 145 146 149 439 441
Canada
100
Alma smelter - Quebec % 122 122 120 121 121 360 361
Alouette (Sept-Îles) 40
smelter - Quebec % 159 158 156 159 159 470 474
100
Arvida smelter - Quebec % 43 44 43 43 43 127 129
100
Arvida AP60 smelter - Quebec % 15 15 14 14 15 43 43
Bécancour smelter 25
- Quebec % 116 116 115 118 114 344 346
100
Grande-Baie smelter - Quebec % 59 58 57 57 58 174 171
Kitimat smelter - British 100
Columbia % 38 57 72 92 103 88 268
Laterrière smelter 100
- Quebec % 64 64 61 62 59 190 182
Iceland
100
ISAL (Reykjavik) smelter % 51 52 51 52 52 151 155
New Zealand
79
Tiwai Point smelter % 85 85 83 83 83 251 249
Oman
20
Sohar smelter % 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
interest 2022 2022 2023 2023 2023 2022 2023
--------------------------------- --------- ------ ------ ------ ------ ------ ------ -------
BAUXITE
Bauxite production ('000 tonnes)
Australia
100
Gove mine - Northern Territory % 2,905 2,874 2,579 2,739 3,015 8,636 8,332
100
Weipa mine - Queensland % 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
100
Rio Tinto Borates - borates %
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
interest 2022 2022 2023 2023 2023 2022 2023
----------------------------- --------- -------- -------- -------- -------- -------- ------------ ------------
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
interest 2022 2022 2023 2023 2023 2022 2023
---------------------- --------- --------- --------- --------- --------- --------- ------------- -------------
COPPER & GOLD
(continued)
Kennecott
100
Bingham Canyon mine %
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 & 100
refinery %
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
interest 2022 2022 2023 2023 2023 2022 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
interest 2022 2022 2023 2023 2023 2022 2023
--------------------- --------- ---------- ---------- ---------- ---------- ---------- ----------- -----------
DIAMONDS
100
Diavik Diamonds %
--------------------- --------- ---------- ---------- ---------- ---------- ---------- ----------- -----------
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
interest 2022 2022 2023 2023 2023 2022 2023
------------------------------- --------- ------ ------ ------ ------ ------ ------- -------
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
interest 2022 2022 2023 2023 2023 2022 2023
------------------------------- --------- ------ ------ ------ ------ ------ ------- -------
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
interest 2022 2022 2023 2023 2023 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 & 100
Titanium %
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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END
QRTNKABDDBDBFKD
(END) Dow Jones Newswires
October 17, 2023 02:00 ET (06:00 GMT)
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