TIDMRIO
RNS Number : 1821D
Rio Tinto PLC
18 October 2022
Rio Tinto releases third quarter production results
18 October 2022
Rio Tinto Chief Executive Jakob Stausholm, said: "Delivering the
full potential of our assets remains a priority: production
improved versus the prior quarter across most of our sites,
particularly where we have implemented the Rio Tinto Safe
Production System (RTSPS). We progressed our excel in development
objective, commissioning some major projects and advancing the next
tranche of Pilbara mines, agreeing to enter a joint venture with
Baowu to develop Western Range and modernising the joint venture
covering the Rhodes Ridge project in the East Pilbara, unlocking a
pathway to develop this significant, high quality resource. We also
approved growth capital for underground mining at Kennecott, early
works funding at Rincon Lithium and continue to progress Oyu
Tolgoi. Our proposal to take Turquoise Hill Resources private has
unanimous support of the Turquoise Hill Board who have recommended
shareholders vote in favour of the transaction.
"We continue to deliver our strategy with decarbonisation at its
centre. Last week we announced a partnership with the Government of
Canada to invest up to C$737 million over eight years to
decarbonise our Rio Tinto Fer et Titane operations in Québec, and
to position the business as a centre of excellence for critical
minerals processing.
"We are taking action to transform our culture and rebuild
trust, implementing the recommendations of the Everyday Respect
report and publishing our second progress report on our Communities
and Social Performance practices, which includes increased feedback
from Traditional Owner groups, with responses from seven groups
compared to four in 2021."
Q3 vs Q3 vs Q2 9 MTHS vs 9 MTHS
Production* 2022 2021 2022 2022 2021
---------------------------- --- ------ ---------- ------- ------- ----------
Pilbara iron ore shipments
(100% basis) Mt 82.9 -1 % +4 % 234.3 -1 %
Pilbara iron ore production
(100% basis) Mt 84.3 +1 % +7 % 234.7 0 %
Bauxite Mt 13.7 -2 % -3 % 41.4 +1 %
Aluminium kt 759 -2 % +4 % 2,226 -7 %
Mined copper kt 138 +10 % +9 % 390 +8 %
Titanium dioxide slag kt 310 +48 % +6 % 876 +11 %
IOC** iron ore pellets
and concentrate Mt 2.8 +28 % +7 % 7.8 +8 %
---------------------------- --- ------ ---------- ------- ------- ----------
*Rio Tinto share unless otherwise stated
**Iron Ore Company of Canada
Q3 2022 operational highlights and other key announcements
-- In the last quarter we exceeded four years without a fatality
on a managed site. However, our all-injury frequency rate of 0.43
has deteriorated from the third quarter of 2021 (0.40), and from
the prior quarter (0.36). We continue to prioritise the safety,
health and wellbeing of our workforce and communities where we
operate.
-- Pilbara operations produced 84.3 million tonnes (100% basis)
in the third quarter, 1% higher than the third quarter of 2021, and
7% higher than the prior quarter with continued commissioning and
ramp-up of Gudai-Darri and Robe Valley. Shipments were 82.9 million
tonnes (100% basis), 1% lower than the third quarter of 2021, and
4% higher than the prior quarter despite two unplanned rail outages
on the Yandicoogina and Gudai-Darri lines. The investigation into
the Gudai-Darri derailment is ongoing. Full year shipments are
expected to be at the low end of the original 320 to 335 million
tonne range.
-- On 14 September, we agreed to enter a joint venture with
China Baowu Steel Group Co. Ltd with respect to the Western Range
iron ore project in the Pilbara, investing $2 billion ($1.3 billion
Rio Tinto share (1) ) to develop the mine. Its annual capacity of
25 million tonnes will help sustain production of the Pilbara
Blend, with construction expected to begin in early 2023 and first
production anticipated in 2025. The transaction with Baowu is
subject to satisfaction of various conditions precedent, including
approvals from Rio Tinto shareholders, the Australian Government,
Chinese Government regulatory agencies and the Western Australian
Government, among others.
-- We have agreed, together with Wright Prospecting Pty Ltd, to
modernise the joint venture covering the Rhodes Ridge project in
the East Pilbara, Western Australia. The joint venture updates an
existing agreement between the two parties dating back to 1972 and
now provides a pathway for the development of the Rhodes Ridge
deposits utilising Rio Tinto's rail, port and power infrastructure.
The participants have commenced an Order of Magnitude study, to be
conducted by Rio Tinto, which will consider the development of an
operation before the end of the decade with initial plant capacity
of up to 40 million tonnes annually, subject to the receipt of
relevant approvals.
-- Bauxite production of 13.7 million tonnes was 2% lower than
the third quarter of 2021 due to equipment reliability issues at
Gove.
-- Aluminium production of 0.8 million tonnes was 2% lower than
the third quarter of 2021, and 4% higher than the prior quarter as
the Kitimat smelter continues to ramp up and Boyne smelter cell
recovery efforts progress as expected. The Kitimat pot restarts are
progressing but structural issues with the alumina conveyor system
caused disruptions through the quarter slowing the rate of pot
restarts. We continue to focus on full recovery during the course
of 2023.
-- Mined copper production of 138 thousand tonnes was 10% higher
than the third quarter of 2021 due to higher grades and recoveries
at Kennecott, partly offset by lower grades and recoveries at Oyu
Tolgoi as a result of planned mine sequencing. Refined copper
production guidance has been reduced to 190 to 220 thousand tonnes
(previously 230 to 290 thousand tonnes), given further downside
risk associated with Kennecott's smelter and refinery performance,
until we undertake the largest rebuild in nine years which is
planned for the second quarter of 2023.
-- On 27 September, we announced approval of $55 million in
development capital to start underground mining and expand
production at Kennecott. This will initially focus on the Lower
Commercial Skarn area, which will deliver a total of around 30
thousand tonnes(2) of additional copper through the period to 2027
alongside open cut operations. The first ore is expected to be
produced in early 2023, with full production in the second half of
the year. Underground battery electric vehicles are currently being
trialled at Kennecott to improve employee health and safety,
increase productivity and reduce carbon emissions from future
underground mining fleets.
-- On 5 September, we enter ed into a binding agreement to
acquire all of the remaining shares of Turquoise Hill Resources
that Rio Tinto does not currently own, subject to shareholder
approval. The transaction delivers significant value to Turquoise
Hill minority shareholders with the certainty of an all-cash offer
of C$43 per share (with a total cash consideration of $3.3
billion), and provides greater certainty of funding for the
long-term success of the Oyu Tolgoi project.
-- Titanium dioxide slag production of 310 thousand tonnes was
48% higher than the third quarter of 2021, due to community
disruptions at Richards Bay Minerals in South Africa in 2021, and
continued improved performance of operations at Rio Tinto Fer et
Titane (RTFT), Canada.
-- Iron Ore Company of Canada (IOC) production of pellets and
concentrate was 28% higher than the third quarter of 2021 due to
improved operational performance as well as timing of the planned
annual maintenance shutdown (seven days) which was successfully
completed in June (this work was completed in September in
2021).
-- This quarter marked 12 months since we began the roll-out of
the Rio Tinto Safe Production System (RTSPS). We now have 22
deployments at 13 sites and 63 rapid improvement projects (Kaizens)
completed or in progress. We are on track to meet our 2022 target
of 30 deployments at 15 sites.
-- In the third quarter, we entered into additional partnerships
and progressed initiatives to decarbonise our business and our
value chains, including entering strategic partnerships with Volvo
Group and Ford Motor Company. We also joined the First Movers
Coalition, a global initiative to help commercialise zero-carbon
technologies by harnessing purchasing power and supply chains.
-- On 11 October, we announced a partnership with the Government
of Canada to invest up to C$737 million over the next eight years
to decarbonise our Rio Tinto Fer et Titane operations in
Sorel-Tracy, Québec, and to position the business as a centre of
excellence for critical minerals processing. The partnership will
also support projects including BlueSmelting, a low-carbon ilmenite
smelting technology, increasing scandium production, and adding
titanium metal to the portfolio. The Government of Canada is
investing up to C$222 million over the next eight years through its
Strategic Innovation Fund which supports large-scale,
transformative, and collaborative projects that will help position
Canada to prosper in the global knowledge-based economy. There is
no impact to our current capital guidance.
-- On 20 July, we announ ced we reached agreement with the
Australian Taxation Office (ATO) on all tax matters in dispute. As
part of this agreement, in August we paid the ATO additional tax of
A$613 million for the period from 2010 to 2021. Over this period,
Rio Tinto paid nearly A$80 billion in tax and royalties in
Australia.
-- On 2 August, we complet ed the sale of a royalty on an area
including the Cortez mine operational area and the Fourmile
development project in Nevada to RG Royalties LLC, a direct
wholly-owned subsidiary of Royal Gold Inc., for $525 million in
cash.
-- In October, we entered into a definitive agreement with
Uranium Energy Corp (UEC) pursuant to which UEC will acquire 100%
of Rio Tinto's wholly owned Roughrider uranium development project
located in Saskatchewan, Canada for total consideration of $150
million comprised of $80 million in cash and $70 million in UEC
stock. The transaction completed on 14 October.
-- On 29 September, we note d the independent valuation report
released by Energy Resources of Australia (ERA) on 26 September
2022, to determine a valuation of the company as it seeks to
address material cost and schedule overruns on the critical Ranger
rehabilitation project in Australia's Northern Territory. Our
consistent position is that the terms of any ERA funding solution
should reflect fair value having regard to: the material cost
overruns and interim funding requirements; funds raised will be
dedicated strictly to rehabilitation and not any future
development; and the Traditional Owners, the Mirarr People's
consistently publicly stated opposition to developing the Jabiluka
uranium deposit.
-- On 6 October, we welcome d ERA's announcement that it will
renew its independent board committee to introduce new perspectives
to address the material cost and schedule overruns on the critical
Ranger rehabilitation project. We remain committed to ensuring the
rehabilitation is completed to a standard that will establish an
environment similar to the adjacent Kakadu National Park and
continues to provide technical support to the project.
-- All figures in this report are unaudited. All currency
figures in this report are US dollars, and comments refer to Rio
Tinto's share of production, unless otherwise stated.
(1) Rio Tinto share includes 100% of funding costs for
Paraburdoo plant upgrades.
(2) Lower Commercial Skarn production targets referred to in
this release are reported as recoverable copper and are underpinned
as to 100% by Probable Ore Reserves. These estimates of Ore
Reserves were reported in a release to the Australian Securities
Exchange (ASX) dated 31 August 2022 "Rio Tinto Kennecott Mineral
Resources and Ore Reserves" (Table 1 Release) and have been
prepared by Competent Persons in accordance with the requirements
of the Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves, 2012 (JORC Code).
2022 guidance
2022
2021 Sept. 2022 2022
Rio Tinto share, unless otherwise stated Actuals YTD Previous Current
----------------------------------------- -------- ------ --------- ---------
Pilbara iron ore (shipments, 100% basis) 320 to 320 to
(Mt) 322 234.3 335 335(1)
54 to
Bauxite (Mt) 54 41.4 57 Unchanged
7.6 to
Alumina (Mt) 7.9 5.6 7.8 Unchanged
3.0 to
Aluminium (Mt) 3.2 2.2 3.1 Unchanged
500 to
Mined copper (kt) 494 390 575 Unchanged
230 to 190 to
Refined copper (kt) 202 158 290 220
4.5 to
Diamonds(2) (M carats) 3.8 3.3 5.0 Unchanged
1.1 to
Titanium dioxide slag (Mt) 1.0 0.9 1.4 Unchanged
IOC(3) iron ore pellets and concentrate 10.0
(Mt) 9.7 7.8 to 11.0 Unchanged
Boric oxide equivalent (Mt) 0.5 0.4 0.5 Unchanged
----------------------------------------- -------- ------ --------- ---------
(1) At the low end of the range.
(2) Reflects 100% ownership of Diavik (previously 60%) from 1st
November 2021.
(3) Iron Ore Company of Canada.
-- Iron ore shipments and bauxite production guidance remain
subject to weather and market conditions.
-- Our guidance assumes development of the COVID-19 pandemic
does not lead to government-imposed restrictions and widespread
protracted cases, which could result in a significant number of our
production and maintenance critical workforce and contractor base
being unable to work due to illness and/or isolation requirements.
This risk extends to prolonged interruption of service from a key
partner or supplier which could lead to severely constrained
operational activity of a key asset or project.
-- Pilbara shipments guidance remains dependent on ramp-up of
Gudai-Darri and Robe Valley, availability of skilled labour and
management of cultural heritage, including any impacts from the
Aboriginal Cultural Heritage Act 2021.
Operating costs
-- Pilbara iron ore 2022 unit cost guidance of $19.5-$21.0 per
tonne remains unchanged. Operating cost guidance is based on A$:US$
exchange rate of 0.71 and excludes COVID-19 response costs.
-- Copper C1 unit cost guidance in 2022 has been revised to
150-170 US cents/lb (previously 130-150 US cents/lb), following the
reduction of the refined copper guidance range.
Investments, growth and development projects
-- We progressed our excel in development objective, safely
commissioning some of our major projects in the period. We expect
our share of capital investment to be around $7.0 billion in 2022,
reduced from $7.5 billion previously, due to the stronger US dollar
and reassessment on timing of decarbonisation investment. Our best
estimate of the investment required to decarbonise the business
remains at $7.5 billion until 2030.
-- Exploration and evaluation expense in the first nine months
of 2022 was $593 million, $77 million (15%) higher than the first
nine months of 2021, with continued ramp-up of activities in
Guinea, Argentina and Australia.
Pilbara mine projects
-- We safely commissioned our Pilbara projects in the period
despite challenging conditions with COVID-19 labour and supply
chain disruptions. The focus now moves to the next tranche of
Pilbara mines starting with Western Range.
-- At Gudai-Darri, the ramp up is progressing as planned and the
full capacity run rate is expected to be achieved during 2023.
-- At Robe Valley, the Mesa A rectification works were
successfully completed with the plant operating at full design
rates. The final train load out tie-in works at Mesa J were
completed with first ore achieved in August.
-- The Western Range Iron Ore project is a $2 billion ($1.3
billion Rio Tinto share(1) ) joint venture between Rio Tinto (54
per cent) and China Baowu Steel Group Co. Ltd (46 per cent). Once
completed, Western Range's annual production capacity of 25 million
tonnes will help sustain production of the Pilbara Blend from Rio
Tinto's existing Paraburdoo mining hub. Early works commenced in
September following receipt of Western Australian Government State
Agreement approval, with construction of the mine expected to begin
in early 2023 and first production anticipated in 2025. The
construction phase will support approximately 1,600 jobs and once
operational, the mine will require approximately 800 ongoing roles
which are expected to be filled by existing workers transitioning
from other sites in the Paraburdoo mining hub.
-- The Greater Paraburdoo Iron Ore Hub proposal, inclusive of
the Western Range Iron Ore project, was approved under the Western
Australian Environmental Protection Act 1986 in August. As part of
this approval process, we worked closely with the Traditional
Owners on whose country Western Range is situated, the Yinhawangka
People, to co-design a Social and Cultural Heritage Management Plan
to protect significant cultural and heritage values in the project
area. The plan, which was announced earlier this year, outlines
protocols for joint decision-making on environmental matters and
mine planning. We also continue to actively work with the
Yinhawangka People in relation to approvals required under the
Western Australian Aboriginal Heritage Act 1972 and Western
Australian Aboriginal Cultural Heritage Act 2021.
Oyu Tolgoi underground project
Technical progress
-- Current on-site workforce levels are in line with the 2022
reforecast(2) . There have been seven drawbells fired at the end of
the quarter. The undercut and draw bell progression remains on
track to achieve first sustainable production from Panel 0 in the
first half of 2023.
-- At September, shafts 3 and 4 sinking reached 288 metres and
410 metres below ground level respectively, with both sinking rates
and achieved depths roughly in line with 2022 reforecast.
Construction of the final major stage of materials handling
infrastructure commenced in the second quarter of 2022 including
civil and underground works for the conveyor to surface.
-- Study work for Panels 1 and 2 (which are required to support
the ramp-up to 95,000 tonnes of ore per day) remains on track to be
completed in the first half of 2023 and will incorporate any
ventilation impacts due to the shaft 3 and 4 delays.
Other key projects and exploration and evaluation
-- At the Resolution Copper project in Arizona, the US Forest
Service continues work on the Environmental Impact Statement as
part of the federal permitting requirements for the project. We
continue to consult and partner with local communities and Native
American tribes, as we progress our mine studies to further shape
our understanding of the orebody.
-- At the Winu copper-gold project in Western Australia, we are
committed to a pathway that prioritises the highest standards on
environmental and cultural heritage, and strengthening Traditional
Owner relationships. The pathway is expected to take longer than
originally anticipated and remains subject to regulatory and other
required approvals.
-- At the Simandou iron ore project in Guinea, discussions
continue on the shareholders agreement, finalising cost estimates
and funding, and securing all necessary permits and approvals
regarding the project infrastructure. This follows the
incorporation of the joint venture company in July (La Compagnie du
Transguinéen) between the government of the Republic of Guinea,
Winning Consortium Simandou (WCS) and Rio Tinto Simfer to further
progress plans to co-develop the multi-purpose, multi-user
infrastructure for the project. We progressed early works and
hiring for critical roles with a significant focus on Guinean local
businesses, ahead of mobilisation of a larger workforce over the
coming months. Work at the mine site recommenced with the
re-mobilisation of teams following the lifting of the stop work
order issued by the Government of Guinea in August.
-- At the Jadar lithium-borate project in Serbia, we are
continuing to explore all options. We acknowledge the concerns from
local communities and are engaging meaningfully to explore ways to
address them.
-- At the Rincon lithium project in Argentina, we are
progressing early works including construction of a camp and
airstrip. We are also developing a three thousand tonne per annum
lithium carbonate starter plant to accelerate market entry by the
first half of 2024, and de-risk the planned full scale operation.
We continue to engage with communities, the province of Salta and
the Government of Argentina to ensure an open and transparent
dialogue with stakeholders about the works underway. Detailed
studies for the full scale operation are progressing.
(1) Rio Tinto share includes 100% of funding costs for
Paraburdoo plant upgrades.
(2) A cost and schedule reforecast was performed in June 2022
and estimates that $7.06 billion is required to complete the Hugo
North 1 project (an increase of $0.3 billion beyond the 2020
Definitive Estimate). The 2022 Reforecast excludes impacts of
COVID-19 restrictions arising after June 2022. The 2022 reforecast
remains subject to Oyu Tolgoi Board approval.
Sustainability highlights
We are implementing the 26 recommendations of the Everyday
Respect report including leadership training where we are on track
to meet our target of 80% by the end of the year, with 75%
completion rate as of 30 September. All sites have completed safe
and inclusive facilities self-assessments with initiatives to be
rolled out through next year, while safety rectifications are on
track to be completed this year. The Business Conduct Office is
developing a discrete unit which will consist of a team of
specialists who deliver safe, confidential and caring support to
those impacted by harmful and disrespectful behaviours. We are
currently designing a pilot for Mongolia and Western Australia as
the initial recipients of the discrete unit.
Communities & Social Performance (CSP)
To share our progress on the actions we have taken to improve
our cultural heritage approach and Indigenous participation and
leadership, in the quarter we p ublished our second progress report
on our CSP practices, which includes direct feedback from
Traditional Owners and details the actions the company has taken to
rebuild relationships with Indigenous peoples and external
stakeholders. We have seen increased engagement with feedback from
seven Traditional Owner groups compared to four in 2021 - which
will enable us to continue to learn and improve.
In June 2021, Environmental Resources Management (ERM) were
engaged to conduct independent cultural heritage management audits
across our business globally. They conducted audits at Australian
assets in 2021 and during 2022 the focus has been on assets outside
Australia. ERM has published a summary of insights and common
findings from our Australian businesses. These insights from the
independent audit have informed reviews of our Communities and
Social Performance Standard, the Cultural Heritage Management Group
Procedure and guidance documentation.
On 28 July, we announced a commitment of A$75 million across 10
years to renew our partnerships with the Shire of Ashburton and the
City of Karratha to continue the delivery of a range of important
community projects across the two regions. The renewed partnerships
will build upon and further strengthen Rio Tinto's relationship
with local government partners.
In August, we announced a partnership with the Cheslatta Carrier
Nation, a First Nation in British Columbia, on an archaeological
project that aims to better understand the history of Indigenous
communities and human migrations in North America. The
Cheslatta-led project will survey and excavate a variety of sites
of cultural and historical significance, some of which possibly
span the past 10,000 years or more. We will contribute C$2.8
million dollars to this Indigenous-led research initiative, which
builds on the New Day agreement signed in 2020 between the
Cheslatta Carrier Nation and the company to promote the social and
economic well-being of the Cheslatta community.
On 6 October, we announced the signing of a Memorandum of
Understanding (MOU) with the Mayor's Office of Ulaanbaatar City and
National Amusement Park LLC to undertake a restoration project in
the National Amusement Park. Under the partnership, Rio Tinto
Mongolia will restore 10 hectares of land, between the Children's
Palace and the Sun Road, located in the western section of the
National Amusement Park.
In the quarter, Rio Tinto representatives met other members of
the Panguna Impact Assessment Oversight Committee in person for the
first time in Buka, Bougainville. The consulting firm to undertake
the impact assessment is expected to be engaged in October 2022
with the first phase planned to take 18 to 24 months. In advance of
the impact assessment formally commencing in the fourth quarter of
this year, technical consulting firm Tetra Tech Coffey has been on
the ground in Bougainville investigating priority issues relating
to the levee between the Jaba and Kawerong rivers.
Key highlights from the quarter are outlined above, with further
information available on our website .
Climate change, product stewardship and our value chain
We progressed initiatives in the third quarter working to
decarbonise our business and actively develop technologies to
decarbonise our value chains .
-- On 21 July, we signed a non-binding global MOU with Ford
Motor Company to jointly develop more sustainable and secure supply
chains for battery and low-carbon materials to be used in Ford
vehicles. The multi-materials partnership will support the
transition toward a net-zero future by supplying Ford with
materials including lithium, low-carbon aluminium and copper.
-- On 26 August, we announced an investment of $29 million to
build a new aluminium recycling facility at our Arvida Plant in
Saguenay-Lac-Saint-Jean, Quebec, to expand its offering of
low-carbon aluminium solutions for customers in the automotive,
packaging and construction markets. The facility will make Rio
Tinto the first primary producer in North America to incorporate
recycled post-consumer aluminium into aluminium alloys.
-- On 13 September, we announced we had signed an MOU with Volvo
Group to create a strategic partnership where Rio will supply
responsibly sourced low-carbon products and solutions to Volvo
Group and the companies will work towards decarbonising our
operations through piloting Volvo Group's sustainable autonomous
hauling solutions.
-- On 20 September, we announced we would join the First Movers
Coalition (FMC), a global initiative to help commercialise
zero-carbon technologies by harnessing purchasing power and supply
chains. The initiative is led by the World Economic Forum and the
US Government and targets sectors including aluminium, aviation,
chemicals, concrete, shipping, steel, and trucking, which are
responsible for 30 per cent of global emissions. We have joined the
shipping, trucking and aviation categories working closely with the
FMC team to determine how it practically integrates the intent of
the commitments in the context of Rio Tinto's global
operations.
-- On 22 September, we announced an MOU with Shougang Group, one
of the world's top 10 steel producers, to promote research, design
and implementation of low-carbon solutions for the steel value
chain. The MOU's focus areas include low-carbon sintering
technology, blast furnace and basic oxygen furnace optimisation,
and carbon capture and utilisation.
-- On 25 September, Tomago Aluminium Company, New South Wales,
Australia called for Expressions of Interest to develop, invest in
or procure long-term traceable renewable energy and dispatchable
firm power generation projects or contracts, to underpin its
decarbonisation strategy and net-zero ambition. Tomago Aluminium is
an independently managed joint venture 51.55 per cent owned by Rio
Tinto.
-- On 29 September, we announced we had started producing
spodumene concentrate, a mineral used in the production of lithium
for batteries, at a demonstration plant in our metallurgical
complex in Sorel-Tracy, Canada. The plant will demonstrate at
industrial scale a new spodumene concentration process that
provides lithium oxide grades and recoveries well above the
industry average.
-- On 6 October, we announced an agreement with international
energy company Voltalia and local Black Economic Empowerment (BEE)
partners, to supply renewable solar power at our Richards Bay
Minerals (RBM) operation in KwaZulu-Natal, South Africa. The power
plant is scheduled to be complete by 2024 and is expected to cut
RBM's annual greenhouse gas emissions by at least 10 per cent
(compared to 2018 baseline emissions), or 237kt CO2e per year.
-- On 11 October, we announced a partnership with the Government
of Canada to invest up to C$737 million over the next eight years
to decarbonise our Rio Tinto Fer et Titane operations in
Sorel-Tracy, Québec, and to position the business as a centre of
excellence for critical minerals processing. The partnership will
also support projects including BlueSmelting, a low-carbon ilmenite
smelting technology, increasing scandium production, and adding
titanium metal to the portfolio. The Government of Canada is
investing up to C$222 million over the next eight years through its
Strategic Innovation Fund which supports large-scale,
transformative, and collaborative projects that will help position
Canada to prosper in the global knowledge-based economy. There is
no impact to our current capital guidance.
Our markets
Commodity prices continued their downward trend during the
quarter and there are further downside risks to demand as the
global economy slows. Labour markets are holding up relatively well
although consumer confidence has waned. Fears of recession are
emerging on the implementation of aggressive interest rate hikes in
the US and Europe, while a weak property sector continues to weigh
on China's economy. Freight rates are falling amid slowing global
trade as global supply chains show signs of improvement.
-- China's economy has been challenged by ongoing
COVID-lockdowns, power shortages in summer, and continued weakness
in the property market. Even as the government maintains a dynamic
zero-COVID policy, it has increased policy support to help relieve
industries and restore confidence. The recovery has been uneven
across sectors, with the policy-induced acceleration in
infrastructure spending, car sales and exports providing key
drivers of growth during the quarter. However, slowing global
demand poses downside risks to China's strong exports, while
consumers remain cautious of the property market.
-- The US economy is showing more signs of a slowdown even
though employment trends are still holding up positively. Consumers
are spending more cautiously, industrial production growth is more
subdued and corporate profits have edged lower. Inflation remains
elevated despite easing gasoline prices. This has prompted a more
hawkish position by the Federal Reserve, which is expected to
continue its aggressive rate hikes even after three consecutive 75
basis point hikes this year.
-- The Eurozone's economic growth outlook has deteriorated, as
inflation climbed further, and the latest data points suggest the
region's economy could be already in contraction. The European
Central Bank is expected to continue its rate hikes to curb
inflation, while industrial output could be further curtailed if
energy shortages persist.
-- Iron ore Platts CFR prices trended down from $120/dmt to
$96/dmt during the third quarter (averaging $103/dmt, down from
$138/dmt during the second quarter) as the loss of confidence in
China's property market and COVID-related disruptions to
construction activity curtailed China's steel production and
consumption by 9% August year to date versus the same period of
2021. The major iron ore producers shipped the same aggregate
volume during the first three quarters of 2022 as they did over the
same period of 2021. With supply from other producers down 17% year
to date - due to, among other factors, the war in Ukraine and
export taxes in India - total seaborne supply contracted 4.5%
during August year to date versus the same period of 2021.
-- The LME aluminium price extended further losses, dropping 20%
over the quarter, averaging $2,354/t. Additional smelter
curtailments in Europe and China on high power prices and low
hydropower generation, respectively, were insufficient to offset
the weak macro environment. Aluminium demand has deteriorated,
especially in Europe, which placed downward pressure on prices.
Shipments in the US and Canada have been resilient and there are
signs of improvement in demand in China.
-- The copper LME price dropped 7% over the third quarter to
$3.47/lb. A strong US dollar, tightening monetary policy and
challenging economic outlook weighed on market sentiment.
Nevertheless, prices have been partly supported by supply concerns
and low exchange inventories, which currently remain at multi-year
lows.
-- The electric vehicle (EV) market continues to experience
strong growth, supported by government policies, while EV producers
roll out new models to take market share at the expense of internal
combustion engine vehicles. Lithium carbonate prices remain
elevated on strong demand. Power rationing in China's Sichuan
province (a key lithium supply hub) also led to production cuts and
market tightness during the quarter.
IRON ORE
Q3 vs Q3 vs Q2 9 MTHS vs 9 MTHS
Rio Tinto share of
production (Million
tonnes) 2022 2021 2022 2022 2021
------------------------- ------ --------- ---------- ------- ---------
Pilbara Blend and SP10
Lump(1) 21.3 +8 % +10 % 57.7 +3 %
Pilbara Blend and SP10
Fines(1) 32.6 +6 % +8 % 88.5 +1 %
Robe Valley Lump 1.4 -2 % +18 % 3.6 -8 %
Robe Valley Fines 2.2 -6 % +15 % 5.7 -10 %
Yandicoogina Fines (HIY) 13.5 -14 % +1 % 41.5 -2 %
------------------------- ------ --------- ---------- ------- ---------
Total Pilbara production 71.0 +1 % +7 % 197.0 0 %
------------------------- ------ --------- ---------- ------- ---------
Total Pilbara production
(100% basis) 84.3 +1 % +7 % 234.7 0 %
------------------------- ------ --------- ---------- ------- ---------
Q3 vs Q3 vs Q2 9 MTHS vs 9 MTHS
Rio Tinto share of
shipments (Million tonnes) 2022 2021 2022 2022 2021
---------------------------- ------ ---------- ---------- ------- ----------
Pilbara Blend Lump 15.3 +18 % +21 % 38.8 0 %
Pilbara Blend Fines 31.6 +9 % +26 % 78.5 -8 %
Robe Valley Lump 1.3 +33 % +32 % 2.9 0 %
Robe Valley Fines 2.4 -7 % +4 % 6.4 -10 %
Yandicoogina Fines (HIY) 13.5 -9 % -5 % 42.2 -1 %
SP10 Lump(1) 1.6 -66 % -63 % 9.9 -12 %
SP10 Fines(1) 3.8 -7 % -44 % 17.6 +80 %
Total Pilbara shipments(2) 69.5 0 % +4 % 196.4 -1 %
---------------------------- ------ ---------- ---------- ------- ----------
Total Pilbara shipments
(100% basis)(2) 82.9 -1 % +4 % 234.3 -1 %
---------------------------- ------ ---------- ---------- ------- ----------
Total Pilbara Shipments
(consolidated basis)(2,
3) 71.4 0 % +5 % 201.3 -1 %
---------------------------- ------ ---------- ---------- ------- ----------
(1) SP10 includes other lower grade products.
(2) Shipments includes material shipped from the Pilbara to our
portside trading facility in China which may not be sold onwards by
the group in the same period.
(3) While Rio Tinto has a 53% net beneficial interest in Robe
River Iron Associates, it recognises 65% of the assets,
liabilities, sales revenues and expenses in its accounts (as 30% is
held through a 60% owned subsidiary and 35% is held through a 100%
owned subsidiary). The consolidated basis sales reported here
include Robe River Iron Associates on a 65% basis to enable
comparison with revenue reported in the financial statements.
Pilbara operations
We produced 84.3 million tonnes (Rio Tinto share 71.0 million
tonnes) in the third quarter, 1% higher than the corresponding
period of 2021, and 7% higher than the prior quarter with continued
commissioning and ramp-up of Gudai-Darri and Robe Valley. We
produced less SP10 this quarter compared to the prior quarter.
Third quarter shipments of 82.9 million tonnes (Rio Tinto share
69.5 million tonnes) were 1% lower than the third quarter of 2021,
and 4% higher than the prior quarter despite two unplanned rail
outages on the Yandicoogina and Gudai-Darri lines. The
investigation into the Gudai-Darri derailment is ongoing. Full year
shipments are expected to be at the low end of the original 320 to
335 million tonne range.
There were some encouraging performance trends in the third
quarter in relation to mine material movements, build-up of run of
mine ore stocks and continued ramp up of new projects. Deployment
of the Rio Tinto Safe Production System continues to see positive
results at West Angelas, Yandicoogina, Tom Price, and Brockman
4.
Approximately 11% of sales in the nine months were priced by
reference to the prior quarter's average index lagged by one month.
The remainder was sold either on current quarter average, current
month average, average of two months, forward month or on the spot
market. Approximately 29% of sales in the third quarter were made
on a free on board (FOB) basis, with the remainder sold including
freight.
China Portside Trading
We continue to increase our iron ore portside sales in China,
with 19.5 million tonnes of sales in the first nine months of 2022
(8.9 million tonnes in the first nine months of 2021). At the end
of the September, inventory levels are 5.5 million tonnes,
including 3.0 million tonnes of Pilbara product. In the first nine
months of 2022 approximately 77% of our portside sales were either
screened or blended in Chinese ports.
ALUMINIUM
Q3 vs Q3 vs Q2 9 MTHS vs 9 MTHS
Rio Tinto share of
production ('000 tonnes) 2022 2021 2022 2022 2021
-------------------------- ------------------- --------- ------- ------------------ ---------
Bauxite 13,680 -2 % -3 % 41,437 +1 %
Bauxite third party
shipments 9,049 -10 % -6 % 28,783 +1 %
Alumina 1,838 -5 % -1 % 5,603 -6 %
Aluminium 759 -2 % +4 % 2,226 -7 %
-------------------------- ------------------- --------- ------- ------------------ ---------
Bauxite
Bauxite production of 13.7 million tonnes was 2% lower than the
third quarter of 2021 due to equipment reliability issues at
Gove.
We shipped 9.0 million tonnes of bauxite to third parties in the
third quarter, 10% lower than the same period of 2021, due to
vessel loading constraints at Weipa.
Alumina
Alumina production of 1.8 million tonnes was 5% lower than the
third quarter of 2021. The Yarwun refinery successfully completed
planned shutdowns in the third quarter and improved its operating
stability. Queensland Alumina Limited (QAL) was impacted by lower
operational stability as a result of equipment reliability.
As the result of QAL activation of a step-in process following
sanction measures by the Australian Government, Rio Tinto has taken
on 100% of capacity for as long as the step-in continues. This
results in use of Rusal's 20% share of capacity by Rio Tinto under
the tolling arrangement with QAL. This additional output is
excluded from the production tables in this report as QAL remains
80% owned by Rio Tinto and 20% owned by Rusal.
Aluminium
Aluminium production of 0.8 million tonnes was 2% lower than the
third quarter of 2021, and 4% higher than the prior quarter as the
Kitimat smelter continues to ramp up and Boyne smelter cell
recovery efforts progress as expected. The Kitimat pot restarts are
progressing but structural issues with the alumina conveyor system
caused disruptions through the quarter slowing the rate of pot
restarts. We continue to focus on full recovery during the course
of 2023.
The LME aluminium price extended further losses, dropping 20%
over the quarter, averaging $2,354/t, while raw materials and
energy prices remained at the same levels of the second quarter,
putting more pressure on margins.
Boyne Smelter has been increasingly impacted by the significant
coal price escalation in Queensland, Australia for its 50% exposure
to spot thermal coal prices. Coal contracts will be renewed for
2023 onwards.
COPPER
Q3 vs Q3 vs Q2 9 MTHS vs 9 MTHS
Rio Tinto share of
production ('000 tonnes) 2022 2021 2022 2022 2021
-------------------------- ------ ---------- ---------- ------- ----------
Mined copper
-------------------------- ------ ---------- ---------- ------- ----------
Kennecott 50.7 +19 % +50 % 131.7 +20 %
Escondida 75.1 +10 % -9 % 225.6 +7 %
Oyu Tolgoi 12.2 -13 % +19 % 32.6 -22 %
-------------------------- ------ ---------- ---------- ------- ----------
Refined copper
-------------------------- ------ ---------- ---------- ------- ----------
Kennecott 39.2 +10 % +20 % 112.2 -5 %
Escondida 14.9 +1 % -11 % 46.0 +4 %
-------------------------- ------ ---------- ---------- ------- ----------
Kennecott
Mined copper production was 19% higher than the third quarter of
2021, and 50% higher than the prior quarter with significant
progress into higher grades following the transition to the south
wall (averaging 0.54% in the first nine months), higher recoveries
and strong mill performance driving higher ore milled.
Refined copper production guidance has been reduced to 190 to
220 thousand tonnes (previously 230 to 290 thousand tonnes), given
further downside risk associated with Kennecott's smelter and
refinery performance, until we undertake the largest rebuild in
nine years which is planned for the second quarter of 2023.
Escondida
Mined copper production was 10% higher than the third quarter of
2021 mainly due to expected higher concentrator feed grade and
higher recoverable copper in ore stacked for leaching mainly due to
higher material stacked in both oxide and sulphide leach.
Oyu Tolgoi
Mined copper production from the open pit was 13% lower than the
third quarter of 2021 due to lower copper grades and recoveries as
a result of planned mine sequencing. Mined copper was 19% higher
than the prior quarter with higher milled ore and slightly higher
copper grades. Gold grades were significantly lower than the third
quarter of the prior year (0.22% vs 0.63%), due to mine planning
sequence.
Nuton(TM)
Rio Tinto made a $25 million investment in McEwen Copper Inc.
through its copper leaching technology venture, Nuton. In
connection with the investment, a Nuton Collaboration Agreement
allows the parties to test Nuton technologies at McEwen Copper's
Los Azules development project in Argentina.
MINERALS
Q3 vs Q3 vs Q2 9 MTHS vs 9 MTHS
Rio Tinto share of
production (million
tonnes) 2022 2021 2022 2022 2021
-------------------------- ------------------ ---------- ------- ------------------ ----------
Iron ore pellets and
concentrate
-------------------------- ------------------ ---------- ------- ------------------ ----------
IOC 2.8 +28 % +7 % 7.8 +8 %
-------------------------- ------------------ ---------- ------- ------------------ ----------
Q3 vs Q3 vs Q2 9 MTHS vs 9 MTHS
Rio Tinto share of
production ('000 tonnes) 2022 2021 2022 2022 2021
-------------------------- ------------------ ---------- ------- ------------------ ----------
Minerals
-------------------------- ------------------ ---------- ------- ------------------ ----------
Borates - B(2) O(3)
content 130 +6 % -5 % 391 +5 %
Titanium dioxide slag 310 +48 % +6 % 876 +11 %
-------------------------- ------------------ ---------- ------- ------------------ ----------
Q3 vs Q3 vs Q2 9 MTHS vs 9 MTHS
Rio Tinto share of
production ('000 carats) 2022 2021 2022 2022 2021
-------------------------- ------------------ ---------- ------- ------------------ ----------
Diavik(1) 1,192 +43 % +4 % 3,333 +24 %
-------------------------- ------------------ ---------- ------- ------------------ ----------
(1) Reflects 100% ownership of Diavik (previously 60%) from 1st
November 2021.
Iron Ore Company of Canada (IOC)
Iron ore production was 28% higher than the third quarter of
2021, due to improved operational performance as well as timing of
the planned annual maintenance shutdown (seven days) which was
successfully completed in June (this work was completed in
September in 2021).
Borates
Borates production in the third quarter was 6% higher than the
corresponding period of 2021 with strong production rates and
higher grades as well as improved equipment reliability versus the
same period in 2021. We continued to experience logistical
challenges with high congestion at the Port of Los Angeles and
shipping rates at elevated levels due to high wait times on
containerships.
Iron and Titanium
Titanium dioxide production was 48% higher than the third
quarter of 2021, due to community disruptions at Richards Bay
Minerals in South Africa in 2021, and continued improved
performance of operations at Rio Tinto Fer et Titane, Canada. The
energy situation in South Africa is a critical risk and we are
monitoring the situation closely.
Diamonds
At Diavik, our share of carats was 43% higher than the third
quarter of 2021 due to the benefit of our increased share of
production since taking 100% ownership of Diavik from November
2021.
EXPLORATION AND EVALUATION
Pre-tax and pre-divestment expenditure on exploration and
evaluation charged to the profit and loss account in the first nine
months of 2022 was $593 million, compared with $516 million in the
first nine months of 2021. Approximately 39% of this expenditure
was incurred by Copper (includes Simandou), 31% by central
exploration, 22% by Minerals and 8% by Iron Ore.
Exploration highlights
Rio Tinto has a strong portfolio of projects with activity in 18
countries across seven commodities in early exploration and studies
stages. The bulk of the exploration expenditure in the third
quarter of 2022 focused on copper in Australia, Peru, Zambia and
the United States, diamonds in Canada and Angola, and nickel in
Canada and Finland. Mine-lease exploration continued at Rio Tinto
managed businesses including Pilbara Iron in Australia, Diavik in
Canada and Cape York in Australia.
In October, we entered into a definitive agreement with Uranium
Energy Corp (UEC) pursuant to which UEC will acquire 100% of Rio
Tinto's wholly owned Roughrider uranium development project located
in the Athabasca Basin in Saskatchewan, Canada for total
consideration of $150 million comprised of $80 million in cash and
$70 million in UEC stock. The transaction completed on 14
October.
The Falcon Project in Saskatchewan, Canada, will remain in care
and maintenance until the end of 2022 during which time Rio Tinto
will consider alternative commercial options, including potential
exit.
A summary of activity for the quarter is as follows:
Greenfield/ Brownfield
Commodities Studies Stage Advanced projects programmes
----------------- ------------------------- ------------------- -----------------------
Melville Island,
Amargosa, Brazil*, Australia
Bauxite Sanxai, Laos* Cape York, Australia
----------------- ------------------------- ------------------- -----------------------
Rincon Lithium, Argentina Nickel Greenfield:
Lithium borates: Australia, Canada,
Jadar, Serbia Finland, Peru
Nickel: Tamarack, Lithium Greenfield:
Battery Materials US (3rd party operated) US, Australia
----------------- ------------------------- ------------------- -----------------------
Copper Greenfield:
Australia, Brazil,
Canada, Chile,
Copper: La Granja, China, Colombia,
Copper/molybdenum: Peru, Pribrezhniy, Finland, Kazakhstan,
Resolution, US Kazakhstan Namibia, Laos,
Copper/Gold: Winu, Calibre-Magnum, Peru, Serbia, US,
Copper Australia Australia Zambia
----------------- ------------------------- ------------------- -----------------------
Diamonds Greenfield:
Canada, Angola
Diamonds Brownfield:
Diamonds Falcon, Canada* Diavik
----------------- ------------------------- ------------------- -----------------------
Greenfield and
Pilbara, Australia Brownfield: Pilbara,
Iron Ore Simandou, Guinea Pilbara, Australia Australia
----------------- ------------------------- ------------------- -----------------------
Potash: KL262*, Canada Heavy mineral sands
Heavy mineral sands: Greenfield: Australia,
Minerals Mutamba, Mozambique South Africa
----------------- ------------------------- ------------------- -----------------------
*Limited activity during the quarter
FORWARD-LOOKING STATEMENT
This announcement includes "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements other than statements of historical facts
included in this announcement, including, without limitation, those
regarding Rio Tinto's financial position, business strategy, plans
and objectives of management for future operations (including
development plans and objectives relating to Rio Tinto's products,
production forecasts and reserve and resource positions and any
statements related to the ongoing impact of the COVID-19 pandemic),
are forward-looking statements. The words "intend", "aim",
"project", "anticipate", "estimate", "plan", "believes", "expects",
"may", "would", "should", "could", "will", "target", "set to",
"seek", "risk" or similar expressions, commonly identify such
forward-looking statements.
Such forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Rio Tinto, or industry results, to
be materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Such forward-looking statements are based on numerous
assumptions regarding Rio Tinto's present and future business
strategies and the environment in which Rio Tinto will operate in
the future. Among the important factors that could cause Rio
Tinto's actual results, performance or achievements to differ
materially from those in the forward-looking statements are levels
of actual production during any period, levels of demand and market
prices, the ability to produce and transport products profitably,
the impact of foreign currency exchange rates on market prices and
operating costs, operational problems, political uncertainty and
economic conditions in relevant areas of the world, the actions of
competitors, activities by governmental authorities such as changes
in taxation or regulation, the risks and uncertainties associated
with the ongoing impacts of COVID-19 or other pandemic and such
other risk factors identified in Rio Tinto's most recent Annual
report and accounts in Australia and the United Kingdom and the
most recent Annual report on Form 20-F filed with the United States
Securities and Exchange Commission (the "SEC") or Form 6-Ks
furnished to, or filed with, the SEC. The above list is not
exhaustive. Forward-looking statements should, therefore, be
construed in light of such risk factors and undue reliance should
not be placed on forward-looking statements, particularly in light
of the current economic climate and the significant volatility,
uncertainty and disruption caused by the outbreak of COVID-19.
These forward-looking statements speak only as of the date of this
announcement. Rio Tinto expressly disclaims any obligation or
undertaking (except as required by applicable law, the UK Listing
Rules, the Disclosure Guidance and Transparency Rules of the
Financial Conduct Authority and the Listing Rules of the Australian
Securities Exchange) to release publicly any updates or revisions
to any forward-looking statement contained herein to reflect any
change in Rio Tinto's expectations with regard thereto or any
change in events, conditions or circumstances on which any such
statement is based.
Nothing in this announcement should be interpreted to mean that
future earnings per share of Rio Tinto plc or Rio Tinto Limited
will necessarily match or exceed its historical published earnings
per share.
Contacts Please direct all enquiries to
media.enquiries@riotinto.com
Media Relations, UK Media Relations, Australia
Matthew Klar Matt Chambers
M +44 7796 630 637 M +61 433 525 739
David Outhwaite Jesse Riseborough
M +44 7787 597 493 M +61 436 653 412
Media Relations, Americas
Simon Letendre
M +1 514 796 4973
Malika Cherry
M +1 418 592 7293
-------------------------- ------------------------------
Investor Relations, UK Investor Relations, Australia
Menno Sanderse Tom Gallop
M +44 7825 195 178 M +61 439 353 948
David Ovington Amar Jambaa
M +44 7920 010 978 M +61 472 865 948
Clare Peever
M: +44 7788 967 877
-------------------------- ------------------------------
Rio Tinto plc Rio Tinto Limited
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
Steve Allen, 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 22 Q3 22 22
2021 2022 2022 2021 2022 vs vs vs
9 MTHS
Q3 Q2 Q3 9 MTHS 9 MTHS Q3 21 Q2 22 21
---------------------- ------ ------ ------ ------ ------- -------- ------ ------ -------
Principal commodities
('000
Alumina t) 1,937 1,864 1,838 5,983 5,603 -5 % -1 % -6 %
('000
Aluminium t) 774 731 759 2,393 2,226 -2 % +4 % -7 %
('000
Bauxite t) 13,967 14,131 13,680 41,231 41,437 -2 % -3 % +1 %
('000
Borates t) 123 137 130 371 391 +6 % -5 % +5 %
('000 +10
Copper - mined t) 125.2 126.4 138.0 361.2 389.9 % +9 % +8 %
('000
Copper - refined t) 50.5 49.4 54.1 161.9 158.2 +7 % +9 % -2 %
('000 +43
Diamonds cts) 834 1,149 1,192 2,692 3,333 % +4 % +24 %
('000
Iron Ore t) 72,074 68,640 73,726 203,995 204,832 +2 % +7 % 0 %
Titanium dioxide ('000 +48
slag t) 209 293 310 787 876 % +6 % +11 %
---------------------- ------ ------ ------ ------ ------- -------- ------ ------ -------
Other Metals &
Minerals
('000 -38 +11
Gold - mined oz) 94.5 52.5 58.2 271.0 179.3 % % -34 %
('000 -31 +46
Gold - refined oz) 44.5 20.9 30.5 144.9 83.6 % % -42 %
('000 +82 +95
Molybdenum t) 0.4 0.4 0.8 6.6 2.3 % % -65 %
('000 +11 +63
Salt t) 1,508 1,030 1,674 4,377 4,299 % % -2 %
('000 +23
Silver - mined oz) 1,110 846 1,040 3,039 2,898 -6 % % -5 %
('000 -22 +97
Silver - refined oz) 733 290 571 2,155 1,438 % % -33 %
---------------------- ------ ------ ------ ------ ------- -------- ------ ------ -------
Throughout this report, figures in italics indicate adjustments
made since the figure was previously quoted on the equivalent page
or reported for the first time. Production figures are sometimes
more precise than the rounded numbers shown, hence small
differences may result between the total of the quarter figures and
the year to date figures.
Rio Tinto share of production
Rio Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
interest 2021 2021 2022 2022 2022 2021 2022
------------------------------------- ---------- ------ ------ ------ ------ ------ ------ -------
ALUMINA
Production ('000 tonnes)
100
Jonquière (Vaudreuil) % 325 338 334 325 336 1,026 996
Jonquière (Vaudreuil) 100
specialty Alumina plant % 29 28 25 30 30 79 85
Queensland Alumina 80 % 738 727 704 697 662 2,237 2,062
São Luis (Alumar) 10 % 75 99 94 91 95 267 280
100
Yarwun % 770 719 745 721 715 2,374 2,180
Rio Tinto total alumina production 1,937 1,911 1,901 1,864 1,838 5,983 5,603
ALUMINIUM
Production ('000 tonnes)
100
Australia - Bell Bay % 48 48 46 44 46 141 137
Australia - Boyne Island 59 % 75 75 73 61 65 224 199
Australia - Tomago 52 % 77 78 75 75 76 228 226
100
Canada - six wholly owned % 343 325 318 323 341 1,119 981
Canada - Alouette (Sept-Îles) 40 % 64 63 62 63 64 188 188
Canada - Bécancour 25 % 29 30 28 29 29 86 86
100
Iceland - ISAL (Reykjavik) % 52 52 50 50 51 151 151
New Zealand - Tiwai Point 79 % 67 67 66 66 67 197 199
Oman - Sohar 20 % 20 20 19 20 20 59 59
Rio Tinto total aluminium
production 774 757 736 731 759 2,393 2,226
BAUXITE
Production ('000 tonnes)
(a)
100
Gove % 3,067 2,787 3,093 2,637 2,905 8,976 8,636
Porto Trombetas 12 % 332 416 240 308 393 950 941
Sangaredi (b) 1,763 1,704 1,765 1,946 1,953 5,405 5,663
100
Weipa % 8,805 8,188 8,527 9,240 8,429 25,900 26,197
Rio Tinto total bauxite production 13,967 13,095 13,625 14,131 13,680 41,231 41,437
------------------------------------- ---------- ------ ------ ------ ------ ------ ------ -------
(a) Mine production figures for metals refer to the total
quantity of metal produced in concentrates, leach liquor or doré
bullion irrespective of whether these products are then refined
onsite, except for the data for bauxite and iron ore which
represent production of marketable quantities of ore plus
concentrates and pellets.
(b) Rio Tinto has a 22.95% shareholding in the Sangaredi mine
but benefits from 45.0% of production.
Rio Tinto share of production
Rio
Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
interest 2021 2021 2022 2022 2022 2021 2022
--------------- ---------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
BORATES
Production
('000 tonnes
B(2) O(3)
content)
Rio Tinto
Borates - 100
borates % 123 117 123 137 130 371 391
--------------- ---------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
COPPER
Mine production
('000
tonnes) (a)
Bingham 100
Canyon % 42.8 49.7 47.1 33.9 50.7 109.7 131.7
Escondida 30 % 68.4 69.6 68.2 82.3 75.1 209.9 225.6
Oyu Tolgoi
(b) 34 % 14.1 13.0 10.2 10.2 12.2 41.6 32.6
Rio Tinto total
mine
production 125.2 132.3 125.5 126.4 138.0 361.2 389.9
Refined
production
('000
tonnes)
Escondida 30 % 14.7 14.5 14.4 16.7 14.9 44.0 46.0
Rio Tinto
Kennecott 100
(c) % 35.7 25.5 40.2 32.7 39.2 117.8 112.2
Rio Tinto total
refined
production 50.5 40.0 54.7 49.4 54.1 161.9 158.2
--------------- ---------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
(a) Mine production figures for metals refer to the total
quantity of metal produced in concentrates, leach liquor or doré
bullion irrespective of whether these products are then refined
onsite, except for the data for bauxite and iron ore which
represent production of marketable quantities of ore plus
concentrates and pellets.
(b) Rio Tinto owns a 33.52% indirect interest in Oyu Tolgoi
through its 50.79% interest in Turquoise Hill Resources Ltd.
(c) We continue to process third party concentrate to optimise
smelter utilisation, including 4.8 thousand tonnes of cathode
produced from purchased concentrate in year-to-date 2022. Purchased
and tolled copper concentrates are excluded from reported
production figures and production guidance. Sales of cathodes
produced from purchased concentrate are included in reported
revenues.
DIAMONDS
Production ('000 carats)
100
Diavik (a) % 834 1,155 991 1,149 1,192 2,692 3,333
(a) On 17 November 2021, Rio Tinto's ownership interest in Diavik
increased from 60% to 100%. Production is reported including this
change from 1 November 2021.
GOLD
Mine production ('000
ounces) (a)
100
Bingham Canyon % 38.1 34.7 37.8 22.8 32.5 104.8 93.1
Escondida 30 % 12.6 12.9 10.9 13.7 11.5 35.6 36.1
Oyu Tolgoi (b) 34 % 43.8 26.3 19.8 16.0 14.3 130.6 50.1
Rio Tinto total mine
production 94.5 73.9 68.5 52.5 58.2 271.0 179.3
Refined production ('000
ounces)
100
Rio Tinto Kennecott % 44.5 31.5 32.2 20.9 30.5 144.9 83.6
------------------------- --------- ---- ----- ---- ----- ----- ----- -----
(a) Mine production figures for metals refer to the total
quantity of metal produced in concentrates, leach liquor or doré
bullion irrespective of whether these products are then refined
onsite, except for the data for bauxite and iron ore which
represent production of marketable quantities of ore plus
concentrates and pellets.
(b) Rio Tinto owns a 33.52% indirect interest in Oyu Tolgoi
through its 50.79% interest in Turquoise Hill Resources Ltd.
Rio Tinto share of production
Rio
Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
interest 2021 2021 2022 2022 2022 2021 2022
---------------------------------- --------- ------ ------ ------ ------ ------ ------- -------
IRON ORE
Production ('000 tonnes) (a)
Hamersley mines (b) 55,634 55,049 47,678 52,636 56,650 155,281 156,965
Hope Downs 50 % 6,500 6,567 5,830 6,385 6,264 18,076 18,480
Iron Ore Company of Canada 59 % 2,163 2,498 2,404 2,603 2,776 7,229 7,783
Robe River - Pannawonica (Mesas
J and A) 53 % 3,721 3,196 2,774 3,054 3,540 10,317 9,368
Robe River - West Angelas 53 % 4,056 5,252 3,779 3,961 4,496 13,093 12,237
Rio Tinto iron ore production
('000 tonnes) 72,074 72,561 62,465 68,640 73,726 203,995 204,832
---------------------------------- --------- ------ ------ ------ ------ ------ ------- -------
Breakdown of Production:
Pilbara Blend and SP10 Lump
(c) 19,742 20,374 17,081 19,309 21,317 56,057 57,708
Pilbara Blend and SP10 Fines
(c) 30,825 32,081 25,658 30,240 32,592 87,866 88,490
Robe Valley Lump 1,423 1,152 1,051 1,180 1,389 3,950 3,619
Robe Valley Fines 2,297 2,044 1,724 1,874 2,151 6,367 5,749
Yandicoogina Fines (HIY) 15,623 14,412 14,548 13,433 13,501 42,526 41,482
---------------------------------- --------- ------ ------ ------ ------ ------ ------- -------
Pilbara iron ore production
('000 tonnes) 69,910 70,063 60,061 66,037 70,951 196,766 197,049
IOC Concentrate 829 1,009 962 1,282 1,237 2,854 3,480
IOC Pellets 1,335 1,489 1,442 1,321 1,539 4,375 4,302
IOC iron ore production ('000
tonnes) 2,163 2,498 2,404 2,603 2,776 7,229 7,783
---------------------------------- --------- ------ ------ ------ ------ ------ ------- -------
Breakdown of Shipments:
Pilbara Blend Lump 13,018 12,832 10,809 12,684 15,301 38,690 38,794
Pilbara Blend Fines 28,901 24,308 21,698 25,156 31,597 85,261 78,452
Robe Valley Lump 962 1,061 675 971 1,281 2,921 2,926
Robe Valley Fines 2,567 2,237 1,731 2,309 2,392 7,158 6,433
Yandicoogina Fines (HIY) 14,906 14,121 14,487 14,201 13,530 42,768 42,219
SP10 Lump (c) 4,826 4,841 3,827 4,456 1,647 11,237 9,930
SP10 Fines (c) 4,063 10,684 7,067 6,775 3,766 9,803 17,609
---------------------------------- --------- ------ ------ ------ ------ ------ ------- -------
Pilbara iron ore shipments
('000 tonnes) (d) 69,242 70,084 60,295 66,552 69,515 197,837 196,363
---------------------------------- --------- ------ ------ ------ ------ ------ ------- -------
Pilbara iron ore shipments - consolidated
basis ('000 tonnes) (d) (f) 71,131 71,972 61,818 68,114 71,379 203,189 201,310
--------------------------------------------- ------ ------ ------ ------ ------ ------- -------
IOC Concentrate 1,054 989 600 1,083 1,316 3,122 3,000
IOC Pellets 1,374 1,711 1,412 1,484 1,443 4,154 4,339
---------------------------------- --------- ------ ------ ------ ------ ------ ------- -------
IOC Iron ore shipments ('000
tonnes) (d) 2,428 2,700 2,012 2,567 2,759 7,276 7,339
---------------------------------- --------- ------ ------ ------ ------ ------ ------- -------
Rio Tinto iron ore shipments
('000 tonnes) (d) 71,671 72,784 62,307 69,119 72,274 205,113 203,701
Rio Tinto iron ore sales ('000
tonnes) (e) 70,967 69,489 66,683 71,258 74,587 203,664 212,528
---------------------------------- --------- ------ ------ ------ ------ ------ ------- -------
(a) Mine production figures for metals refer to the total
quantity of metal produced in concentrates, leach liquor or doré
bullion irrespective of whether these products are then refined
onsite, except for the data for bauxite and iron ore which
represent production of marketable quantities of ore plus
concentrates and pellets.
(b) Includes 100% of production from Paraburdoo, Mt Tom Price,
Western Turner Syncline, Marandoo, Yandicoogina, Brockman,
Nammuldi, Silvergrass, Channar and the Eastern Range mines. Whilst
Rio Tinto owns 54% of the Eastern Range mine, under the terms of
the joint venture agreement, Hamersley Iron manages the operation
and is obliged to purchase all mine production from the joint
venture and therefore all of the production is included in Rio
Tinto's share of production. Rio Tinto's ownership interest in
Channar mine increased from 60% to 100%, following conclusion of
its joint venture with Sinosteel Corporation upon reaching planned
290 million tonnes production on 22 October 2020.
(c) SP10 includes other lower grade products.
(d) Shipments includes material shipped to our portside trading
facility in China which may not be sold onwards in the same
period.
(e) Represents the difference between amounts shipped to
portside trading and onward sales from portside trading, and third
party volumes sold.
(f) While Rio Tinto has a 53% net beneficial interest in Robe
River Iron Associates, it recognises 65% of the assets,
liabilities, sales revenues and expenses in its accounts (as 30% is
held through a 60% owned subsidiary and 35% is held through a 100%
owned subsidiary). The consolidated basis sales reported here
include Robe River Iron Associates on a 65% basis to enable
comparison with revenue reported in the financial statements.
Rio Tinto share of production
Rio
Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
interest 2021 2021 2022 2022 2022 2021 2022
---------------------- --------- ----- ----- ----- ----- ------ ------- -------
MOLYBDENUM
Mine production ('000
tonnes) (a)
100
Bingham Canyon % 0.4 1.1 1.1 0.4 0.8 6.6 2.3
---------------------- --------- ----- ----- ----- ----- ------ ------- -------
(a) Mine production figures for metals refer to the total
quantity of metal produced in concentrates, leach liquor or doré
bullion irrespective of whether these products are then refined
onsite, except for the data for bauxite and iron ore which
represent production of marketable quantities of ore plus
concentrates and pellets.
SALT
Production ('000 tonnes)
Dampier Salt 68 % 1,508 1,471 1,595 1,030 1,674 4,377 4,299
-------------------------------- --------- ----- ----- ----- ----- ----- ----- -----
SILVER
Mine production ('000
ounces) (a)
100
Bingham Canyon % 639 589 561 385 591 1,639 1,537
Escondida 30 % 387 439 381 393 363 1,153 1,137
Oyu Tolgoi (b) 34 % 84 80 71 67 86 248 224
-------------------------------- --------- ----- ----- ----- ----- ----- ----- -----
Rio Tinto total mine production 1,110 1,108 1,012 846 1,040 3,039 2,898
-------------------------------- --------- ----- ----- ----- ----- ----- ----- -----
Refined production ('000
ounces)
100
Rio Tinto Kennecott % 733 516 577 290 571 2,155 1,438
-------------------------------- --------- ----- ----- ----- ----- ----- ----- -----
(a) Mine production figures for metals refer to the total
quantity of metal produced in concentrates, leach liquor or doré
bullion irrespective of whether these products are then refined
onsite, except for the data for bauxite and iron ore which
represent production of marketable quantities of ore plus
concentrates and pellets.
(b) Rio Tinto owns a 33.52% indirect interest in Oyu Tolgoi
through its 50.79% interest in Turquoise Hill Resources Ltd.
TITANIUM DIOXIDE SLAG
Production ('000 tonnes)
Rio Tinto Iron & Titanium 100
(a) % 209 228 273 293 310 787 876
---------------------------- --------- --- --- --- --- --- --- ---
(a) Quantities comprise 100% of Rio Tinto Fer et Titane and Rio
Tinto's 74% interest in Richards Bay Minerals (RBM).
ERA ceased processing operations on 8 January 2021, as required
by the Ranger Authority. No data for these operations are included
in the Share of production table.
Production figures are sometimes more precise than the rounded
numbers shown, hence small differences may result between the total
of the quarter figures and the year to date figures.
Rio Tinto percentage interest shown above is at 30 September
2022.
Rio Tinto operational data
Rio
Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
interest 2021 2021 2022 2022 2022 2021 2022
------------------------------- ---------- ------ ------ ------ ------ ------ ------ -------
ALUMINA
Smelter Grade Alumina
- Aluminium Group
Alumina production ('000
tonnes)
Australia
Queensland Alumina Refinery
- Queensland 80 % 922 909 880 871 827 2,796 2,578
100
Yarwun refinery - Queensland % 770 719 745 721 715 2,374 2,180
Brazil
São Luis (Alumar)
refinery 10 % 748 993 940 910 946 2,668 2,796
Canada
Jonquière (Vaudreuil) 100
refinery - Quebec (a) % 325 338 334 325 336 1,026 996
(a) Jonquière's (Vaudreuil's) production shows smelter grade
alumina only and excludes hydrate produced and used for specialty
alumina.
Speciality Alumina - Aluminium
Group
Speciality alumina production
('000 tonnes)
Canada
Jonquière (Vaudreuil) 100
plant - Quebec % 29 28 25 30 30 79 85
Rio Tinto percentage interest shown above is at 30 September
2022. The data represents production and sales on a 100% basis
unless otherwise stated.
Rio Tinto operational data
Rio
Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
interest 2021 2021 2022 2022 2022 2021 2022
------------------------------- --------- ----- ----- ----- ----- ------ ------ -------
ALUMINIUM
Primary Aluminium
Primary aluminium production
('000 tonnes)
Australia
100
Bell Bay smelter - Tasmania % 48 48 46 44 46 141 137
Boyne Island smelter - 59
Queensland % 125 126 123 103 110 376 336
Tomago smelter - New South 52
Wales % 150 150 145 145 148 441 439
Canada
100
Alma smelter - Quebec % 119 119 117 121 122 352 360
Alouette (Sept-Îles) 40
smelter - Quebec % 159 157 154 157 159 471 470
100
Arvida smelter - Quebec % 42 43 42 42 43 125 127
100
Arvida AP60 smelter - Quebec % 15 15 14 14 15 45 43
Bécancour smelter 25
- Quebec % 115 119 111 117 116 344 344
100
Grande-Baie smelter - Quebec % 58 58 57 58 59 171 174
Kitimat smelter - British 100
Columbia % 46 25 25 26 38 238 88
Laterrière smelter 100
- Quebec % 63 64 63 63 64 188 190
Iceland
100
ISAL (Reykjavik) smelter % 52 52 50 50 51 151 151
New Zealand
79
Tiwai Point smelter % 84 85 83 83 85 248 251
Oman
20
Sohar smelter % 100 100 97 98 100 296 295
Rio Tinto percentage interest shown above is at 30 September
2022. The data represents production and sales on a 100% basis
unless otherwise stated.
Rio Tinto operational data
Rio
Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
interest 2021 2021 2022 2022 2022 2021 2022
--------------------------------- --------- ------ ------ ------ ------ ------ ------ -------
BAUXITE
Bauxite production ('000 tonnes)
Australia
100
Gove mine - Northern Territory % 3,067 2,787 3,093 2,637 2,905 8,976 8,636
100
Weipa mine - Queensland % 8,805 8,188 8,527 9,240 8,429 25,900 26,197
Brazil
Porto Trombetas (MRN) mine 12 % 2,764 3,469 2,000 2,569 3,275 7,914 7,844
Guinea
Sangaredi mine (a) 45 % 3,919 3,786 3,922 4,323 4,339 12,011 12,585
Rio Tinto share of bauxite
shipments
Share of total bauxite shipments
('000 tonnes) 14,201 13,031 13,876 14,054 13,294 41,247 41,223
Share of third party bauxite shipments
('000 tonnes) 10,091 8,988 10,135 9,599 9,049 28,608 28,783
(a) Rio Tinto has a 22.95% shareholding in the Sangaredi mine
but benefits from 45.0% of production.
Rio
Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
interest 2021 2021 2022 2022 2022 2021 2022
---------------------------- ---------- -------- -------- -------- -------- -------- ------------ ------------
BORATES
100
Rio Tinto Borates - borates %
US
Borates ('000 tonnes) (a) 123 117 123 137 130 371 391
(a) Production is expressed as B(2) O(3) content.
Rio
Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
interest 2021 2021 2022 2022 2022 2021 2022
------------------------------ --------- -------- -------- -------- -------- -------- ------------ -----------
COPPER & GOLD
Escondida 30 %
Chile
Sulphide ore to concentrator
('000 tonnes) 33,528 35,787 30,235 34,318 32,894 98,085 97,447
Average copper grade (%) 0.73 0.71 0.81 0.87 0.83 0.76 0.84
Mill production (metals in
concentrates):
Contained copper ('000
tonnes) 201.2 203.6 191.5 239.5 214.6 611.8 645.5
Contained gold ('000 ounces) 42.0 42.9 36.3 45.8 38.2 118.8 120.3
Contained silver ('000
ounces) 1,291 1,462 1,270 1,311 1,210 3,843 3,791
Recoverable copper in ore stacked
for leaching ('000 tonnes) (a) 26.7 28.4 35.9 34.8 35.8 87.9 106.5
Refined production from leach
plants:
Copper cathode production
('000 tonnes) 49.0 48.4 48.1 55.7 49.6 146.8 153.4
(a) The calculation of copper in material mined for leaching is
based on ore stacked at the leach pad.
Rio Tinto percentage interest shown above is at 30 September
2022. The data represents production and sales on a 100% basis
unless otherwise stated.
Rio Tinto operational data
Rio
Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
interest 2021 2021 2022 2022 2022 2021 2022
---------------------- --------- --------- --------- --------- --------- --------- ------------- -------------
COPPER & GOLD
(continued)
Rio Tinto Kennecott
100
Bingham Canyon mine %
Utah, US
Ore treated ('000
tonnes) 9,995 9,809 10,130 6,862 10,125 27,967 27,116
Average ore grade:
Copper (%) 0.47 0.55 0.51 0.55 0.56 0.44 0.54
Gold (g/t) 0.22 0.21 0.19 0.17 0.16 0.21 0.17
Silver (g/t) 2.80 2.55 2.36 2.39 2.50 2.58 2.42
Molybdenum (%) 0.017 0.020 0.021 0.017 0.021 0.033 0.020
Copper concentrates
produced
('000 tonnes) 180 187 176 136 192 461 504
Average concentrate
grade
(% Cu) 23.7 26.3 26.8 24.9 26.2 23.8 26.1
Production of metals
in copper
concentrates:
Copper ('000 tonnes)
(a) 42.8 49.7 47.1 33.9 50.7 109.7 131.7
Gold ('000 ounces) 38.1 34.7 37.8 22.8 32.5 104.8 93.1
Silver ('000 ounces) 639 589 561 385 591 1,639 1,537
Molybdenum
concentrates produced
('000 tonnes): 1.0 2.2 2.1 0.9 1.8 12.6 4.8
Molybdenum in
concentrates
('000 tonnes) 0.4 1.1 1.1 0.4 0.8 6.6 2.3
Kennecott smelter & 100
refinery %
Copper concentrates
smelted
('000 tonnes) 165 157 213 152 166 509 531
Copper anodes produced
('000
tonnes) (b) 35.7 32.9 45.8 27.9 46.2 109.6 120.0
Production of refined
metal:
Copper ('000 tonnes)
(c) 35.7 25.5 40.2 32.7 39.2 117.8 112.2
Gold ('000 ounces)
(d) 44.5 31.5 32.2 20.9 30.5 144.9 83.6
Silver ('000 ounces)
(d) 733 516 577 290 571 2,155 1,438
(a) Includes a small amount of copper in precipitates.
(b) New metal excluding recycled material.
(c) We continue to process third party concentrate to optimise
smelter utilisation, including 4.8 thousand tonnes of cathode
produced from purchased concentrate in year-to-date 2022. Purchased
and tolled copper concentrates are excluded from reported
production figures and production guidance. Sales of cathodes
produced from purchased concentrate are included in reported
revenues.
(d) Includes gold and silver in intermediate products.
Rio Tinto percentage interest shown above is at 30 September
2022. The data represents production and sales on a 100% basis
unless otherwise stated.
Rio Tinto operational data
Rio
Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
interest 2021 2021 2022 2022 2022 2021 2022
------------------- --------- ---------- ---------- ---------- ---------- ---------- ------------ ------------
COPPER & GOLD
(continued)
Turquoise Hill
Resources
Oyu Tolgoi mine (a) 34 %
Mongolia
Ore Treated ('000
tonnes) 9,336 10,573 9,581 9,685 10,685 28,550 29,951
Average mill head
grades:
Copper (%) 0.53 0.46 0.40 0.40 0.42 0.52 0.41
Gold (g/t) 0.63 0.38 0.32 0.26 0.22 0.60 0.27
Silver (g/t) 1.29 1.27 1.25 1.15 1.32 1.26 1.24
Copper concentrates
produced
('000 tonnes) 191.9 182.7 144.3 146.0 173.6 567.0 463.9
Average
concentrate
grade
(% Cu) 21.9 21.3 21.0 20.9 20.9 21.9 20.9
Production of
metals in
concentrates:
Copper in
concentrates
('000 tonnes) 41.9 38.9 30.3 30.6 36.3 124.1 97.1
Gold in
concentrates
('000
ounces) 130.8 78.6 59.2 47.6 42.7 389.5 149.6
Silver in
concentrates
('000 ounces) 249 239 211 201 256 739 668
Sales of metals in
concentrates:
Copper in
concentrates
('000 tonnes) 46.4 34.4 29.9 35.3 41.8 105.0 107.0
Gold in
concentrates
('000
ounces) 149.1 102.2 57.4 67.9 56.0 332.5 181.3
Silver in
concentrates
('000 ounces) 278 192 179 224 282 591 684
(a) Rio Tinto owns a 33.52% indirect interest in Oyu Tolgoi
through its 50.79% interest in Turquoise Hill Resources.
Rio
Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
interest 2021 2021 2022 2022 2022 2021 2022
--------------------- --------- ---------- ---------- ---------- ---------- ---------- ----------- -----------
DIAMONDS
100
Diavik Diamonds (a) %
--------------------- --------- ---------- ---------- ---------- ---------- ---------- ----------- -----------
Northwest
Territories,
Canada
Ore processed ('000
tonnes) 643 596 496 537 590 1,944 1,623
Diamonds recovered
('000
carats) 1,390 1,356 991 1,149 1,192 4,487 3,333
(a) On 17 November 2021, Rio Tinto's ownership interest in
Diavik increased from 60% to 100%. Production is reported including
this change from 1 November 2021.
Rio Tinto percentage interest shown above is at 30 September
2022. The data represents production and sales on a 100% basis
unless otherwise stated.
Rio Tinto operational data
Rio Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
interest 2021 2021 2022 2022 2022 2021 2022
------------------------------- --------- ------ ------ ------ ------ ------ ------- -------
IRON ORE
Rio Tinto Iron Ore
Western Australia
Pilbara Operations
Saleable iron ore production
('000 tonnes)
Hamersley mines (a) 55,634 55,049 47,678 52,636 56,650 155,281 156,965
Hope Downs 50 % 13,000 13,133 11,660 12,771 12,529 36,151 36,959
Robe River - Pannawonica
(Mesas J and A) 53 % 7,021 6,031 5,234 5,762 6,679 19,467 17,676
Robe River - West Angelas 53 % 7,652 9,909 7,130 7,474 8,484 24,704 23,088
Total production ('000 tonnes) 83,306 84,122 71,703 78,643 84,342 235,602 234,687
------------------------------- --------- ------ ------ ------ ------ ------ ------- -------
Breakdown of total production:
Pilbara Blend and SP10 Lump
(b) 23,617 24,998 20,827 23,228 25,452 67,464 69,507
Pilbara Blend and SP10 Fines
(b) 37,046 38,681 31,094 36,220 38,709 106,145 106,023
Robe Valley Lump 2,686 2,173 1,982 2,226 2,621 7,453 6,829
Robe Valley Fines 4,335 3,857 3,252 3,536 4,058 12,014 10,846
Yandicoogina Fines (HIY) 15,623 14,412 14,548 13,433 13,501 42,526 41,482
------------------------------- --------- ------ ------ ------ ------ ------ ------- -------
Breakdown of total shipments:
Pilbara Blend Lump 16,710 16,616 13,626 16,043 18,860 48,081 48,529
Pilbara Blend Fines 36,199 31,620 27,915 32,243 38,186 106,583 98,344
Robe Valley Lump 1,814 2,001 1,273 1,832 2,417 5,511 5,521
Robe Valley Fines 4,843 4,221 3,266 4,357 4,514 13,506 12,137
Yandicoogina Fines (HIY) 14,906 14,121 14,487 14,201 13,530 42,768 42,219
SP10 Lump (b) 4,826 4,841 3,827 4,456 1,647 11,237 9,930
SP10 Fines (b) 4,063 10,684 7,067 6,775 3,766 9,803 17,609
------------------------------- --------- ------ ------ ------ ------ ------ ------- -------
Total shipments ('000 tonnes)
(c) 83,360 84,104 71,462 79,907 82,920 237,488 234,289
Rio Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
interest 2021 2021 2022 2022 2022 2021 2022
------------------------------- --------- ------ ------ ------ ------ ------ ------- -------
Iron Ore Company of Canada 59 %
Newfoundland & Labrador and Quebec
in Canada
Saleable iron ore production:
Concentrates ('000 tonnes) 1,411 1,718 1,638 2,183 2,106 4,860 5,927
Pellets ('000 tonnes) 2,273 2,535 2,456 2,250 2,621 7,451 7,327
------------------------------- --------- ------ ------ ------ ------ ------ ------- -------
IOC Total production ('000
tonnes) 3,684 4,254 4,094 4,433 4,727 12,311 13,254
------------------------------- --------- ------ ------ ------ ------ ------ ------- -------
Shipments:
Concentrates ('000 tonnes) 1,795 1,684 1,022 1,845 2,241 5,316 5,108
Pellets ('000 tonnes) 2,340 2,914 2,405 2,527 2,457 7,074 7,390
------------------------------- --------- ------ ------ ------ ------ ------ ------- -------
IOC Total Shipments ('000
tonnes) (c) 4,136 4,598 3,427 4,372 4,699 12,390 12,498
Global Iron Ore Totals
Iron Ore Production ('000
tonnes) 86,990 88,375 75,797 83,076 89,069 247,913 247,941
Iron Ore Shipments ('000
tonnes) 87,496 88,702 74,889 84,279 87,619 249,878 246,787
Iron Ore Sales ('000 tonnes)
(d) 86,542 85,256 79,194 86,103 89,689 247,930 254,986
------------------------------- --------- ------ ------ ------ ------ ------ ------- -------
(a) Includes 100% of production from Paraburdoo, Mt Tom Price,
Western Turner Syncline, Marandoo, Yandicoogina, Brockman,
Nammuldi, Silvergrass, Channar and the Eastern Range mines. Whilst
Rio Tinto owns 54% of the Eastern Range mine, under the terms of
the joint venture agreement, Hamersley Iron manages the operation
and is obliged to purchase all mine production from the joint
venture and therefore all of the production is included in Rio
Tinto's share of production. Rio Tinto's ownership interest in
Channar mine increased from 60% to 100%, following conclusion of
its joint venture with Sinosteel Corporation upon reaching planned
290 million tonnes production on 22 October 2020.
(b) SP10 includes other lower grade products.
(c) Shipments includes material shipped to our portside trading
facility in China which may not be sold onwards in the same
period.
(d) Include Pilbara and IOC sales adjusted for portside trading
movements and third party volumes sold.
Rio Tinto percentage interest shown above is at 30 September
2022. The data represents production and sales on a 100% basis
unless otherwise stated.
Rio Tinto operational data
Rio
Tinto Q3 Q4 Q1 Q2 Q3 9 MTHS 9 MTHS
interest 2021 2021 2022 2022 2022 2021 2022
SALT
Dampier Salt 68 %
Western Australia
Salt production
('000 tonnes) 2,206 2,152 2,333 1,507 2,449 6,402 6,289
-------------------- --------- ---------- ---------- ---------- ---------- ---------- ------------ ------------
TITANIUM DIOXIDE
SLAG
Rio Tinto Iron & 100
Titanium %
Canada and South
Africa
(Rio Tinto share)
(a)
Titanium dioxide
slag ('000
tonnes) 209 228 273 293 310 787 876
-------------------- --------- ---------- ---------- ---------- ---------- ---------- ------------ ------------
(a) Quantities comprise 100% of Rio Tinto Fer et Titane and Rio
Tinto's 74% interest in Richards Bay Minerals' production. Ilmenite
mined in Madagascar is being processed in Canada.
Rio Tinto percentage interest shown above is at 30 September
2022. The data represents production and sales on a 100% basis
unless otherwise stated.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DRLUBUORUKURAUA
(END) Dow Jones Newswires
October 18, 2022 02:01 ET (06:01 GMT)
Rio Tinto (LSE:0KWZ)
Historical Stock Chart
From Jun 2024 to Jul 2024
Rio Tinto (LSE:0KWZ)
Historical Stock Chart
From Jul 2023 to Jul 2024
