Rio Tinto releases second quarter production
results
16 July 2024
Rio Tinto Chief Executive Jakob
Stausholm said: "Our operational performance continues to progress.
While there are still significant improvements ahead, we are
beginning to see a step-change in production, including from our
Queensland bauxite business following the roll-out of the Safe
Production System.
"We are growing with discipline in
the materials the world needs for the energy transition.
Construction of the Simandou high grade iron ore project in Guinea
is advancing at pace, the ramp up of the Oyu Tolgoi underground is
on track and we are set to achieve first production from the Rincon
starter plant by the end of the year.
"We continue to prioritise the
decarbonisation of our business, announcing the installation of
carbon free aluminium smelting cells using ELYSIS technology at our
Arvida smelter in Quebec and an investment in a R&D facility to
test our low-carbon ironmaking process, BioIron, in Western
Australia. We also signed 20-year electricity arrangements backed
by renewable electricity to secure the future of the Tiwai Point
aluminium smelter in New Zealand.
"As we progress against our four
objectives and strategy, we have a clear long-term pathway to
profitable growth and continued attractive shareholder
returns."
Production*
|
|
Q2
2024
|
vs
Q2
2023
|
vs
Q1
2024
|
H1
2024
|
vs
H1
2023
|
Pilbara iron ore shipments (100%
basis)
|
Mt
|
80.3
|
+2%
|
+3%
|
158.3
|
-2%
|
Pilbara iron ore production (100%
basis)
|
Mt
|
79.5
|
-2%
|
+2%
|
157.4
|
-2%
|
Bauxite
|
Mt
|
14.7
|
+9%
|
+10%
|
28.1
|
+10%
|
Aluminium**
|
kt
|
824
|
+1%
|
0%
|
1,650
|
+3%
|
Mined copper (consolidated
basis)
|
kt
|
171
|
+18%
|
+10%
|
327
|
+13%
|
Titanium dioxide slag
|
kt
|
238
|
-22%
|
-6%
|
492
|
-16%
|
IOC*** iron ore pellets and
concentrate
|
Mt
|
2.2
|
+6%
|
-16%
|
4.8
|
+5%
|
* Rio Tinto share unless
otherwise stated
** Includes primary
aluminium only
*** Iron Ore Company of
Canada
Q2 2024 operational highlights and other key
announcements
•
Our all injury frequency rate for the second
quarter was 0.32, a decrease from both the first quarter of this
year (0.37) and the same
period in 2023 (0.38). We
continue to prioritise the health, safety and well-being of our
people and the communities where we operate. During the quarter,
this included undertaking mid-year safety maturity assessments at
our assets, helping us to continuously evaluate and evolve our
safety approach across the organisation. The investigation by the
authorities into the tragic plane crash at Diavik in January 2024
is ongoing.
• In the
Pilbara, we produced 79.5 million tonnes (Rio Tinto share 67.5
million tonnes) in the second quarter, 2% lower than the
corresponding period of 2023. Productivity gains offset ore
depletion, however production and shipping in the quarter were
impacted by a train collision in mid-May, which resulted in around
six days of lost rail capacity and full stockpiles at some mines.
Shipments of 80.3 million tonnes (Rio Tinto share 66.2 million
tonnes) were 2% higher than the second quarter of 2023, with the
draw down of port stocks.
• Bauxite production of 14.7 million tonnes was 9% higher than
the second quarter of 2023. The increase reflects implementation of
the Safe Production System (SPS), especially at Weipa where we
achieved higher plant utilisation and feed rates. As a
consequence, our Group full year bauxite production guidance is
expected to be around the top end of our 53 to 56 million tonne
range.
• Alumina production of 1.7 million tonnes was 10% lower than
the second quarter of 2023 due to the continuing impacts to our
Gladstone operations from the breakage of the third-party operated
Queensland Gas Pipeline in March. As a result, we have reduced our
Group full year alumina production guidance to 7.0 to 7.3 million
tonnes (previously 7.6 to 7.9 million tonnes). We expect gas
supplies from the pipeline to return to normal levels by the end of
2024.
•
Aluminium production of 0.8 million tonnes was 1% higher than the
second quarter of 2023 with our smelters
continuing to demonstrate stable performance during the
period.
• On 31
May, we
announced that New Zealand Aluminium
Smelters (NZAS) has signed 20-year electricity arrangements that
secure the future of the Tiwai Point aluminium smelter to continue
competitively producing high-purity, low carbon metal, backed by
renewable electricity. In a separate transaction, we entered into
an agreement to acquire Sumitomo Chemical Company Limited's (SCC's)
20.64% interest in NZAS for an undisclosed price. On completion of
the transaction, NZAS will be 100% owned by Rio Tinto.
• Mined
copper production of 171 thousand tonnes
(consolidated basis) was 18% higher than the second quarter of 2023.
◦
Kennecott was 30% higher than the second quarter of 2023 following
a conveyor outage in the prior period. However, production was 1%
lower than the previous quarter following changes to the mine plan
to manage geotechnical risk in our mining area. These changes
delayed access to pit ore and resulted in additional lower grade
stockpiled material being processed. We are currently reworking our
mine plan and expect to provide a further update in our Third
Quarter Operations Review. Our Group full year mined copper
production guidance is therefore expected to be around the bottom
end of the 660 to 720 thousand tonne range.
◦
Escondida was 12% higher than the second quarter of 2023 due to a
7% improvement in concentrator feed grade as mining continued into
higher grade zones, together with 12% higher concentrator
output.
◦ Oyu
Tolgoi was 23% higher than the second quarter of 2023 as the
ramp-up in underground production continued in line with our long
term plan, delivering a copper head grade of
2.02% (vs 1.56%
in the second quarter of 2023) for the underground and an overall
copper head grade of 0.61% (vs
0.52%).
• Titanium
dioxide slag production was 22% lower than the second quarter of
2023, primarily driven by weak market conditions. Whilst a furnace
reconstruction is underway at our RTIT Quebec Operations, we
continue to operate six out of nine furnaces in Quebec and three
out of four at Richards Bay Minerals (RBM).
• IOC
production was 6% higher than the second quarter of 2023 as
production rates in the prior period were impacted by wildfires.
However, production was 16% down
quarter-on-quarter given lower output from the mine and an annual
maintenance shut in June. Shipments were 7% lower
than the second quarter of 2023 due to low portside
inventories.
•
In the second quarter, we continued the
deployment of SPS, now reaching 26 sites.
We deepened the maturity of SPS at existing sites during the
quarter, with three additional sites setting new
best demonstrated throughput rates (over a 90 day period).
We are on track to deliver our targeted 5 million
tonne production uplift at Pilbara Iron Ore in
2024.
•
Subsequent to the end of the quarter, all conditions were satisfied
for Rio Tinto's investment to develop the Simandou high-grade iron
ore deposit in Guinea. The transaction to enable co-development of
the infrastructure is now unconditional and expected to close
during the week of 15 July. Chalco Iron Ore Holdings Ltd
(CIOH) has now paid its share of capital expenditures incurred or
required by Simfer to progress critical works up to completion. A
first payment of approximately $410 million, for expenditures until
the end of 2023, was made on 28 June 2024, and a second payment of
approximately $575 million, for 2024 expenditures, was made on 11
July 2024. These amounts settle all expenditures incurred to
date.
• We saw a
cash outflow of circa $0.7 billion from an increase in working
capital in the first half of 2024. This reflected the draw down of
royalties and taxes payable in the period as prices fell from late
2023, along with seasonal movements in amounts due to JV partners
and employees.
All figures in this report are
unaudited. All currency figures in this report are US dollars, and
comments refer to Rio Tinto's share of production, unless otherwise
stated.
2024 guidance
Rio Tinto production share, unless
otherwise stated
|
2023
Actuals
|
H1 2024
Actuals
|
2024
Previous
|
2024
Current
|
Pilbara iron ore (shipments, 100%
basis) (Mt)
|
331.8
|
158.3
|
323 to 338
|
Unchanged
|
Bauxite (Mt)
|
54.6
|
28.1
|
53 to 56
|
53 to
561
|
Alumina (Mt)
|
7.5
|
3.5
|
7.6 to 7.9
|
7.0 to 7.3
|
Aluminium (Mt)
|
3.3
|
1.7
|
3.2 to 3.4
|
Unchanged
|
Mined copper (consolidated basis)
(kt)
|
620
|
327
|
660 to 720
|
660 to
7202
|
Refined copper (kt)
|
175
|
125
|
230 to 260
|
Unchanged
|
Titanium dioxide slag
(Mt)
|
1.1
|
0.5
|
0.9 to 1.1
|
Unchanged
|
IOC3 iron ore pellets
and concentrate (Mt)
|
9.7
|
4.8
|
9.8 to
11.5
|
Unchanged
|
Boric oxide equivalent
(Mt)
|
0.5
|
0.2
|
~0.5
|
Unchanged
|
1 Around the top
end.
2 Around the bottom
end.
3 Iron Ore Company of Canada
continues to be reported at Rio Tinto share.
• Guidance
for 2024 alumina production has been reduced to 7.0 to 7.3 million
tonnes (previously 7.6 to 7.9 million tonnes), as our Gladstone
operations continue to operate at reduced rates following the
breakage of a third party gas pipeline in March. We expect gas
supplies from the pipeline to return to normal levels by the end of
2024.
•
Expectations for Pilbara iron ore shipments in 2024 remain at 323
to 338 million tonnes. SP10 levels are expected to remain elevated
until replacement projects are delivered. This guidance remains
subject to the timing of approvals for planned mining areas and
heritage clearances.
• Iron ore
shipments and bauxite production guidance remain subject to weather
impacts.
Operating costs
• Guidance
for 2024 Pilbara iron ore unit cash costs is unchanged at $21.75 to
$23.50 per tonne (based on an average A$:US$ exchange rate of
0.66). Pilbara iron ore unit cash costs in the first half of 2024
are expected to be towards the top end of the full year guidance
range, with shipments weighted to the second half.
• Guidance
for 2024 copper C1 unit costs is unchanged at 140 to 160 US
cents/lb.
Aluminium modelling
To assist with
modelling of aluminium operating costs during a volatile price
environment for raw materials, we provide the following breakdown
and sensitivities for the alumina and aluminium metal segments
(Primary Metal and Pacific Aluminium). This excludes the effect of
intra and inter segment eliminations on group
profit.
Alumina refining
Production cash cost
(%)
|
FY 23
|
H1 24
|
Bauxite
|
31
|
32
|
Conversion
|
34
|
39
|
Caustic
|
22
|
17
|
Energy
|
13
|
12
|
Total
|
100
|
100
|
Input costs (nominal)
|
H1 23
Index
price
|
H2 23
Index
price
|
H1 24
Index
price
|
FY 24
Annual cost sensitivity
impact on underlying EBITDA
|
Caustic soda1
($/t)
|
424
|
369
|
376
|
$11m per
$10/t
|
Natural gas2
($/mmbtu)
|
2.54
|
2.79
|
2.21
|
$4m per
$0.10/GJ
|
Brent oil ($/bbl)
|
79.7
|
85.5
|
84
|
$2m per
$10/bbl
|
1North East Asia FOB
| 2Henry Hub
Aluminium smelting
Production cash cost (%)
|
FY 23
|
HY 24
|
Alumina
|
38
|
41
|
Power
|
18
|
19
|
Conversion
|
21
|
22
|
Carbon
|
21
|
16
|
Materials
|
2
|
2
|
Total
|
100
|
100
|
Input costs (nominal)
|
H1 23
Index
price
|
H2 23
Index
price
|
H1 24
Index
price
|
FY 24
Annual cost sensitivity
impact on underlying EBITDA
|
Alumina1
($/t)
|
352
|
335
|
400
|
$65m per
$10/t
|
Petroleum coke2
($/t)
|
631
|
491
|
394
|
$11m per
$10/t
|
Coal tar pitch3
($/t)
|
1,386
|
1,130
|
958
|
$3m per
$10/t
|
1Australia FOB
| 2US Gulf FOB |
3North America FOB
Investments, growth and development
projects
• Pre-tax
and pre-divestment expenditure on exploration and evaluation
charged to the income statement in 2024 was $487 million, compared
with $392 million in 2023, on the same basis (excluding Simandou
spend, which was $318 million in the first half of 2023).
Approximately 24% of the spend was by central exploration, 36% by
minerals (with the majority focusing on lithium), 27% by copper,
12% by iron ore and 1% by aluminium. In 2024, all qualifying
expenditure relating to Simandou is being capitalised.
Pilbara projects
•
Construction of our Western Range mine is now 70% complete, with
the development of the initial mining area completed during the
quarter. We continue to focus on construction of the greenfield
crushing and screening plant, and Paraburdoo plant tie-in, with
first ore from that new system on plan for
2025.
• We
continue to advance our next tranche of Pilbara mine replacement
studies including Hope Downs 1 (Hope Downs 2 and Bedded Hilltop),
Brockman 4 (Brockman Syncline 1), Greater Nammuldi and West Angelas
projects. Early works have commenced at Hope Downs 1. Project
timelines remain subject to timing of approvals and heritage
clearances with the Greater Nammuldi project starting to diverge
from the original development schedule.
• The
Rhodes Ridge pre-feasibility study (PFS) continues to progress with
good engagement with Traditional Owners and government. The PFS,
which is targeting an initial capacity of up to 40 million tonnes
per year, subject to relevant approvals, is expected to be
completed in 2025. First ore is expected by the end of the
decade.
• The
Coastal Water desalination project received State Agreement
approval in May 2024 allowing for commencement of early works. The
$395 million plant will provide water to our port operations in
Dampier. At full capacity, it will produce approximately 4GL/year
to reduce draw from the Bungaroo aquifer to sustainable
levels.
Oyu Tolgoi underground project
• The
sinking of ventilation Shafts 3 and 4 was completed in April
following the breakthrough to surface. Both shafts remain on track
to be commissioned in the second half of 2024.
•
Construction works for the conveyor to surface continued to plan
and were 97% complete at the end of the quarter. Commissioning
remains on track for the second half of 2024.
•
Construction works for the concentrator conversion remains on
schedule. Commissioning is expected to be progressively completed
from the fourth quarter of 2024 through to the second quarter of
2025.
•
Construction of primary crusher 2 is progressing to plan and
remains on track to be completed by the end of 2025.
Simandou iron ore project
•
Subsequent to the end of the quarter, all conditions were satisfied
for Rio Tinto's investment to develop the Simandou high-grade iron
ore deposit in Guinea. Our transaction to implement a joint venture
to co-develop the rail and port infrastructure with Winning
Consortium Simandou (WCS)1 is now unconditional and
expected to close during the week of 15 July.
• The
Simfer mine2 is on track to deliver first production in
2025, ramping up over 30 months to an annualised capacity of 60
million tonnes per year3 (27 million tonnes per year Rio
Tinto share).
• For the
Simfer mine, work on support facilities, including camps, roads,
and water and waste facilities is progressing well. With 8,500
workers on site for the Simfer mine and Simfer-managed scope of the
co-developed infrastructure, the focus for the second half of the
year is bulk earthworks, construction of the stockyard and rail
loop, installation of early ore crushers and mobilisation of
primary crusher construction teams.
• During
the second quarter, for the Simfer infrastructure scope, we
completed preparatory work on the bridge foundations which will be
used to construct the railway spur. All infrastructure contracts
have now been awarded. The focus for the Simfer scope of rail and
port for the remainder of the year is to advance construction for
the earthworks, tunnels, piers, culverts, transhipment vessel (TSV)
wharf and port facilities.
•
Biodiversity monitoring continues with several local communities,
as do our rehabilitation efforts with 7,000 trees propagated in the
Canga nursery. Our community commitments continue, and include two
completed programs on education and land use, in addition to ten
ongoing projects to promote social, infrastructure and economic
development.
Other key projects and exploration and
evaluation
• At
Complexe Jonquière in Quebec, Canada, AP60 expansion construction
activities progressed, with the first prefabricated steel
structures delivered to site. Once completed, the project will add
96 new AP60 pots, increasing capacity by approximately 160,000
tonnes of primary aluminium per year by the end of 2026. This new
capacity, in addition to 30,000 tonnes of new recycling capacity at
Arvida expected to open in the fourth quarter of 2025, will offset
the 170,000 tonnes of capacity lost through the gradual closure of
potrooms at the Arvida smelter from 2024.
• At
Kennecott, first production from the Lower Commercial Skarn (LCS)
area was achieved in June 2024, marking the mine's return to
underground production after more than four decades. The LCS is
expected to deliver about 30,000 tonnes of mined copper through to
2027 alongside open cut operations. Activities continued on the
North Rim Skarn (NRS) underground development and infrastructure.
Production from the NRS is forecast to commence around mid-year
2025 with a production target of approximately 250,000 tonnes
through to 20334.
• At the
Resolution Copper project in Arizona, the Ninth Circuit Court of
Appeals denied Apache Stronghold's request to further hear their
case to stop the land exchange between Resolution Copper and the
federal government. It is anticipated that Apache Stronghold will
file a petition this fall for the case to be heard by the U.S.
Supreme Court. We continue to progress the Final Environmental
Impact Statement (FEIS) with the United States Forest Service
(USFS), but they have yet to advise on the date of re-publication.
We also advanced partnership discussions with federally-recognised
Native American Tribes who are part of the formal consultation
process. While there is significant local support for the project,
we respect the views of groups who oppose it and will continue our
efforts to address and mitigate concerns.
• Rio
Tinto continues to work with the Traditional Owners to progress the
Winu copper-gold project, which remains subject to all of the
required approvals. Drilling, studies and fieldwork to advance the
key environmental permitting and Project Agreement negotiations
with Nyangumarta and the Martu remain our priority.
• Nuton,
Rio Tinto's copper heap leaching technology venture, continues to
develop its path towards deployment, with nine partnerships in four
countries: United States, Chile, Peru and Argentina. In May,
Excelsior announced the execution of an agreement with Nuton to
build an industrial scale demonstration heap that is expected to
produce first Nuton copper in the first
half of 2025.
•
The Constitutional Court of Serbia has issued a
decision that states the 2022 decree to abolish the Jadar project
spatial plan was unconstitutional and illegal. We welcome this
decision and continue to believe that the Jadar project has the
potential to be a world-class lithium-borates asset that could act
as a catalyst for the development of other industries and thousands
of jobs for the current and future generations in Serbia. We are
focused on consultation with all key stakeholders, including
providing comprehensive factual information about the project. To
support a public dialogue, we recently released the draft
Environmental Impact Assessment studies which provide insights into
the project's potential environmental impacts and the proposed
mitigation actions. Independent Serbian and international experts
have confirmed the Jadar project can be implemented safely in line
with the highest environmental standards.
• At the
Rincon lithium project in Argentina, development of the three
thousand tonne per annum lithium carbonate starter plant continues
to progress to plan with civil concrete work completed and all
steel, cable and piping on site, and being progressively installed.
An additional 400-bed camp facility has also been constructed,
bringing the total number of new beds on site to 900.
Commissioning planning is advancing and we continue to expect first
production from the starter plant by the end of 2024. We
expect to complete the feasibility study for the full-scale
operation in the third quarter of 2024. 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 WCS is the holder of
Simandou North Blocks 1 & 2 (with the Government of Guinea
holding a 15% interest in the mining vehicle and WCS holding 85%)
and associated infrastructure. WCS was originally held by WCS
Holdings, a consortium of Singaporean company, Winning
International Group (50%) and Weiqiao Aluminium (part of the China
Hongqiao Group) (50%). On 19 June 2024, Baowu Resources completed
the acquisition of a 49% share of the WCS mine and infrastructure
projects, with WCS Holdings owning the remaining 51%. In the case
of the mine, Baowu also has an option to increase to 51% during
operations. After Closing, Simfer will hold 34% of the shares in
the WCS infrastructure entities during construction with WCS
holding the remaining 66%.
2 Simfer Jersey Limited is a
joint venture between the Rio Tinto Group (53%) and Chalco Iron Ore
Holdings Ltd (CIOH) (47%), a Chinalco-led joint venture of leading
Chinese SOEs (Chinalco (75%), Baowu (20%), China Rail Construction
Corporation (2.5%) and China Harbour Engineering Company (2.5%)).
Simfer S.A. is the holder of the mining concession covering
Simandou Blocks 3 & 4, and is owned by the Guinean State (15%)
and Simfer Jersey Limited (85%). Simfer Infraco Guinée S.A.U. will
deliver Simfer's scope of the co-developed rail and port
infrastructure, and is, on the date of this notice, a wholly-owned
subsidiary of Simfer Jersey Limited, but will be co-owned by the
Guinean State (15%) after closing of the co-development
arrangements. Simfer Jersey will ultimately own 42.5% of Compagnie
du Transguinéen, which will own and operate the co-developed
infrastructure during operations.
3 The estimated annualised
capacity of approximately 60 million dry tonnes per annum iron ore
for the Simandou life of mine schedule was previously reported in a
release to the ASX dated 6 December 2023 titled "Investor Seminar
2023". Rio Tinto confirms that all material assumptions
underpinning that production target and those production profiles
continue to apply and have not materially
changed.
4 The LCS production target
of around 30 thousand tonnes of additional mined copper over the
period to 2027 and the NRS production target of around 250 thousand
tonnes of additional mined copper over ten years (2023 to 2033) at
Kennecott were previously reported in a release to the Australian
Securities Exchange (ASX) dated 20 June 2023 titled "Rio Tinto
invests to strengthen copper supply in US". Rio Tinto confirms that
all material assumptions underpinning that production targets
continue to apply and have not materially
changed.
Our markets
The global economy remains
resilient - industrial production is recovering, China's
manufacturing growth is intact and the outlook for the US economy
has improved through the year. Geopolitical tensions and monetary
policy settings remain near-term global economic risks.
• China's economy
continues to be supported by a manufacturing recovery and more
resilient exports. The government has provided additional measures
for the property market to destock the large inventory overhang;
however, housing activity remains weak. Disinflation pressures
persist amidst muted domestic demand, while manufacturing faces
risks of overcapacity in some sectors and increasing tariffs from
external markets.
• The US services
sector continued to outperform manufacturing, with healthy consumer
spending and modest construction investment. The labour market,
resilient in the first half, is showing early signs of weakening.
Similarly, latest inflation data shows further moderation,
providing leeway for interest rate cuts in the second
half.
• The eurozone
economic outlook remains uncertain. The pace of recovery is uneven,
with Germany lagging given weakness in its manufacturing sector.
The eurozone monthly composite PMI expanded consecutively during
the quarter, but this has been driven by services, as manufacturing
PMIs continue to be in contraction for most countries in the
region.
• Iron ore prices
increased by 4% over the quarter, while the average monthly price
in the second quarter of $112/dmt (Platts CFR 62% Fe index) was 9%
lower than the first quarter. In the two-month period of April to
May, China's crude steel production contracted by 5% year-on-year,
despite a 16% year-on-year increase in its steel exports. As a
result, domestic steel consumption in the period declined by 7%
year-on-year from the corresponding two-month period of 2023.
Meanwhile, strong seaborne supply maintained China's monthly
average iron ore imports at almost 110 million tonnes in the
quarter and portside inventories increased by 5 million tonnes to
149 million tonnes during the period. Lump premiums recovered
strongly during the same period, while iron ore fines price
relativities widened.
• The LME aluminium
price increased by 9% over the quarter, while the average price
rose 15% from the first quarter to $2,520/t. Aluminium demand
growth eased in the US and Canada and stabilised in Europe, albeit
at a low level. On the supply side, Chinese smelting production
rose to an annualised rate of over 43 million tonnes in June,
following restarts in Yunnan province and commissioning of new
capacity, and is now close to the 45 million tonne cap. Global
reported aluminium inventories increased over the quarter, but
remain at low levels historically, supporting market premiums.
Alumina prices rose firmly over the quarter on refinery disruptions
outside China and constrained bauxite supply to refineries in
China. Chinese import bauxite prices remained strong on firm
demand.
• The LME copper
price increased by 9% over the quarter, with the average price up
16% quarter-on-quarter to $4.42/lb. Chinese copper demand growth
slowed moderately into the second quarter, as rising prices
temporarily hit demand. Elsewhere, demand has stabilised in
developed markets, with a notable decline in US inventories.
Globally, exchange inventories have increased but remain low on a
historic basis. The copper concentrate market remains tight, which
is reflected in historically low smelting and refining charges
(TCRCs).
• Lithium prices
remained subdued over the second quarter as demand growth continues
to slow from very high rates amid robust supply growth in key
producing countries. In the first five months of this year, global
EV sales rose 21% year-on-year, compared to 40% over the same
period in 2023. Europe and the US witnessed particularly weak
growth (up ~6% year-on-year) due to the pull-back in EV subsidies
and a high interest rate environment. On the supply side, upstream
inventories are building and projects in Africa, Australia and
China continue to progress despite softening lithium
prices.
• Underlying demand
for titanium dioxide feedstocks remains soft, especially from
paints and coatings due to weak property markets. Inventory is
building downstream after re-stocking in the first quarter and
early second quarter. The European Commission proceeded with
provisional anti-dumping duties against Chinese titanium dioxide
importers. The proposal to impose close to 40% duties on Chinese
titanium dioxide may curtail exports to the EU, but is likely to
push more Chinese exports into other markets, particularly Asia.
Meanwhile, temporary pigment production outages in May and June
resulted in lower feedstock consumption.
• The borates market
is recovering from supply chain disruptions surrounding the Red Sea
and is returning to a well-supplied position. Some sectors
are showing signs of gradual recovery, including South American
agriculture and industrial-related applications (textile,
fibreglass). Demand from the US construction sector has been robust
to date, while demand from China's construction sector remains
weak.
Average realised prices achieved for our major
commodities
|
Units
|
H1 2024
|
Q2 2024
|
Q1
2024
|
H1
2023
|
2023
|
Pilbara iron ore
|
FOB,
$/wmt
|
97.3
|
92.1
|
102.6
|
98.6
|
99.7
|
Pilbara iron ore*
|
FOB,
$/dmt
|
105.8
|
100.1
|
111.5
|
107.2
|
108.4
|
Aluminium**
|
Metal
$/t
|
2,746
|
2,910
|
2,587
|
2,866
|
2,738
|
Copper***
|
US
c/lb
|
419
|
446
|
387
|
396
|
390
|
IOC pellets
|
FOB
$/wmt
|
153.9
|
147.7
|
159.9
|
154.7
|
155.0
|
*Assuming 8% moisture.
**LME plus all-in premiums
(product and market).
***Average realised price for all
units sold. Realised price does not include the impact of the
provisional pricing adjustments, which positively impacted revenues
in the first half by $93 million (first half 2023 negative impact
of $10 million).
Iron Ore
Rio Tinto share of production (Million
tonnes)
|
Q2
2024
|
vs
Q2
2023
|
vs
Q1
2024
|
H1
2024
|
vs
H1
2023
|
Pilbara Blend and SP10
Lump1
|
20.8
|
-1%
|
+5%
|
40.7
|
0%
|
Pilbara Blend and SP10
Fines1
|
31.3
|
-1%
|
+5%
|
61.1
|
-2%
|
Robe Valley Lump
|
1.5
|
+4%
|
+1%
|
3.1
|
+17%
|
Robe Valley Fines
|
2.6
|
+10%
|
-3%
|
5.4
|
+22%
|
Yandicoogina Fines
(HIY)
|
11.2
|
-5%
|
-7%
|
23.4
|
-9%
|
Total Pilbara
production
|
67.5
|
-2%
|
+2%
|
133.6
|
-2%
|
Total Pilbara production (100%
basis)
|
79.5
|
-2%
|
+2%
|
157.4
|
-2%
|
Rio Tinto share of shipments (Million
tonnes)
|
Q2
2024
|
vs
Q2
2023
|
vs
Q1
2024
|
H1
2024
|
vs
H1
2023
|
Pilbara Blend Lump
|
12.5
|
-15 %
|
-3%
|
25.3
|
-17%
|
Pilbara Blend Fines
|
24.7
|
-10 %
|
+7%
|
47.9
|
-15%
|
Robe Valley Lump
|
1.3
|
+16 %
|
+9%
|
2.6
|
+16%
|
Robe Valley Fines
|
3.1
|
+24 %
|
+5%
|
6.0
|
+27%
|
Yandicoogina Fines
(HIY)
|
11.4
|
-10 %
|
-7 %
|
23.6
|
-10%
|
SP10 Lump1
|
5.1
|
+207 %
|
+13 %
|
9.5
|
+186%
|
SP10 Fines1
|
8.2
|
+24 %
|
-11 %
|
17.4
|
+30%
|
Total Pilbara
shipments2
|
66.2
|
-1 %
|
0
%
|
132.3
|
-3%
|
Total Pilbara shipments (100%
basis)2
|
80.3
|
+2 %
|
+3 %
|
158.3
|
-2 %
|
Total Pilbara Shipments
(consolidated basis)2, 3
|
68.3
|
0
%
|
+1 %
|
136.2
|
-3%
|
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 79.5 million tonnes
(Rio Tinto share 67.5 million tonnes) in the second quarter, 2%
lower than the corresponding period of 2023. Productivity gains
offset ore depletion, however production and shipping in the
quarter were impacted by a train collision in mid-May, which
resulted in around six days of lost rail capacity and full
stockpiles at some mines.
Shipments of 80.3 million tonnes
(Rio Tinto share 66.2 million tonnes) were 2% higher than the
second quarter of 2023, with the draw down of port stocks. SP10
volumes accounted for 17%1 of shipments in the second
quarter, in line with the first quarter of 2024.
Approximately 10% of sales in the
second quarter were priced by reference to the prior quarter's
average index lagged by one month. The remainder was sold either on
current quarter average, current month average, average of two
months, forward month or on the spot market. Approximately 25% of
sales in the second quarter were made on a free on board (FOB)
basis, with the remainder sold including freight.
Achieved average pricing in the
first half of 2024 was $97.3 per wet metric tonne ($98.6 in the
first half of 2023) on an FOB basis (equivalent to $105.8 per dry
metric tonne, with an 8% moisture assumption). This compares to the
average first half price for the monthly average Platts index for
62% iron fines converted to a FOB basis of $106.0 per dry metric
tonne.
China Portside Trading
Our iron ore portside sales in
China were 14.0 million tonnes in the first half of 2024 (11.9
million tonnes in the first half of 2023). At the end of June,
inventory levels were 6.1 million tonnes (6.4 million tonnes at the
end of December 2023), including 3.2 million tonnes of Pilbara
product. In the first half of 2024, approximately 90% of our
portside sales were either screened or blended in Chinese
ports.
1 Based on total Pilbara
shipments on a 100% basis.
Aluminium
Rio Tinto share of production ('000 tonnes)
|
Q2
2024
|
vs
Q2
2023
|
vs
Q1
2024
|
H1
2024
|
vs
H1
2023
|
Bauxite
|
14,723
|
+9%
|
+10%
|
28,142
|
+10%
|
Bauxite third party
shipments
|
10,691
|
+17%
|
+26%
|
19,187
|
+13%
|
Alumina
|
1,676
|
-10%
|
-10%
|
3,540
|
-5%
|
Aluminium
|
824
|
+1%
|
0
%
|
1,650
|
+3 %
|
Recycled aluminium
|
70
|
n/a
|
-6 %
|
144
|
n/a
|
Bauxite
Bauxite production of 14.7 million
tonnes was 9% higher than the second quarter of 2023. The increase
reflects implementation of the Safe Production System, especially
at Weipa where we achieved higher plant utilisation and feed rates.
As a consequence, our Group full year bauxite production guidance
is expected to be around the top end of our 53 to 56 million tonne
range.
We shipped 10.7 million tonnes of
bauxite to third parties in the second quarter, 17% higher than the
same period of 2023.
Alumina
Alumina production of 1.7 million
tonnes was 10% lower than the second quarter of 2023 due to the
continuing impacts to our Gladstone operations from the breakage of
the third-party operated Queensland Gas Pipeline in March. Gas
supplies are currently meeting ~90% of our requirements and are
expected to return to normal levels by the end of 2024. As a
result, we have reduced our Group full year alumina production
guidance to 7.0 to 7.3 million tonnes (previously 7.6 to 7.9
million tonnes).
The gas pipeline outage has
reduced our third party sales but there has been no impact on our
aluminium production. As a result, our net long alumina position in
the first half of 2024 was only 0.1 million tonnes.
As the result of sanction measures
by the Australian Government, Rio Tinto has taken on 100% of
capacity of Queensland Alumina Limited (QAL) for as long as the
sanctions continue. This results in use of Rusal's 20% share of
capacity by Rio Tinto under the tolling arrangement with QAL. This
additional output is excluded from the production tables in this
report as QAL remains 80% owned by Rio Tinto and 20% owned by
Rusal.
Aluminium
Aluminium production of 0.8
million tonnes was 1% higher than the second quarter of 2023. Our
smelters continued to demonstrate stable performance during the
quarter, with ISAL returning to 100% capacity after reducing
its electricity load following volcanic eruptions in the prior
quarter.
Average realised aluminium prices
including premiums for value-added products (VAP) decreased 4% to
$2,746 per tonne in the first half of 2024 (first half 2023: $2,866
per tonne). The LME price increased by 1% to $2,358 per tonne
(first half 2023: $2,329 per tonne), whilst the mid-west premium
duty paid declined 28% to $417 per tonne in the first half of 2024
(first half 2023: $583 per tonne), which is 59% of our total
volumes (56% in the first half of 2023). Our VAP sales decreased to
45% of primary metal sold in the first half of 2024 (first half
2023: 47%). Product premiums for VAP sales decreased, averaging
$287 per tonne of VAP sold (first half 2023: $377 per
tonne).
On 11 June, we
announced that we will acquire
Mitsubishi Corporation's 11.65% interest in Boyne Smelters Ltd
(BSL), which owns and operates the Boyne Island aluminium smelter.
Earlier in the quarter, we also
announced that we will acquire SCC's
2.46% interest in BSL. On completion of these transactions, Rio
Tinto's interest in BSL will increase to 73.5%.
In addition, on 18 June, we
announced that we will invest $165
million in our Grande-Baie smelter to refurbish two anode baking
furnaces that have reached the end of their useful life.
Recycled aluminium
Rio Tinto's share of production
from Matalco was 70 thousand tonnes in the second quarter (139
thousand tonnes on a 100% basis), as production was impacted by
weak market conditions in North America. Full year 2023 production
from Matalco was 582 thousand tonnes (on a 100% basis) of recycled
aluminium products.
Copper
Rio Tinto share of production ('000 tonnes)
|
Q2
2024
|
vs
Q2
2023
|
vs
Q1
2024
|
H1
2024
|
vs
H1
2023
|
Mined copper
|
|
|
|
|
|
Kennecott
|
32.3
|
+30%
|
-1%
|
64.8
|
+18%
|
Escondida
|
86.4
|
+12%
|
+12%
|
163.5
|
+9 %
|
Oyu Tolgoi (66% basis)
|
34.7
|
+23%
|
+14%
|
65.1
|
+15%
|
Total mined copper
production
|
153.3
|
+17%
|
+9%
|
293.4
|
+12%
|
Total mined copper production
(consolidated basis1)
|
171.2
|
+18%
|
+10%
|
326.9
|
+13%
|
|
|
|
|
|
|
Refined copper
|
|
|
|
|
|
Kennecott
|
47.5
|
+229%
|
-1%
|
95.3
|
+64%
|
Escondida
|
15.2
|
-30%
|
+3%
|
29.9
|
-19%
|
1 Includes Oyu Tolgoi and
Kennecott on a 100% consolidated basis, and Escondida on an equity
share basis.
|
Kennecott
Mined copper production was
30% higher than the second quarter of 2023
following a conveyor outage in the prior period.
However, production was 1% lower than the previous quarter
following changes to the mine plan to manage geotechnical risk in
our mining area. These changes delayed access to pit ore and
resulted in additional lower grade stockpiled material being
processed. The change in ore type also impacted recoveries. We are
currently reworking our mine plan and expect to provide a further
update in our Third Quarter Operations Review. Our Group full year
mined copper production guidance is therefore expected to be around
the bottom end of our 660 to 720 thousand tonne
range.
Refined copper production was 229%
higher than the second quarter of 2023 and 1% lower than the prior
quarter. The smelter continued normal operations, processing both
material from the mine and concentrate inventory, following the
largest rebuild of the smelter and refinery in Kennecott's history
in 2023.
Escondida
Mined copper production was 12%
higher than the second quarter of 2023 due to a 7% improvement in
concentrator feed grade to 0.99% (0.93% in second quarter of 2023)
as mining continued into higher grade zones, together with 12%
higher concentrator output. Refined copper production was 30% lower
than the same quarter of last year due to lower oxide ore grade and
lower sulphide ore stacking.
Oyu Tolgoi
Mined copper production increased
23% from the second quarter of 2023. We continue to see good
performance from the underground mine, with a total of 114
drawbells opened from Panel 0, including 14 during the
quarter.
During the quarter, we delivered
1.5 million tonnes of ore milled from the underground mine at an
average copper head grade of 2.02% and 9.3 million tonnes from the
open pit with an average grade of 0.37%. This ramp-up remains on
track to reach 500 thousand tonnes of copper production per annum
(100% basis and stated as recoverable metal) for the Oyu Tolgoi
underground and open pit mines for the years 2028 to
2036[1].
We expect to enter negotiations on
a new Collective Labour Agreement in the second half of the year.
Our current agreement expires in April 2025.
Minerals
Rio Tinto share of production (million
tonnes)
|
Q2
2024
|
vs
Q2
2023
|
vs
Q1
2024
|
H1
2024
|
vs
H1
2023
|
Iron ore pellets and concentrate
|
|
|
|
|
|
IOC
|
2.2
|
+6%
|
-16%
|
4.8
|
+5%
|
|
|
|
|
|
|
Rio Tinto share of production ('000 tonnes)
|
Q2
2024
|
vs
Q2
2023
|
vs
Q1
2024
|
H1
2024
|
vs
H1
2023
|
Minerals
|
|
|
|
|
|
Borates -
B2O3 content
|
125
|
-6%
|
+3%
|
246
|
-4%
|
Titanium dioxide slag
|
238
|
-22%
|
-6%
|
492
|
-16%
|
|
|
|
|
|
|
Rio Tinto share of production ('000 carats)
|
Q2
2024
|
vs
Q2
2023
|
vs
Q1
2024
|
H1
2024
|
vs
H1
2023
|
Diavik
|
702
|
-28%
|
-5%
|
1,441
|
-25%
|
Iron Ore Company of Canada (IOC)
Iron ore production was 6% higher
than the second quarter of 2023, as production rates in the prior
period were impacted by wildfires. However, production was 16% down
quarter-on-quarter given lower output from the mine and an annual
maintenance shut in June. Production is expected to be weighted to
the second half of 2024 supported by seasonal factors.
Shipments were 7% lower than the
second quarter of 2023 due to low portside inventories.
Borates
Borates production in the second
quarter was 6% lower than the corresponding period of 2023 but 3%
higher than the previous quarter. Second quarter production rates
benefited from improved market demand and the re-start of the plant
during the first quarter, following completion of a scheduled shut
in December. These impacts were partially offset by unplanned plant
downtime in April.
Iron and Titanium
Titanium dioxide slag production
was 22% lower than the second quarter of 2023, primarily driven by
weak market conditions. Whilst a furnace reconstruction is underway
at our RTIT Quebec Operations, we continue to operate six out of
nine furnaces in Quebec and three out of four at Richards Bay
Minerals (RBM).
Diamonds
At Diavik, carat production was
28% lower than the second quarter of 2023. Production was impacted
by the tragic plane crash earlier in the year, as well as cessation
of A21 open pit mining in the third quarter of 2023.
Exploration and evaluation
Pre-tax and pre-divestment
expenditure on exploration and evaluation charged to the income
statement in 2024 was $487 million, compared with $392 million in
2023 on the same basis (excluding Simandou, where spend for the
first half of 2023 was $318m). Approximately 24% of the spend was
by central exploration, 36% by minerals (with the majority focusing
on lithium), 27% by copper, 12% by iron ore and 1%
by aluminium. In 2024, all
qualifying expenditure relating to Simandou has been
capitalised.
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 second quarter focused on copper in
Chile, Kazakhstan and Serbia, nickel in Brazil and Canada, lithium
in Canada, US, Chile, Rwanda and Australia, potash in Canada and
heavy mineral sands (HMS) in South Africa and Rwanda. Rio Tinto
operated Nuevo Cobre joint venture copper project in Chile
continues to make good progress, with geological field programs,
environmental studies and community engagement ongoing. Mine-lease
exploration continued at Rio Tinto managed businesses including
Bingham Canyon in the US and Pilbara Iron Ore in
Australia.
A summary of activity for the
quarter is as follows:
Commodities
|
Studies
Stage
|
Advanced
projects
|
Greenfield/ Brownfield
programs
|
Bauxite
|
|
|
Cape
York, Australia
|
Battery
Materials
|
Rincon
Lithium, Argentina
Lithium
borates: Jadar, Serbia
Nickel:
Tamarack, US (3rd party operated)
|
|
Nickel
Greenfield: Australia, Brazil, Canada, Finland
Lithium
Greenfield: Australia, Brazil, Canada, Chile, China, Finland,
Rwanda, US
|
Copper
|
Copper/molybdenum: Resolution, US
Copper/Gold: Winu, Australia
|
Copper:
La Granja, Peru (3rd party operated)
|
Copper
Greenfield: Angola, Australia, Brazil, Canada, Chile, China,
Colombia, Kazakhstan, Laos, Peru, Papua New Guinea, Serbia, US,
Zambia
Copper
Brownfield: US (Bingham), Australia (Winu)
|
Diamonds
|
|
Chiri,
Angola
|
|
Iron Ore
|
Pilbara, Australia
|
Pilbara, Australia
|
Greenfield and Brownfield: Pilbara, Australia
|
Minerals
|
Potash:
KL262 (3rd party operated), Canada
HMS:
Mutamba, Mozambique
|
Texas,
Canada (potash), Kamiesberg, South Africa (HMS) (3rd party
operated), Kasiya, Malawi (rutile-graphite) (3rd party
operated)
|
|
Forward-looking statement
This announcement includes
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements other than
statements of historical facts included in this report, including,
without limitation, those regarding Rio Tinto's financial position,
business strategy, plans and objectives of management for future
operations (including development plans and objectives relating to
Rio Tinto's products, production forecasts and reserve and resource
positions), are forward-looking statements. The words "intend",
"aim", "project", "anticipate", "estimate", "plan", "believes",
"expects", "may", "should", "will", "target", "set to" or similar
expressions, commonly identify such forward-looking
statement.
Such forward-looking statements
involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of
Rio Tinto, or industry results, to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements, particularly in light of the
current economic climate and the significant volatility,
uncertainty and disruption arising in connection with the Ukraine
conflict. Such forward-looking statements are based on numerous
assumptions regarding Rio Tinto's present and future business
strategies and the environment in which Rio Tinto will operate in
the future. Among the important factors that could cause Rio
Tinto's actual results, performance or achievements to differ
materially from those in the forward-looking statements include,
but are not limited to: an inability to live up to Rio Tinto's
values and any resultant damage to its reputation; the impacts of
geopolitics on trade and investment; the impacts of climate change
and the transition to a low-carbon future; an inability to
successfully execute and/or realise value from acquisitions and
divestments; the level of new ore resources, including the results
of exploration programs and/or acquisitions; disruption to
strategic partnerships that play a material role in delivering
growth, production, cash or market positioning; damage to Rio
Tinto's relationships with communities and governments; an
inability to attract and retain requisite skilled people; declines
in commodity prices and adverse exchange rate movements; an
inability to raise sufficient funds for capital investment;
inadequate estimates of ore resources and reserves; delays or
overruns of large and complex projects; changes in tax regulation;
safety incidents or major hazard events; cyber breaches; physical
impacts from climate change; the impacts of water scarcity; natural
disasters; an inability to successfully manage the closure,
reclamation and rehabilitation of sites; the impacts of civil
unrest; the impacts of the Ukraine conflict; breaches of Rio
Tinto's policies, standard and procedures, laws or regulations;
trade tensions between the world's major economies; increasing
societal and investor expectations, in particular with regard to
environmental, social and governance considerations; the impacts of
technological advancements; and such other risks identified in Rio
Tinto's most recent Annual Report and accounts in Australia and the
United Kingdom and the most recent Annual Report on Form 20-F filed
with the United States Securities and Exchange Commission (the
"SEC") or Form 6-Ks furnished to, or filed with, the SEC.
Forward-looking statements should, therefore, be construed in light
of such risk factors and undue reliance should not be placed on
forward-looking statements. These forward-looking statements speak
only as of the date of this report. Rio Tinto expressly disclaims
any obligation or undertaking (except as required by applicable
law, the UK Listing Rules, the Disclosure Guidance and Transparency
Rules of the Financial Conduct Authority and the Listing Rules of
the Australian Securities Exchange) to release publicly any updates
or revisions to any forward-looking statement contained herein to
reflect any change in Rio Tinto's expectations with regard thereto
or any change in events, conditions or circumstances on which any
such statement is based.
Nothing in this announcement
should be interpreted to mean that future earnings per share of Rio
Tinto plc or Rio Tinto Limited will necessarily match or exceed its
historical published earnings per share. Past performance cannot be
relied on as a guide to future performance.
Contacts
|
Please
direct all enquiries to media.enquiries@riotinto.com
|
Media Relations,
United Kingdom
Matthew Klar
M +44 7796 630 637
David Outhwaite
M +44 7787 597 493
|
Media Relations,
Australia
Matt Chambers
M +61 433 525 739
Jesse Riseborough
M +61 436 653 412
Alyesha Anderson
M +61 434 868 118
Michelle Lee
M +61 458 609 322
|
Media Relations,
Americas
Simon Letendre
M +1 514 796 4973
Malika Cherry
M +1 418 592 7293
Vanessa Damha
M +1 514 715 2152
|
Investor Relations,
United Kingdom
David Ovington
M +44 7920 010 978
Laura Brooks
M +44 7826 942 797
Wei Wei Hu
M +44 7825 907 230
|
Investor Relations, Australia
Tom Gallop
M +61 439 353 948
Amar Jambaa
M +61 472 865 948
|
|
Rio Tinto plc
6 St James's Square
London SW1Y 4AD
United Kingdom
T +44 20 7781 2000
Registered in England
No. 719885
|
Rio Tinto Limited
Level 43, 120 Collins
Street
Melbourne 3000
Australia
T +61 3 9283 3333
Registered in Australia
ABN 96 004 458 404
|
|
This announcement is authorised
for release to the market by Andy Hodges, Rio Tinto's Group Company
Secretary.
riotinto.com
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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
|
|
Half Year
|
|
% change
|
|
|
2023
Q2
|
2024
Q1
|
2024
Q2
|
|
2023
H1
|
2024
H1
|
|
Q2
24
vs
Q2
23
|
Q2
24
vs
Q1
24
|
H1
2024
vs
H1
2023
|
Principal commodities
|
|
|
|
|
|
|
|
|
|
|
|
Alumina
|
('000 t)
|
1,861
|
1,864
|
1,676
|
|
3,720
|
3,540
|
|
-10 %
|
10 %
|
-5 %
|
Aluminium (Primary)
|
('000 t)
|
814
|
826
|
824
|
|
1,598
|
1,650
|
|
+1%
|
0%
|
+3%
|
Bauxite
|
('000 t)
|
13,492
|
13,418
|
14,723
|
|
25,581
|
28,142
|
|
+
%
|
+10%
|
+10%
|
Borates
|
('000 t)
|
133
|
121
|
125
|
|
257
|
246
|
|
-6%
|
+3%
|
-4%
|
Copper - mined
(consolidated)
|
('000 t)
|
145.0
|
155.8
|
171.2
|
|
290.2
|
326.9
|
|
+18 %
|
+10%
|
+13%
|
Copper - refined
|
('000 t)
|
36.2
|
62.5
|
62.7
|
|
95.0
|
125.2
|
|
+73%
|
0%
|
+32%
|
Iron Ore
|
('000 t)
|
70,632
|
68,701
|
69,712
|
|
140,416
|
138,413
|
|
-1%
|
+1%
|
-1%
|
Titanium dioxide slag
|
('000 t)
|
303
|
254
|
238
|
|
589
|
492
|
|
-22 %
|
-6%
|
-16%
|
Other Metals & Minerals
|
|
|
|
|
|
|
|
|
|
|
|
Diamonds
|
('000 cts)
|
970
|
740
|
702
|
|
1,924
|
1,441
|
|
-28%
|
-5 %
|
-25%
|
Gold - mined
|
('000 oz)
|
61.4
|
66.6
|
67.1
|
|
125.7
|
133.6
|
|
+9%
|
+1%
|
+6%
|
Gold - refined
|
('000 oz)
|
19.2
|
35.3
|
39.7
|
|
41.2
|
75.0
|
|
+107%
|
+12 %
|
+82 %
|
Molybdenum
|
('000 t)
|
0.3
|
0.7
|
0.6
|
|
0.4
|
1.3
|
|
+102 %
|
-12 %
|
+206 %
|
Salt
|
('000 t)
|
1,652
|
1,425
|
1,540
|
|
3,101
|
2,965
|
|
-7 %
|
+8 %
|
-4 %
|
Silver - mined
|
('000 oz)
|
775
|
973
|
1,072
|
|
1,710
|
2,046
|
|
+38 %
|
+10 %
|
+20 %
|
Silver - refined
|
('000 oz)
|
329
|
550
|
606
|
|
761
|
1,156
|
|
+84 %
|
+10 %
|
+52 %
|
Throughout this report, figures in
italics indicate adjustments made since the figure was previously
quoted on the equivalent page or reported for the first time.
Production figures are sometimes more precise than the rounded
numbers shown, hence small differences may result between the total
of the quarter figures and the year to date figures.
Rio Tinto share of production
|
Rio
Tinto
interest
|
Q2
2023
|
Q3
2023
|
Q4
2023
|
Q1
2024
|
Q2
2024
|
H1
2023
|
H1
2024
|
|
|
|
|
|
|
|
|
|
ALUMINA
|
|
|
|
|
|
|
|
|
Production ('000 tonnes)
|
|
|
|
|
|
|
|
|
Jonquière (Vaudreuil)
|
100 %
|
346
|
325
|
349
|
352
|
328
|
717
|
681
|
Jonquière (Vaudreuil) specialty
Alumina plant
|
100 %
|
27
|
28
|
29
|
27
|
30
|
51
|
57
|
Queensland Alumina
|
80 %
|
677
|
720
|
664
|
675
|
602
|
1,309
|
1,277
|
São Luis (Alumar)
|
10 %
|
66
|
88
|
90
|
87
|
93
|
159
|
179
|
Yarwun
|
100 %
|
745
|
736
|
786
|
722
|
624
|
1,483
|
1,346
|
Rio Tinto total alumina
production
|
|
1,861
|
1,897
|
1,919
|
1,864
|
1,676
|
3,720
|
3,540
|
|
|
|
|
|
|
|
|
|
ALUMINIUM
|
|
|
|
|
|
|
|
|
Primary production ('000 tonnes)
|
|
|
|
|
|
|
|
|
Australia - Bell Bay
|
100 %
|
46
|
47
|
47
|
47
|
47
|
92
|
93
|
Australia - Boyne
Island
|
59 %
|
73
|
76
|
76
|
75
|
75
|
143
|
150
|
Australia - Tomago
|
52 %
|
75
|
77
|
77
|
73
|
75
|
150
|
148
|
Canada - six wholly
owned
|
100 %
|
389
|
398
|
410
|
405
|
399
|
756
|
804
|
Canada - Alouette
(Sept-Îles)
|
40 %
|
63
|
64
|
64
|
63
|
63
|
126
|
126
|
Canada - Bécancour
|
25 %
|
29
|
28
|
30
|
29
|
30
|
58
|
59
|
Iceland - ISAL
(Reykjavik)
|
100 %
|
52
|
52
|
54
|
49
|
50
|
103
|
99
|
New Zealand - Tiwai
Point
|
79 %
|
66
|
66
|
67
|
66
|
65
|
132
|
131
|
Oman - Sohar
|
20 %
|
20
|
20
|
20
|
20
|
20
|
39
|
40
|
Rio Tinto total primary aluminium
production
|
|
814
|
828
|
846
|
826
|
824
|
1,598
|
1,650
|
Recycled production ('000 tonnes)
|
|
|
|
|
|
|
|
|
Matalco
|
50 %
|
-
|
-
|
-
|
74
|
70
|
-
|
144
|
Rio Tinto total recycled aluminium
production
|
|
-
|
-
|
-
|
74
|
70
|
-
|
144
|
|
|
|
|
|
|
|
|
|
BAUXITE
|
|
|
|
|
|
|
|
|
Production ('000 tonnes) (a)
|
|
|
|
|
|
|
|
|
Gove
|
100 %
|
2,739
|
3,015
|
3,234
|
3,104
|
3,172
|
5,317
|
6,276
|
Porto Trombetas (b)
|
22 %
|
327
|
391
|
509
|
508
|
667
|
601
|
1,176
|
Sangaredi
|
(c)
|
1,614
|
1,524
|
1,544
|
1,583
|
1,622
|
3,358
|
3,204
|
Weipa
|
100 %
|
8,813
|
9,010
|
9,811
|
8,224
|
9,262
|
16,304
|
17,486
|
Rio Tinto total bauxite
production
|
|
13,492
|
13,940
|
15,098
|
13,418
|
14,723
|
25,581
|
28,142
|
(a) Mine production figures for metals refer to the total
quantity of metal produced in concentrates, leach liquor or doré
bullion irrespective of whether these products are then refined
onsite, except for the data for bauxite and iron ore which
represent production of marketable quantities of ore plus
concentrates and pellets.
(b) On 30 November 2023, Rio Tinto's ownership interest in
Porto Trombetas increased from 12% to 22%. Production is reported
including this change from 1 December 2023.
(c) Rio Tinto has a 22.95% shareholding in the Sangaredi mine
but benefits from 45.0% of production.
Rio Tinto share of production
|
Rio
Tinto
interest
|
Q2
2023
|
Q3
2023
|
Q4
2023
|
Q1
2024
|
Q2
2024
|
H1
2023
|
H1
2024
|
|
|
|
|
|
|
|
|
|
BORATES
|
|
|
|
|
|
|
|
|
Production ('000 tonnes B2O3
content)
|
|
|
|
|
|
|
|
|
Rio Tinto Borates -
borates
|
100 %
|
133
|
127
|
111
|
121
|
125
|
257
|
246
|
|
|
|
|
|
|
|
|
|
COPPER
|
|
|
|
|
|
|
|
|
Mine production ('000 tonnes) (a)
|
|
|
|
|
|
|
|
|
Bingham Canyon
|
100 %
|
24.8
|
48.8
|
47.8
|
32.5
|
32.3
|
55.1
|
64.8
|
Escondida
|
30 %
|
77.4
|
78.6
|
71.6
|
77.2
|
86.4
|
149.7
|
163.5
|
Oyu Tolgoi
|
66 %
|
28.3
|
27.7
|
26.8
|
30.4
|
34.7
|
56.4
|
65.1
|
Rio Tinto total mine
production
|
|
130.5
|
155.1
|
146.2
|
140.1
|
153.3
|
261.1
|
293.4
|
Rio Tinto total mine production -
consolidated basis
|
|
145.0
|
169.4
|
160.0
|
155.8
|
171.2
|
290.2
|
326.9
|
Refined production ('000 tonnes)
|
|
|
|
|
|
|
|
|
Escondida
|
30 %
|
21.7
|
15.6
|
14.1
|
14.7
|
15.2
|
37.0
|
29.9
|
Kennecott (b)
|
100 %
|
14.4
|
18.5
|
32.0
|
47.8
|
47.5
|
58.1
|
95.3
|
Rio Tinto total refined
production
|
|
36.2
|
34.1
|
46.1
|
62.5
|
62.7
|
95.0
|
125.2
|
(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) We continue to process third party concentrate to optimise
smelter utilisation, including 1.6 thousand tonnes of cathode
produced from purchased concentrate in 2024 year-to-date. Purchased
and tolled copper concentrates are excluded from reported
production figures and production guidance. Sales of cathodes
produced from purchased concentrate are included in reported
revenues.
|
|
|
|
|
|
|
|
|
DIAMONDS
|
|
|
|
|
|
|
|
|
Production ('000 carats)
|
|
|
|
|
|
|
|
|
Diavik
|
100%
|
970
|
757
|
659
|
740
|
702
|
1,924
|
1,441
|
|
GOLD
|
|
|
|
|
|
|
|
|
Mine production ('000 ounces) (a)
|
|
|
|
|
|
|
|
|
Bingham Canyon
|
100 %
|
18.7
|
32.0
|
33.5
|
26.7
|
22.5
|
39.3
|
49.2
|
Escondida
|
30%
|
16.1
|
14.4
|
14.6
|
11.7
|
13.6
|
30.7
|
25.3
|
Oyu Tolgoi
|
66%
|
26.6
|
33.8
|
27.5
|
28.2
|
30.9
|
55.7
|
59.2
|
Rio Tinto total mine
production
|
|
61.4
|
80.2
|
75.6
|
66.6
|
67.1
|
125.7
|
133.6
|
Refined production ('000 ounces)
|
|
|
|
|
|
|
|
|
Kennecott (b)
|
|
|
|
20.6
|
35.3
|
39.7
|
41.2
|
75.0
|
(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) We continue to process third party concentrate to optimise
smelter utilisation, including 1.6 thousand tonnes of cathode
produced from purchased concentrate in 2024 year-to-date. Purchased
and tolled copper concentrates are excluded from reported
production figures and production guidance. Sales of cathodes
produced from purchased concentrate are included in reported
revenues.
Rio Tinto share of production
|
Rio
Tinto
interest
|
Q2
2023
|
Q3
2023
|
Q4
2023
|
Q1
2024
|
Q2
2024
|
H1
2023
|
H1
2024
|
|
|
|
|
|
|
|
|
|
IRON ORE
|
|
|
|
|
|
|
|
|
Production ('000 tonnes) (a)
|
|
|
|
|
|
|
|
|
Hamersley mines
|
(b)
|
55,004
|
57,322
|
59,138
|
53,373
|
54,691
|
109,437
|
108,064
|
Hope Downs
|
50%
|
5,763
|
5,519
|
6,074
|
5,081
|
5,044
|
11,649
|
10,125
|
Iron Ore Company of
Canada
|
59 %
|
2,063
|
2,384
|
2,703
|
2,613
|
2,185
|
4,589
|
4,798
|
Robe River - Pannawonica (Mesas J
and A)
|
53%
|
3,897
|
4,106
|
4,330
|
4,245
|
4,186
|
7,020
|
8,431
|
Robe River - West
Angelas
|
53%
|
3,905
|
3,910
|
4,269
|
3,388
|
3,607
|
7,721
|
6,995
|
Rio Tinto iron ore production
('000 tonnes)
|
|
70,632
|
73,241
|
76,514
|
68,701
|
69,712
|
140,416
|
138,413
|
Breakdown of
Production:
|
|
|
|
|
|
|
|
|
Pilbara Blend and SP10 Lump
(c)
|
|
21,042
|
21,418
|
22,228
|
19,885
|
20,828
|
40,654
|
40,714
|
Pilbara Blend and SP10 Fines
(c)
|
|
31,750
|
31,700
|
33,485
|
29,836
|
31,277
|
62,601
|
61,114
|
Robe Valley Lump
|
|
1,488
|
1,665
|
1,592
|
1,534
|
1,546
|
2,624
|
3,080
|
Robe Valley Fines
|
|
2,409
|
2,441
|
2,739
|
2,711
|
2,640
|
4,395
|
5,351
|
Yandicoogina Fines
(HIY)
|
|
11,880
|
13,633
|
13,768
|
12,122
|
11,235
|
25,552
|
23,357
|
Pilbara iron ore production ('000
tonnes)
|
|
68,569
|
70,857
|
73,811
|
66,088
|
67,527
|
135,827
|
133,615
|
IOC Concentrate
|
|
1,120
|
1,137
|
1,298
|
1,130
|
930
|
2,361
|
2,060
|
IOC Pellets
|
|
943
|
1,247
|
1,405
|
1,483
|
1,255
|
2,228
|
2,738
|
IOC iron ore production ('000
tonnes)
|
|
2,063
|
2,384
|
2,703
|
2,613
|
2,185
|
4,589
|
4,798
|
Breakdown of Shipments:
|
|
|
|
|
|
|
|
|
Pilbara Blend Lump
|
|
14,691
|
14,812
|
14,533
|
12,844
|
12,463
|
30,380
|
25,307
|
Pilbara Blend Fines
|
|
27,474
|
25,375
|
23,706
|
23,168
|
24,702
|
56,002
|
47,870
|
Robe Valley Lump
|
|
1,152
|
1,297
|
1,506
|
1,223
|
1,337
|
2,203
|
2,560
|
Robe Valley Fines
|
|
2,489
|
2,706
|
3,054
|
2,943
|
3,095
|
4,751
|
6,038
|
Yandicoogina Fines
(HIY)
|
|
12,558
|
13,669
|
13,628
|
12,228
|
11,364
|
26,247
|
23,592
|
SP10 Lump (c)
|
|
1,652
|
4,180
|
4,620
|
4,474
|
5,071
|
3,338
|
9,544
|
SP10 Fines (c)
|
|
6,613
|
9,699
|
12,208
|
9,221
|
8,218
|
13,446
|
17,439
|
Pilbara iron ore shipments ('000
tonnes) (d)
|
|
66,629
|
71,736
|
73,255
|
66,100
|
66,250
|
136,367
|
132,350
|
Pilbara iron ore shipments -
consolidated basis ('000 tonnes) (d) (f)
|
68,322
|
73,553
|
75,058
|
67,910
|
68,281
|
139,827
|
136,191
|
IOC Concentrate
|
|
1,247
|
1,232
|
1,196
|
1,162
|
986
|
2,231
|
2,147
|
IOC Pellets
|
|
1,352
|
1,066
|
1,369
|
1,493
|
1,438
|
2,495
|
2,931
|
IOC Iron ore shipments ('000
tonnes) (d)
|
|
2,599
|
2,298
|
2,565
|
2,654
|
2,423
|
4,726
|
5,078
|
Rio Tinto iron ore shipments ('000
tonnes) (d)
|
|
69,228
|
74,034
|
75,820
|
68,755
|
68,673
|
141,093
|
137,428
|
Rio Tinto iron ore sales ('000
tonnes) (e)
|
|
71,678
|
74,488
|
76,269
|
69,356
|
71,920
|
145,951
|
141,275
|
(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, Eastern Range
and Western Range mines. Whilst Rio Tinto owns 54% of the
Eastern Range and the Western Range mines, under the terms of the
joint venture agreement, Hamersley Iron manages the operation and
is obliged to purchase all mine production from the joint venture
and therefore all of the production is included in Rio Tinto's
share of production.
(c) SP10 includes other lower grade
products.
(d) Shipments includes material shipped to our portside
trading facility in China which may not be sold onwards in the same
period.
(e) Represents the difference between amounts shipped to
portside trading and onward sales from portside trading, and third
party volumes sold.
(f) While Rio Tinto has a 53% net beneficial interest in Robe
River Iron Associates, it recognises 65% of the assets,
liabilities, sales revenues and expenses in its accounts (as 30% is
held through a 60% owned subsidiary and 35% is held through a 100%
owned subsidiary). The consolidated basis sales reported here
include Robe River Iron Associates on a 65% basis to enable
comparison with revenue reported in the financial
statements.
Rio Tinto share of production
|
Rio
Tinto
interest
|
Q2
2023
|
Q3
2023
|
Q4
2023
|
Q1
2024
|
Q2
2024
|
H1
2023
|
H1
2024
|
|
|
|
|
|
|
|
|
|
MOLYBDENUM
|
|
|
|
|
|
|
|
|
Mine production ('000 tonnes) (a)
|
|
|
|
|
|
|
|
|
Bingham Canyon
|
100
%
|
0.3
|
0.6
|
0.8
|
0.7
|
0.6
|
0.4
|
1.3
|
(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%
|
1,652
|
1,434
|
1,438
|
1,425
|
1,540
|
3,101
|
2,965
|
|
|
|
|
|
|
|
|
|
SILVER
|
|
|
|
|
|
|
|
|
Mine production ('000 ounces) (a)
|
|
|
|
|
|
|
|
|
Bingham Canyon
|
100%
|
296
|
462
|
504
|
370
|
368
|
652
|
738
|
Escondida
|
30%
|
302
|
350
|
420
|
398
|
465
|
706
|
863
|
Oyu Tolgoi
|
66%
|
17
|
189
|
176
|
205
|
239
|
352
|
444
|
Rio Tinto total mine
production
|
|
775
|
1,001
|
1,100
|
973
|
1,072
|
1,710
|
2,046
|
Refined production ('000 ounces)
|
|
|
|
|
|
|
|
|
Kennecott (b)
|
100%
|
329
|
240
|
406
|
550
|
606
|
761
|
1,156
|
(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) We continue to process third party concentrate to optimise
smelter utilisation, including 1.6 thousand tonnes of cathode
produced from purchased concentrate in 2024 year-to-date. Purchased
and tolled copper concentrates are excluded from reported
production figures and production guidance. Sales of cathodes
produced from purchased concentrate are included in reported
revenues.
|
|
|
|
|
|
|
|
|
TITANIUM DIOXIDE SLAG
|
|
|
|
|
|
|
|
|
Production ('000 tonnes)
|
|
|
|
|
|
|
|
|
Rio Tinto Iron & Titanium
(a)
|
100 %
|
303
|
247
|
275
|
254
|
238
|
589
|
492
|
(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 June
2024.
Rio Tinto operational data
|
Rio
Tinto
interest
|
Q2
2023
|
Q3
2023
|
Q4
2023
|
Q1
2024
|
Q2
2024
|
H1
2023
|
H1
2024
|
|
|
|
|
|
|
|
|
|
ALUMINA
|
|
|
|
|
|
|
|
|
Smelter Grade Alumina - Aluminium Group
|
|
|
|
|
|
|
|
|
Alumina production ('000
tonnes)
|
|
|
|
|
|
|
|
|
Australia
|
|
|
|
|
|
|
|
|
Queensland Alumina Refinery -
Queensland
|
80 %
|
846
|
900
|
830
|
844
|
752
|
1,637
|
1,597
|
Yarwun refinery -
Queensland
|
100 %
|
745
|
736
|
786
|
722
|
624
|
1,483
|
1,346
|
Brazil
|
|
|
|
|
|
|
|
|
São Luis (Alumar)
refinery
|
10 %
|
657
|
883
|
899
|
867
|
926
|
1,593
|
1,793
|
Canada
|
|
|
|
|
|
|
|
|
Jonquière (Vaudreuil) refinery -
Quebec (a)
|
100
%
|
346
|
325
|
349
|
352
|
328
|
717
|
681
|
(a) Jonquière's (Vaudreuil's) production shows smelter grade
alumina only and excludes hydrate produced and used for specialty
alumina.
Speciality Alumina - Aluminium Group
|
|
|
|
|
|
|
|
|
Speciality alumina production
('000 tonnes)
|
|
|
|
|
|
|
|
|
Canada
|
|
|
|
|
|
|
|
|
Jonquière (Vaudreuil) plant -
Quebec
|
100 %
|
27
|
28
|
29
|
27
|
30
|
51
|
57
|
Rio Tinto percentage interest shown above is at 30 June 2024.
The data represents production and sales on a 100% basis unless
otherwise stated.
Rio Tinto operational data
|
Rio
Tinto
interest
|
Q2
2023
|
Q3
2023
|
Q4
2023
|
Q1
2024
|
Q2
2024
|
H1
2023
|
H1
2024
|
|
|
|
|
|
|
|
|
|
ALUMINIUM
|
|
|
|
|
|
|
|
|
Primary Aluminium
|
|
|
|
|
|
|
|
|
Primary aluminium production ('000
tonnes)
|
|
|
|
|
|
|
|
|
Australia
|
|
|
|
|
|
|
|
|
Bell Bay smelter -
Tasmania
|
100 %
|
46
|
47
|
47
|
47
|
47
|
92
|
93
|
Boyne Island smelter -
Queensland
|
59 %
|
123
|
127
|
128
|
126
|
126
|
240
|
252
|
Tomago smelter - New South
Wales
|
52 %
|
146
|
149
|
149
|
142
|
146
|
291
|
288
|
Canada
|
|
|
|
|
|
|
|
|
Alma smelter - Quebec
|
100
%
|
121
|
121
|
123
|
121
|
119
|
241
|
240
|
Alouette (Sept-Îles) smelter -
Quebec
|
40%
|
159
|
159
|
160
|
157
|
158
|
314
|
315
|
Arvida smelter - Quebec
|
100%
|
43
|
43
|
43
|
43
|
37
|
85
|
80
|
Arvida AP60 smelter -
Quebec
|
100%
|
14
|
15
|
15
|
15
|
15
|
29
|
31
|
Bécancour smelter -
Quebec
|
25 %
|
118
|
114
|
119
|
116
|
119
|
232
|
235
|
Grande-Baie smelter -
Quebec
|
100%
|
57
|
58
|
58
|
57
|
57
|
114
|
114
|
Kitimat smelter - British
Columbia
|
100%
|
92
|
103
|
109
|
107
|
107
|
165
|
214
|
Laterrière smelter -
Quebec
|
100
|
62
|
59
|
62
|
61
|
63
|
123
|
124
|
Iceland
|
|
|
|
|
|
|
|
|
ISAL (Reykjavik)
smelter
|
100%
|
52
|
52
|
54
|
49
|
50
|
103
|
99
|
New Zealand
|
|
|
|
|
|
|
|
|
Tiwai Point smelter
|
79%
|
83
|
83
|
85
|
83
|
82
|
166
|
165
|
Oman
|
|
|
|
|
|
|
|
|
Sohar smelter
|
20%
|
99
|
100
|
100
|
99
|
99
|
197
|
198
|
Recycled Aluminium
|
|
|
|
|
|
|
|
|
Recycled aluminium
production ('000 tonnes)
|
|
|
|
|
|
|
|
|
Matalco
|
50%
|
-
|
-
|
-
|
148
|
139
|
-
|
288
|
Rio Tinto percentage interest shown above is at 30 June 2024.
The data represents production and sales on a 100% basis unless
otherwise stated.
Rio Tinto operational data
|
Rio
Tinto
interest
|
Q2
2023
|
Q3
2023
|
Q4
2023
|
Q1
2024
|
Q2
2024
|
H1
2023
|
H1
2024
|
|
|
|
|
|
|
|
|
|
BAUXITE
|
|
|
|
|
|
|
|
|
Bauxite production ('000
tonnes)
|
|
|
|
|
|
|
|
|
Australia
|
|
|
|
|
|
|
|
|
Gove mine - Northern
Territory
|
100%
|
2,739
|
3,015
|
3,234
|
3,104
|
3,172
|
5,317
|
6,276
|
Weipa mine - Queensland
|
100%
|
8,813
|
9,010
|
9,811
|
8,224
|
9,262
|
16,304
|
17,486
|
Brazil
|
|
|
|
|
|
|
|
|
Porto Trombetas (MRN)
mine
|
22%
|
2,724
|
3,258
|
3,202
|
2,310
|
3,034
|
5,012
|
5,344
|
Guinea
|
|
|
|
|
|
|
|
|
Sangaredi mine (a)
|
23%
|
3,586
|
3,387
|
3,430
|
3,517
|
3,604
|
7,462
|
7,121
|
|
|
|
|
|
|
|
|
|
Rio Tinto share of bauxite shipments
|
|
|
|
|
|
|
|
|
Share of total bauxite shipments
('000 tonnes)
|
|
13,603
|
13,954
|
15,513
|
12,715
|
15,177
|
25,867
|
27,892
|
Share of third party bauxite
shipments ('000 tonnes)
|
9,159
|
9,550
|
10,749
|
8,496
|
10,691
|
17,039
|
19,187
|
(a) Rio Tinto has a 22.95% shareholding in the
Sangaredi mine but benefits from 45.0% of
production.
|
Rio
Tinto
interest
|
Q2
2023
|
Q3
2023
|
Q4
2023
|
Q1
2024
|
Q2
2024
|
H1
2023
|
H1
2024
|
BORATES
|
|
|
|
|
|
|
|
|
Rio Tinto Borates - borates
|
100 %
|
|
|
|
|
|
|
|
US
|
|
|
|
|
|
|
|
|
Borates ('000 tonnes)
(a)
|
|
133
|
127
|
111
|
121
|
125
|
257
|
246
|
(a) Production is expressed as B2O3
content.
|
Rio
Tinto
interest
|
Q2
2023
|
Q3
2023
|
Q4
2023
|
Q1
2024
|
Q2
2024
|
H1
2023
|
H1
2024
|
|
|
|
|
|
|
|
|
|
COPPER & GOLD
|
|
|
|
|
|
|
|
|
Escondida
|
30 %
|
|
|
|
|
|
|
|
Chile
|
|
|
|
|
|
|
|
|
Sulphide ore to concentrator ('000
tonnes)
|
|
30,749
|
33,332
|
34,752
|
31,653
|
34,377
|
64,058
|
66,030
|
Average copper grade
(%)
|
|
0.93
|
0.85
|
0.77
|
0.92
|
0.99
|
0.85
|
0.96
|
Mill production (metals in
concentrates):
|
|
|
|
|
|
|
|
|
Contained copper ('000
tonnes)
|
|
228.9
|
225.7
|
217.6
|
238.6
|
279.5
|
438.9
|
518.2
|
Contained gold ('000
ounces)
|
|
53.5
|
48.1
|
48.6
|
39.0
|
45.4
|
102.5
|
84.4
|
Contained silver ('000
ounces)
|
|
1,008
|
1,168
|
1,401
|
1,328
|
1,549
|
2,353
|
2,877
|
Recoverable copper in ore stacked
for leaching ('000 tonnes) (a)
|
29.1
|
36.4
|
21.0
|
18.6
|
8.4
|
60.2
|
27.0
|
Refined production from leach
plants:
|
|
|
|
|
|
|
|
|
Copper cathode production ('000
tonnes)
|
|
72.4
|
52.0
|
46.9
|
49.0
|
50.7
|
123.2
|
99.8
|
(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 June 2024.
The data represents production and sales on a 100% basis unless
otherwise stated.
Rio Tinto operational data
|
Rio
Tinto
interest
|
Q2
2023
|
Q3
2023
|
Q4
2023
|
Q1
2024
|
Q2
2024
|
H1
2023
|
H1
2024
|
|
|
|
|
|
|
|
|
|
COPPER & GOLD (continued)
|
|
|
|
|
|
|
|
|
Kennecott
|
|
|
|
|
|
|
|
|
Bingham Canyon mine
|
100 %
|
|
|
|
|
|
|
|
Utah, US
|
|
|
|
|
|
|
|
|
Ore treated ('000
tonnes)
|
|
5,339
|
9,804
|
10,579
|
8,271
|
10,257
|
12,744
|
18,528
|
Average ore grade:
|
|
|
|
|
|
|
|
|
Copper (%)
|
|
0.52
|
0.56
|
0.50
|
0.43
|
0.36
|
0.49
|
0.39
|
Gold (g/t)
|
|
0.16
|
0.16
|
0.14
|
0.14
|
0.11
|
0.14
|
0.12
|
Silver (g/t)
|
|
2.36
|
2.10
|
2.10
|
1.97
|
1.79
|
2.24
|
1.87
|
Molybdenum (%)
|
|
0.018
|
0.018
|
0.019
|
0.021
|
0.020
|
0.014
|
0.020
|
Copper concentrates produced ('000
tonnes)
|
|
92
|
180
|
191
|
127
|
135
|
208
|
262
|
Average concentrate grade (%
Cu)
|
|
26.8
|
26.8
|
25.0
|
25.6
|
23.9
|
26.4
|
24.7
|
Production of metals in copper
concentrates:
|
|
|
|
|
|
|
|
|
Copper ('000 tonnes)
(a)
|
|
24.8
|
48.8
|
47.8
|
32.5
|
32.3
|
55.1
|
64.8
|
Gold ('000 ounces)
|
|
18.7
|
32.0
|
33.5
|
26.7
|
22.5
|
39.3
|
49.2
|
Silver ('000 ounces)
|
|
296
|
462
|
504
|
370
|
368
|
652
|
738
|
Molybdenum concentrates produced
('000 tonnes):
|
|
0.6
|
1.4
|
1.6
|
1.6
|
1.6
|
0.7
|
3.2
|
Molybdenum in concentrates ('000
tonnes)
|
|
0.3
|
0.6
|
0.8
|
0.7
|
0.6
|
0.4
|
1.3
|
|
|
|
|
|
|
|
|
|
Kennecott smelter & refinery
|
100 %
|
|
|
|
|
|
|
|
Copper concentrates smelted ('000
tonnes)
|
|
41
|
59
|
187
|
171
|
227
|
241
|
398
|
Copper anodes produced ('000
tonnes) (b)
|
|
18.2
|
1.4
|
44.1
|
56.7
|
54.4
|
73.3
|
111.2
|
Production of refined
metal:
|
|
|
|
|
|
|
|
|
Copper ('000 tonnes)
(c)
|
|
14.4
|
18.5
|
32.0
|
47.8
|
47.5
|
58.1
|
95.3
|
Gold ('000 ounces) (d)
|
|
19.2
|
12.4
|
20.6
|
35.3
|
39.7
|
41.2
|
75.0
|
Silver ('000 ounces)
(d)
|
|
329
|
240
|
406
|
550
|
606
|
761
|
1,156
|
(a) Includes a small amount of copper in
precipitates.
(b) New metal excluding recycled material.
(c) We continue to process third party concentrate to optimise
smelter utilisation, including 1.6 thousand tonnes of cathode
produced from purchased concentrate in 2024 year-to-date. Purchased
and tolled copper concentrates are excluded from reported
production figures and production guidance. Sales of cathodes
produced from purchased concentrate are included in reported
revenues.
(d) Includes gold and silver in intermediate
products.
Rio Tinto percentage interest shown above is at 30 June 2024.
The data represents production and sales on a 100% basis unless
otherwise stated.
Rio Tinto operational data
|
Rio
Tinto
interest
|
Q2
2023
|
Q3
2023
|
Q4
2023
|
Q1
2024
|
Q2
2024
|
H1
2023
|
H1
2024
|
|
|
|
|
|
|
|
|
|
COPPER & GOLD (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oyu Tolgoi mine
|
66 %
|
|
|
|
|
|
|
|
Mongolia
|
|
|
|
|
|
|
|
|
Ore Treated ('000 tonnes) - Open
Pit
|
|
8,809
|
8,789
|
8,714
|
9,011
|
9,284
|
18,421
|
18,295
|
Ore Treated ('000 tonnes) -
Underground
|
|
900
|
900
|
888
|
1,313
|
1,533
|
1,575
|
2,845
|
Ore Treated ('000 tonnes) -
Total
|
|
9,709
|
9,689
|
9,602
|
10,323
|
10,817
|
19,996
|
21,140
|
Average mill head
grades:
|
|
|
|
|
|
|
|
|
Open Pit
|
|
|
|
|
|
|
|
|
Copper (%)
|
|
0.41
|
0.39
|
0.42
|
0.39
|
0.37
|
0.42
|
0.38
|
Gold (g/t)
|
|
0.19
|
0.25
|
0.22
|
0.19
|
0.17
|
0.20
|
0.18
|
Silver (g/t)
|
|
1.10
|
1.19
|
1.24
|
1.25
|
1.12
|
1.13
|
1.18
|
Underground
|
|
|
|
|
|
|
|
|
Copper (%)
|
|
1.56
|
1.73
|
1.59
|
1.67
|
2.02
|
1.47
|
1.86
|
Gold (g/t)
|
|
0.38
|
0.37
|
0.37
|
0.42
|
0.62
|
0.36
|
0.53
|
Silver (g/t)
|
|
3.67
|
3.94
|
3.42
|
3.28
|
4.75
|
3.49
|
4.07
|
Total
|
|
|
|
|
|
|
|
|
Copper (%)
|
|
0.52
|
0.52
|
0.53
|
0.55
|
0.61
|
0.51
|
0.58
|
Gold (g/t)
|
|
0.21
|
0.26
|
0.23
|
0.22
|
0.24
|
0.21
|
0.23
|
Silver (g/t)
|
|
1.34
|
1.44
|
1.44
|
1.50
|
1.64
|
1.32
|
1.57
|
Copper concentrates produced ('000
tonnes)
|
|
200.3
|
197.6
|
196.0
|
208.5
|
246.2
|
402.0
|
454.7
|
Average concentrate grade (%
Cu)
|
|
21.4
|
21.3
|
20.8
|
22.1
|
21.3
|
21.2
|
21.7
|
Production of metals in
concentrates:
|
|
|
|
|
|
|
|
|
Copper in concentrates ('000
tonnes)
|
|
42.8
|
42.0
|
40.7
|
46.1
|
52.5
|
85.4
|
98.6
|
Gold in concentrates ('000
ounces)
|
|
40.3
|
51.2
|
41.7
|
42.8
|
46.9
|
84.4
|
89.6
|
Silver in concentrates ('000
ounces)
|
|
268
|
287
|
266
|
311
|
363
|
534
|
673
|
Sales of metals in
concentrates:
|
|
|
|
|
|
|
|
|
Copper in concentrates ('000
tonnes)
|
|
43.2
|
42.7
|
38.4
|
43.7
|
48.3
|
84.6
|
92.0
|
Gold in concentrates ('000
ounces)
|
|
40.4
|
48.7
|
41.5
|
41.5
|
43.3
|
84.4
|
84.8
|
Silver in concentrates ('000
ounces)
|
|
257
|
269
|
240
|
272
|
317
|
499
|
588
|
|
Rio
Tinto
interest
|
Q2
2023
|
Q3
2023
|
Q4
2023
|
Q1
2024
|
Q2
2024
|
H1
2023
|
H1
2024
|
|
|
|
|
|
|
|
|
|
DIAMONDS
|
|
|
|
|
|
|
|
|
Diavik Diamonds
|
100 %
|
|
|
|
|
|
|
|
Northwest Territories, Canada
|
|
|
|
|
|
|
|
|
Ore processed ('000
tonnes)
|
|
446
|
427
|
388
|
343
|
361
|
873
|
705
|
Diamonds recovered ('000
carats)
|
|
970
|
757
|
659
|
740
|
702
|
1,924
|
1,441
|
Rio Tinto percentage interest shown above is at 30 June 2024.
The data represents production and sales on a 100% basis unless
otherwise stated.
Rio Tinto operational data
|
Rio
Tinto
interest
|
Q2
2023
|
Q3
2023
|
Q4
2023
|
Q1
2024
|
Q2
2024
|
H1
2023
|
H1
2024
|
|
|
|
|
|
|
|
|
|
IRON ORE
|
|
|
|
|
|
|
|
|
Rio Tinto Iron Ore
|
|
|
|
|
|
|
|
|
Western Australia
|
|
|
|
|
|
|
|
|
Pilbara Operations
|
|
|
|
|
|
|
|
|
Saleable iron ore production ('000
tonnes)
|
|
|
|
|
|
|
|
|
Hamersley mines
|
(a)
|
55,004
|
57,322
|
59,138
|
53,373
|
54,691
|
109,437
|
108,064
|
Hope Downs
|
50 %
|
11,527
|
11,037
|
12,148
|
10,163
|
10,087
|
23,298
|
20,250
|
Robe River - Pannawonica (Mesas J
and A)
|
53 %
|
7,353
|
7,747
|
8,171
|
8,009
|
7,898
|
13,244
|
15,907
|
Robe River - West
Angelas
|
53 %
|
7,368
|
7,377
|
8,054
|
6,393
|
6,805
|
14,568
|
13,198
|
Total production ('000
tonnes)
|
|
81,251
|
83,484
|
87,511
|
77,938
|
79,481
|
160,547
|
157,420
|
Breakdown of total
production:
|
|
|
|
|
|
|
|
|
Pilbara Blend and SP10 Lump
(b)
|
|
24,910
|
25,268
|
26,308
|
23,386
|
24,416
|
48,106
|
47,802
|
Pilbara Blend and SP10 Fines
(b)
|
|
37,108
|
36,836
|
39,264
|
34,422
|
35,932
|
73,645
|
70,354
|
Robe Valley Lump
|
|
2,808
|
3,142
|
3,004
|
2,894
|
2,916
|
4,952
|
5,811
|
Robe Valley Fines
|
|
4,544
|
4,605
|
5,167
|
5,115
|
4,982
|
8,293
|
10,096
|
Yandicoogina Fines
(HIY)
|
|
11,880
|
13,633
|
13,768
|
12,122
|
11,235
|
25,552
|
23,357
|
Breakdown of total
shipments:
|
|
|
|
|
|
|
|
|
Pilbara Blend Lump
|
|
17,757
|
17,785
|
17,355
|
15,635
|
15,832
|
36,489
|
31,467
|
Pilbara Blend Fines
|
|
33,668
|
31,008
|
29,840
|
28,475
|
31,336
|
69,018
|
59,811
|
Robe Valley Lump
|
|
2,173
|
2,447
|
2,842
|
2,308
|
2,522
|
4,156
|
4,830
|
Robe Valley Fines
|
|
4,696
|
5,105
|
5,762
|
5,553
|
5,839
|
8,964
|
11,392
|
Yandicoogina Fines
(HIY)
|
|
12,558
|
13,669
|
13,628
|
12,228
|
11,364
|
26,247
|
23,592
|
SP10 Lump (b)
|
|
1,652
|
4,180
|
4,620
|
4,612
|
5,141
|
3,338
|
9,753
|
SP10 Fines (b)
|
|
6,613
|
9,699
|
12,208
|
9,221
|
8,275
|
13,446
|
17,496
|
Total shipments ('000 tonnes)
(c)
|
|
79,118
|
83,892
|
86,255
|
78,033
|
80,309
|
161,658
|
158,342
|
|
|
|
|
|
|
|
|
|
|
Rio
Tinto
interest
|
Q2
2023
|
Q3
2023
|
Q4
2023
|
Q1
2024
|
Q2
2024
|
H1
2023
|
H1
2024
|
|
|
|
|
|
|
|
|
|
Iron Ore Company of Canada
|
59 %
|
|
|
|
|
|
|
|
Newfoundland & Labrador and Quebec in
Canada
|
|
|
|
|
|
|
|
Saleable iron ore
production:
|
|
|
|
|
|
|
|
|
Concentrates ('000
tonnes)
|
|
1,908
|
1,936
|
2,210
|
1,924
|
1,584
|
4,021
|
3,508
|
Pellets ('000 tonnes)
|
|
1,605
|
2,124
|
2,393
|
2,526
|
2,137
|
3,794
|
4,663
|
IOC Total production ('000
tonnes)
|
|
3,513
|
4,060
|
4,603
|
4,450
|
3,721
|
7,816
|
8,171
|
Shipments:
|
|
|
|
|
|
|
|
|
Concentrates ('000
tonnes)
|
|
2,124
|
2,098
|
2,037
|
1,978
|
1,678
|
3,800
|
3,657
|
Pellets ('000 tonnes)
|
|
2,302
|
1,815
|
2,331
|
2,542
|
2,449
|
4,248
|
4,991
|
IOC Total Shipments ('000 tonnes)
(c)
|
|
4,426
|
3,913
|
4,368
|
4,520
|
4,127
|
8,048
|
8,647
|
Global Iron Ore Totals
|
|
|
|
|
|
|
|
|
Iron Ore Production ('000
tonnes)
|
|
84,764
|
87,543
|
92,114
|
82,388
|
83,203
|
168,363
|
165,591
|
Iron Ore Shipments ('000
tonnes)
|
|
83,543
|
87,805
|
90,623
|
82,553
|
84,436
|
169,706
|
166,989
|
Iron Ore Sales ('000 tonnes)
(d)
|
|
85,601
|
88,030
|
91,072
|
82,790
|
87,479
|
174,091
|
170,270
|
(a) Includes 100% of production from Paraburdoo, Mt Tom
Price, Western Turner Syncline, Marandoo, Yandicoogina, Brockman,
Nammuldi, Silvergrass, Channar, Gudai-Darri, Eastern Range
and Western Range mines. Whilst Rio Tinto owns 54% of the Eastern
Range and the Western Range mines, 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 June 2024.
The data represents production and sales on a 100% basis unless
otherwise stated.
Rio Tinto operational data
|
Rio
Tinto
interest
|
Q2
2023
|
Q3
2023
|
Q4
2023
|
Q1
2024
|
Q2
2024
|
H1
2023
|
H1
2024
|
|
|
|
|
|
|
|
|
|
SALT
|
|
|
|
|
|
|
|
|
Dampier Salt
|
68 %
|
|
|
|
|
|
|
|
Western Australia
|
|
|
|
|
|
|
|
|
Salt production ('000
tonnes)
|
|
2,416
|
2,097
|
2,103
|
2,085
|
2,253
|
4,537
|
4,337
|
|
|
|
|
|
|
|
|
|
TITANIUM DIOXIDE SLAG
|
|
|
|
|
|
|
|
|
Rio Tinto Iron & Titanium
|
100 %
|
|
|
|
|
|
|
|
Canada and South Africa
|
|
|
|
|
|
|
|
|
(Rio Tinto share) (a)
|
|
|
|
|
|
|
|
|
Titanium dioxide slag ('000
tonnes)
|
|
303
|
247
|
275
|
254
|
238
|
589
|
492
|
(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 June 2024.
The data represents production and sales on a 100% basis unless
otherwise stated.