Rio Tinto releases Q3 production results
(Posted on 18/10/19)
Rio Tinto chief executive J-S Jacques said “We have delivered improved production across the majority of our products in the third quarter, with a solid result at our Pilbara mines driving increased sales of iron ore into robust markets. Our strong value over volume approach, coupled with our focus on operational performance and disciplined allocation of capital, will continue to deliver superior returns to shareholders over the short, medium and long term.”
- Highlights include:
- Pilbara iron ore shipments of 86.1 million tonnes (100% basis) in the third quarter were 5% higher than the third quarter of 2018. Pilbara iron ore production of 87.3 million tonnes (100% basis) was 6% higher than the third quarter of 2018 and 10% higher than the previous quarter, reflecting a good recovery from the operational and weather challenges experienced earlier in the year.
- Third quarter bauxite production and shipments to third parties were 9% and 23% higher, respectively, than the same period of 2018. Bauxite production from non-managed Joint Ventures was lower than planned year to date.
- Aluminium production of 0.8 million tonnes was 3% lower than the third quarter of 2018, primarily reflecting a preventive safety shutdown at one of the three pot-lines at ISAL in Iceland and earlier than planned pot relining at Kitimat in British Columbia, Canada.
- Mined copper production of 158 thousand tonnes was 1% lower than the third quarter of 2018, but 15% higher than the second quarter, reflecting higher grades at Kennecott and improved throughput at Escondida.
- At the Oyu Tolgoi underground project, the primary production shaft (shaft 2) remains on track for commissioning this month. Since July 2019, we have completed key infrastructure, including the central heating plant, the shaft 2 jaw crusher system and the surface discharge conveyor. Work continues on the mine re-design.
- Titanium dioxide slag production of 321 thousand tonnes was 8% higher than the third quarter of 2018, reflecting a continued improvement in operational performance and the restart of furnaces in 2019.
- Third quarter production at Iron Ore Company of Canada was 3% higher than the corresponding quarter of 2018 and 17% higher than the previous quarter, reflecting a return to normal operating conditions following the flooding incident which impacted June.
- Guidance is unchanged, with the exception of bauxite production, which has been revised to around 54 million tonnes (previously 56 to 59 million tonnes), and alumina production, which has been revised to around 7.7 million tonnes (previously 8.1 to 8.4 million tonnes).
- On 25 September 2019, Rio Tinto announced the signing of a Memorandum of Understanding with China Baowu Steel Group and Tsinghua University to develop and implement new methods to reduce carbon emissions and improve environmental performance across the steel value chain.
- Third quarter exploration and evaluation spend was $177 million, 62% higher than the same period of 2018, primarily reflecting increased activity on advanced projects.
Latest News
BHP grows China presence
(Posted on 11/11/19)BHP has signed more than a dozen new agreements with Chinese iron ore, met coal and copper customers... Read more
Coal Importers statement
(Posted on 11/11/19)Germany’s Coal Importers Association has released a statement following a new Deloitte study.&... Read more
Rusal completes bond placement
(Posted on 11/11/19)RUSAL, one of the leading global aluminium producers, has announced the close of the bookbuilding process... Read more
Samarco funding restart preparation
(Posted on 04/11/19)BHP has approved US$44 million for BHP Billiton Brasil Ltda’s share of funding for work related... Read more
Rusal to install gas cleaning systems
(Posted on 04/11/19)Rusal, one of the leading global aluminium producers, plans to install over 20 state-of-the-art dry... Read more
New Zealand smelter under review
(Posted on 28/10/19)Rio Tinto will conduct a strategic review of its interest in New Zealand’s Aluminium Smelter (... Read more
Rusal’s $1Bn pre-export finance facility
(Posted on 28/10/19)RUSAL, one of the leading global aluminium producers, has announced the signing of a new five-year sustainability... Read more
White House announces “phase one” China deal
(Posted on 18/10/19)The White House has announced a “phase one” agreement in principle with China. Under the... Read more
NLMK begins hot testing at new furnace
(Posted on 15/10/19)Russia’s largest steelmaker, NLMK Group’s flagship site, NLMK Lipetsk, has started hot testing... Read more
Australian grains look to Indonesia wins
(Posted on 15/10/19)GrainGrowers in Australia has welcomed the Joint Standing Committee on Treaties (JSCOT) recommendation... Read more
