Safety a priority as Rio Tinto releases Q3 production results

(Posted on 18/10/24)

Rio Tinto is continuing to prioritise learning from safety incidents to improve the effectiveness of critical controls. Amongst other highlights in the third quarter, the company is on track to deliver its ambition to grow overall copper equivalent production (based on long-term consensus pricing) by around 3% of compound annual growth from 2024 to 2028 from its existing portfolio and projects already in execution.

Rio Tinto Chief Executive Jakob Stausholm said: “We continue to strengthen our operations, with the roll-out of the Safe Production System delivering consistent production at our Pilbara iron ore business and a step change from our Australian bauxite mines. We are building on this, with more work to do across our global portfolio.

“We progressed our major projects to deliver profitable organic growth. We are on track for first production from our Simandou high-grade iron ore project next year and first lithium from the Rincon starter plant by the end of this year. Meanwhile the ramp-up of copper production continues at the Oyu Tolgoi underground mine.

“We announced the acquisition of Arcadium Lithium, bringing a world-class lithium business alongside our leading aluminium and copper operations to supply materials needed for the energy transition. This is aligned with our strategy and our disciplined capital allocation framework, increasing our exposure to a high-growth, attractive market at the right point in the cycle.

“The decarbonisation of our business remains a priority and is progressing well. We took another important step in securing a long-term future for the Boyne Smelter, announcing a partnership with the Queensland Government to support investment in renewable energy projects.

“Our long-term pathway to deliver profitable growth and create shareholder value remains clear, as we progress our business in line with our four objectives.”

Other operational highlights included, production in the Pilbara, which produced 84.1 million tonnes (Rio Tinto share 71.0 million tonnes) in the third quarter, 1% higher than the corresponding period of 2023. Productivity gains continue to offset ore depletion. Shipments of 84.5 million tonnes (Rio Tinto share 72.5 million tonnes) were also 1% higher than the third quarter of 2023.