TIDMRIO
RNS Number : 9453B
Rio Tinto PLC
15 January 2018
Rio Tinto releases fourth quarter production results
16 January 2018
Rio Tinto chief executive J-S Jacques said "The business
performed well in the fourth quarter, and we finished the year in
line with guidance across all major products. We shipped 90 million
tonnes of iron ore from our world-class Pilbara assets, a record
quarter which demonstrates the system's growing flexibility. In
2017 we announced over $8 billion of cash returns to shareholders
and continued to reshape the portfolio. Our focus on value over
volume and mine-to-market productivity, along with disciplined
allocation of cash, will ensure that we continue to deliver
superior shareholder returns in the short, medium and the long
term."
Q4 2017 vs Q4 vs Q3 2017 2016
2016 2017
------------------------ ---
Pilbara iron ore
shipments (100% basis) Mt 90.0 +3% +5% 330.1 +1%
Pilbara iron ore
production (100%
basis) Mt 87.9 +3% +3% 329.8 +0%
Bauxite kt 13,762 +14% +7% 50,796 +6%
Aluminium kt 887 -3% +0% 3,551 -1%
Mined copper kt 148.6 +11% +23% 478.1 -9%
Hard coking coal kt 2,322 +6% +3% 7,704 -5%
Titanium dioxide
slag kt 341 +14% +4% 1,315 +25%
IOC iron ore pellets
and concentrate Mt 2.7 -0% -14% 11.2 +5%
------------------------ --- ------- ----- ----- ------ ----
Key points
* Pilbara iron ore shipments of 90.0 million tonnes in
the fourth quarter were three per cent higher than
the fourth quarter of 2016. Total shipments for 2017
of 330.1 million tonnes were in line with guidance.
* Bauxite production of 50.8 million tonnes was six per
cent higher than 2016 and in line with upwardly
revised full year guidance. Third party shipments
increased by ten per cent to 32.3 million tonnes.
* Aluminium production of 3.6 million tonnes was in
line with guidance with generally strong performance
slightly offset by lower production at Boyne and
Sohar.
* Mined copper production of 478.1 thousand tonnes was
nine per cent lower than 2016 due primarily to the
impact of a 43 day strike at Escondida in the first
quarter. Production was in line with revised
guidance.
* Titanium dioxide slag production of 1.3 million
tonnes was 25 per cent higher than 2016, reflecting
increased market demand, with strengthening pigment
prices supported by low inventory and tight supply.
* Production and shipment guidance for 2018 remains
unchanged from the estimates provided at the investor
seminar held on 4 December 2017.
* The major growth projects remain on track. The
Silvergrass iron ore mine was commissioned in the
fourth quarter of 2017 and will continue to ramp up
in 2018. Amrun is on schedule for first bauxite
shipment in the first half of 2019 and construction
of the first drawbell at Oyu Tolgoi Underground is
expected in mid-2020.
* In November, Rio Tinto successfully completed an
A$750 million off-market buy-back in Rio Tinto
Limited shares and in December completed a $1.5
billion on-market buy-back of Rio Tinto plc shares.
An additional $1.925 billion on-market buy-back in
Rio Tinto plc shares commenced on 27 December 2017
and is to be completed no later than 31 December
2018.
* On 10 January 2018, Rio Tinto announced it had
received a binding offer for the sale of the
Aluminium Dunkerque smelter in France for $500
million, subject to final adjustments. The sale is
expected to complete in the second quarter of 2018,
subject to satisfactory completion of consultations
with key stakeholders.
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. To allow production
numbers to be compared on a like-for-like basis, production from
asset divestments completed in 2016 is excluded from Rio Tinto
share of production data but assets sold in 2017 remain in
comparisons.
IRON ORE
Rio Tinto share of production (million tonnes)
Q4 2017 vs Q4 vs Q3 2017 vs 2016
2016 2017
-------------------------
Pilbara Blend Lump 21.1 +3% +2% 80.8 +4%
Pilbara Blend Fines 31.2 +1% +4% 116.4 -1%
Robe Valley Lump 1.6 +1% +5% 6.1 +0%
Robe Valley Fines 2.9 +2% +1% 10.4 -8%
Yandicoogina Fines
(HIY) 16.1 +6% +11% 57.7 -1%
------- -----
Total Pilbara production 72.9 271.3
------- -----
Total Pilbara production
(100% basis) 87.9 329.8
------------------------- ------- ----- ----- ----- -------
Pilbara operations
Pilbara operations produced 329.8 million tonnes (Rio Tinto
share 271.3 million tonnes) in 2017. Fourth quarter production of
87.9 million tonnes (Rio Tinto share 72.9 million tonnes) was three
per cent higher than the fourth quarter of 2016, reflecting the
implementation of productivity projects across most sites. This
strong performance was achieved despite a planned two week shutdown
at Hope Downs 4 in December 2017, in line with the focus on value
over volume.
Sales of 330.1 million tonnes (Rio Tinto share 272.0 million
tonnes) were in line with 2016 sales. Strong fourth quarter sales
of 90.0 million tonnes (Rio Tinto share 74.8 million tonnes) were
three per cent higher than the fourth quarter of 2016, reflecting
ongoing productivity improvements being made to the rail network,
along with increased flexibility across the infrastructure
system.
Approximately 17 per cent of sales in 2017 were priced with
reference to the prior quarter's average index lagged by one month.
The remainder was sold either on current quarter average, current
month average or fixed on the spot market.
Approximately 67 per cent of 2017 sales were made on a cost and
freight (CFR) basis, with the remainder sold free on board
(FOB).
Achieved average pricing in 2017 was $59.6 per wet metric tonne
on an FOB basis (equivalent to $64.8 per dry metric tonne).
Pilbara projects
Commissioning of the Silvergrass conveyor system is complete and
the plant had processed around two million tonnes by the end of
2017. Production ramp-up will continue in 2018.
The automation of the Pilbara train system (AutoHaul(TM) )
continues to make strong progress with greater than 60 per cent of
all train kilometres now completed in autonomous mode with a driver
on board for supervision. The project is on schedule to be
completed by the end of 2018.
The Koodaideri project feasibility study was approved for $30.9
million in May 2017. The feasibility study will focus on obtaining
necessary consent and permits and increasing orebody knowledge.
2018 guidance
Rio Tinto's Pilbara shipments in 2018 are expected to be between
330 and 340 million tonnes (100 per cent basis). This is subject to
market conditions and any weather constraints, and partly reflects
continued rail maintenance required in 2018.
ALUMINIUM
Rio Tinto share of production ('000 tonnes)
Q4 2017 vs Q4 vs Q3 2017 vs 2016
2016 2017
--------------------
Rio Tinto Aluminium
Bauxite 13,762 +14% +7% 50,796 +6%
Alumina 2,077 -1% +5% 8,131 -1%
Aluminium 887 -3% +0% 3,551 -1%
-------------------- ------- ----- ----- ------ -------
Production from Lochaber in 2016 has been excluded from the
comparable percentages above.
Bauxite
Bauxite production of 50.8 million tonnes in 2017 was six per
cent higher than 2016, reflecting strong operational performances
at Gove and Weipa. Production at Gove was 23 per cent higher than
2016, benefitting from the planned production ramp-up associated
with de-bottlenecking of capacity, whilst production at Weipa was
five per cent higher than 2016. Fourth quarter production of 13.8
million tonnes was 14 per cent higher than the corresponding
quarter of 2016.
The strong production performance enabled the Group to ship 32.3
million tonnes to third parties in 2017, ten per cent higher than
2016. Fourth quarter shipments were 25 per cent higher than the
fourth quarter of 2016.
Amrun
The Amrun project is advancing to plan. All wharf modules are
now installed and the process plant beneficiation modules and
transfer tower are in location. Upcoming activities include
completion of the stacker, reclaimer assembly and ship loader
assembly. The project remains on schedule for first shipment in the
first half of 2019.
Alumina
Alumina production for 2017 was in line with 2016, with a strong
performance at Yarwun partially offset by lower production at the
Queensland Alumina refinery due to major maintenance.
Aluminium
Aluminium production of 3.6 million tonnes in 2017 was one per
cent lower than 2016. Strong operational performances were achieved
across most sites, reflecting the implementation of productivity
improvements across the business. This was offset by production
curtailment at the Boyne smelter due to higher power prices in
Queensland, and by lower production at the non-managed Sohar
smelter due to a power interruption incident in the third quarter.
Excluding these events, 2017 aluminium production was one per cent
higher than 2016.
Average realised aluminium prices in 2017 were $2,231 per tonne.
This includes a $221 per tonne premium for value-added product,
which represented 57 per cent of aluminium sold, and the physical
market premium.
On 10 January 2018, Rio Tinto announced it had received a
binding offer for the sale of the Aluminium Dunkerque smelter in
France for $500 million, subject to final adjustments. The sale is
expected to complete in the second quarter of 2018, subject to
satisfactory completion of consultations with key stakeholders.
2018 guidance
Rio Tinto's share of production in 2018 is expected to be
between 49 and 51 million tonnes of bauxite, 8.0 to 8.2 million
tonnes of alumina and 3.5 to 3.7 million tonnes of aluminium
(guidance to be adjusted following completion of the sale of the
Aluminium Dunkerque smelter).
COPPER & DIAMONDS
Rio Tinto share of production ('000 tonnes)
Q4 2017 vs Q4 vs Q3 2017 vs 2016
2016 2017
--------------------
Mined copper
Rio Tinto Kennecott 34.8 -23% +35% 148.9 -3%
Escondida 92.9 +26% +13% 270.8 -11%
Grasberg 5.7 N/A N/A 5.7 N/A
Oyu Tolgoi 15.2 -0% +23% 52.8 -22%
Refined copper
Rio Tinto Kennecott 22.1 -67% -59% 125.8 -20%
Escondida 22.8 +6% +6% 71.4 -24%
Diamonds ('000
carats)
Argyle 6,146 +71% +29% 17,135 +23%
Diavik 1,060 +7% -10% 4,492 +12%
-------------------- ------- ----- ----- ------ -------
Rio Tinto Kennecott
Mined copper production in 2017 was three per cent lower than
2016, with lower grades partially offset by higher mill throughput.
Fourth quarter production was 23 per cent lower than the
corresponding period of 2016 as mining entered an anticipated area
of lower grade. Higher grade material is expected to be accessed in
2018.
Refined copper production in 2017 was 20 per cent lower than
2016 due to the shutdown of the smelter following the fatality in
October 2017. The smelter resumed production in November 2017 and
is expected to draw down the increase in concentrate inventory
during the first half of 2018.
Rio Tinto Kennecott continues to toll and purchase third party
concentrate, with 161.4 thousand tonnes received for processing in
2017. Tolled copper concentrate, which is smelted and returned to
customers, is excluded from reported production figures.
The pushback of the south wall progressed during the quarter. It
will extend the life of mine and remains on track for completion in
2020.
Escondida
Mined copper production at Escondida in 2017 was 11 per cent
lower than 2016 due to the labour union strike that impacted
production in the first half of 2017. Fourth quarter production was
26 per cent higher than the corresponding quarter of 2016 due to an
increase in concentrator throughput, largely driven by
commissioning of the Los Colorados concentrator.
Oyu Tolgoi
Mined copper production from the open pit in 2017 was 22 per
cent lower than 2016, as phases 2 and 3, which were sources of
higher grade ore, were fully depleted by the end of 2016. Despite
this, the operation established new records for rates of total
material moved and mill throughput in the year. Copper production
in the fourth quarter was 23 per cent higher than the previous
quarter due to improved mill availability and reduced ore
hardness.
Oyu Tolgoi LLC has received, and is evaluating, a Tax Act (tax
assessment) for approximately $155 million from the Mongolian Tax
Authority relating to an audit on taxes imposed and paid by Oyu
Tolgoi LLC between 2013 and 2015.
Oyu Tolgoi Underground Project
New contractors continue to mobilise with the total project
workforce at over 6,600 at the end of 2017, 89 per cent of whom are
Mongolian nationals. Lateral development is on plan, completion of
Shaft 2 sinking is imminent and completion of Shaft 5 sinking is
expected by the end of first quarter of 2018. Six accommodation
buildings in the Oyut II camp are now complete. An annual project
review was completed in the fourth quarter, and construction of the
first drawbell is expected in mid-2020.
Grasberg
Through a joint venture agreement with Freeport-McMoRan Inc.
("Freeport"), Rio Tinto is entitled to the cash flow associated
with 40 per cent of material mined above an agreed threshold as a
consequence of expansions and developments of the Grasberg
facilities since 1998.
In January and February 2017, the Indonesian government issued
new mining regulations to address exports of unrefined metals,
including copper concentrates, and other matters related to the
mining sector. These regulations impact PT Freeport Indonesia's
("PT-FI") operating rights, including its right to continue to
export concentrate without restriction, and, as a result, had a
significant impact on Rio Tinto's share of production in 2017. Rio
Tinto's full participation beyond 2021 is likely to be delayed due
to the application of force majeure provisions in the joint venture
agreement between Rio Tinto and PT-FI.
In March 2017, the Indonesian government amended the regulations
and issued a permit to PT-FI that allowed concentrate exports to
resume in April 2017. PT-FI is applying for an extension of its
export permit, which expires in February 2018.
Based on the latest available forecast from Freeport,
approximately 5.7 thousand tonnes of copper and no gold production
in 2017 has been attributed to Rio Tinto. Freeport is expected to
announce its fourth quarter and full year 2017 results on 25
January 2018. No share of production was attributed to Rio Tinto
for the first three quarters of 2017, based on expected Rio Tinto
share at the time.
Provisional pricing
At 31 December 2017, the Group had an estimated 250 million
pounds of copper sales that were provisionally priced at 304 cents
per pound. The final price of these sales will be determined during
the first half of 2018. This compares with 235 million pounds of
open shipments at 31 December 2016, provisionally priced at 250
cents per pound.
Diamonds
At Argyle, 2017 carat production was 23 per cent higher than
2016 due to the additional processing of higher grade alluvial
tailings.
At Diavik, carats recovered in 2017 were 12 per cent higher than
2016 due to higher recovered grades. Development of the A21 pipe
remains on schedule.
2018 guidance
Rio Tinto's expected share of mined copper production for 2018
is expected to be between 510 and 610 thousand tonnes. Refined
copper production is expected to be between 225 to 265 thousand
tonnes.
Diamond production guidance for 2018 is between 17 and 20
million carats.
ENERGY & MINERALS
Rio Tinto share of production
Q4 2017 vs Q4 vs Q3 2017 vs 2016
2016 2017
------------------
Coal
Hard coking coal 2,322 +6% +3% 7,704 -5%
Semi-soft coking
coal (a) 0 -100% -100% 2,020 -51%
Thermal coal (a) 966 -77% -75% 13,933 -17%
Iron ore pellets
and concentrate
(million tonnes)
IOC 2.7 -0% -14% 11.2 +5%
Minerals ('000
tonnes)
Borates - B(2)
O(3) content 120 -1% -14% 517 +3%
Salt 1,535 +11% +25% 5,090 -2%
Titanium dioxide
slag 341 +14% +4% 1,315 +25%
Uranium ('000
lbs)
Energy Resources
of Australia 919 +1% -4% 3,458 -2%
Rössing 902 +15% +19% 3,192 +14%
------------------ ------- ----- ----- ------ -------
Production from Bengalla in 2016 has been excluded from the
comparable percentages above.
(a) On 1 September 2017, Rio Tinto completed the sale of Coal
& Allied. This included Coal & Allied's 67.6% interest in
the Hunter Valley Operations mine, 80% interest in the Mount
Thorley mine and 55.6% interest in the Warkworth mine. Production
from these mines until 1 September 2017 is reported here.
Coal
Hard coking coal production in 2017 was five per cent lower than
2016 due to the impact of Cyclone Debbie in the first quarter of
2017. Fourth quarter production was six per cent higher than the
corresponding quarter of 2016 reflecting strong operational
performances at Kestrel and Hail Creek.
As announced on 1 September 2017, Rio Tinto completed the sale
of Coal & Allied to Yancoal Australia for total consideration
of $2.69 billion, which included Coal & Allied's interests in
the Hunter Valley Operations, Mount Thorley and Warkworth mines.
The sale, coupled with mine production sequencing changes at Hunter
Valley Operations and Mount Thorley Warkworth, resulted in
semi-soft coking coal and thermal coal production being lower than
2016 by 51 per cent and 17 per cent respectively.
Hard coking coal prices achieved in the second half of 2017
averaged $164 per tonne on an FOB basis compared to $177 per tonne
in the first half of 2017. Average prices realised for thermal coal
were $78 per tonne on an FOB basis in both the first half and
second half of 2017.
Iron Ore Company of Canada (IOC)
IOC pellet production of 10.5 million tonnes (Rio Tinto share
6.1 million tonnes) was seven per cent higher than 2016, with
pellet demand continuing to be strong and product mix being
optimised to meet customer demand. Concentrate production for sale
of 8.5 million tonnes (Rio Tinto share 5.0 million tonnes) was two
per cent higher than 2016.
The five per cent improvement in total production resulted in a
four per cent improvement in sales to 19.0 million tonnes (Rio
Tinto share 11.2 million tonnes).
Borates
Borates production in 2017 was three per cent higher than 2016,
with production aligned to market demand.
Iron and Titanium (RTIT)
Titanium dioxide slag production was 25 per cent higher in 2017,
reflecting improved market demand. Market conditions for titanium
dioxide continued to improve in 2017, with strengthening pigment
prices supported by low inventory and tight supply. Consequently,
feedstock demand has improved year-on-year.
One of nine furnaces at Rio Tinto Fer et Titane (RTFT) remains
idle, along with one of four furnaces at Richards Bay Minerals. The
focus remains on maximising the productivity of the furnaces
currently in operation, and a decision to re-start idle furnaces
will be based on maximising value over volume.
Salt
Salt production in 2017 was marginally lower than 2016. Fourth
quarter production was 11 per cent higher than the corresponding
period of 2016 as the business responded to improved market
demand.
Uranium
Energy Resources of Australia continues to process existing
stockpiles. 2017 production was two per cent lower than 2016.
Production at Rössing in 2017 was 14 per cent higher than 2016
due to higher grades.
2018 guidance
Guidance for Rio Tinto's expected share of 2018 production is
7.5 to 8.5 million tonnes of hard coking coal, 3.8 to 4.5 million
tonnes of thermal coal, 11.5 to 12.5 million tonnes of iron ore
pellets and concentrates, 0.5 million tonnes of boric oxide
equivalent production, 1.2 to 1.4 million tonnes of titanium
dioxide slag, and 6.2 to 7.2 million pounds of uranium.
EXPLORATION AND EVALUATION
Pre-tax and pre-divestment expenditure on exploration and
evaluation charged to the profit and loss account in 2017 was $445
million (of which $147 million was spent in the fourth quarter),
compared with $497 million in 2016. Approximately 46 per cent of
this expenditure was incurred by central exploration, 34 per cent
by Copper & Diamonds, ten per cent by Energy & Minerals and
the remainder by Iron Ore and Aluminium.
There were no significant divestments of central exploration
properties in 2017.
Exploration highlights
Rio Tinto has a strong portfolio of projects with activity in 16
countries across some eight commodities. The bulk of the
exploration expenditure in this quarter was focused on copper
targets in Australia, Chile, Kazakhstan, Mongolia, Papua New
Guinea, Peru, Serbia, United States and Zambia. Mine-lease
exploration continued at a number of Rio Tinto managed businesses
including Pilbara Iron, Richards Bay Minerals, Oyu Tolgoi and
Weipa.
A summary of activity for the quarter is as follows:
Product Evaluation Advanced Greenfield
Group projects projects programmes
----------- --------------------- ------------------ -------------------
Aluminium Cape York, Australia Amargosa, Brazil Australia, Laos
----------- --------------------- ------------------ -------------------
Copper Copper/molybdenum: Nickel: Tamarack, Copper: Australia,
& Diamonds Resolution, US US Botswana, Chile,
Copper: La Granja, Diamonds: Fort China, Kazakhstan,
Peru a la Corne, Mongolia, Namibia,
Copper/gold: Canada Papua New Guinea,
Oyu Tolgoi, Mongolia Peru, Serbia,
US, Zambia
Nickel: Australia,
Canada
Diamonds: Canada
----------- --------------------- ------------------ -------------------
Energy Lithium borates: Potash: KP405, Uranium: Canada
& Minerals Jadar, Serbia Canada Heavy mineral
Heavy mineral sands: Tanzania
sands: Mutamba,
Mozambique and
Zulti South,
South Africa
Iron Ore: Simandou,
Guinea
Uranium: Roughrider,
Canada
----------- --------------------- ------------------ -------------------
Iron Ore Pilbara, Australia Pilbara, Australia
----------- --------------------- ------------------ -------------------
Forward-looking statements
This announcement may include "forward-looking statements"
within the meaning of the US 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 production forecast or guidance,
financial position, business strategy, plans and objectives of
management for future operations (including development plans and
objectives relating to Rio Tinto's products 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",
"assumes" 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
production, performance or results of Rio Tinto to be materially
different from any future production, performance or results
expressed or implied by such forward-looking statements. Such
forward-looking statements could be influenced by such risk factors
as 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 announcement. Rio
Tinto expressly disclaims any obligation or undertaking (except as
required by applicable law, the UK Listing Rules, the Disclosure
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.
Classification
This announcement has been released in accordance with the
Listing Rules of the Australian Securities Exchange and has been
voluntarily released to the London Stock Exchange.
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Rio Tinto production summary
Rio Tinto share of production
Quarter Full Year % Change
2016 2017 2017 2016 2017 Q4 17 Q4 17 2017
Q4 Q3 Q4 vs vs vs
Q4 16 Q3 17 2016
------- ------- ---------- -------- ------- ------ ------ ------
Principal Commodities
--------
Alumina ('000 t) 2,104 1,984 2,077 8,192 8,131 -1% 5% -1%
Aluminium ('000 t) 915 887 887 3,600 3,551 -3% 0% -1%
Bauxite ('000 t) 12,120 12,867 13,762 47,703 50,796 14% 7% 6%
Borates ('000 t) 121 140 120 503 517 -1% -14% 3%
Coal - hard coking ('000 t) 2,187 2,244 2,322 8,141 7,704 6% 3% -5%
Coal - semi-soft coking ('000 t) 969 445 - 4,102 2,020 -100% -100% -51%
Coal - thermal ('000 t) 4,254 3,791 966 16,727 13,933 -77% -75% -17%
Copper - mined ('000 t) 133.8 120.6 148.6 523.3 478.1 11% 23% -9%
Copper - refined ('000 t) 88.4 75.2 44.9 250.1 197.2 -49% -40% -21%
Diamonds ('000 cts) 4,574 5,933 7,207 17,953 21,627 58% 21% 20%
Iron Ore ('000 t) 73,633 72,903 75,656 281,321 282,484 3% 4% 0%
Titanium dioxide slag ('000 t) 300 327 341 1,048 1,315 14% 4% 25%
Uranium ('000 lbs) 1,690 1,718 1,821 6,342 6,650 8% 6% 5%
------- ------- ---------- -------- ------- ------ ------ ------
Other Metals & Minerals
Gold - mined ('000 oz) 85.1 59.1 62.6 293.5 260.1 -26% 6% -11%
Gold - refined ('000 oz) 40.6 54.1 55.4 135.4 203.7 37% 2% 50%
Molybdenum ('000 t) 1.8 1.4 1.9 2.8 5.0 10% 37% 75%
Salt ('000 t) 1,386 1,227 1,535 5,180 5,090 11% 25% -2%
Silver - mined ('000 oz) 1,239 959 1,172 4,210 4,194 -5% 22% 0%
Silver - refined ('000 oz) 465 731 516 1,815 2,378 11% -29% 31%
------- ------- ---------- -------- ------- ------ ------ ------
Throughout this report, figures in italics indicate adjustments made since the figure was
previously quoted on the equivalent page. 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 Q4 Q1 Q2 Q3 Q4 Full Full
Tinto Year Year
interest 2016 2017 2017 2017 2017 2016 2017
------------------------------------- ---------- ------ ------ ------ ------ ------ ------ ------
ALUMINA
Production ('000 tonnes)
Jonquière (Vaudreuil) 100% 367 367 365 351 365 1,452 1,448
Jonquière (Vaudreuil)
specialty Alumina plant 100% 31 31 32 30 29 115 122
Queensland Alumina 80% 789 739 756 720 773 3,078 2,988
São Luis (Alumar) 10% 96 89 93 94 93 371 370
Yarwun 100% 821 819 778 790 816 3,176 3,203
------ ------ ------ ------ ------ ------ ------
Rio Tinto total alumina
production 2,104 2,047 2,024 1,984 2,077 8,192 8,131
------------------------------------- ---------- ------ ------ ------ ------ ------ ------ ------
ALUMINIUM
Production ('000 tonnes)
Australia - Bell Bay 100% 47 45 47 48 47 182 187
Australia - Boyne Island 59% 87 80 73 74 74 346 302
Australia - Tomago 52% 77 75 76 77 77 304 304
Canada - six wholly
owned 100% 405 394 397 401 405 1,582 1,596
Canada - Alouette (Sept-Îles) 40% 61 60 60 60 60 244 239
Canada - Bécancour 25% 28 28 26 28 27 111 110
France - Dunkerque (a) 100% 71 70 71 71 72 280 284
Iceland - ISAL (Reykjavik) 100% 52 52 53 53 54 205 212
New Zealand - Tiwai
Point 79% 68 66 67 67 67 269 267
Oman - Sohar 20% 19 19 19 7 5 77 51
------ ------ ------ ------ ------ ------ ------
Rio Tinto total aluminium
production 915 889 888 887 887 3,600 3,551
------ ------ ------ ------ ------ ------ ------
BAUXITE
Production ('000 tonnes)
(b)
Gove 100% 2,169 2,388 2,780 2,809 3,224 9,091 11,201
Porto Trombetas 12% 516 357 489 492 426 1,975 1,764
Sangaredi (c) 1,735 1,665 1,791 1,670 1,809 7,210 6,934
Weipa 100% 7,700 6,893 7,805 7,895 8,304 29,427 30,898
Rio Tinto total bauxite
production 12,120 11,303 12,865 12,867 13,762 47,703 50,796
------------------------------------------------- ------ ------ ------ ------ ------ ------ ------
Rio Tinto share of production
Rio Q4 Q1 Q2 Q3 Q4 Full Full
Tinto Year Year
interest 2016 2017 2017 2017 2017 2016 2017
------------------------- ---------- ------ ------ ------ ------ ----------------- ------ ------
BORATES
Production ('000 tonnes
B(2) O(3) content)
Rio Tinto Borates
- borates 100% 121 123 133 140 120 503 517
------------------------- ---------- ------ ------ ------ ------ ----------------- ------ ------
COAL - hard coking
Rio Tinto Coal Australia
('000 tonnes)
Hail Creek Coal (d) 82% 1,205 930 822 1,276 1,275 4,879 4,303
Kestrel Coal (d) 80% 981 653 733 968 1,048 3,262 3,402
------ ------ ------ ------ ----------------- ------ ------
Rio Tinto total hard
coking coal production 2,187 1,583 1,555 2,244 2,322 8,141 7,704
------------------------------------- ------ ------ ------ ------ ----------------- ------ ------
COAL - semi-soft coking
Rio Tinto Coal Australia
('000 tonnes)
Hunter Valley (e) 0% 581 541 192 301 - 2,540 1,034
Mount Thorley (e) 0% 283 269 311 119 - 1,127 700
Warkworth (e) 0% 106 149 112 25 - 436 286
------ ------ ------ ------ ----------------- ------ ------
Rio Tinto total semi-soft
coking coal production 969 959 616 445 - 4,102 2,020
------------------------------------- ------ ------ ------ ------ ----------------- ------ ------
COAL - thermal
Rio Tinto Coal Australia
('000 tonnes)
Hail Creek Coal (d) 82% 746 874 881 851 785 3,089 3,390
Hunter Valley (e) 0% 1,724 1,927 2,393 1,428 - 6,782 5,747
Kestrel Coal (d) 80% 217 127 141 226 180 676 674
Mount Thorley (e) 0% 828 450 597 562 - 2,235 1,609
Warkworth (e) 0% 739 845 943 725 - 3,945 2,512
------ ------ ------ ------ ----------------- ------ ------
Rio Tinto total thermal
coal production 4,254 4,222 4,954 3,791 966 16,727 13,933
Rio Tinto share of production
Rio Q4 Q1 Q2 Q3 Q4 Full Full
Tinto Year Year
interest 2016 2017 2017 2017 2017 2016 2017
------------------------ ---------- ------ ------ ------ ------ ------ ------ ------
COPPER
Mine production ('000
tonnes) (b)
Bingham Canyon 100% 45.1 44.3 44.0 25.8 34.8 152.7 148.9
Escondida 30% 73.4 27.2 68.3 82.5 92.9 303.1 270.8
Grasberg - Joint
Venture (f) 40% 0.0 0.0 0.0 0.0 5.7 0.0 5.7
Oyu Tolgoi (g) 34% 15.2 12.8 12.5 12.4 15.2 67.5 52.8
------ ------ ------ ------ ------ ------ ------
Rio Tinto total mine
production 133.8 84.2 124.7 120.6 148.6 523.3 478.1
------ ------ ------ ------ ------ ------ ------
Refined production
('000 tonnes)
Escondida 30% 21.5 8.2 18.8 21.6 22.8 93.6 71.4
Rio Tinto Kennecott 100% 67.0 29.8 20.3 53.6 22.1 156.5 125.8
------ ------ ------ ------ ------ ------ ------
Rio Tinto total refined
production 88.4 38.0 39.1 75.2 44.9 250.1 197.2
------------------------------------ ------ ------ ------ ------ ------ ------ ------
DIAMONDS
Production ('000
carats)
Argyle 100% 3,584 3,016 3,216 4,757 6,146 13,958 17,135
Diavik 60% 989 1,136 1,119 1,177 1,060 3,995 4,492
------ ------ ------ ------ ------ ------ ------
Rio Tinto total diamond
production 4,574 4,152 4,335 5,933 7,207 17,953 21,627
------------------------ ---------- ------ ------ ------ ------ ------ ------ ------
GOLD
Mine production ('000
ounces) (b)
Bingham Canyon 100% 57.2 54.1 54.3 33.6 35.9 153.2 177.9
Escondida 30% 11.3 3.4 10.2 15.2 15.1 39.8 43.9
Grasberg - Joint
Venture (f) 40% 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Oyu Tolgoi (g) 34% 16.6 8.3 8.0 10.4 11.7 100.5 38.3
------ ------ ------ ------ ------ ------ ------
Rio Tinto total mine
production 85.1 65.8 72.5 59.1 62.6 293.5 260.1
------ ------ ------ ------ ------ ------ ------
Refined production
('000 ounces)
Rio Tinto Kennecott 100% 40.6 51.1 43.0 54.1 55.4 135.4 203.7
------------------------ ---------- ------ ------ ------ ------ ------ ------ ------
Rio Tinto share of production
Rio Tinto Q4 Q1 Q2 Q3 Q4 Full Year Full Year
interest 2016 2017 2017 2017 2017 2016 2017
-------------------------------------------- ---------- ------ ------ ------ ------ ------ --------- ---------
IRON ORE
Production ('000 tonnes) (b)
Hamersley mines (h) 54,848 48,664 48,674 52,921 56,501 205,902 206,760
Hamersley - Channar 60% 1,119 1,635 1,903 1,596 1,345 5,839 6,479
Hope Downs 50% 5,794 5,218 6,287 5,978 5,987 23,505 23,470
Iron Ore Company of Canada 59% 2,743 2,579 2,683 3,171 2,733 10,661 11,166
Robe River - Pannawonica (Mesas J and A) 53% 4,493 3,809 3,676 4,461 4,580 17,371 16,526
Robe River - West Angelas 53% 4,636 4,322 4,475 4,776 4,509 18,044 18,082
------ ------ ------ ------ ------ --------- ---------
Rio Tinto iron ore production ('000 tonnes) 73,633 66,226 67,699 72,903 75,656 281,321 282,484
------ ------ ------ ------ ------ --------- ---------
Breakdown of Production:
Pilbara Blend Lump 20,443 19,207 19,780 20,700 21,082 77,761 80,770
Pilbara Blend Fines 30,795 27,026 28,049 30,113 31,172 117,560 116,359
Robe Valley Lump 1,625 1,453 1,459 1,570 1,646 6,122 6,128
Robe Valley Fines 2,868 2,357 2,217 2,891 2,934 11,250 10,398
Yandicoogina Fines (HIY) 15,159 13,605 13,512 14,458 16,088 57,968 57,663
------ ------ ------ ------ ------ --------- ---------
Pilbara iron ore production ('000 tonnes) 70,890 63,647 65,016 69,732 72,922 270,660 271,318
IOC Concentrate 1,124 1,109 1,299 1,450 1,163 4,907 5,020
IOC Pellets 1,618 1,470 1,384 1,722 1,571 5,754 6,146
------ ------ ------ ------ ------ --------- ---------
IOC iron ore production ('000 tonnes) 2,743 2,579 2,683 3,171 2,733 10,661 11,166
Breakdown of Sales:
Pilbara Blend Lump 18,071 16,033 18,218 18,044 18,861 67,929 71,156
Pilbara Blend Fines 34,842 30,497 28,779 32,421 35,575 126,521 127,272
Robe Valley Lump 1,502 1,176 1,262 1,391 1,388 5,397 5,217
Robe Valley Fines 3,053 2,373 2,370 3,174 3,287 11,942 11,204
Yandicoogina Fines (HIY) 14,969 13,120 13,371 14,963 15,731 57,062 57,185
------ ------ ------ ------ ------ --------- ---------
Pilbara iron ore sales ('000 tonnes) 72,437 63,199 64,000 69,993 74,843 268,851 272,034
IOC Concentrate 1,148 1,193 939 1,362 1,559 4,899 5,053
IOC Pellets 1,764 1,415 1,489 1,590 1,615 5,862 6,108
------ ------ ------ ------ ------ --------- ---------
IOC Iron ore sales ('000 tonnes) 2,912 2,608 2,428 2,952 3,173 10,761 11,161
Rio Tinto iron ore sales ('000 tonnes) 75,350 65,806 66,428 72,944 78,016 279,613 283,195
-------------------------------------------------------- ------ ------ ------ ------ ------ --------- ---------
Rio Tinto share of production
Rio Q4 Q1 Q2 Q3 Q4 Full Full
Tinto Year Year
interest 2016 2017 2017 2017 2017 2016 2017
---------------------- ---------- ------ ------ ------ ------ ------ ------ ------
MOLYBDENUM
Mine production ('000
tonnes) (b)
Bingham Canyon 100% 1.8 0.9 0.8 1.4 1.9 2.8 5.0
---------------------- ---------- ------ ------ ------ ------ ------ ------ ------
SALT
Production ('000
tonnes)
Dampier Salt 68% 1,386 852 1,476 1,227 1,535 5,180 5,090
---------------------- ---------- ------ ------ ------ ------ ------ ------ ------
SILVER
Mine production ('000
ounces) (b)
Bingham Canyon 100% 751 711 669 357 418 1,943 2,156
Escondida 30% 397 163 370 521 658 1,791 1,712
Grasberg - Joint
Venture (f) 40% 0 0 0 0 0 0 0
Oyu Tolgoi (g) 34% 91 72 79 80 96 476 326
------ ------ ------ ------ ------ ------ ------
Rio Tinto total
mine production 1,239 946 1,118 959 1,172 4,210 4,194
------ ------ ------ ------ ------ ------ ------
Refined production
('000 ounces)
Rio Tinto Kennecott 100% 465 402 729 731 516 1,815 2,378
---------------------- ---------- ------ ------ ------ ------ ------ ------ ------
TITANIUM DIOXIDE
SLAG
Production ('000
tonnes)
Rio Tinto Iron &
Titanium (i) 100% 300 332 316 327 341 1,048 1,315
---------------------- ---------- ------ ------ ------ ------ ------ ------ ------
URANIUM
Production ('000 lbs
U(3) O(8) ) (j)
Energy Resources
of Australia 68% 908 900 678 962 919 3,544 3,458
Rössing 69% 781 673 860 757 902 2,798 3,192
------ ------ ------ ------ ------ ------ ------
Rio Tinto total uranium
production 1,690 1,573 1,538 1,718 1,821 6,342 6,650
---------------------------------- ------ ------ ------ ------ ------ ------ ------
Production data notes:
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.
(a) On 10 January 2018, Rio Tinto announced a binding
offer to sell its 100% interest in the Dunkerque
smelter.
(b) 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.
(c) Rio Tinto has a 22.95% shareholding in the
Sangaredi mine but benefits from 45.0% of production.
(d) Kestrel and Hail Creek produce hard coking
coal and thermal coal through their mining operations.
Both mines may blend coal types at ports.
(e) On 1 September 2017, Rio Tinto completed the
sale of Coal & Allied, a wholly owned subsidiary
of Rio Tinto Coal Australia (RTCA) and production
from these assets is included to this date. This
included Coal & Allied's 67.6% interest in the
Hunter Valley Operations mine, 80% interest in
the Mount Thorley mine and 55.6% interest in the
Warkworth mine. In an earlier restructuring of
the Coal & Allied group completed on 3 February
2016, Rio Tinto had obtained 100% of Coal & Allied
and retained a 67.6% interest in the newly created
Hunter Valley Operations joint venture. Prior to
restructuring, Rio Tinto's interest in the Hunter
Valley Operations, Mount Thorley and Warkworth
mines was 80%, 64% and 44.46% respectively.
(f) Through a joint venture agreement with Freeport-McMoRan
(FCX), Rio Tinto is entitled to 40% of additional
material mined as a consequence of expansions and
developments of the Grasberg facilities since 1998.
(g) Rio Tinto owns a 33.52% indirect interest in
Oyu Tolgoi through its 50.79% interest in Turquoise
Hill Resources Ltd.
(h) Includes 100% of production from Paraburdoo,
Mt Tom Price, Marandoo, Yandicoogina, Brockman,
Nammuldi, Silvergrass 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.
(i) Quantities comprise 100% of Rio Tinto Fer et
Titane and Rio Tinto's 74% interest in Richards
Bay Minerals (RBM).
(j) ERA and Rössing production reported are
drummed U(3) O(8) .
The Rio Tinto percentage shown above is at 31 December
2017.
Rio Tinto's interest in the Lochaber aluminium
smelter and Bengalla mine were sold in 2016. No
data for these operations are included in the Share
of production table.
Rio Tinto operational data
Rio Q4 Q1 Q2 Q3 Q4 Full Full
Tinto Year Year
interest 2016 2017 2017 2017 2017 2016 2017
ALUMINA
Smelter Grade Alumina
- Aluminium Group
Alumina production ('000
tonnes)
Australia
Queensland Alumina Refinery
- Queensland 80.0% 987 924 946 900 966 3,848 3,735
Yarwun refinery - Queensland 100.0% 821 819 778 790 816 3,176 3,203
Brazil
São Luis (Alumar)
refinery 10.0% 957 895 931 937 934 3,707 3,697
Canada
Jonquière (Vaudreuil)
refinery - Quebec (a) 100.0% 367 367 365 351 365 1,452 1,448
------ ------ ------ ------ ------ ------ ------
(a) Jonquière's (Vaudreuil's) production shows
smelter grade alumina only and excludes hydrate
produced and used for specialty alumina.
Specialty Alumina - Aluminium
Group
Specialty alumina production
('000 tonnes)
Canada
Jonquière (Vaudreuil)
plant - Quebec 100.0% 31 31 32 30 29 115 122
Rio Tinto percentage interest shown above is at
31 December 2017. The data represent full production
and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
Rio Q4 Q1 Q2 Q3 Q4 Full Full
Tinto Year Year
interest 2016 2017 2017 2017 2017 2016 2017
------------------- ---------- ------ ----------------- ----------------- ----------------- ----------------- ---------------- -----------------
ALUMINIUM
Primary Aluminium
Primary aluminium
production ('000
tonnes)
Australia
Bell Bay smelter
- Tasmania 100.0% 47 45 47 48 47 182 187
Boyne Island
smelter
- Queensland 59.4% 147 135 124 125 124 583 508
Tomago smelter -
New South Wales 51.6% 149 145 147 149 149 589 590
Canada
Alma smelter -
Quebec 100.0% 117 114 112 115 116 467 457
Alouette
(Sept-Îles)
smelter - Quebec 40.0% 153 149 149 150 150 609 598
Arvida smelter -
Quebec 100.0% 43 41 43 43 44 172 171
Arvida AP60
smelter
- Quebec 100.0% 15 15 15 14 14 60 57
Bécancour
smelter
- Quebec 25.1% 110 112 106 113 108 445 438
Grande-Baie
smelter
- Quebec 100.0% 58 57 57 58 58 227 229
Kitimat smelter
- British
Columbia 100.0% 109 107 109 108 110 408 433
Laterrière
smelter - Quebec 100.0% 63 61 61 63 64 247 249
France
Dunkerque smelter
(a) 100.0% 71 70 71 71 72 280 284
Iceland
ISAL (Reykjavik)
smelter 100.0% 52 52 53 53 54 205 212
New Zealand
Tiwai Point
smelter 79.4% 85 84 84 84 85 339 337
Oman
Sohar smelter 20.0% 97 96 95 35 27 386 253
United Kingdom
Lochaber smelter
(b) 0.0% 10 - - - - 46 -
------ ----------------- ----------------- ----------------- ----------------- ---------------- -----------------
(a) On 10 January 2018, Rio Tinto announced a binding
offer to sell its 100% interest in the Dunkerque
smelter.
(b) On 16 December 2016, Rio Tinto completed the
sale of its 100% interest in the Lochaber aluminium
smelter.
Rio Tinto percentage interest shown above is at
31 December 2017. The data represent full production
and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
Rio Q4 Q1 Q2 Q3 Q4 Full Full
Tinto Year Year
interest 2016 2017 2017 2017 2017 2016 2017
-------------------------- ---------- ------ ------ ------ ------ ------ ------ ------
BAUXITE
Bauxite production
('000 tonnes)
Australia
Gove mine - Northern
Territory 100.0% 2,169 2,388 2,780 2,809 3,224 9,091 11,201
Weipa mine - Queensland 100.0% 7,700 6,893 7,805 7,895 8,304 29,427 30,898
Brazil
Porto Trombetas
(MRN) mine 12.0% 4,296 2,974 4,071 4,103 3,550 16,462 14,698
Guinea
Sangaredi mine (a) 23.0% 3,856 3,699 3,979 3,711 4,020 16,023 15,409
Rio Tinto share of
bauxite shipments
Share of total bauxite
shipments ('000 tonnes) 11,996 11,605 12,164 12,913 13,557 47,575 50,240
Share of third party
bauxite shipments
('000 tonnes) 7,345 6,927 7,962 8,250 9,164 29,308 32,303
------ ------ ------ ------ ------ ------ ------
(a) Rio Tinto has a 22.95% shareholding in the
Sangaredi mine but benefits from 45.0% of production.
Rio Tinto percentage interest shown above is at
31 December 2017. The data represent full production
and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
Rio Q4 Q1 Q2 Q3 Q4 Full Full
Tinto Year Year
interest 2016 2017 2017 2017 2017 2016 2017
---------------- ---------- ----------------- ----------------- ----------------- ----------------- ----------------- -------------- -----------------
BORATES
Rio Tinto
Borates
- borates 100.0%
US
Borates ('000
tonnes)
(a) 121 123 133 140 120 503 517
(a) Production is expressed as B(2) O(3) content.
--------------------------------------------------------------------------------------------------------------------------------------------------------------
COAL
Rio Tinto Coal
Australia
Bengalla mine
(a) 0.0%
New South Wales
Thermal coal - - - - - 1,476 -
('000
tonnes)
Hail Creek Coal
mine 82.0%
Queensland
Hard coking
coal
('000 tonnes) 1,470 1,134 1,002 1,556 1,555 5,950 5,247
Thermal coal
('000
tonnes) 910 1,065 1,074 1,037 958 3,767 4,134
Hunter Valley
Operations
(b) 0.0%
New South Wales
Semi-soft
coking
coal ('000
tonnes) 859 800 284 445 - 3,720 1,529
Thermal coal
('000
tonnes) 2,550 2,851 3,539 2,112 - 9,925 8,502
Kestrel Coal
mine 80.0%
Queensland
Hard coking
coal
('000 tonnes) 1,227 816 916 1,210 1,309 4,077 4,252
Thermal coal
('000
tonnes) 271 159 177 282 226 846 843
Mount Thorley
Operations
(b) 0.0%
New South Wales
Semi-soft
coking
coal ('000
tonnes) 353 337 389 149 - 1,420 876
Thermal coal
('000
tonnes) 1,035 562 746 703 - 2,850 2,011
Rio Tinto percentage interest shown above is at
31 December 2017. The data represent full production
and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
Rio Q4 Q1 Q2 Q3 Q4 Full Full
Tinto Year Year
interest 2016 2017 2017 2017 2017 2016 2017
------------------------- ---------- ------ ------ ------ ------ ----------------- ------ ------
COAL (continued)
Warkworth mine (b) 0.0%
New South Wales
Semi-soft coking
coal ('000 tonnes) 190 268 202 44 - 809 514
Thermal coal ('000
tonnes) 1,330 1,520 1,696 1,305 - 7,225 4,521
------ ------ ------ ------ ----------------- ------ ------
Total hard coking
coal production ('000
tonnes) 2,697 1,950 1,918 2,766 2,864 10,027 9,499
Total semi-soft coking
coal production ('000
tonnes) 1,402 1,405 875 639 - 5,950 2,919
Total thermal coal
production ('000 tonnes) 6,096 6,156 7,232 5,439 1,183 26,090 20,010
Total coal production
('000 tonnes) 10,196 9,512 10,026 8,844 4,047 42,067 32,429
------ ------ ------ ------ ----------------- ------ ------
Total coal sales
('000 tonnes) 10,241 8,792 9,871 9,298 4,092 41,773 32,053
------ ------ ------ ------ ----------------- ------ ------
Rio Tinto Coal Australia
share (c)
Share of hard coking
coal sales ('000 tonnes) 2,395 1,524 1,717 2,511 2,429 8,704 8,181
Share of semi-soft
coal sales ('000 tonnes)
(d) 1,043 765 759 485 - 4,144 2,010
Share of thermal coal
sales ('000 tonnes)
(d) 3,979 3,946 4,539 3,804 896 16,484 13,186
(a) Rio Tinto sold its interest in the Bengalla
Joint Venture with an effective date of 1 March
2016.
(b) On 1 September 2017, Rio Tinto completed the
sale of Coal & Allied, a wholly owned subsidiary
of Rio Tinto Coal Australia (RTCA) and production
from these assets is included to this date. This
included Coal & Allied's 67.6% interest in the
Hunter Valley Operations mine, 80% interest in
the Mount Thorley mine and 55.6% interest in the
Warkworth mine. In an earlier restructuring of
the Coal & Allied group completed on 3 February
2016, Rio Tinto had obtained 100% of Coal & Allied
and retained a 67.6% interest in the newly created
Hunter Valley Operations joint venture. Prior to
restructuring, Rio Tinto's interest in the Hunter
Valley Operations, Mount Thorley and Warkworth
mines was 80%, 64% and 44.46% respectively.
(c) Kestrel and Hail Creek produce hard coking
coal and thermal coal through their mining operations.
Both mines may blend coal types at ports.
(d) Sales relate only to coal mined by the operations
and exclude traded coal.
Rio Tinto percentage interest shown above is at
31 December 2017. The data represent full production
and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
Rio Q4 Q1 Q2 Q3 Q4 Full Full
Tinto Year Year
interest 2016 2017 2017 2017 2017 2016 2017
---------------------------- ---------- ------ ------ ------ ------ ------ ------ ------
COPPER & GOLD
Escondida 30.0%
Chile
Sulphide ore to concentrator
('000 tonnes) 19,866 8,054 18,777 24,080 30,260 84,746 81,171
Average copper grade
(%) 1.02 1.01 1.07 1.06 0.98 0.96 1.03
Mill production (metals
in concentrates):
Contained copper ('000
tonnes) 168.6 67.7 167.0 204.1 245.7 679.3 684.5
Contained gold ('000
ounces) 38 11 34 51 50 133 146
Contained silver ('000
ounces) 1,323 543 1,234 1,737 2,193 5,971 5,707
Recoverable copper in
ore stacked for leaching
('000 tonnes) (a) 76.4 22.8 60.7 70.8 63.9 331.4 218.2
Refined production
from leach plants:
Copper cathode production
('000 tonnes) 71.5 27.2 62.8 71.9 76.1 312.1 238.0
(a) The calculation of copper in material mined
for leaching is based on ore stacked at the leach
pad.
Freeport-McMoRan
0.0%
Grasberg mine (a) (b)
Papua, Indonesia
Ore treated ('000 tonnes) 15,630 7,849 11,242 15,791 18,736 60,628 53,617
Average mill head grades:
Copper (%) 1.08 1.15 1.03 0.91 1.05 0.91 1.02
Gold (g/t) 0.97 1.17 1.16 0.98 1.23 0.68 1.13
Silver (g/t) 3.67 5.26 4.09 3.96 2.79 3.09 3.77
Production of metals
in concentrates:
Copper in concentrates
('000 tonnes) 153.1 81.0 103.9 130.1 180.3 499.4 495.4
Gold in concentrates
('000 ounces) 409 248 358 417 631 1,094 1,654
Silver in concentrates
('000 ounces) 1,237 667 900 1,016 1,023 3,796 3,606
Sales of payable metals
in concentrates: (c)
Copper in concentrates
('000 tonnes) 140.6 61.7 124.6 109.6 183.7 478.0 479.6
Gold in concentrates
('000 ounces) 374 183 429 343 646 1,054 1,602
Silver in concentrates
('000 ounces) 907 404 851 666 873 2,909 2,794
(a) Through a joint venture agreement with Freeport-McMoRan
(FCX), Rio Tinto is entitled to 40% of additional
material mined as a consequence of expansions and
developments of the Grasberg facilities since 1998.
The Q4 2017 results show the forecast from FCX's
most recent five-year plan, because FCX is not
releasing its actual 100% operating data for Q4
2017 until the release of its 2017 fourth-quarter
results on 25 January 2018.
(b) Rio Tinto share of Grasberg production is
40% of the expansion.
(c) Net of smelter deductions.
Rio Tinto percentage interest shown above is at
31 December 2017. The data represent full production
and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
Rio Q4 Q1 Q2 Q3 Q4 Full Full
Tinto Year Year
interest 2016 2017 2017 2017 2017 2016 2017
----------------------------- ---------- ------ ------ ------ ------ ------ ------ ------
COPPER & GOLD (continued)
Rio Tinto Kennecott
Bingham Canyon mine 100.0%
Utah, US
Ore treated ('000 tonnes) 8,827 9,508 10,709 10,092 9,074 33,423 39,382
Average ore grade:
Copper (%) 0.56 0.51 0.47 0.29 0.43 0.50 0.43
Gold (g/t) 0.31 0.32 0.29 0.18 0.21 0.24 0.25
Silver (g/t) 3.33 3.24 2.66 1.51 1.89 2.41 2.33
Molybdenum (%) 0.040 0.025 0.025 0.032 0.036 0.028 0.029
Copper concentrates
produced ('000 tonnes) 190 189 205 148 162 648 704
Average concentrate
grade (% Cu) 23.8 23.3 21.5 17.3 21.5 23.5 21.1
Production of metals
in copper concentrates:
Copper ('000 tonnes)
(a) 45.1 44.3 44.0 25.8 34.8 152.7 148.9
Gold ('000 ounces) 57 54 54 34 36 153 178
Silver ('000 ounces) 751 711 669 357 418 1,943 2,156
Molybdenum concentrates
produced ('000 tonnes): 3.4 1.7 1.5 2.8 3.8 5.6 9.8
Molybdenum in concentrates
('000 tonnes) 1.8 0.9 0.8 1.4 1.9 2.8 5.0
Kennecott smelter &
refinery 100.0%
Copper concentrates
smelted ('000 tonnes) 207 136 160 258 90 752 644
Copper anodes produced
('000 tonnes) (b) 42.7 33.7 32.6 50.6 12.1 163.8 129.0
Production of refined
metal:
Copper ('000 tonnes) 67.0 29.8 20.3 53.6 22.1 156.5 125.8
Gold ('000 ounces) (c) 40.6 51.1 43.0 54.1 55.4 135.4 203.7
Silver ('000 ounces)
(c) 465 402 729 731 516 1,815 2,378
(a) Includes a small amount of copper in precipitates.
(b) New metal excluding recycled material.
(c) Includes gold and silver in intermediate products.
Rio Tinto percentage interest shown above is at
31 December 2017. The data represent full production
and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
Rio Q4 Q1 Q2 Q3 Q4 Full Full
Tinto Year Year
interest 2016 2017 2017 2017 2017 2016 2017
-------------------------- ---------- ------ ------ ------ ------ ------ ------ ------
COPPER & GOLD (continued)
Turquoise Hill Resources
Oyu Tolgoi mine (a) 33.5%
Mongolia
Ore Treated ('000
tonnes) 9,819 10,087 9,637 10,615 10,838 38,152 41,177
Average mill head
grades:
Copper (%) 0.61 0.51 0.51 0.48 0.53 0.65 0.51
Gold (g/t) 0.25 0.15 0.16 0.18 0.20 0.36 0.17
Silver (g/t) 1.50 1.30 1.38 1.34 1.54 1.83 1.39
Copper concentrates
produced ('000 tonnes) 206.7 176.0 171.0 170.0 205.5 846.6 722.5
Average concentrate
grade (% Cu) 22.0 21.6 21.8 21.7 22.0 23.8 21.8
Production of metals
in concentrates:
Copper in concentrates
('000 tonnes) 45.5 38.1 37.2 36.9 45.3 201.3 157.4
Gold in concentrates
('000 ounces) 49.4 24.8 23.9 30.9 34.8 300.0 114.3
Silver in concentrates
('000 ounces) 273 215 236 239 285 1,420 974
Sales of metals in
concentrates:
Copper in concentrates
('000 tonnes) 37.6 39.5 37.3 36.9 35.7 188.9 149.3
Gold in concentrates
('000 ounces) 39 32 23 28 27 347 111
Silver in concentrates
('000 ounces) 239 205 222 229 205 1,280 860
(a) Rio Tinto owns a 33.52% indirect interest in
Oyu Tolgoi through its 50.79% interest in Turquoise
Hill Resources.
Rio Tinto percentage interest shown above is at
31 December 2017. The data represent full production
and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
Rio Q4 Q1 Q2 Q3 Q4 Full Full
Tinto Year Year
interest 2016 2017 2017 2017 2017 2016 2017
------------------------ ---------- ------ ------ ------ ------ ------ ------ ------
DIAMONDS
Argyle Diamonds 100.0%
Western Australia
AK1 ore processed
('000 tonnes) 1,283 1,144 1,112 1,255 1,446 5,097 4,957
AK1 diamonds produced
('000 carats) 3,584 3,016 3,216 4,757 6,146 13,958 17,135
Diavik Diamonds 60.0%
Northwest Territories,
Canada
Ore processed ('000
tonnes) 539 531 556 578 525 2,214 2,190
Diamonds recovered
('000 carats) 1,649 1,894 1,865 1,961 1,767 6,658 7,486
Rio Tinto percentage interest shown above is at
31 December 2017. The data represent full production
and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
Rio Tinto Q4 Q1 Q2 Q3 Q4 Full Year Full Year
interest 2016 2017 2017 2017 2017 2016 2017
------------------------------------------- ---------- ------ ------ ------ ------ ------ --------- ---------
IRON ORE
Rio Tinto Iron Ore
Western Australia
Pilbara Operations
Saleable iron ore production ('000 tonnes)
Hamersley mines (a) 54,848 48,664 48,674 52,921 56,501 205,902 206,760
Hamersley - Channar 60.0% 1,866 2,725 3,172 2,661 2,241 9,731 10,798
Hope Downs 50.0% 11,588 10,435 12,575 11,956 11,975 47,010 46,941
Robe River - Pannawonica (Mesas J and A) 53.0% 8,477 7,188 6,936 8,416 8,642 32,776 31,182
Robe River - West Angelas 53.0% 8,748 8,154 8,444 9,011 8,507 34,044 34,116
------ ------ ------ ------ ------ --------- ---------
Total production ('000 tonnes) 85,526 77,165 79,801 84,965 87,866 329,463 329,797
------------------------------------------- ---------- ------ ------ ------ ------ ------ --------- ---------
Breakdown of total production:
Pilbara Blend Lump 24,902 23,618 24,671 25,342 25,496 95,915 99,127
Pilbara Blend Fines 36,988 32,755 34,682 36,748 37,641 142,804 141,826
Robe Valley Lump 3,066 2,741 2,753 2,962 3,106 11,551 11,563
Robe Valley Fines 5,411 4,446 4,183 5,454 5,535 21,226 19,619
Yandicoogina Fines (HIY) 15,159 13,605 13,512 14,458 16,088 57,968 57,663
Breakdown of total sales:
Pilbara Blend Lump 21,943 20,161 21,561 21,959 22,377 82,383 86,059
Pilbara Blend Fines 42,225 36,679 35,871 40,305 43,039 155,431 155,895
Robe Valley Lump 2,835 2,218 2,382 2,624 2,619 10,183 9,843
Robe Valley Fines 5,761 4,476 4,472 5,989 6,202 22,533 21,140
Yandicoogina Fines (HIY) 14,969 13,120 13,371 14,963 15,731 57,062 57,185
------ ------ ------ ------ ------ --------- ---------
Total sales ('000 tonnes) (b) 87,732 76,655 77,658 85,840 89,968 327,592 330,122
------------------------------------------- ---------- ------ ------ ------ ------ ------ --------- ---------
(a) Includes 100% of production from Paraburdoo, Mt Tom Price, Marandoo, Yandicoogina, Brockman,
Nammuldi, Silvergrass and the Eastern Range mines. Whilst Rio Tinto owns 54% of the Eastern
Range mine, under the terms of the joint venture agreement, Hamersley Iron manages the operation
and is obliged to purchase all mine production from the joint venture and therefore all of
the production is included in Rio Tinto's share of production.
(b) Sales represent iron ore exported from Western Australian ports.
Iron Ore Company of Canada 58.7%
Newfoundland & Labrador and Quebec in Canada
Saleable iron ore production:
Concentrates ('000 tonnes) 1,915 1,889 2,212 2,469 1,980 8,357 8,549
Pellets ('000 tonnes) 2,756 2,504 2,356 2,932 2,675 9,798 10,467
------ ------ ------ ------ ------ --------- ---------
IOC Total production ('000 tonnes) 4,671 4,392 4,569 5,401 4,655 18,155 19,016
Sales:
Concentrates ('000 tonnes) 1,955 2,031 1,599 2,319 2,655 8,344 8,605
Pellets ('000 tonnes) 3,004 2,409 2,536 2,707 2,750 9,983 10,402
------ ------ ------ ------ ------ --------- ---------
IOC Total Sales ('000 tonnes) 4,960 4,441 4,135 5,027 5,404 18,326 19,006
Global Iron Ore Totals
Iron Ore Production ('000 tonnes) 90,196 81,558 84,370 90,365 92,521 347,619 348,814
Iron Ore Sales ('000 tonnes) 92,692 81,096 81,792 90,867 95,373 345,918 349,128
Rio Tinto percentage interest shown above is at 31 December 2017. The data represent full
production and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
Rio Q4 Q1 Q2 Q3 Q4 Full Full
Tinto Year Year
interest 2016 2017 2017 2017 2017 2016 2017
------------------------ ---------- ------ ------ ------ ------ ------ ------ ------
SALT
Dampier Salt 68.4%
Western Australia
Salt production ('000
tonnes) 2,028 1,246 2,159 1,795 2,246 7,578 7,446
------------------------ ---------- ------ ------ ------ ------ ------ ------ ------
TITANIUM DIOXIDE
SLAG
Rio Tinto Iron &
Titanium 100.0%
Canada and South
Africa
(Rio Tinto share)
(a)
Titanium dioxide
slag ('000 tonnes) 300 332 316 327 341 1,048 1,315
------ ------ ------ ------ ------ ------ ------
(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.
--------------------------------------------------------------------------------------------
URANIUM
Energy Resources
of Australia Ltd
Ranger mine (a) 68.4%
Northern Territory,
Australia
U(3) O(8) Production
('000 lbs) 1,328 1,316 991 1,407 1,343 5,182 5,056
(a) ERA production data are drummed U(3) O(8) .
Rössing Uranium
Ltd (a) 68.6%
Namibia
U3O8 Production ('000
lbs) 1,138 981 1,254 1,103 1,314 4,078 4,652
------ ------ ------ ------ ------ ------ ------
(a) Rössing production data are drummed U(3)
O(8) .
--------------------------------------------------------------------------------------------
Rio Tinto percentage interest shown above is at
31 December 2017. The data represent full production
and sales on a 100% basis unless otherwise stated.
This information is provided by RNS
The company news service from the London Stock Exchange
END
STRFKPDDDBKBQDD
(END) Dow Jones Newswires
January 16, 2018 02:00 ET (07:00 GMT)
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