TIDMRIO
RNS Number : 9599J
Rio Tinto PLC
17 April 2020
Rio Tinto releases first quarter production results
17 April 2020
Rio Tinto Chief Executive J-S Jacques said "In these uncertain
and unprecedented times we continue to deliver products to our
customers with our first priority to protect the health and safety
of all our employees and communities. We are focused on maintaining
a business as usual approach and have taken extensive measures to
ensure we can do so safely.
"All of our assets continue to operate and we achieved a very
robust production performance in the first quarter. Our world-class
portfolio and strong balance sheet serve us well in all market
conditions and are particularly valuable in the current volatile
environment. Our resilience and value over volume strategy mean we
can continue to invest in our business, and support our communities
and host governments."
Production* Q1 2020 vs Q1 vs Q4
2019 2019
Pilbara iron ore shipments
(100% basis) Mt 72.9 +5% -16%
Pilbara iron ore production
(100% basis) Mt 77.8 +2% -7%
Bauxite Mt 13.8 +8% -9%
Aluminium kt 783 -2% 0%
Mined copper kt 133.0 -8% -4%
Titanium dioxide slag kt 293 -1% +3%
IOC iron ore pellets and
concentrate Mt 2.6 +3% 0%
---------------------------- --- ------- ----- -----
*Rio Tinto share unless otherwise stated
Q1 Operational update
-- We are protecting the health of our employees and communities
through rapid implementation of health and hygiene controls
in response to Covid-19. We have also strengthened our focus
on safety programmes to ensure the safety of our employees
during a period of significant change.
-- Pilbara iron ore shipments of 73 million tonnes (100% basis)
were 5% higher than the first quarter of 2019, driven by
a strong recovery across the network in March following tropical
cyclone Damien in February 2020. The portside trading trial
continues in China with the 1 millionth tonne of ore sold.
-- Bauxite production of 13.8 million tonnes was 8% higher than
the first quarter of 2019, following the successful ramp-up
of Amrun in 2019. Third party shipments of 9.5 million tonnes
in the quarter were 7% higher than the same period of 2019.
-- Aluminium production of 0.8 million tonnes in the first quarter
was 2% lower than the first quarter of 2019 with ISAL operating
at 85% capacity in line with our value over volume strategy.
-- Mined copper production of 133 thousand tonnes was 8% lower
than the same period in 2019, reflecting anticipated lower
copper grades, partially offset by higher throughput.
-- At Kennecott in the US, we are working to resume normal operations
following a 5.7 magnitude earthquake on 18 March. The mine,
concentrator, tailings storage facility and refinery have
all resumed safe and stable operations. There was some damage
to the furnace, which impacts full year copper guidance (see
below).
-- Titanium dioxide slag production of 293 thousand tonnes was
1% lower than the first quarter in 2019 partly due to Covid-19
restrictions in Quebec and South Africa.
-- Production of pellets and concentrate at the Iron Ore Company
of Canada (IOC) was 3% higher than the same period of 2019.
-- All major projects progressed well in the first quarter,
but are now being affected by Covid-19 including government
imposed restrictions on the movement of goods and people.
Recovery rates may differ across regions - we will update
the market once the situation stabilises.
-- Capital expenditure is now expected to be $5 to 6 billion
in 2020 (down from the previous guidance of $7 billion) partly
due to Covid-19 constraints, and partly due to the favourable
currency impact from the strong US dollar. Capital expenditure
originally planned for 2020 may subsequently flow into 2021
and 2022, and we will provide a further update on capital
re-phasing in due course.
-- We are continuing to work with our customers to fulfil orders
and meet their requirements while complying with government
directives. Our customer order books remain healthy, with
our commercial teams focusing on business continuity and
customer support.
Covid-19
Our markets
Demand in China continues to recover. In the rest of the world,
the outlook is more uncertain. Commodity supply is being disrupted
as Covid-19 restrictions impact supply chains and people movement
globally.
* Demand for the high-quality iron ores we produce
remained strong in the first quarter of 2020, mainly
driven by a combination of seaborne supply
disruptions and solid demand from China's steel mills
despite Covid-19 impacts.
* The market for primary aluminium contracted further
in the first quarter of 2020 primarily due to lower
automotive production.
* China's demand for imported bauxite continued to grow
in the first quarter, as domestic reserves continue
to decline in quality and quantity, and mine
production was disrupted by Covid-19 restrictions.
* Although copper demand remained reasonable in the
quarter, the decline in the price reflects
deteriorating industrial growth expectations
globally.
* To some extent, weaker commodity prices also reflect
decreasing industry supply costs, which are falling
due to a strong US dollar and tailwinds from lower
energy and freight costs, partly offset by Covid-19
related expenditure.
Our assets
We have introduced measures to combat the spread and impacts
of Covid-19, to ensure we keep our employees and communities
safe, and our operations running. We are working closely with
governments around the world to ensure our operations continue
to contribute to society during this challenging time. Our
assets are operating with some Covid-19 restrictions in place
to comply with government directives. Full details of initiatives
taken to date can be found on our website: www.riotinto.com/news/releases
. Specifically, we have implemented the following actions:
Workforce
* We have changed rosters at our Iron Ore operations,
construction and exploration projects meaning fewer
crew changeovers at our sites and in our operations
centre to reduce the risk of transmission.
* The majority of employees and critical contractors on
national fly-in-fly-out (FIFO) arrangements have been
relocated to Western Australia.
Operations
* We have reduced mining operations at Richards Bay
Minerals (RBM) in South Africa in compliance with a
government directive to effect a lockdown on 26 March
for 21 days. The rail and port remain open for
product shipments.
* We are working with the government of Quebec to
comply with the directive to slow down non-critical
projects and activities for our Quebec operations.
* We have shut down the fourth pot-line at the Tiwai
Point smelter in New Zealand (NZAS) with production
continuing on the other three lines to comply with
government lockdown requirements for containing the
spread of Covid-19 and to support the health and
safety of our people at the site.
Products
* We have changed our product mix at IOC to focus on
the production of concentrates in order to match
market demand.
* In aluminium, in response to market conditions we
have reduced the proportion of primary metal being
produced as value added products.
G uidance
Production guidance
Rio Tinto share, unless otherwise
stated 2020 (current) 2020 (previous)
-------------------------------------------- ------------------ ---------------
Pilbara iron ore (shipments,
100% basis) 324 to 334 Mt 324 to 334 Mt
------------------------------------- -------------------- ----------------------
Bauxite 55 to 58 Mt 55 to 58 Mt
------------------------------------- -------------------- ----------------------
Alumina 7.8 to 8.2 Mt 7.8 to 8.2 Mt
------------------------------------- -------------------- ----------------------
Aluminium 3.1 to 3.3 Mt 3.1 to 3.3 Mt
------------------------------------- -------------------- ----------------------
Mined copper 475 to 520 kt 530 to 570 kt
------------------------------------- -------------------- ----------------------
Refined copper 165 to 205 kt 205 to 235 kt
------------------------------------- -------------------- ----------------------
Diamonds 12 to 14 M carats 12 to 14 M carats
------------------------------------- -------------------- ----------------------
At lower end
of 1.2 to 1.4
Titanium dioxide slag Mt 1.2 to 1.4 Mt
------------------------------------- -------------------- ----------------------
Iron Ore Company of Canada 10.5 to 12.0 10.5 to 12.0
pellets and concentrate Mt Mt
------------------------------------- -------------------- ----------------------
Boric oxide equivalent 0.5 Mt 0.5 Mt
------------------------------------- -------------------- ----------------------
* We will continue to monitor and adjust production
levels and product mix to meet customer requirements
in 2020, in line with our value over volume strategy,
government imposed restrictions related to Covid-19,
and any other potential Covid-19 related disruptions.
* Mined and refined copper guidance is lowered due to a
potential reduction in second half output at
Escondida from Covid-19 measures and the earthquake
repairs at Kennecott.
* Titanium dioxide slag guidance is expected to be at
the lower end of the prior guidance range due to
Covid-19 restrictions instructed by the governments
in Quebec and South Africa.
Operating costs
* Pilbara iron ore 2020 unit cost guidance of $14-$15
per tonne remains unchanged.
* Copper C1 unit cost guidance in 2020 is unchanged at
120-135 US cents/lb.
Investments, growth and development projects
* All major projects progressed well in the first
quarter, but are now being affected by the Covid-19
restrictions. The team is investigating ways to
mitigate Covid-19 impacts including those associated
with roster changes, travel restrictions and the
design and fabrication of long lead items in China
and Europe. Whilst it is too early to estimate, the
restrictions are likely to have some impact on our
progress. Recovery rates may differ across regions -
we will update the market once the situation
stabilises.
* Capital expenditure is now expected to be $5 to 6
billion in 2020 (down from the previous guidance of
$7 billion) partly due to Covid-19 constraints, and
partly due to the favourable currency impact from the
strong US dollar. Capital expenditure originally
planned for 2020 may subsequently flow into 2021 and
2022, and we will provide a further update on capital
re-phasing in due course.
* Exploration and evaluation spend in the first quarter
was $144 million, 16% higher than the first quarter
of 2019, reflecting an increase in central
exploration including the Winu copper/gold project in
Western Australia, and higher spend associated with
our Jadar borates/lithium project in Serbia.
Pilbara replacement projects
* Overall construction is progressing with key
personnel retained in Western Australia following the
implementation of border controls to limit the
transmission of Covid-19. The ramp-up of Koodaideri
is still expected to occur in early 2022.
* The other Pilbara projects remain largely on track
including Western Turner Syncline Phase 2 and Robe
River Joint Venture sustaining projects (West Angelas
C&D and Mesas B, C and H at Robe Valley).
Environmental approval of Mesa H is progressing.
* We are working closely with the authorities to
prevent any delay in the permitting process from
Covid-19.
Oyu Tolgoi underground project
* As announced on 16 March 2020, work on the Oyu Tolgoi
underground project continues, and we are achieving
strong productivity in underground development (1,939
equivalent metres in March, average monthly 1,815
equivalent metres).
* Despite these gains, progress has slowed as a result
of restrictions placed on the movement of people to
contain the spread of Covid-19, including specialist
commissioning personnel as well as goods.
* Work continues on the mine design and we still expect
this to be completed in the first half of 2020 with
the Definitive Estimate(1) of cost and schedule in
the second half of 2020. This will include the
estimate of development capital costs and schedule
for the underground project based on the updated
design of Panel 0.
* Based on current information, the underground project
remains within the range announced in July 2019 of a
16 to 30 month delay in schedule and an increase of
$1.2 to $1.9 billion in development capital costs.
Depending on how long they are in place, Covid-19
restrictions may impact the schedule range.
Other key projects and exploration and evaluation
* Phase one of the south wall pushback project at
Kennecott remains on track with access to higher
grades expected from 2021.
* The Zulti South project in South Africa continues to
be on hold. A restart will not occur until Covid-19
restrictions have been fully lifted and security and
community issues have been resolved.
* Construction of the second tunnel at the Kemano
hydropower facility at Kitimat, British Columbia has
been put on care and maintenance due to contractor
availability. We are evaluating the impact and next
steps to resume progress on the project.
* The Resolution Copper project in Arizona is
progressing, with shaft 9 on schedule reaching 1.8
kilometres of the targeted 2.1 kilometres at the end
of March.
* Construction of the ELYSIS research and development
centre in the Saguenay has been temporarily suspended,
aligned with the Covid-19 measures introduced by the
Quebec government.
* On the Winu preliminary study for the copper/gold
deposit in Western Australia, Covid-19 precautionary
measures are in place. Drilling and fieldwork
activities continue as planned at present. Future
activities are likely to be affected by Covid-19
restrictions including the ability to move people and
gain access to sites.
* Activities at the Falcon diamond study in
Saskatchewan have been scaled back in response to
Covid-19 constraints, with the 2019 bulk samples now
being processed by the recently commissioned bulk
diamond sampling plant.
EBITDA Sensitivities: previously published for 2019, next update
on 29 July 2020
2019 average price ($m) impact on FY 2019
/ rate underlying
EBITDA of 10% price/rate
change
Copper 273c/lb 350
------------------- --------------------------
Aluminium $1,791/t 482
------------------- --------------------------
Gold $1,393/oz 54
------------------- --------------------------
Iron ore (62% Fe
FOB) $85.9/dmt 2,061
------------------- --------------------------
A$ 0.70 529
------------------- --------------------------
C$ 0.75 199
------------------- --------------------------
Oil (Brent) $64/bbl 72
------------------- --------------------------
(1) As described above, the level of accuracy of these estimates
is preliminary in nature and subject to a range of variables, in
line with previous guidance. The confidence level of these
estimates is at a level associated with a Conceptual or Order of
Magnitude Study, and further work is required between now and the
second half of 2020 to refine the mine design options and study
them to a level of confidence and accuracy associated with
Feasibility Study quality estimates.
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 2019 is excluded from Rio Tinto
share of production data.
IRON ORE
Million tonnes Q1 2020 vs Q1 2019 vs Q4 2019
Rio Tinto share of production
Pilbara Blend and SP10
Lump(1) 18.5 -7% -7%
Pilbara Blend and SP10
Fines(1) 27.7 -4% -8%
Robe Valley Lump 1.5 +132% -6%
Robe Valley Fines 2.4 +95% -14%
Yandicoogina Fines (HIY) 14.1 +5% -1%
Total Pilbara production 64.2 0% -7%
Total Pilbara production
(100% basis) 77.8 +2% -7%
------- ---------- ----------
Million tonnes Q1 2020 vs Q1 2019 vs Q4 2019
Rio Tinto share of shipments
Pilbara Blend Lump 14.4 -9% -11%
Pilbara Blend Fines 26.7 -1% -14%
Robe Valley Lump 1.1 +147% -9%
Robe Valley Fines 2.7 +106% -18%
Yandicoogina Fines (HIY) 12.9 +5% -15%
SP10 Lump(1) 1.0 N/A -51%
SP10 Fines(1) 1.1 -29% -48%
Total Pilbara shipments 59.9 +3% -16%
Total Pilbara shipments
(100% basis) 72.9 +5% -16%
Total Pilbara sales (Rio
Tinto share) (2) 59.8 +3% -15%
Total Pilbara sales (100%
basis) (2) 72.8 +5% -15%
Total Pilbara sales (consolidated
basis) (2, 3) 61.6 +4% -15%
------- ---------- ----------
(1) SP10 includes some lower grade products.
(2) Differences between shipments and sales reflect tonnes held
for portside trading and material purchased from IOC and sold.
(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
Pilbara operations produced 77.8 million tonnes (Rio Tinto share
64.2 million tonnes) in the first quarter, 2% higher than the first
quarter of 2019. Production in the quarter was impacted by Tropical
Cyclone Damien in February which caused infrastructure damage and
interrupted operations due to flooding across the Pilbara network.
There was a strong recovery in March across mines, rail and
port.
First quarter sales of 72.8 million tonnes (Rio Tinto share 59.8
million tonnes) were 5% above the first quarter of 2019, despite
significant disruptions experienced at our ports and infrastructure
damage as a result of Tropical Cyclone Damien.
Approximately 16% of sales in the first 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 or on the spot market.
Approximately 33% of sales in the quarter were made free on
board (FOB), with the remainder sold including freight.
ALUMINIUM
Rio Tinto share of production ('000 tonnes)
Q1 2020 vs Q1 2019 vs Q4 2019
----------
Bauxite 13,813 +8% -9%
Bauxite third party
shipments 9,469 +7% -14%
Alumina 2,010 0% -1%
Aluminium 783 -2% 0%
------- ---------- ----------
Bauxite
First quarter bauxite production of 13.8 million tonnes was 8%
higher than the first quarter of 2019. Production was lower than
the fourth quarter of 2019, reflecting normal wet season conditions
and maintenance activity at Gove.
Production from CBG in Guinea was 21% higher than the first
quarter of 2019 reflecting good progress on the ramp-up of the
expansion. O n 27 March, CBG successfully passed its 90-day
completion test for the expansion to 18.5 million tonnes per
year.
We shipped 9.5 million tonnes of bauxite to third parties in the
first quarter, 7% higher than same period of 2019.
Alumina
Alumina production in the first quarter of 2020 was in line with
the corresponding period of 2019.
Aluminium
First quarter aluminium production of 0.8 million tonnes was 2%
lower than the first quarter of 2019, primarily due to lower
production at the ISAL and Kitimat smelters, partly offset by the
ramp-up of the non-managed Becancour smelter back to 84% of
capacity following a lock-out in 2019. Further ramp-up is currently
on hold due to Covid-19.
We continue to operate the ISAL smelter at 85% capacity in line
with our value over volume strategy, and Kitimat production was
lower as it progresses through its first pot relining cycle which
has been impacted by earlier than planned pot-lining replacement .
Our Quebec managed smelters performed well, with aluminium
production for the first quarter 2% higher than the same period in
2019, reflecting ongoing productivity improvement.
The aluminium industry continues to face challenging conditions
in global markets and policy uncertainty, exacerbated by the impact
of Covid-19, with global inventory levels rising from 2.2 million
tonnes to 3 million tonnes. We continue to actively work on
enhancing the competitiveness of our smelters, including discussing
energy pricing with stakeholders, to ensure the sustainability of
our smelters in Australasia and in Iceland.
We announced strategic reviews of our interests in the Tiwai
Point smelter in New Zealand in October 2019 and in the ISAL
smelter in Iceland in February 2020. Work on these reviews is
ongoing. This will determine the viability and competitive position
of these operations and will consider all options, including
curtailment and closure.
COPPER & DIAMONDS
Rio Tinto share of production ('000 tonnes)
Q1 2020 vs Q1 2019 vs Q4 2019
----------
Mined copper
Rio Tinto Kennecott 35.0 -33% -1%
Escondida 86.2 +13% -7%
Oyu Tolgoi 11.8 -23% +7%
Refined copper
Rio Tinto Kennecott 26.4 -11% -49%
Escondida 20.9 +12% +2%
Diamonds ('000 carats)
Argyle 2,578 -7% -23%
Diavik 857 -15% +2%
------- ---------- ----------
Rio Tinto Kennecott
Mined copper production was 33% lower than the same quarter in
2019, primarily due to pit sequencing, which contained lower copper
ore grade material, partially offset by higher recovery rates.
Copper grades were 33% lower in the first quarter of 2020 compared
with the same quarter of 2019. Grades will continue to be lower
through 2020 before increasing from the first quarter of 2021, with
the transition from east wall to south wall mining.
Refined copper was 11% lower than the same quarter in 2019, due
to lower anode production driven by reduced concentrate delivery,
rate limitation from supply chain impacts, and reduced online time
for inspection and repair following the earthquake on 18 March.
Following the earthquake, damage to the flash converting furnace
in the Kennecott smelter has been identified, resulting in a full
furnace rebuild being required in 2020.
The smelter is scheduled for a 45-day planned maintenance
shutdown due to commence in May.
Grades were higher in the first quarter for molybdenum, with
concentrate production 171% higher than the same quarter in
2019.
Escondida
Mined copper production at Escondida was 13% higher than the
same quarter of 2019 due to higher concentrator throughput, and a
higher amount of material stacked at the sulphide leach pads.
Oyu Tolgoi
Mined copper production from the open pit was 23% lower than the
same quarter of 2019 due to decreased head grade. Grades were 26%
lower than the same quarter in 2019 due to sequencing and blending
of low-grade stockpiles. First quarter sales have been affected by
slower collections of product from the warehouse by customers due
to curtailed operations in China during peak Covid-19
restrictions.
Diamonds
At Argyle, carat production was 23% lower than last quarter.
Full year production guidance remains unaffected.
At Diavik, carats recovered in first quarter 2020 were 2% higher
than last quarter due to higher processed tonnes, largely offset by
lower recovered grade from the mine.
The diamond industry continues to face challenging conditions
across key markets exacerbated by the impact of Covid-19. In
particular, there has been a demand slump due to a retail shutdown
during peak season, as well as lower rough diamond demand from
people movement restrictions in India.
ENERGY & MINERALS
Rio Tinto share of production
Q1 2020 vs Q1 2019 vs Q4 2019
----------
Iron ore pellets and
concentrate (million
tonnes)
IOC 2.6 +3% 0%
Minerals ('000 tonnes)
Borates - B(2) O(3)
content 126 +10% -2%
Titanium dioxide slag 293 -1% +3%
Uranium ('000 lbs)
Energy Resources of
Australia 676 -15% +5%
------- ---------- ----------
Iron Ore Company of Canada (IOC)
Iron ore pellets and concentrate production was in line with the
last quarter and 3% higher than the first quarter of 2019, due to
improved concentrator feed. IOC achieved first quarter records
including total material moved and total shipments as a result of
increased focus on asset optimisation.
We have changed our product mix at IOC to focus on the
production of concentrates in order to match market demand.
The Ministry of Natural Resources of the government of
Newfoundland and Labrador has granted renewals of all mining leases
and tailing licenses needed for IOC to operate for an additional 30
years.
Borates
Borates production was slightly below the previous quarter and
aligned with market conditions. We will continue to base any
decision to adjust refinery utilisation rates to match market
demand.
Iron and Titanium
Titanium dioxide feedstock production was 3% higher than last
quarter, due to community disruptions that resulted in a site wide
shutdown at RBM in December 2019. Furnaces at RBM are currently
operating at reduced power levels as a result of Covid-19
government restrictions.
We have temporarily suspended production at the Rio Tinto Fer et
Titane (RTFT) metal powder plant in Sorel-Tracy, Quebec due to the
slowdown in demand from the automotive industry.
Uranium
In late 2019, we announced our support for Energy Resources of
Australia's (ERA) plans for a renounceable entitlement offer to
raise $324 million for the rehabilitation of the Ranger Project
Area in the Northern Territory, Australia. Following completion of
the rights issue, we now hold 86% in ERA, up from 68%.
ERA continues to process existing stockpiles. Production was 5%
higher than last quarter due to Rio Tinto's increased ownership
from 1 March 2020.
EXPLORATION AND EVALUATION
Pre-tax and pre-divestment expenditure on exploration and
evaluation charged to the profit and loss account in the first
quarter of 2020 was $144 million, compared with $124 million in the
first quarter of 2019. Approximately 54% of this expenditure was
incurred by central exploration, 32% by Copper & Diamonds, 11%
by Energy & Minerals and 3% by Iron Ore and Aluminium.
Exploration activities are likely to be affected by Covid-19
restrictions including the ability to move people and gain access
to sites. A further update will be provided in July.
There were no significant divestments of central exploration
properties in the first quarter of 2020.
Exploration highlights
Rio Tinto has a strong portfolio of projects with activity in 17
countries across seven commodities.
A summary of activity for the quarter is as follows:
Commodities Studies Stage Advanced Greenfield/ Brownfield
projects programmes
Bauxite Cape York, Australia Amargosa, Brazil*; Cape York, Australia
Sanxai, Laos*
----------------------- ------------------ -----------------------
Base Metals Copper/molybdenum: La Granja, Peru Copper Greenfield:
Resolution, US; Nickel: Tamarack, Australia, Chile,
Winu, Australia US (3(rd) party China, Kazakhstan,
operated) Nicaragua, Peru,
Serbia, US, Zambia,
Brazil, Canada,
Colombia
Copper Brownfield,
Oyu Tolgoi, Mongolia
Nickel Greenfield:
Canada, Uganda,
Finland
----------------------- ------------------ -----------------------
Diamonds Falcon, Canada Greenfield: Canada
Brownfield: Diavik,
Canada
----------------------- ------------------ -----------------------
Minerals Lithium borates: Heavy mineral sands:
Jadar, Serbia Tanzania
Heavy mineral sands: Industrial Minerals:
Mutamba, Mozambique Serbia
(3(rd) party operated) Industrial minerals
brownfield: Boron,
US
----------------------- ------------------ -----------------------
Iron Ore Pilbara, Australia Pilbara, Australia Brownfield: Pilbara,
Australia
----------------------- ------------------ -----------------------
* limited activity during the quarter
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.
Contacts
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===================================== ================================
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===================================== ================================
Group Company Secretary Joint Company Secretary
Steve Allen Tim Paine
Rio Tinto plc Rio Tinto Limited
6 St James's Square Level 7, 360 Collins Street
London SW1Y 4AD Melbourne 3000
United Kingdom Australia
T +44 20 7781 2000 T +61 3 9283 3333
Registered in England Registered in Australia
No. 719885 ABN 96 004 458 404
--------------------------------
This announcement is authorised for release to the market by Rio
Tinto's Group Company Secretary.
LEI: 213800YOEO5OQ72G2R82
Classification: 3.1 Additional regulated information required to
be disclosed under the laws of a Member State
Rio Tinto production summary
Rio Tinto share of production
Quarter Full % Change
Year
2019 2019 2020 2019 Q1 Q1
Q1 Q4 Q1 20 20
vs vs
Q1 Q4
19 19
-------- ------- ------- ----- -----
Principal Commodities
--------
('000
Alumina t) 2,008 2,032 2,010 7,744 0% -1%
('000
Aluminium t) 796 783 783 3,171 -2% 0%
('000
Bauxite t) 12,763 15,137 13,813 55,105 8% -9%
('000
Borates t) 115 128 126 520 10% -2%
('000
Copper - mined t) 143.9 138.7 133.0 577.4 -8% -4%
('000
Copper - refined t) 48.3 71.9 47.2 259.6 -2% -34%
('000
Diamonds cts) 3,796 4,203 3,434 17,030 -10% -18%
('000
Iron Ore t) 66,581 71,352 66,787 281,192 0% -6%
Titanium dioxide ('000
slag t) 296 286 293 1,206 -1% 3%
('000
Uranium lbs) 793 642 676 2,640 -15% 5%
-------- ------- ------- -------- ----- -----
Other Metals & Minerals
('000
Gold - mined oz) 115.4 75.0 61.5 389.7 -47% -18%
('000
Gold - refined oz) 41.7 63.3 44.8 218.7 7% -29%
('000
Molybdenum t) 1.9 4.7 5.1 11.2 171% 9%
('000
Salt t) 1,310 1,450 1,044 5,422 -20% -28%
('000
Silver - mined oz) 1,481 1,209 1,027 5,412 -31% -15%
('000
Silver - refined oz) 617 839 462 2,853 -25% -45%
-------- ------- ------- -------- ----- -----
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 Q1 Q2 Q3 Q4 Q1 Full
Tinto Year
interest 2019 2019 2019 2019 2020 2019
------------------------------------- ---------- ------ ------ ------ ------ ------ ------
ALUMINA
Production ('000 tonnes)
Jonquière (Vaudreuil) 100% 373 336 360 345 373 1,413
Jonquière (Vaudreuil)
specialty Alumina plant 100% 25 31 28 24 24 109
Queensland Alumina 80% 711 668 669 716 713 2,763
São Luis (Alumar) 10% 86 86 99 97 94 368
Yarwun 100% 813 757 671 850 806 3,091
------ ------ ------ ------ ------ ------
Rio Tinto total alumina production 2,008 1,878 1,826 2,032 2,010 7,744
------------------------------------- ---------- ------ ------ ------ ------ ------ ------
ALUMINIUM
Production ('000 tonnes)
Australia - Bell Bay 100% 45 47 48 48 47 189
Australia - Boyne Island 59% 73 75 75 74 75 296
Australia - Tomago 52% 74 76 77 76 75 303
Canada - six wholly owned 100% 400 400 399 383 375 1,582
Canada - Alouette (Sept-Îles) 40% 58 60 61 62 61 241
Canada - Bécancour 25% 4 4 4 7 18 19
Iceland - ISAL (Reykjavik) 100% 52 52 36 43 45 184
New Zealand - Tiwai Point 79% 71 69 70 69 67 279
Oman - Sohar 20% 19 19 20 20 20 78
------ ------ ------ ------ ------ ------
Rio Tinto total aluminium
production 796 803 789 783 783 3,171
BAUXITE
Production ('000 tonnes)
(a)
Gove 100% 3,004 2,957 2,968 3,273 2,876 12,201
Porto Trombetas 12% 285 287 385 371 338 1,327
Sangaredi (b) 1,558 1,630 1,749 1,227 1,879 6,165
Weipa 100% 7,917 8,533 8,695 10,267 8,720 35,411
------ ------ ------ ------ ------ ------
Rio Tinto total bauxite production 12,763 13,407 13,796 15,137 13,813 55,105
(a) Mine production figures for metals refer to the total quantity
of metal produced in concentrates, leach liquor or doré bullion
irrespective of whether these products are then refined onsite,
except for the data for bauxite and iron ore which represent production
of marketable quantities of ore plus concentrates and pellets.
(b) Rio Tinto has a 22.95% shareholding in the Sangaredi mine
but benefits from 45.0% of production.
-------------------------------------------------------------------------------------------------
Rio Tinto share of production
Rio Q1 Q2 Q3 Q4 Q1 Full
Tinto Year
interest 2019 2019 2019 2019 2020 2019
----------------------------------- ---------- ------ ------ ------ ------ ------ ------
BORATES
Production ('000 tonnes B(2)
O(3) content)
Rio Tinto Borates - borates 100% 115 138 138 128 126 520
----------------------------------- ---------- ------ ------ ------ ------ ------ ------
COPPER
Mine production ('000 tonnes)
(a)
Bingham Canyon 100% 52.5 41.1 57.8 35.4 35.0 186.8
Escondida 30% 76.0 82.7 90.5 92.3 86.2 341.6
Oyu Tolgoi (b) 34% 15.4 13.1 9.5 11.0 11.8 49.1
------ ------ ------ ------ ------ ------
Rio Tinto total mine production 143.9 136.9 157.9 138.7 133.0 577.4
------ ------ ------ ------ ------ ------
Refined production ('000 tonnes)
Escondida 30% 18.7 19.0 16.8 20.5 20.9 75.0
Rio Tinto Kennecott 100% 29.6 63.3 40.3 51.4 26.4 184.6
------ ------ ------ ------ ------ ------
Rio Tinto total refined production 48.3 82.3 57.1 71.9 47.2 259.6
(a) Mine production figures for metals refer to the total quantity
of metal produced in concentrates, leach liquor or doré bullion
irrespective of whether these products are then refined onsite,
except for the data for bauxite and iron ore which represent production
of marketable quantities of ore plus concentrates and pellets.
(b) Rio Tinto owns a 33.52% indirect interest in Oyu Tolgoi through
its 50.79% interest in Turquoise Hill Resources Ltd.
-----------------------------------------------------------------------------------------------
DIAMONDS
Production ('000 carats)
Argyle 100% 2,786 3,292 3,558 3,363 2,578 12,999
Diavik 60% 1,010 1,188 994 840 857 4,031
------ ------ ------ ------ ------ ------
Rio Tinto total diamond production 3,796 4,481 4,551 4,203 3,434 17,030
----------------------------------- ---------- ------ ------ ------ ------ ------ ------
GOLD
Mine production ('000 ounces)
(a)
Bingham Canyon 100% 53.0 65.1 64.6 52.0 41.9 234.7
Escondida 30% 22.2 22.4 14.6 14.8 10.8 74.0
Oyu Tolgoi (b) 34% 40.2 24.1 8.6 8.2 8.8 81.1
------ ------ ------ ------ ------ ------
Rio Tinto total mine production 115.4 111.6 87.8 75.0 61.5 389.7
------ ------ ------ ------ ------ ------
Refined production ('000 ounces)
Rio Tinto Kennecott 100% 41.7 52.9 60.8 63.3 44.8 218.7
(a) Mine production figures for metals refer to the total quantity
of metal produced in concentrates, leach liquor or doré bullion
irrespective of whether these products are then refined onsite,
except for the data for bauxite and iron ore which represent production
of marketable quantities of ore plus concentrates and pellets.
(b) Rio Tinto owns a 33.52% indirect interest in Oyu Tolgoi through
its 50.79% interest in Turquoise Hill Resources Ltd.
-----------------------------------------------------------------------------------------------
Rio Tinto share of production
Rio Q1 Q2 Q3 Q4 Q1 Full
Tinto Year
interest 2019 2019 2019 2019 2020 2019
-------------------------------------- ---------- ------ ------ ------ ------ ------ -------
IRON ORE
Production ('000 tonnes) (a)
Hamersley mines (b) 51,218 50,087 55,567 52,521 49,327 209,392
Hamersley - Channar 60% 931 1,451 947 1,452 1,160 4,782
Hope Downs 50% 5,957 6,051 6,077 6,047 5,667 24,132
Iron Ore Company of Canada 59% 2,481 2,532 2,960 2,564 2,560 10,536
Robe River - Pannawonica (Mesas
J and A) 53% 1,870 3,329 4,725 4,360 3,880 14,284
Robe River - West Angelas 53% 4,125 4,692 4,840 4,409 4,193 18,066
------ ------ ------ ------ ------ -------
Rio Tinto iron ore production
('000 tonnes) 66,581 68,141 75,117 71,352 66,787 281,192
------ ------ ------ ------ ------ -------
Breakdown of Production:
Pilbara Blend and SP10 Lump (c) 19,978 19,842 21,015 19,930 18,504 80,766
Pilbara Blend and SP10 Fines (c) 28,779 28,463 31,713 30,304 27,734 119,260
Robe Valley Lump 635 1,201 1,650 1,574 1,472 5,060
Robe Valley Fines 1,235 2,128 3,075 2,786 2,407 9,224
Yandicoogina Fines (HIY) 13,473 13,975 14,704 14,194 14,110 56,346
------ ------ ------ ------ ------ -------
Pilbara iron ore production ('000
tonnes) 64,101 65,610 72,156 68,788 64,227 270,655
IOC Concentrate 890 1,193 1,400 1,146 923 4,629
IOC Pellets 1,590 1,339 1,560 1,418 1,637 5,908
------ ------ ------ ------ ------ -------
IOC iron ore production ('000
tonnes) 2,481 2,532 2,960 2,564 2,560 10,536
------ ------ ------ ------ ------ -------
Breakdown of Shipments:
Pilbara Blend Lump (d) 15,772 18,009 15,948 16,176 14,385 65,906
Pilbara Blend Fines (d) 26,864 32,165 30,032 31,182 26,692 120,243
Robe Valley Lump 457 1,037 1,290 1,246 1,132 4,030
Robe Valley Fines 1,308 2,577 3,349 3,259 2,688 10,493
Yandicoogina Fines (HIY) 12,294 15,212 14,286 15,260 12,913 57,052
SP10 Lump (c) 0 635 2,685 2,072 1,006 5,391
SP10 Fines (c) 1,542 1,747 4,057 2,081 1,089 9,427
------ ------ ------ ------ ------ -------
Pilbara iron ore shipments ('000
tonnes) 58,236 71,382 71,646 71,277 59,903 272,540
IOC Iron ore shipments ('000 tonnes) 2,092 2,738 2,654 2,636 2,775 10,120
------ ------ ------ ------ ------ -------
Rio Tinto iron ore shipments ('000
tonnes) 60,328 74,119 74,300 73,913 62,678 282,660
------ ------ ------ ------ ------ -------
Breakdown of Sales:
Pilbara Blend Lump (d) 15,772 18,009 15,948 16,176 14,385 65,906
Pilbara Blend Fines (d) 26,864 32,165 30,032 31,182 26,692 120,243
Robe Valley Lump 457 1,037 1,290 1,246 1,132 4,030
Robe Valley Fines 1,308 2,577 3,349 3,259 2,688 10,493
Yandicoogina Fines (HIY) 12,294 15,212 14,286 15,260 12,913 57,052
SP10 Lump (c) 0 635 2,611 1,733 907 4,979
SP10 Fines (c) 1,542 1,747 3,962 1,185 1,104 8,437
------ ------ ------ ------ ------ -------
Pilbara iron ore sales ('000 tonnes)
(e) 58,236 71,382 71,478 70,043 59,820 271,139
Pilbara iron ore sales - consolidated
basis ('000 tonnes) (e) (f) 59,541 73,230 73,619 72,166 61,645 278,557
IOC Concentrate 516 1,315 1,425 1,223 1,006 4,479
IOC Pellets 1,576 1,423 1,229 1,413 1,769 5,641
------ ------ ------ ------ ------ -------
IOC Iron ore sales ('000 tonnes) 2,092 2,738 2,654 2,636 2,775 10,120
(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,
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.
(c) SP10 include other lower grade products. SP10 fines sales
also include IOC product that is further blended and sold at port
in China.
(d) Restatement due to separately reporting SP10 lump and SP10
fines products that include other lower grade products.
(e) Differences between shipments and sales reflect tonnes held
for portside trading and material purchased from IOC then further
blended and sold at port in China.
(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 Q1 Q2 Q3 Q4 Q1 Full
Tinto Year
interest 2019 2019 2019 2019 2020 2019
-------------------------------- ---------- ------ ------ ------ ------ ------ ------
MOLYBDENUM
Mine production ('000 tonnes)
(a)
Bingham Canyon 100% 1.9 2.6 2.1 4.7 5.1 11.2
(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.
--------------------------------------------------------------------------------------------
SALT
Production ('000 tonnes)
Dampier Salt 68% 1,310 1,269 1,392 1,450 1,044 5,422
-------------------------------- ---------- ------ ------ ------ ------ ------ ------
SILVER
Mine production ('000 ounces)
(a)
Bingham Canyon 100% 741 700 768 605 538 2,815
Escondida 30% 657 622 488 539 417 2,306
Oyu Tolgoi (b) 34% 83 80 64 64 72 290
------ ------ ------ ------ ------ ------
Rio Tinto total mine production 1,481 1,403 1,320 1,209 1,027 5,412
------ ------ ------ ------ ------ ------
Refined production ('000 ounces)
Rio Tinto Kennecott 100% 617 734 664 839 462 2,853
(a) Mine production figures for metals refer to the total quantity
of metal produced in concentrates, leach liquor or doré bullion
irrespective of whether these products are then refined onsite,
except for the data for bauxite and iron ore which represent production
of marketable quantities of ore plus concentrates and pellets.
(b) Rio Tinto owns a 33.52% indirect interest in Oyu Tolgoi through
its 50.79% interest in Turquoise Hill Resources Ltd.
--------------------------------------------------------------------------------------------
TITANIUM DIOXIDE SLAG
Production ('000 tonnes)
Rio Tinto Iron & Titanium
(a) 100% 296 303 321 286 293 1,206
(a) Quantities comprise 100% of Rio Tinto Fer et Titane and Rio
Tinto's 74% interest in Richards Bay Minerals (RBM).
--------------------------------------------------------------------------------------------
URANIUM
Production ('000 lbs U(3) O(8)
) (a)
Energy Resources of Australia 86% 793 620 585 642 676 2,640
(a) ERA production data are drummed U(3) O(8) .
On 25 February 2020, Rio Tinto increased its ownership interest
in ERA from 68.39% to 86.33%, following completion of its offer
to ensure ERA has the funds it needs to meet its current rehabilitation
obligations. Production is reported including this change from
1 March 2020.
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.
The Rio Tinto percentage shown above is at 31 March 2020.
Rio Tinto's interest in the Rössing operations were sold
in 2019. No data for these operations are included in the Share
of production table.
Rio Tinto operational data
Rio Tinto Q1 Q2 Q3 Q4 Q1 Full Year
interest 2019 2019 2019 2019 2020 2019
ALUMINA
Smelter Grade Alumina - Aluminium Group
Alumina production ('000 tonnes)
Australia
Queensland Alumina Refinery - Queensland 80.0% 888 834 836 895 891 3,454
Yarwun refinery - Queensland 100.0% 813 757 671 850 806 3,091
Brazil
São Luis (Alumar) refinery 10.0% 859 864 989 966 936 3,679
Canada
Jonquière (Vaudreuil) refinery - Quebec (a) 100.0% 373 336 360 345 373 1,413
------ ------ ------ ------ ------ ---------
(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 100.0% 25 31 28 24 24 109
Rio Tinto percentage interest shown above is at 31 March 2020. The data represent full production
and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
Rio Tinto Q1 Q2 Q3 Q4 Q1 Full Year
interest 2019 2019 2019 2019 2020 2019
----------------------------------------------- ----------- ------- ------ ------ ------ ------ ---------
ALUMINIUM
Primary Aluminium
Primary aluminium production ('000 tonnes)
Australia
Bell Bay smelter - Tasmania 100.0% 45 47 48 48 47 189
Boyne Island smelter - Queensland 59.4% 122 126 125 125 126 499
Tomago smelter - New South Wales 51.6% 144 147 149 148 145 588
Canada
Alma smelter - Quebec 100.0% 115 118 119 119 118 472
Alouette (Sept-Îles) smelter - Quebec 40.0% 144 150 153 155 153 602
Arvida smelter - Quebec 100.0% 43 44 45 44 44 175
Arvida AP60 smelter - Quebec 100.0% 14 15 15 15 15 60
Bécancour smelter - Quebec 25.1% 17 16 16 28 72 77
Grande-Baie smelter - Quebec 100.0% 58 58 59 59 58 233
Kitimat smelter - British Columbia 100.0% 106 102 96 81 76 385
Laterrière smelter - Quebec 100.0% 64 64 65 65 64 257
Iceland
ISAL (Reykjavik) smelter 100.0% 52 52 36 43 45 184
New Zealand
Tiwai Point smelter 79.4% 89 87 88 87 84 351
Oman
Sohar smelter 20.0% 97 97 98 98 99 391
Rio Tinto percentage interest shown above is at 31 March 2020. The data represent full production
and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
Rio Tinto Q1 Q2 Q3 Q4 Q1 Full Year
interest 2019 2019 2019 2019 2020 2019
--------------------------------------------- -------------- ------- ------- ------- ------ ------ ---------
BAUXITE
Bauxite production ('000 tonnes)
Australia
Gove mine - Northern Territory 100.0% 3,004 2,957 2,968 3,273 2,876 12,201
Weipa mine - Queensland 100.0% 7,917 8,533 8,695 10,267 8,720 35,411
Brazil
Porto Trombetas (MRN) mine 12.0% 2,372 2,393 3,205 3,090 2,814 11,060
Guinea
Sangaredi mine (a) 23.0% 3,463 3,623 3,887 2,727 4,175 13,701
Rio Tinto share of bauxite shipments
Share of total bauxite shipments ('000 tonnes) 12,725 13,122 13,912 14,849 13,567 54,607
Share of third party bauxite shipments ('000 tonnes) 8,842 9,477 10,361 10,968 9,469 39,648
------- ------- ------- ------ ------ ---------
(a) Rio Tinto has a 22.95% shareholding in the Sangaredi mine but benefits from 45.0% of production.
BORATES
Rio Tinto Borates - borates 100.0%
US
Borates ('000 tonnes) (a) 115 138 138 128 126 520
(a) Production is expressed as B(2) O(3) content.
Rio Tinto percentage interest shown above is at 31 March 2020. The data represent full production
and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
Rio Tinto Q1 Q2 Q3 Q4 Q1 Full Year
interest 2019 2019 2019 2019 2020 2019
----------------------------------------------------- ------------ ------ ------ ------ ------ ------ ---------
COPPER & GOLD
Escondida 30.0%
Chile
Sulphide ore to concentrator ('000 tonnes) 32,027 32,519 33,956 33,659 33,440 132,161
Average copper grade (%) 0.82 0.86 0.86 0.87 0.82 0.85
Mill production (metals in concentrates):
Contained copper ('000 tonnes) 216.9 230.9 245.0 246.1 230.0 938.9
Contained gold ('000 ounces) 74 75 49 49 36 247
Contained silver ('000 ounces) 2,189 2,074 1,626 1,798 1,390 7,687
Recoverable copper in ore stacked for leaching ('000 tonnes) (a) 36.5 44.7 56.8 61.7 57.2 199.7
Refined production from leach plants:
Copper cathode production ('000 tonnes) 62.4 63.5 55.9 68.4 69.6 250.2
(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 31 March 2020. The data represent full production
and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
Rio Tinto Q1 Q2 Q3 Q4 Q1 Full Year
interest 2019 2019 2019 2019 2020 2019
---------------------------------------------- ----------- ------- ------- ------ ------ ------ ---------
COPPER & GOLD (continued)
Rio Tinto Kennecott
Bingham Canyon mine 100.0%
Utah, US
Ore treated ('000 tonnes) 10,685 10,123 10,084 11,141 10,315 42,033
Average ore grade:
Copper (%) 0.55 0.46 0.64 0.36 0.37 0.50
Gold (g/t) 0.25 0.33 0.30 0.23 0.22 0.28
Silver (g/t) 2.76 2.84 2.74 2.09 2.16 2.60
Molybdenum (%) 0.032 0.039 0.039 0.061 0.058 0.043
Copper concentrates produced ('000 tonnes) 207 161 207 156 148 731
Average concentrate grade (% Cu) 25.3 25.5 27.8 22.6 23.7 25.5
Production of metals in copper concentrates:
Copper ('000 tonnes) (a) 52.5 41.1 57.8 35.4 35.0 186.8
Gold ('000 ounces) 53 65 65 52 42 235
Silver ('000 ounces) 741 700 768 605 538 2,815
Molybdenum concentrates produced ('000 tonnes): 3.8 5.0 4.3 9.4 10.4 22.4
Molybdenum in concentrates ('000 tonnes) 1.9 2.6 2.1 4.7 5.1 11.2
Kennecott smelter & refinery 100.0%
Copper concentrates smelted ('000 tonnes) 204 207 160 216 161 787
Copper anodes produced ('000 tonnes) (b) 33.3 60.3 39.3 53.7 24.0 186.6
Production of refined metal:
Copper ('000 tonnes) 29.6 63.3 40.3 51.4 26.4 184.6
Gold ('000 ounces) (c) 41.7 52.9 60.8 63.3 44.8 218.7
Silver ('000 ounces) (c) 617 734 664 839 462 2,853
(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 March 2020. The data represent full production
and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
Rio Tinto Q1 Q2 Q3 Q4 Q1 Full Year
interest 2019 2019 2019 2019 2020 2019
-------------------------------------------- ------------ ------- ------- ------ ------ ------ ----------
COPPER & GOLD (continued)
Turquoise Hill Resources
Oyu Tolgoi mine (a) 33.5%
Mongolia
Ore Treated ('000 tonnes) 9,255 10,394 10,040 11,088 10,889 40,777
Average mill head grades:
Copper (%) 0.57 0.46 0.37 0.42 0.42 0.45
Gold (g/t) 0.58 0.31 0.14 0.15 0.15 0.29
Silver (g/t) 1.25 1.20 1.03 1.06 1.14 1.13
Copper concentrates produced ('000 tonnes) 210.1 180.6 131.3 152.6 164.5 674.6
Average concentrate grade (% Cu) 21.8 21.7 21.7 21.6 21.4 21.7
Production of metals in concentrates:
Copper in concentrates ('000 tonnes) 45.8 39.2 28.4 32.9 35.2 146.3
Gold in concentrates ('000 ounces) 120.1 71.8 25.6 24.3 26.2 241.8
Silver in concentrates ('000 ounces) 247 239 191 190 214 867
Sales of metals in concentrates:
Copper in concentrates ('000 tonnes) 38.5 46.6 32.5 32.3 25.8 149.9
Gold in concentrates ('000 ounces) 98 116 35 25 20 274
Silver in concentrates ('000 ounces) 200 245 207 244 146 896
(a) Rio Tinto owns a 33.52% indirect interest in Oyu Tolgoi through its 50.79% interest in
Turquoise Hill Resources.
DIAMONDS
Argyle Diamonds 100.0%
Western Australia
AK1 ore processed ('000 tonnes) 1,248 1,427 1,716 1,977 1,322 6,367
AK1 diamonds produced ('000 carats) 2,786 3,292 3,558 3,363 2,578 12,999
Diavik Diamonds 60.0%
Northwest Territories, Canada
Ore processed ('000 tonnes) 620 671 628 516 571 2,435
Diamonds recovered ('000 carats) 1,683 1,980 1,656 1,400 1,428 6,719
Rio Tinto percentage interest shown above is at 31 March 2020. The data represent full production
and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
Rio Tinto Q1 Q2 Q3 Q4 Q1 Full Year
interest 2019 2019 2019 2019 2020 2019
---------------------------------------------- ----------- ------- ------- ------ ------ ------ ---------
IRON ORE
Rio Tinto Iron Ore
Western Australia
Pilbara Operations
Saleable iron ore production ('000 tonnes)
Hamersley mines (a) 51,218 50,087 55,567 52,521 49,327 209,392
Hamersley - Channar 60.0% 1,552 2,419 1,579 2,420 1,934 7,970
Hope Downs 50.0% 11,913 12,101 12,155 12,095 11,334 48,264
Robe River - Pannawonica (Mesas J and A) 53.0% 3,529 6,282 8,914 8,225 7,320 26,951
Robe River - West Angelas 53.0% 7,783 8,853 9,133 8,318 7,912 34,086
------- ------- ------ ------ ------ ---------
Total production ('000 tonnes) 75,995 79,741 87,347 83,579 77,827 326,663
---------------------------------------------- ----------- ------- ------- ------ ------ ------ ---------
Breakdown of total production:
Pilbara Blend and SP10 Lump (b) 24,068 24,291 25,434 24,326 22,592 98,119
Pilbara Blend and SP10 Fines (b) 34,924 35,194 38,296 36,833 33,806 145,247
Robe Valley Lump 1,198 2,266 3,113 2,969 2,778 9,547
Robe Valley Fines 2,331 4,015 5,802 5,256 4,542 17,404
Yandicoogina Fines (HIY) 13,473 13,975 14,704 14,194 14,110 56,346
Breakdown of total shipments:
Pilbara Blend Lump (c) 18,968 21,653 19,329 19,680 17,506 79,630
Pilbara Blend Fines (c) 33,016 39,358 36,947 39,186 33,197 148,508
Robe Valley Lump 863 1,957 2,433 2,350 2,135 7,603
Robe Valley Fines 2,468 4,862 6,318 6,149 5,071 19,797
Yandicoogina Fines (HIY) 12,294 15,212 14,286 15,260 12,913 57,052
SP10 Lump (b) 0 635 2,685 2,072 1,006 5,391
SP10 Fines (b) 1,542 1,747 4,057 2,081 1,089 9,427
------- ------- ------ ------ ------ ---------
Total shipments ('000 tonnes) (d) 69,150 85,423 86,055 86,779 72,916 327,408
---------------------------------------------- ----------- ------- ------- ------ ------ ------ ---------
Breakdown of total sales:
Pilbara Blend Lump (c) 18,968 21,653 19,329 19,680 17,506 79,630
Pilbara Blend Fines (c) 33,016 39,358 36,947 39,186 33,197 148,508
Robe Valley Lump 863 1,957 2,433 2,350 2,135 7,603
Robe Valley Fines 2,468 4,862 6,318 6,149 5,071 19,797
Yandicoogina Fines (HIY) 12,294 15,212 14,286 15,260 12,913 57,052
SP10 Lump (b) 0 635 2,611 1,733 907 4,979
SP10 Fines (b) 1,542 1,747 3,962 1,185 1,104 8,437
------- ------- ------ ------ ------ ---------
Total sales ('000 tonnes) 69,150 85,423 85,888 85,545 72,833 326,006
---------------------------------------------- ----------- ------- ------- ------ ------ ------ ---------
(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) SP10 include other lower grade products. SP10 fines sales also include IOC product that
is further blended and sold at port in China.
(c) Restatement due to separately reporting SP10 lump and SP10 fines products that include
other lower grade products.
(d) Shipments represent iron ore exported from Western Australian ports: a portion of this
material is shipped for portside trading to be further blended and subsequently sold.
Rio Tinto percentage interest shown above is at 31 March 2020. The data represent full production
and sales on a 100% basis unless otherwise stated.
Rio Tinto operational data
Rio Tinto Q1 Q2 Q3 Q4 Q1 Full
Year
interest 2019 2019 2019 2019 2020 2019
-------------------------------- ---------- ------ ------ ------ --------------- ----------------- -------
IRON ORE (continued)
Iron Ore Company of Canada 58.7%
Newfoundland & Labrador and Quebec
in Canada
Saleable iron ore production:
Concentrates ('000 tonnes) 1,516 2,031 2,384 1,951 1,572 7,883
Pellets ('000 tonnes) 2,709 2,280 2,657 2,415 2,788 10,061
------ ------ ------ --------------- ----------------- -------
IOC Total production ('000
tonnes) 4,225 4,311 5,041 4,366 4,360 17,943
Shipments:
Concentrates ('000 tonnes) 878 2,239 2,427 2,083 1,713 7,628
Pellets ('000 tonnes) 2,684 2,424 2,093 2,406 3,013 9,607
------ ------ ------ --------------- ----------------- -------
IOC Total Shipments ('000
tonnes) 3,562 4,663 4,520 4,490 4,726 17,235
IOC Total Sales ('000 tonnes) 3,562 4,663 4,520 4,490 4,726 17,235
Global Iron Ore Totals
Iron Ore Production ('000
tonnes) 80,219 84,052 92,389 87,945 82,187 344,606
Iron Ore Shipments ('000
tonnes) 72,712 90,085 90,576 91,269 77,642 344,642
-------------------------------- ---------- ------ ------ ------ --------------- ----------------- -------
SALT
Dampier Salt 68.4%
Western Australia
Salt production ('000 tonnes) 1,917 1,856 2,036 2,121 1,527 7,931
-------------------------------- ---------- ------ ------ ------ --------------- ----------------- -------
TITANIUM DIOXIDE SLAG
Rio Tinto Iron & Titanium 100.0%
Canada and South Africa
(Rio Tinto share) (a)
Titanium dioxide slag ('000
tonnes) 296 303 321 286 293 1,206
------ ------ ------ --------------- ----------------- -------
(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) 86.3%
Northern Territory, Australia
U(3) O(8) Production ('000
lbs) 1,160 906 855 939 928 3,860
(a) ERA production data are drummed U(3) O(8) .
On 25 February 2020, Rio Tinto increased its ownership interest
in ERA from 68.39% to 86.33%, following completion of its
offer to ensure ERA has the funds it needs to meet its current
rehabilitation obligations. Production is reported including
this change from 1 March 2020.
Rössing Uranium Ltd
(a) (b) 0.0%
Namibia
U(3) O(8) Production ('000
lbs) 1,168 1,665 247 - - 3,080
------ ------ ------ --------------- ----------------- -------
(a) Rössing production data are drummed U(3) O(8) .
(b) On 16 July 2019, Rio Tinto completed the sale of its
entire 68.62% interest in the Rossing mine in Namibia to China
National Uranium Corporation Limited. Production is reported
up to the date of completion.
-----------------------------------------------------------------------------------------------------------------
Rio Tinto percentage interest shown above is at 31 March 2020.
The data represent full production and sales on a 100% basis
unless otherwise stated.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
DRLUNAORRAUSAUR
(END) Dow Jones Newswires
April 17, 2020 02:00 ET (06:00 GMT)
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